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How will the NonCompete ban help you?

In a groundbreaking move, the Federal Trade Commission (FTC) has banned noncompete agreements nationwide. This means that most workers are now free from contractual restrictions that previously prevented them from joining direct competitors. The ban aims to enhance worker mobility, encourage entrepreneurship, and boost innovation. It’s a win for employees seeking better opportunities and a more competitive job market.

I am not sure if you heard, but the Federal Trade Commission, (FTC), has banned noncompete agreements and clauses that stopped us from going to a direct competitor. This means that if you’re busting your ass and your boss has been abusing your talent, you have a real shot of going to a competitor for more money. Not sure if the abuse will continue, but maybe you could make some demands.

I want to tell you what I went through. I was working for a company that did wireless internet access systems, about 25 years ago. They made so many mistakes and did not treat their people well at all. I really hated it and planned to go out on my own. At the time, the employees handbook had a noncompete statement in it which made it difficult to do anything in the industry. It was frustrating. In fact, even when they laid people off, like they did me, they threw that in my face. They made sure I knew if I went to someone that competed with them or started my own thing that they would sue me and make my life a living hell. They went out of their way to say that again and again. Then they emailed me and sent me letters to make sure I knew they were serious. Jerks!!!! However, it worked, I didn’t compete with them.

So, I moved on and now I have a story to tell. I am telling you this because   I know how people are treated. Life isn’t fair, loyalty is rarely rewarded, and owners/managers do all they can to chain you to this company. 

In fact, if you want to start your own business to do what you’re doing now, it’s time for you to step it up and try. Sure, you may fail, but that’s up to you. If you do this, be ready for all the additional work you need to do when you’re an owner. Ownership costs money and requires resources. It ain’t as easy as it looks!

You can’t steal secrets, software, or anything that is considered Intellectual Property, (IP). You can’t take any trade secrets with you, but you are free to move from company to company even if they’re direct competitors.

I am telling you this because you have an opportunity to shop your skills around. If you’re not happy where you are, you can leave if you feel it’s right. No more having the company, or boss, hold that over your head. 

This is more common than you think, especially for many workers.

Look, I get if you’re loyal and like where you work, then there is no reason to leave. However, if you’re not happy, then you have an opportunity to move on. 

Set yourself free if you wish. Spread those amazing wings and fly freebird!! You’re free from the oppression of a noncompete. 

Thank you FTC!!

FYI – dropped a new video yesterday, look here.

Let’s break down what this means:

  1. What Are Noncompete Agreements?
    • Noncompete agreements are contractual clauses that restrict employees from working for a competitor or starting a competing business after leaving their current job.
    • These agreements have often been criticized for limiting workers’ mobility and stifling competition.
  2. What Does the FTC Ban cover?
    • The FTC’s final rule prohibits noncompete agreements for most workers.
    • Existing noncompetes for the vast majority of workers will no longer be enforceable after the rule’s effective date.
    • Senior executives (who represent less than 0.75% of workers) can still have existing noncompetes enforced, but new noncompetes for them are also banned.
    • Employers must notify workers (except senior executives) that noncompetes won’t be enforced against them.
  3. Why Is This Important?
    • Increased Freedom: Workers now have the freedom to change jobs without the fear of noncompete restrictions.
    • Business Formation: The rule is expected to lead to more than 8,500 new businesses each year.
    • Higher Earnings: Average worker earnings are estimated to increase by an additional $524 per year.
    • Health Care Costs: It could lower health care costs by up to $194 billion over the next decade.
    • Innovation: The ban may result in 17,000 to 29,000 more patents annually for the next 10 years.
  4. What Can You Do?
    • If you’re unhappy in your current job, you now have the opportunity to explore other options without the burden of a noncompete.
    • Consider shopping your skills around and finding a better fit.
    • As you said, “Set yourself free” and spread those wings!

Sing with me now!

Let’s sing this to a bluesy tune. 

“Break Free from the Noncompete Blues”

You’ve been grinding, working hard each day,

   But those noncompetes had you locked away.

   Bosses flexing power, keeping you confined,

   But now, my friend, it’s a whole new grind!

Break free, spread your wings, take flight,

   No more chains, no more sleepless nights.

   The FTC stepped in, made it clear and bright,

   You’re free to soar, reach for the light! 

Engineers, programmers, techies, and more,

   The ban’s in place, let your talents explore.

   From company A to B, no more fear,

   Your skills are gold, and the path is clear.

Secrets stay put, IP’s safe and sound,

   But your career? It’s on a rocket bound!

   Negotiate, elevate, demand what’s due,

   Say goodbye to the old, embrace the new!

Break free, spread your wings, take flight,

   No more chains, no more sleepless nights.

   The FTC stepped in, made it clear and bright,

   You’re free to soar, reach for the light!

So here’s to you, the noncompete survivor,

   Dance to the beat of your newfound driver.

   Go find your dream job, chase that delight,

   Sing it loud: “Thank you, FTC!”

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