The Public Policy Institute of the State of New York, an affiliate of the Business Council of New York, launched a $1 million ad campaign last month in an attempt to thwart the legislation.
When people think of noncompete agreements, they usually think of corporate executives with knowledge of prized trade secrets, whose lavish pay packages often come with a condition that if they quit or get fired, they can’t go work for an industry rival.
Some of the loudest opposition has come from Wall Street, where firms see noncompete agreements as important to protecting investment strategies and keeping highly-paid workers from walking out with valuable inside information.
Supporters of the ban say it would help people like lighting designer Richard Tatum, a New York City resident who had signed a noncompete agreement and spent a year fighting a former employer in court after they sued him for getting another job shortly after they laid him off in 2009.
The Federal Trade Commission proposed a regulation in January banning noncompete agreements, arguing that they hurt workers.
Business groups say the ban shouldn’t apply to certain industries and job levels, like top executives or partners in tech companies or law firms.
State Senator Sean Ryan, a Democrat who sponsored the bill, pointed to Silicon Valley in California, a hub for tech companies.
The original article contains 648 words, the summary contains 185 words. Saved 71%. I’m a bot and I’m open source!
This is the best summary I could come up with:
When people think of noncompete agreements, they usually think of corporate executives with knowledge of prized trade secrets, whose lavish pay packages often come with a condition that if they quit or get fired, they can’t go work for an industry rival.
Some of the loudest opposition has come from Wall Street, where firms see noncompete agreements as important to protecting investment strategies and keeping highly-paid workers from walking out with valuable inside information.
Supporters of the ban say it would help people like lighting designer Richard Tatum, a New York City resident who had signed a noncompete agreement and spent a year fighting a former employer in court after they sued him for getting another job shortly after they laid him off in 2009.
The Federal Trade Commission proposed a regulation in January banning noncompete agreements, arguing that they hurt workers.
Business groups say the ban shouldn’t apply to certain industries and job levels, like top executives or partners in tech companies or law firms.
State Senator Sean Ryan, a Democrat who sponsored the bill, pointed to Silicon Valley in California, a hub for tech companies.
The original article contains 648 words, the summary contains 185 words. Saved 71%. I’m a bot and I’m open source!