Trade groups representing Apple, Amazon, Google, Meta and several of Australia’s biggest banks, law firms and accountancies have warned the government against banning non-compete agreements.
What’s the legitimate use case? They only further entrench monopolies by preventing knowledgeable people from using the skills, gained over their career, to compete in the open market.
I don’t know about a lot of industries, but in finance, having a non-compete at least for a few weeks is essential as of your trading positions are known to your competitors, you end up losing quite a lot.
I know it’s one giant asshole protecting itself from another giant asshole, but at least I know that usecase is justified.
What’s the legitimate use case? They only further entrench monopolies by preventing knowledgeable people from using the skills, gained over their career, to compete in the open market.
I don’t know about a lot of industries, but in finance, having a non-compete at least for a few weeks is essential as of your trading positions are known to your competitors, you end up losing quite a lot. I know it’s one giant asshole protecting itself from another giant asshole, but at least I know that usecase is justified.
I sincerely appreciate you taking the time to reply, but I really think that situation could be covered by an NDA instead of a non-compete.
Let the employers sue/arbitrate if they think the NDA is broken.
A few weeks? Try at least 12 months for quant finance.
The UK thankfully banned this crap.
In a lot of industries you will end up with client contact information, IT support at an MSP for example.
Having a non-compete so you can’t work in the industry for X months at all? Bad
Having a non-compete so you can’t quit, start your own business and poach clients straight away? I view that as fair.
Guess which one lots of companies try and get away with.