#business seriously

[crowatyourwindow]

Kenji and his cow Hanako II were the best duo from wan change my mind

[reasonsforhope]

Federal regulators on Tuesday [April 23, 2024] enacted a nationwide ban on new noncompete agreements, which keep millions of Americans — from minimum-wage earners to CEOs — from switching jobs within their industries.

The Federal Trade Commission on Tuesday afternoon voted 3-to-2 to approve the new rule, which will ban noncompetes for all workers when the regulations take effect in 120 days [So, the ban starts in early September, 2024!]. For senior executives, existing noncompetes can remain in force. For all other employees, existing noncompetes are not enforceable.

[That's right: if you're currently under a noncompete agreement, it's completely invalid as of September 2024! You're free!!]

The antitrust and consumer protection agency heard from thousands of people who said they had been harmed by noncompetes, illustrating how the agreements are "robbing people of their economic liberty," FTC Chair Lina Khan said. 

The FTC commissioners voted along party lines, with its two Republicans arguing the agency lacked the jurisdiction to enact the rule and that such moves should be made in Congress...

Why it matters

The new rule could impact tens of millions of workers, said Heidi Shierholz, a labor economist and president of the Economic Policy Institute, a left-leaning think tank. 

"For nonunion workers, the only leverage they have is their ability to quit their job," Shierholz told CBS MoneyWatch. "Noncompetes don't just stop you from taking a job — they stop you from starting your own business."

Since proposing the new rule, the FTC has received more than 26,000 public comments on the regulations. The final rule adopted "would generally prevent most employers from using noncompete clauses," the FTC said in a statement.

The agency's action comes more than two years after President Biden directed the agency to "curtail the unfair use" of noncompetes, under which employees effectively sign away future work opportunities in their industry as a condition of keeping their current job. The president's executive order urged the FTC to target such labor restrictions and others that improperly constrain employees from seeking work.

"The freedom to change jobs is core to economic liberty and to a competitive, thriving economy," Khan said in a statement making the case for axing noncompetes. "Noncompetes block workers from freely switching jobs, depriving them of higher wages and better working conditions, and depriving businesses of a talent pool that they need to build and expand."

Real-life consequences

In laying out its rationale for banishing noncompetes from the labor landscape, the FTC offered real-life examples of how the agreements can hurt workers.

In one case, a single father earned about $11 an hour as a security guard for a Florida firm, but resigned a few weeks after taking the job when his child care fell through. Months later, he took a job as a security guard at a bank, making nearly $15 an hour. But the bank terminated his employment after receiving a letter from the man's prior employer stating he had signed a two-year noncompete.

In another example, a factory manager at a textile company saw his paycheck dry up after the 2008 financial crisis. A rival textile company offered him a better job and a big raise, but his noncompete blocked him from taking it, according to the FTC. A subsequent legal battle took three years, wiping out his savings. 

-via CBS Moneywatch, April 24, 2024

--

Note:

A lot of people think that noncompete agreements are only a white-collar issue, but they absolutely affect blue-collar workers too, as you can see from the security guard anecdote.

In fact, one in six food and service workers are bound by noncompete agreements. That's right - one in six food workers can't leave Burger King to work for Wendy's [hypothetical example], in the name of "trade secrets." (x, x, x)

Noncompete agreements also restrict workers in industries from tech and video games to neighborhood yoga studios. "The White House estimates that tens of millions of workers are subject to noncompete agreements, even in states like California where they're banned." (x, x, x)

The FTC estimates that the ban will lead to "the creation of 8,500 new businesses annually, an average annual pay increase of $524 for workers, lower health care costs, and as many as 29,000 more patents each year for the next decade." (x)

Clearer explanation of noncompete agreements below the cut.

Noncompete agreements can restrict workers from leaving for a better job or starting their own business.

Noncompetes often effectively coerce workers into staying in jobs they want to leave, and even force them to leave a profession or relocate.

Noncompetes can prevent workers from accepting higher-paying jobs, and even curtail the pay of workers not subject to them directly.

Of the more than 26,000 comments received by the FTC, more than 25,000 supported banning noncompetes. 

[eversoslightlybitter]

What the fuck is going on in schools of business?

It seems like so many grifters come out of business and marketing.

I think I'm missing something, some nuance, but it seems like there is a very serious lack of accountability and ethics in business and marketing that isn't as prominent in other fields.

I gotta finish up my shift, but man, I wanna look into what ethics are taught in business classes in the U.S.

[akanemnon]

Oh they mad

FIRST - PREVIOUS - NEXT

MASTERPOST (for the full series / FAQ / reference sheets)

[nyoomtofu]

and if max retires from f1 before charles gets to beat him for the championship?? i will fucking raze FIA to the ground

[galoogamelady]

I downloaded New Vegas partially because of Buttons, partially because I love the show and want to get to know the games. I’ve never died so many times in the first ten minutes of a game. I accidentally stole a guy’s milk and now he won’t stop following me and shooting me 😭. Anyway, love your content!! Thanks for introducing me to Fallout!

[brettanomycroft]

this is basically what happened right

[irenespring]

Really I think nothing shouts "my first Presidential election as a politically active person was 2016" more than the fact that when I feel hope and excitement for the future (possible President Harris) for more than five minutes I immediately get a crushing, all-consuming anxiety of "feeling this positive emotion now is going to make it so much worse when the worst thing possible happens" to the extent that I'll probably need my break-glass-in-case-of-emergency anxiety medication.

[daily-odile]

AUGH I’d love to see more time looping odile if possible,,,,, how do you think she’d like; “devolve” over each of the acts as compared to Siffrin over time :O

ok im gonna be honest i did like portrait edits months ago and just never finished them. so here you go

act 3:

act 5:

[junewild]

Watching Sam & Brennan talk about the beauty of frivolity, of adults playing silly games just as seriously as they fight to survive, and... yeah. There are some things that keep us alive, and there are some things that make life worth living, and I think games are one of those things that fall into both categories. Games make our lives better and they make us better at being alive. I think that's pretty cool.

[zorionbbq]

who even are these guys

[sonlc]

sorry for not posting any art in a month. however. KITTAILS BLAST

[oh-men-of-dark-and-dismal-fate]

Walking into a yarn shop like it's an art museum. Admiring all the colorways and textures of the various skeins. Nodding my head at the tasteful displays of handmade items by the local knitting/crochet group to demonstrate the different yarn brands. Talking to the owner to learn more about the local fiber art scene and learning about different dyers, and crafters in the area that I would have never found on the internet. Buying one too many skeins to continue my pursuit of creating beautiful things to bring joy into mine and others lives. My way of paying homage to this wonderland of fibrous beauty.

Fucking glorious.

[crescentfool]

orpheus and thanatos 💚

[intotheelliwoods]

Little PSA