In April, the Federal Trade Commission banned employers from initiating non-compete contracts. Now, employers are left to contemplate what their recruiting and retention strategies need to look like without them.
Under the new FTC rule, employers will be prohibited from entering into new non-compete agreements with workers, including independent contractors, starting in Aug. 2024. As for employees who are currently bound to non-competes, the new ruling also calls for employers to rescind existing agreements, with the exception of senior executives.
