New York’s governor vetoed a bill days before Christmas that would have banned noncompete agreements, which restrict workers’ ability to leave their job for a role with a rival business.
Gov. Kathy Hochul, who said she tried to work with the Legislature on a “reasonable compromise” this year, called the bill “a one-size-fits-all-approach” for New York companies legitimately trying to retain top talent.
“I continue to recognize the urgent need to restrict non-compete agreements for middle-class and low-wage workers, and am open to future legislation that achieves the right balance,” she wrote in a veto letter released Saturday.
The veto is a blow to labor groups, who have long argued that the agreements hurt workers and stifle economic growth. The Federal Trade Commission had also sent a letter to Hochul in November, urging her to sign the bill and saying that the agreements can harm innovation and prevent new businesses from forming in the state.
Wow, surprising that tech is mostly there then!
It’s the employees starting up their own stuff. Non competes have been used as a cudgel to stop competition for decades.
Surprising? It means salaries are high and true talent can get rewarded. Doesn’t mean they won’t be stupid corp BS factories too, but at least you get paid for your efforts.
No, surprising that the business would establish themselves there if they can’t have
NDAsnon compete clauses.Non competes, are not NDAs. But even beyond that people should recognize that businesses in the end will go where they must to hire the folks they need to get the job done. They might throw a temper tantrum or two along the way about having to pay people or why can’t they have non compete slaves, or what do you mean you won’t come to the office, but in their own interests of making money they will eventually go where they must.
Sorry, just a mistake on my part because of morning brain.
Well, think about it.
There’s a history of innovation in the area, and all its people in the area are supportive of that both in teens of material, financial & knowledge.
Further, the lack of non-compete means lawyers have to provide reasonable evidence of damage by an escaped employee working for a competing firm, versus the much easier “hey! They escaped in a way we don’t approve of!”
I think the origins of Hollywood would explain why the companies are there
Want to make $400,000/year without a bachelor’s degree? You can do it in Silicon Valley.
And still not afford a house.