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How Non-Compete Clauses Cost Americans $300 Billion A Year

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In the flurry of papers that an employee receives during the onboarding process, there is one clause that could have a significant impact on their future career: the non-compete agreement. A non-compete agreements restrict workers from pursuing similar career opportunities or starting a new business in the same field as their previous employer. The wide use of non-compete agreements has led the Federal Trade Commission to propose a ban on the practice. If passed, the ban would prevent future non-competes from being issued and void all existing contracts. While some have resisted the FTC's proposal, the organization estimates that a complete crackdown on non-competes could expand career opportunities for 30 million Americans and increase wages by almost $300 billion annually.

Chapters:
00:00 — Introduction
01:21 — What is a non-compete?
03:24 — From the C-suite to Main Street
07:31 — The backlash against the FTC
10:35 — What’s next?

Produced by: Kate Hammer, Anuz Thapa
Edited by: Kate Sammer
Camera: Kate Summer, Anuz Thapa
Animation: Mallory Brandon, Josh Kalven
Supervising Producer: Jeff Morganteen

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How Non-Compete Clauses Cost Americans $300 Billion A Year
Category
Tech
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CNBC, CNBC original, business
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