May 8, 2024

5 Big Questions: The End of Non-Competes

Eric Pollack provides insights into the impact of the FTC's non-compete ban on the lighting industry

In this video interview, Eric Pollack, executive recruiter and President of ESP Prosearch, shares insights on how the FTC's recent final rule on non-competition agreements will impact the lighting industry. The final rule essentially bans the vast majority of all non-competes and is expected to go into effect in early September 2024.

Pollack highlights the challenges and opportunities this new ruling brings for employers and employees in the lighting industry. He provides strategic advice for both parties on how to navigate the changing landscape effectively.

Disclaimer: The information discussed in this interview is for informational purposes only and should not be interpreted as legal advice. Viewers and readers are encouraged to consult with a qualified legal professional to obtain advice tailored to their specific circumstances.

Terms used in this interview:

Non-Compete Agreement: A contract between an employee and employer that restricts the employee from working for competitors or starting a competing business for a specified period and within a certain geographic area after leaving the company.

NDA (Non-Disclosure Agreement): A legal contract that establishes confidentiality between two or more parties, preventing the disclosure of specified sensitive information to unauthorized parties.

Non-Solicitation Agreement: A contract that prohibits an employee from soliciting or attempting to attract the company's customers or employees to another business, usually after the employee leaves the company.

Hear it straight from Eric Pollack, President of ESP Prosearch

How do you foresee the FTC's ban on non-compete agreements impacting hiring dynamics within the lighting industry specifically? (1:28)
How might the ban on non-competes change the way potential employees negotiate their contracts or compensation? (2:40)
Without the ability to enforce non-compete agreements, what strategies might companies adopt to retain key employees? (4:35)
What long-term effects do you predict the elimination of non-compete agreements will have on career trajectories and professional development within the lighting industry? (7:15)
Will we see a mass exodus of lighting people leaving their companies and getting free agent money from new employers? (9:12)