FOR IMMEDIATE RELEASE

Federal Trade Commission Announces Nationwide Ban on Noncompete Agreements

CLEVELAND, OHIO – April 24, 2024 – Yesterday, the Federal Trade Commission (FTC) finalized a rule prohibiting noncompete clauses across the United States to enhance competition and innovation in various industries.

“Noncompete agreements have been common in many industries, including the real estate and financial services sector, often restricting professionals from exploring new opportunities,” said Cory Biro, Executive Recruiter with Anderson|Biro, a full-service executive search firm dedicated to the financial services and real estate sector nationwide. “The FTC's ban is expected to increase job mobility and potentially lead to higher wages and a surge in innovations.”

Noncompetes are often enforced inconsistently across states, which sometimes complicates career transitions for many professionals. This new ruling seems to standardize employee protections, level the playing field, and potentially open up more job opportunities.

“We encourage our clients to consult with legal counsel to understand the implications of the noncompete ban,” said Founding Partner Ryan Anderson. “Our team at Anderson|Biro is also ready to assist our partners in adapting their recruitment strategies to thrive under this new regulation.” 

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With the motto of “Powerful teams…Practical strategies®” Anderson|Biro is a leading executive search firm with a flexible, realistic approach to doing business and a proven track record of delivering effective results since 2007. The company's emphasis on building lasting relationships and consistently achieving results, whether filling single placements or bulk-hiring positions, is a testament to its commitment to excellence. To learn more about Anderson|Biro, visit its website at www.andersonbiro.com.