Florida is letting companies make it harder for highly paid workers to swap jobs

Summary

One of the most employer-friendly policies in the US has become law.Florida enacted legislation that allows companies to enforce non-compete agreements for up to four years, up from the current two. The new law is a big win for Citadel CEO Ken Griffin, who advocated for it.With the new arrangement, employees leaving a company would be relieved of their job responsibilities but severely restricted from working elsewhere. They would keep their pay and benefits but wouldn't be entitled to bonuses, which can make up a large chunk of pay in finance and management positions.The rule applies to workers earning at least twice the average local wage in Florida, which is about $140,000 in urban areas, plus those who have access to confidential employer information.Lobbyists for the law said it would protect trade secrets and invite high-paying companies to Florida. Since the pandemic, finance and other companies have flocked to Florida, moving headquarters or expanding offices in cities such as Miami."Florida is poised to become one of the finance capitals of the world," said Sen. Tom Leek, who was among the bill's sponsors, in a legislative meeting. "If we want to attract those kinds of clean, high-paying jobs, you have to provide those businesses protection on the investment that they're making and their employees."Last year, the Federal Trade Commission issued a rule banning most non-compete clauses in employment contracts, which was blocked by a federal court order. Related stories Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Miami is the 'future of America'Citadel's lobbyists contributed to shaping the bill's language. Griffin, the hedge fund's chief, has been bullish on the future of Florida and Miami. He said this "Wall Street South" could one day overtake New York as America's financial hub."Miami, I think, represents the future of America," he said in 2023, adding that Florida's pro-busi...