Tell your job applicant to notify fairly. If your candidate tells you that they do not have an agreement with their employer, let them know that any offer you make to them could be revoked if a non-compete agreement is announced in the future. If your candidate can only obtain a signed copy of her contract when she informs her employer that her offer will only be “firm” when you find that there are no additional (or significant) barriers to hiring. Employers who want to recruit talented employees in a competitive environment are often frustrated by the competition bans to which their candidates are subject. However, it`s best to know what constraints are ahead of time so you can make informed decisions that protect your business. If you do it differently, you will probably discover that ignorance is not always happiness. Be careful what you get in. Even a 9-month non-compete is a real dice role. Do you sign a bank or a bucket shop? If there is a pre-available that they give you and your base salary is north of 100ks, it will be difficult to kill the terms of the contract if it does not work. Has anyone been required to sign a non-competition for a post-MBA Sr. Associate/VP position? In fact, the agreement would not allow me to join a similar weighing company or a company that is in contact with holding companies for a long time after employment. Is this a deal? Hedge fund professionals are more than a bag of frogs at a fireworks display.
But a chronic shortage of talent in the market – coupled with the fact that the departure of a key employee could sink the entire company – has led to increased competition restrictions and deferred bonuses. If they were applying for another financial company during the non-competition period, would the new company be willing to cooperate with the old company to allow for a shortening or easing of certain conditions of the competition ban, or is it strictly taboo? Does anyone have experience in dealing with a non-competition clause and/or waiver? I am the junior level in the business (to do entirely with private companies), so it is not as if I am a client/investor/etc, or any deep knowledge of the insider, as in general the reason such a clause is in place. The challenge is that there is no good way to know if they would give up without asking someone from our legal team, which would actually be a red flag that I am considering leaving the country.
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