🚫 FTC Announces Ban on Non-competes

Does your small business have non-competes in place? [Fit Small Business]( Expert Insights on HR August 21, 2024 Our Expert’s Topic for the Week: FTC Non-compete Ban Does your small business have non-competes in place? If so, you need to adhere to the new Federal Trade Commission (FTC) rules that go into effect on September 4, 2024: - Existing non-competes with senior executives (workers earning more than $151,164 who are in a policy-making position) shall remain in effect. - Existing non-competes with all other employees will be unenforceable. - Ban on all new non-competes, including senior executives. The FTC ruled that non-competes are an unfair method of competition and therefore violates Section 5 of the FTC Act. - Jennifer Soper, Robie Ann Ferrer & Genevieve Que   Stay Current   As a result of the ban on non-competes: - There will be more than $70 billion in healthcare savings. - The country will see a 2.7% increase in new business formation. - The average worker’s earnings will rise an estimated extra $524 per year. Here are the articles covered in today's edition. - [Employment Contract: What to Include and Template]( - [State & Federal Labor Laws Employers Need to Know in 2024]( - [Hiring Laws: Rules to Follow While Growing Your Team](   [Employment Contract: What to Include and Template]( [Employment Contract: What to Include and Template]( The ban on non-competes doesn’t mean your business is not protected. An employment contract is a written employment agreement documenting the shared rights and responsibilities between your company and a W-2 employee. A strong employment contract should include terms of agreement, the employee’s responsibilities, compensation and benefits, and a confidentiality clause.   [State & Federal Labor Laws Employers Need to Know in 2024]( [State & Federal Labor Laws Employers Need to Know in 2024]( Complying with federal and state labor laws can help you avoid thousands of dollars in fines, as well as costly employee lawsuits. Labor laws also change from time to time, so it’s important to stay updated to ensure your business stays compliant.   [Hiring Laws: Rules to Follow While Growing Your Team]( [Hiring Laws: Rules to Follow While Growing Your Team]( Discover the key hiring laws small businesses must know, from at-will employment to non-discrimination hiring practices.   Sponsored by: [Why We Like ShareBuilder 401k]( Why We Like ShareBuilder 401k With [ShareBuilder 401k](, plan expenses are between 23% and 68% less costly than the industry average. It’s important to note that while many fund fees with other providers are usually less than 1%, a small variation in fund fees can result in a difference of hundreds of thousands of dollars in savings over an individual’s lifetime. If a solo 401k is not the right product for you, also consider ShareBuilder 401k’s other options such as its safe harbor 401(k), traditional 401(k), and tiered profit-sharing 401(k) plans. To open an account, you can take advantage of their promo on ShareBuilder 401k [website](. [Get FREE Setup >]( Based on Your Latest Reads   [How to Calculate Vacation Accruals (+ Free PTO Calculator)]( Small businesses that offer PTO must calculate accruals appropriately to avoid penalties. Use our free PTO calculator to help. [Free Excel Test for Interviewing Candidates]( An Excel test for interview candidates can show a person’s proficiency in using Excel. To assess candidates, download our free Excel test. [How to Do Payroll in Excel: 7 Simple Steps (Plus Step by Step Video and Free Template)]( Doing payroll in Excel is best for businesses paying 10 or fewer employees and operating in states without complex labor and tax laws.   Latest in HR   [5 Best Free HR Software for Small Businesses in 2024]( The best free HR software not only automates day-to-day HR tasks but also provides online solutions for managing basic HR processes. Most free HR programs include tools for storing worker data and tracking staff attendance, while others allow you to pay employees and conduct performance reviews. Some providers may also limit the number of employees or locations you can have if you use their free HR tools.   [7 Best Human Resource Apps]( Most HR software providers have downloadable HR apps for mobile devices, enabling you and your employees to access HR tools from anywhere. Although HR apps cannot completely replace their desktop app counterparts, they can make managing HR processes outside of the office more convenient and faster.   [6 Best HR Compliance Software in 2024]( Human resources (HR) compliance is a critical part of business operations as it ensures adherence to employment laws. Constant changes to regulations can make this challenging to manage, but HR compliance solutions can simplify processes. The best HR compliance software helps you monitor regulatory updates, detect potential risks, create and store compliance-related documents, and handle complex laws through its HR advisory services. More FSB Resources   More Than A Newsletter   Written by Jennifer Soper, Robie Ann Ferrer & Genevieve Que About Fit Small Business HR Newsletter: Providing you with newsworthy tips, tricks, and informational deep dives on all HR and Payroll topics relevant to small business owners. Delivered to your inbox every Wednesday. 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