My great friend Bob Reingold always overpaid his employees. Reingold once told me that a good boss always approaches employees about raises as opposed to being approached.
Reingold’s wisdom about compensation has come to mind a lot as the news of the FTC’s attempt to ban non-compete clauses is in the news. Leaving aside the constitutional questions that will be brought to bear against both sides on the matter of non-competes, a case will be made here that per Reingold, non-competes are unnecessary if the business in question is compensating its workers properly.
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