Veeva Statement in Support of Proposed FTC Rule to Ban Non-Competes
Non-competes stifle the
"…existing evidence indicates that noncompete clauses reduce innovation and competition in product and service markets. Studies show that locking workers in place reduces innovation, likely by decreasing the flow of information and knowledge among firms. By preventing workers from starting their own businesses and limiting the pool of talent available for startups to hire, noncompetes also limit entrepreneurship and new business formation. This in turn reduces product quality while raising prices."
For more than a decade,
The company strongly supports intellectual property (IP) rights, which are protected through confidentiality agreements and trade secret laws. Non-competes are not necessary for IP protection and only serve to limit employee mobility.
"The swift action to ban non-competes is an important step in advancing employee freedom, innovation, and the economy.
People have a fundamental right to make their own career choices. These decisions impact their livelihoods and professional growth and should not be dictated by lawyers and corporations. This is about trusting employees. No one is motivated to do their best work under a cloud of threats or when locked into a job.
The mobility of talent has created the most innovative companies in the world. Banning non-competes is good for business, innovation, and economic growth."
2007:
2013: First defense of a
2016: Publishes stance against non-competes; calls on leaders and legislators to take action
2017: Files a precedent-setting non-compete lawsuit
2021: Work to ban non-competes becomes part of
2021: Stance included in
2021: CEO outlines employee and economic benefits of proposed Federal action in Medium article
2022: Declares elimination of non-competes by 2030 as a formal goal of its PBC purpose
Visit veeva.com/noncompetes for additional resources and information on non-competes.
About
Contact:
781-366-7617
maria.scurry@veeva.com
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