Anyone have issues with the non compete?
I Applied for a role and was told I’m unable to get it due to them being a SAN advisor and anyone in SAN can’t hire a former Schwab employee for 12 months.
Does this sound accurate?
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Schwab will remove the SAN group from the referral matrix which is very valuable to many of these managers. Although they may be unenforceable by law in some states. Schwab controls the asset of who they allow on the SAN matrix and who they don't. There have been SAN managers removed for this exact reason and that enough prevents other managers from considering former Schwab employees for two years.
In most states (I'm in IL and I got this from my attorney) non-competes are unenforceable -- unless your former employer is willing to pay garden leave. I am not sure whether severance could be considered garden leave.
SAN = Schwab Advisor Network - it sounds as though the prohibition is on the side of the SAN firm, not the individual Schwab employee.
If you’re laid -off, you are exempt from this statute.
If you’re in California, non-compete’s are illegal. Not enforceable.
In California, it's illegal to enforce non-compete agreements that put limits on an employee's future job prospects. According to California Business and Professions Code Section 16600, any contract that restricts an individual from “engaging in a lawful profession, trade, or business” is null and void.
SAN?
I thought the recent sentiment was non competes are not really enforceable except for very specific cases. Since the law understands someone can’t sign away their ability to make a living with their marketable skills.