Callum Borchers

speaker

1,301 appearances 20 recordings 1 series first heard Jun 2022 last heard Jan 2025

Callum Borchers’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Some ‘Senior’ Jobs Only Call For a Few Years of Experience · 30 Apr 2024 podcast

In some cases, these promotions are so incremental that we call them dry promotions because they don't even come with a raise. matched

There's not even necessarily extra money involved, but you're getting a new title. matched

And the idea is that it's a pat on the back for your workers and try and keep them on board. matched

So the FTC ruled this month that non-compete agreements, which are restrictions on workers saying you can't jump to a rival firm because we're worried about you taking intellectual property, those agreements are no longer enforceable. matched

Now, there are already some states that have said you can't enforce these non-compete agreements, like California, for example. matched

But this would cast a uniform level over the patchwork of state laws right now. matched

And it's a big deal for employers who have been trying to lock up their talent and make sure they don't just take everything they've learned in-house and go to another company. matched

It's a little bit hypothetical right now because this ruling is so new, but there's a grace period for the next four months before this ban on non-compete agreements goes into effect. matched

And there's a special carve-out for so-called senior executives. matched

Now, matched

Who is a senior executive? matched

Well, the FTC defines these workers as people making a little over $150,000 a year, and they have to have policymaking positions. matched

But labor attorneys tell me that those parameters are broad enough that you could plausibly categorize a lot of your workers matched

as senior executives under that criteria. matched

And because there is this waiting period before it goes into effect, you could, in the next few months, let's say, hand out a whole bunch of dubious promotions to try to make more of your workforce eligible for non-compete agreements going forward. matched

But nevertheless, if you are a worker and you're suddenly offered a new title and $152,000 a year, maybe be sure to read the fine print before signing. matched

Well, the org charts have gotten a lot more complicated. matched

For a lot of years, you basically had four bands. matched

You started as an analyst, then you became an associate. matched

If you kept moving up, you were a manager, and eventually you made partner, or you hoped that you did. matched

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