No. Because employees aren’t property, they’re human beings*.
Every job teaches new skills, so that’s a bit of a stretch to prohibit employees from jumping to a competitor. How about treating employees with respect? As you pointed out, employers will have employees more likely to be loyal.
BTW, employers can still take employees to court for stealing property such as customer account information. This law is simply designed to restrict workers’ rights by forbidding them freedom of movement from one job to another.
*with apologies to @popobawa4u 
