Dear Seniors,
I request your help in forming a bond between the employee and the organization. We need to establish a bond with the employee for the duration of their 2-year employment with the organization. What terms and conditions should be specified in the bond?
It would be of great help if I could get the bond format. Your suggestions are greatly appreciated in advance.
From India, Pune
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I request your help in forming a bond between the employee and the organization. We need to establish a bond with the employee for the duration of their 2-year employment with the organization. What terms and conditions should be specified in the bond?
It would be of great help if I could get the bond format. Your suggestions are greatly appreciated in advance.
From India, Pune
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Hi,
Sharing a format of a 2-year Indemnity Bond won't take much time.
But why do you want to keep a 2-year bond? What is the purpose behind it? You should have some proper justification for the same. When employers invest money, time, and effort in trainees (in terms of software cost, trainer cost, etc.), they will enter into a training agreement with trainees. Similarly, you should have some justification.
Normal templates may not match your requirements. So, it would be better if you hired the services of an advocate. Discuss with him/her about your requirements. Thereby, you will get the proper format, and in the future, in case of legal litigations, you can seek the help of an advocate.
From India, Madras
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1015Sharing a format of a 2-year Indemnity Bond won't take much time.
But why do you want to keep a 2-year bond? What is the purpose behind it? You should have some proper justification for the same. When employers invest money, time, and effort in trainees (in terms of software cost, trainer cost, etc.), they will enter into a training agreement with trainees. Similarly, you should have some justification.
Normal templates may not match your requirements. So, it would be better if you hired the services of an advocate. Discuss with him/her about your requirements. Thereby, you will get the proper format, and in the future, in case of legal litigations, you can seek the help of an advocate.
From India, Madras
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Dear Ma'am,
We have observed on a continuous basis that employees here join, learn everything, get trained, and then leave the organization within a span of 1 year. Typically, 6 to 7 months are taken as their training period. This trend is noticeable even in the case of experienced employees. Therefore, we have decided to implement a bond system between the employees and the organization.
The organization is not actively contributing to the growth of employees' careers. Our aim is that after investing 6 to 7 months in training them, employees should commit to serving the organization for at least 18 months.
Similarly, employees have been hired at the packages they requested. As the organization invests significantly in them, we expect loyal efforts from employees towards the organization as well.
From India, Pune
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We have observed on a continuous basis that employees here join, learn everything, get trained, and then leave the organization within a span of 1 year. Typically, 6 to 7 months are taken as their training period. This trend is noticeable even in the case of experienced employees. Therefore, we have decided to implement a bond system between the employees and the organization.
The organization is not actively contributing to the growth of employees' careers. Our aim is that after investing 6 to 7 months in training them, employees should commit to serving the organization for at least 18 months.
Similarly, employees have been hired at the packages they requested. As the organization invests significantly in them, we expect loyal efforts from employees towards the organization as well.
From India, Pune
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Hi,
In that case, please check whether your compensation package is on par with market standards.
For example, for a fresher, the starting salary may be low. However, once the trainee completes 6 months or one year of training and starts delivering the work, their compensation package needs to be reviewed on a yearly basis based on performance and industry norms. Otherwise, trainees are likely to seek higher salaries.
For trainees, you can consider implementing a training agreement.
From India, Madras
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In that case, please check whether your compensation package is on par with market standards.
For example, for a fresher, the starting salary may be low. However, once the trainee completes 6 months or one year of training and starts delivering the work, their compensation package needs to be reviewed on a yearly basis based on performance and industry norms. Otherwise, trainees are likely to seek higher salaries.
For trainees, you can consider implementing a training agreement.
From India, Madras
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Enforcement of negative covenants in employment terms.pdf