Hello, We are a small marketing company supplying products used in quality control. Pharmaceutical & facing the issue of employee attrition. We are in a niche industry where we don't generally get trained manpower & for this, we have to spend a lot of time in his/ her training to perform.
Employees joins, takes an experience and leaves in a short period due to which as a company we have to suffer business loss & time required to search for his/her replacement.
Can we get a Bond signed by any employee for 2.5 years? Is it legally valid in India?
Can we keep the security cheque?
Can anyone help in drafting the Bond & employee agreement letter?
From India, Ludhiana
Employees joins, takes an experience and leaves in a short period due to which as a company we have to suffer business loss & time required to search for his/her replacement.
Can we get a Bond signed by any employee for 2.5 years? Is it legally valid in India?
Can we keep the security cheque?
Can anyone help in drafting the Bond & employee agreement letter?
From India, Ludhiana
Bond is not legally enforceable not only in India but other countries especially developed nations. But if you spend any quantifiable amount to train an employee, to that extent a bond can be made. But there should be training cost exclusively for an employee. In the absence of it, you cannot make a bond. Moreover, a company where high attrition exists, do you think that people will join if you put a bond for 2.5 years? I don't think that if you ask to sign a bond for 2.5 years, any person would join a private company which do not have a good track record of employee satisfaction. If you had good employee satisfaction reviews, obviously, you should not have faced such high degree of attrition.
From India, Kannur
4250From India, Kannur
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