Dear Seniors
We are planning to implement Employment Bond with the new employees. May I know the hurdles or challenges which may arise during implementation.
Any other option for the same
Please suggest.
Regards
Gopal Singh
From India, Mumbai
We are planning to implement Employment Bond with the new employees. May I know the hurdles or challenges which may arise during implementation.
Any other option for the same
Please suggest.
Regards
Gopal Singh
From India, Mumbai
Hi,
Employment Bonds in general are not valid in India. However Employment Bond may be enforced provided employer have some proper justification towards implementing the same . For instance if employer spends some considerable money towards training the employee in software / concept wherein upon mutual consent a contract can be entered between employer and employee where the employee agrees to work for a specific period of time. What is important is that the employee must enter into the bond voluntarily and with full understanding of its terms and conditions. Coercion or undue influence to sign the bond is not allowed. Also the terms and conditions of the bond, including the duration of employment and any penalties for breach of contract, must be reasonable and fair.
With regard to challenges it will be very tough to get right candidates who accepts your terms and conditions. If the lock in period is unreasonable many candidates may not accept. So as to retain good talents you may consider implementing Retention Bonus strategy.
From India, Madras
952Employment Bonds in general are not valid in India. However Employment Bond may be enforced provided employer have some proper justification towards implementing the same . For instance if employer spends some considerable money towards training the employee in software / concept wherein upon mutual consent a contract can be entered between employer and employee where the employee agrees to work for a specific period of time. What is important is that the employee must enter into the bond voluntarily and with full understanding of its terms and conditions. Coercion or undue influence to sign the bond is not allowed. Also the terms and conditions of the bond, including the duration of employment and any penalties for breach of contract, must be reasonable and fair.
With regard to challenges it will be very tough to get right candidates who accepts your terms and conditions. If the lock in period is unreasonable many candidates may not accept. So as to retain good talents you may consider implementing Retention Bonus strategy.
From India, Madras
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Bond of Employment.doc
Bond in employment.pdf