Hello Seniors,
I'm currently working in a small software company. I got an offer from another company. They are offering 25,000 per month (3 lakhs per annum). However, they want to put me under a bond for about 3 years. If I break the bond, I will have to pay them 2.5 lakhs. The company is located in my native area. I actually hate the idea of signing a bond, but one good thing is that the company is near my home.
I am feeling confused, so I can't make a decision. Please guide me.
From India, Tiruppur
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I'm currently working in a small software company. I got an offer from another company. They are offering 25,000 per month (3 lakhs per annum). However, they want to put me under a bond for about 3 years. If I break the bond, I will have to pay them 2.5 lakhs. The company is located in my native area. I actually hate the idea of signing a bond, but one good thing is that the company is near my home.
I am feeling confused, so I can't make a decision. Please guide me.
From India, Tiruppur
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Balraj,
Every job opportunity has merits and demerits. Weigh the options in favor of you in discussions with your family members and accordingly make a decision. If you are in consistent performance, the company may waive off the bond (a probability) if you want to leave them.
Pon
From India, Lucknow
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660Every job opportunity has merits and demerits. Weigh the options in favor of you in discussions with your family members and accordingly make a decision. If you are in consistent performance, the company may waive off the bond (a probability) if you want to leave them.
Pon
From India, Lucknow
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Hi Balraj,
Pon has genuinely advised you. The term of 3 years is really too much. Enquire from the company about the following:
1. Term of performance review and the period of probation.
2. From where the counting will start for these three years (whether from joining or after the completion of the probation period).
3. What will happen if the company is not willing to continue the employment with you at any moment in these three years?
4. Purpose of this agreement: Retain for three years or recover any specific training cost incurred during these three years?
5. What about the performance review process and is there any percentage range for the performers?
Thank you.
From India, Jaipur
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Pon has genuinely advised you. The term of 3 years is really too much. Enquire from the company about the following:
1. Term of performance review and the period of probation.
2. From where the counting will start for these three years (whether from joining or after the completion of the probation period).
3. What will happen if the company is not willing to continue the employment with you at any moment in these three years?
4. Purpose of this agreement: Retain for three years or recover any specific training cost incurred during these three years?
5. What about the performance review process and is there any percentage range for the performers?
Thank you.
From India, Jaipur
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Hello balraj_ct,
Adding to what Pon and Anurag Jain have advised, I would suggest you also focus on the following aspects/points before you take the final decision.
1. To reiterate what Pon mentioned - every job opportunity has merits and demerits. You have realized the merits (proximity to your home, salary seems good for your experience level). From your posting, there seems to be only one demerit - the bond.
2. Since you mentioned it's a software company, check out the domain(s) they are into and also the technologies they are using. Such factors will matter when you want to judge the if and when aspects of the future of the company - indirectly meaning your own progress in this company. If you know anyone there, get info about the type of environment within the company - quite often (especially with software companies), what you see externally will be different from the internal working culture/environment. If you read through many threads in CiteHR itself, you will know what I mean.
3. You mentioned, "Actually, I hate to sign in a bond." Please understand that a bond is not bad (I am not touching the legal aspect, mind you). It all depends on what you are getting out of the deal - if you feel that your career will move on the track that you wanted by signing the bond, I don't see why you should hesitate to sign. After all, the company too has to protect its interests - especially since it's located in an out-of-city area, they could have experienced high levels of attrition. But let this not affect your decision - which should be based on your interests.
4. Pon has mentioned, "If you are in consistent performance, the company may waive off the bond (a probability) if you want to leave them." Frankly, generally in the software industry, this works the other way around. No company will lose one who is performing - they go out of their way to give better salary and facilities, to the extent they can.
All the best.
Regards,
TS
From India, Hyderabad
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Adding to what Pon and Anurag Jain have advised, I would suggest you also focus on the following aspects/points before you take the final decision.
1. To reiterate what Pon mentioned - every job opportunity has merits and demerits. You have realized the merits (proximity to your home, salary seems good for your experience level). From your posting, there seems to be only one demerit - the bond.
2. Since you mentioned it's a software company, check out the domain(s) they are into and also the technologies they are using. Such factors will matter when you want to judge the if and when aspects of the future of the company - indirectly meaning your own progress in this company. If you know anyone there, get info about the type of environment within the company - quite often (especially with software companies), what you see externally will be different from the internal working culture/environment. If you read through many threads in CiteHR itself, you will know what I mean.
3. You mentioned, "Actually, I hate to sign in a bond." Please understand that a bond is not bad (I am not touching the legal aspect, mind you). It all depends on what you are getting out of the deal - if you feel that your career will move on the track that you wanted by signing the bond, I don't see why you should hesitate to sign. After all, the company too has to protect its interests - especially since it's located in an out-of-city area, they could have experienced high levels of attrition. But let this not affect your decision - which should be based on your interests.
4. Pon has mentioned, "If you are in consistent performance, the company may waive off the bond (a probability) if you want to leave them." Frankly, generally in the software industry, this works the other way around. No company will lose one who is performing - they go out of their way to give better salary and facilities, to the extent they can.
All the best.
Regards,
TS
From India, Hyderabad
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As Pon advised, just write down the pros (+) and cons (-) associated with that job. If you discover more advantages, then go ahead; you can join. If not, leave the job and search for another option. All the best. :)
From India, Madras
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From India, Madras
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This gentleman has opened another thread in another section, mentioning that he has joined there but wants to leave because of pay slip problems.
https://www.citehr.com/346458-how-get-pay-slip.html
What does he need? It's confusing.
Pon
From India, Lucknow
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https://www.citehr.com/346458-how-get-pay-slip.html
What does he need? It's confusing.
Pon
From India, Lucknow
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You see, a lot of good advice pouring in. However, to make it easy for you, go for better offers in the market. There are a lot of companies with good openings as well. You need to finalize the one which would be in your native place (as per your preference). Honestly, to cut it short, a 3-year bond is not a practice of any standard company. So please recheck that. You may hold on to this offer and look for something better. Remember - the right decision at the right time is very important in this competitive world. Thanks! maitre.co.in
From India, Mumbai
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From India, Mumbai
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Hello all,
I have received an offer from Bajaj Allianz. This is a major insurance company in India. Has anyone heard about the IT department of this company? The only issue for me is the bond. Other than that, everything is not a problem. The salary is as per my expectations.
From India, Tiruppur
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I have received an offer from Bajaj Allianz. This is a major insurance company in India. Has anyone heard about the IT department of this company? The only issue for me is the bond. Other than that, everything is not a problem. The salary is as per my expectations.
From India, Tiruppur
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Hello balraj_ct,
Just make a list of PLUS & MINUS points side-by-side. Once you are through, you don't even have to think further, since your decision will be in black & white in front of you. It REALLY WORKS -- at least it did for me when I used to be in any confusion -- not just career issues but even personal issues where the choice -- WHEN THINKING THROUGH THE HEAD -- 'seemed' to be between the Devil & the Deep Sea. Try it once. All the Best.
Regards,
TS
From India, Hyderabad
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Just make a list of PLUS & MINUS points side-by-side. Once you are through, you don't even have to think further, since your decision will be in black & white in front of you. It REALLY WORKS -- at least it did for me when I used to be in any confusion -- not just career issues but even personal issues where the choice -- WHEN THINKING THROUGH THE HEAD -- 'seemed' to be between the Devil & the Deep Sea. Try it once. All the Best.
Regards,
TS
From India, Hyderabad
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