Being a Manager, do you really like it? and even when were new to your job if an employer offers you the same will you deposit that amount to any company?
Company can ask employees to work for free or pay less as they are beginners but I don't recommend all the companies in the world to ask funds from employees or resources for offering a job - we can call it as a bribe often.
Don't know how many companies give it back till now! Guys in the forum any of you have personal experience in the topic.
It is illegal to take deposits, withholding educational certificates or identity proofs for the sake of employment. It would fall under forced labour as per section 2 of Bonded Labor System (Abolition) Act, 1976 and your agreement will be void.
Explanation : For the removal of doubts, it is hereby declared that any system of forced, or partly forced labor under which any workman being contract labor as defined in clause (b) of sub-section (1) of Section 2 of the Contract Labor (Regulation and Abolition) Act, 1970 (37 of 1970), or an inter-State migrant workman as defined in clause (e) of sub-section (1) of Section 2 of the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979 (30 of 1979), is required to render labor or service in circumstances of the nature mentioned in sub-clause (1) of this clause or is subjected to all or any of the disabilities referred to in sub-clauses (2) to (4), is 'bonded labor system' within the meaning of this clause.
So please refrain from such kind of activities. As suggested by other senior members, find out root cause of high attrition rate and take counter measure like incentives, counselling to reduce attrition.