The name for that Bond or Agreement is "Non Disclosure Agreement" You may search in CITEHR or Google you will get different formats. The Non Disclosure Agreement is a legal contract between two parties (employer and employee) restricting employee not to join competitor company after resignation for a stipulated period, not to poach the current employees, not to share company client/project secrets to competitor Company.
You want to prohibit your ex-employee to work for your competitors which means all employers who are into similar business like yours will be your competitor. So if you prohibit that in the form of bond/agreement where they will work for their survival. What is your view on this.
8th July 2019 From India, Madras
Thank you so much for the mail. And regarding prohibiting my ex-employees working for my competitors i will give you my explanation. We are from a 21 year old Company where we have not implemented any bond for our employees all these years. We are providing good training to our employees and also give good hikes annually. The only reason we are thinking to implement bond is because we had come across some situations where few employees are taking training from us and moving to competitors for good raise in their salaries. while we have few loyal employees who stick with us but most of them tend to take training and are moving out once they get good opportunities. We do not want to restrict any person from growing but atleast there should be some commitment from their end towards the Company .If we restrict them with this bond they will stay with us only and will not have the thought of moving to competitors.
9th July 2019 From India, Visakhapatnam
Can understand the background.
If you are hiring freshers and impart training, please introduce Training Agreement for 2 or 3 years as per your requirement. And NDA can be implemented but it is for experienced employees to be signed at the time of joining.
Binding employees through agreements /bonds is a temporary solution. The long term solution for this will be to analyze the reason for exit of employees. It is not that all are leaving only for money. There might be some other hidden factors which you may not aware.
Please introduce Exit interview process if not introduced already.
Please ensure congenial work environment.
Please ensure annual appraisals are based on performance.
Please project long term stability of your company to your employees.
Please conduct regular one to one session for all employees.
You may likely to see some changes in attrition rate in the near future.
9th July 2019 From India, Madras