Hello, I am from IT Service Sector and having private limited company and my team size is around 25 to 30 employee.
We do not have employee bond but in recent time I hired Sr level person with the good hike and after working for couple of months he resign and get other good hike. We planned so many things for him and due to this change we need to suffer mentally and commercially as well.
Now I am looking to implement employee bond for at-least 1 year so that company do not have to suffer all the time. I need guidance on the employee bonds for IT company, what kind of bonds are in current prcatice, is there any option of bonds to keep employee working for your company like deduct part of salary and give it after completing certain period of months or taking advance cheques?
If going with Bond is too old stuff then what is the current practice in option of that?
Do I need to notarise those bonds to make it legal? Are this bond is enough to take legal action in court?
Employment Bond is illegal and you cannot compel any one to work with you. However, if you have spend an amount for training the same can be recovered even if you don't have a bond. Being illegal, the question of notarizing the same does not arise.
From India, Kannur
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