Facing a Bond Dilemma: Should I Commit to iGate Despite Future Uncertainties?

Hello Friends,

I need your advice desperately. I am an HR professional presently working with an MNC, with a total of 6 years of experience. I have received an offer from iGate as a Senior HR Executive. They are asking me to sign a bond of Rs. 1.20 lakhs for 1 year. Kindly advise if I should proceed with it. While I would like to stay with iGate for years to come, uncertainties in the future are always a consideration. Your guidance would be appreciated.

Regards,
Jasleen

Hi Gaonkar,

Are they going to provide you with any training that requires you to sign a bond of 1.20 lakhs?

Regards,
Gaonkar

Hi Jasleen,

You sign a bond when the company is providing you with specialized, industry-specific training. In such a case, the company suffers a huge loss if the candidate leaves the company in between. Just check with this company. They will have to prove this condition if they ever come into the loop, but that would only happen if it ever occurs.

Regards,
Asha

Hello Friends,

I need your advice desperately. I am an HR professional presently working with an MNC, with a total of 6 years of experience. I have received an offer from iGATE as a Senior HR Executive. They are asking me to sign a bond of Rs. 1.20 lakhs for 1 year. Kindly advise if I should proceed with it. I would obviously want to stay with iGATE for years to come, but you never know about the unavoidable conditions in the future. Kindly advise.

Regards,
Jasleen

Dear Jasleen,

Two things:

1) Do you really want to get into I Gate? In that case, you have to sign the bond as it is a company norm. Read the document word for word to understand any hidden meanings. Consider seeking help from a lawyer.

2) In any untoward situation, keep yourself equipped with money. Since you mentioned that you will stick around, remain optimistic.

Thanks,
Sonali
wagle.sonali@gmail.com

Well, I think if you really want the kind of profile they are offering you, then there is no harm in signing it. And of course, you always learn many things from any organization. I also signed an 18-month bond in my previous organization. But that company really helped me in grooming myself to a large extent.

Just make sure that during this bond period, you are entitled to get all the benefits (PF, EPF, medical allowance, transport, promotion, appraisals, etc.) like that of other employees.

Dear Jasleen,

There is no issue in signing a bond for continuous service for a year. But compensating 1.20 lakh for what? Only for the reason of leaving the company within 1 year? Think, understand everything, and get all the terms cleared from the HR person and then go for it.

Regards,
Gaonkar

Check the clause in the agreement to confirm whether the compensation is due from either party in the event of termination within a year.

Dear,

I am a law graduate and working in a media company as a Senior Manager in legal and compliance. I don't find any reason not to sign a bond, but it should be on a pro-rata basis. This means that in your case, the value of the bond should reduce by 10,000rs every month.

For example, if you work for 8 months, then the value of the bond will be 40,000rs. Usually, companies do not prefer bonded labor, but if they are asking you for it, it may be their regular practice. Given the current market scenario, there should be no issue with signing a bond. Ultimately, it is your decision whether to proceed with it or not.

I suggest trying to negotiate for the period rather than the amount of the bond. Additionally, I want to inform you that there are ways to break or jump the bond if needed.

First of all, these days people are losing jobs left, right, and center, so why should you even contemplate quitting that company before one year? One year? For God's sake, that is nothing! It would go by without you even realizing it has gone!

Secondly, I know this for a fact that a bond has no legal compliance; it is just a gimmick that a company uses to put psychological pressure on the employee to avoid attrition. Many people in my previous organizations have signed bonds worth over 2 lakhs and have quit before the stipulated period, and the companies did not do a thing... for one very simple reason: In India, there is no contract labor; the company knows it and cannot hope to win a case against you.

So go ahead and sign that bond, my friend. Cheers!

Dear,

You can sign a bond with a proportionate reduction while serving it.

With Regards,
V. Sounder Rajan
E-mail: rajanassociates@eth.net

Dear,

Before signing the bond, go through the document word by word and make the final decisions. Within one year, you might change jobs if you receive a good offer.

Wishing you all the best and a happy New Year.