Dear Sheela,
First of all do specify your industry type. Again the only reason your management is asking for a bond is nothing but of attrition rate, again that is only because of the less payment given to employees.
As you have mentioned that your management is not ready for hike in payment or cancellation of bonds. It lies on the hands of the HR department in placing some niche ways on to recruitment. What about your location?
There are certain ways to recruit people. There are lots of people in the market who are still hunting for job. In this case you have to stream line your recruitment methods. Make use of portals, nowadays there are lots of methods which can give you resumes. Even a social community would help. I, once have recruited people for 6k/month with a bond of 2 years. It is all the way you put it on.
Anyway all the best!
Best regards,
Mahesh