Dear Chandra,
This is in addition to what Mr. Lakshminarayan has said. I understand your concern. Companies spend a lot of time and money on onboarding candidates. If they leave too early, it sets back the clock and prevents them from getting a return on their investment in the filled position.
Employee engagement and organizational culture
Employee engagement depends on the quality of the company's administration and, above all, the organization's culture. The causes of employee attrition are rooted in the organization's culture. Therefore, I recommend that your company's leadership address the root cause rather than take traditional and superficial measures like introducing a lock-in period for employees.
While a measure of a lock-in period may work, and employees may stay until the completion of the specified period, this is only physical engagement. For the organization's growth, you need intellectually engaged people. They need to propose innovative ideas for product or process improvements or customer satisfaction. Can you expect them to do this if they are engaged forcefully?
Analyzing employee attrition
You have not mentioned your level in the organization and the department you work in. However, if you work in the HR department, analyze the employee attrition. You could get some clues as to why employees are not ready to work for a longer duration. Prepare a presentation for the top leadership and ask them what solution they would like to propose. By the way, do you monitor your company's reviews on ambitionbox.com or mouthshut.com? These reviews also provide insights into the minds of the employees.
Thanks,
Dinesh Divekar