Hello, I am from the IT Service Sector, running a private limited company with a team size of around 25 to 30 employees. We do not have an employee bond, but recently, I hired a senior-level person with a significant salary increase. After working for a couple of months, he resigned for another job offering a better package. This sudden departure caused us both mental and financial challenges as we had made plans around his role.
Currently, I am considering implementing an employee bond for at least one year to mitigate such situations in the future. I seek guidance on the types of employee bonds prevalent in the IT industry. Are there options where a portion of the salary can be deducted and paid after completing a specific period, or perhaps taking advance cheques to secure their commitment?
Modern alternatives to traditional bonds
If traditional bonds are outdated, what are the modern alternatives in practice? Do these bonds need to be notarized for legal validity? Can such bonds be enforced in court effectively?
Thank you.
From India, Ahmedabad
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Currently, I am considering implementing an employee bond for at least one year to mitigate such situations in the future. I seek guidance on the types of employee bonds prevalent in the IT industry. Are there options where a portion of the salary can be deducted and paid after completing a specific period, or perhaps taking advance cheques to secure their commitment?
Modern alternatives to traditional bonds
If traditional bonds are outdated, what are the modern alternatives in practice? Do these bonds need to be notarized for legal validity? Can such bonds be enforced in court effectively?
Thank you.
From India, Ahmedabad
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Employment bond legality
Employment bonds are illegal, and you cannot compel anyone to work with you. However, if you have spent an amount on 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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4526Employment bonds are illegal, and you cannot compel anyone to work with you. However, if you have spent an amount on 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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Validity of Bond.pdf
BOND BY AN EMPLOYEE FOR NOT ENGAGING HIMSELF.doc