Hi all, I got a new opportunity in one of the MNCs, but in my current organization, I have a bond of 3 years, or else I have to pay 5 lakh. What should I do? What should I say to my current organization? I am getting a good offer, but I don't want to pay 5 lakh. I joined my current organization 5.5 months ago.
From India, Mysore
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From India, Mysore
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Dear friend,
I hope you have signed the bond with your eyes and mind fully open. Therefore, your tendency to shift jobs within the bond period of three years, driven by more attractive offers, should be compatible with the terms and conditions of the employment bond in force.
Of course, the justifiability of the bond amount can be questioned in a Court of Law if it is excessively high compared to the costs of recruitment and training incurred by the employer and the length of service you have rendered so far. However, this would be a time-consuming process and would not serve any immediate purpose.
It would be better if you negotiate with your present employer for a waiver, either in full or in part.
Considerations for New Employment Bonds
What if the new employer also asks for the execution of a similar bond? The grass is always greener on the other side. So, try to be conscious of the effects of employment bonds and avoid job hopping solely for financial gain.
From India, Salem
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6108I hope you have signed the bond with your eyes and mind fully open. Therefore, your tendency to shift jobs within the bond period of three years, driven by more attractive offers, should be compatible with the terms and conditions of the employment bond in force.
Of course, the justifiability of the bond amount can be questioned in a Court of Law if it is excessively high compared to the costs of recruitment and training incurred by the employer and the length of service you have rendered so far. However, this would be a time-consuming process and would not serve any immediate purpose.
It would be better if you negotiate with your present employer for a waiver, either in full or in part.
Considerations for New Employment Bonds
What if the new employer also asks for the execution of a similar bond? The grass is always greener on the other side. So, try to be conscious of the effects of employment bonds and avoid job hopping solely for financial gain.
From India, Salem
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Reasons for Bond or Payment
The bond or payment comes because of the following reasons:
1. Reliability
An employer, when appointing someone, relies on them to be available for work whenever required during the bond period. If the employee leaves during the bond period, the employer's calculations go awry, leading to business disruptions and losses. What is the price for that?
2. Reason for Leaving
Is it with the employer or the employee? If it is the employer's fault, then the employer should bear the consequences. If the employee is at fault, why should the employer suffer? If the employer terminates the employee during the bond period, the employee can demand compensation for the loss in their career or request to be retained until the end of the bond period. A bond is a contract, and whoever breaks it must compensate the other party. The amount of compensation can be mutually agreed upon. Once agreed upon and signed, it is binding, and no one can challenge it.
3. Special Employees
Normally, a bond is for special employees, not for all employees. Everyone should understand that we should not underestimate the importance of our expertise.
Vibhakar Ramtirthkar.
From India, Pune
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The bond or payment comes because of the following reasons:
1. Reliability
An employer, when appointing someone, relies on them to be available for work whenever required during the bond period. If the employee leaves during the bond period, the employer's calculations go awry, leading to business disruptions and losses. What is the price for that?
2. Reason for Leaving
Is it with the employer or the employee? If it is the employer's fault, then the employer should bear the consequences. If the employee is at fault, why should the employer suffer? If the employer terminates the employee during the bond period, the employee can demand compensation for the loss in their career or request to be retained until the end of the bond period. A bond is a contract, and whoever breaks it must compensate the other party. The amount of compensation can be mutually agreed upon. Once agreed upon and signed, it is binding, and no one can challenge it.
3. Special Employees
Normally, a bond is for special employees, not for all employees. Everyone should understand that we should not underestimate the importance of our expertise.
Vibhakar Ramtirthkar.
From India, Pune
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Dear Questioner, You have only worked for 5.5 months and are already looking for another job. In such a short period, you may not have had the opportunity to fully understand the organization. When an employer hires someone, they typically close their search for another employee. Consider the situation from the opposite perspective: if the employer were to ask you to leave the job and you had to support your family, what would you do in that scenario? This is one of the reasons why employers may feel compelled to take such measures. As an employer, I always consider the longevity of a job seeker's previous positions in other organizations.
Thank you.
From India, Delhi
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Thank you.
From India, Delhi
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Bond of Employment.doc
JOB- HOPPING presentatoion.p pt