Sunday, March 11, 2012

Old Bond & New Service Agreement

I remember I was in a conference where the industry big shots were to discuss about the many changing aspects of the recruiting wherein the topic was a spark when one manager raised the concern of the raising attrition and measures to check that. Along with all other measures to maintain a sustainable employee retention, asking the employees to sign a bond for a certain period of time was in discussion. Answering this a gentleman defused the results in to zero saying that there can no service agreement wherein an employee is asked to sign a bond as legally none can imply anyone to sign these bonds.Yes there can be a training cum agreement wherein the candidate can sign a bond. Here I would like to add that the term used these days for this is called a service agreement wherein the employee is asked to sign an agreement in response to a training cum employment with a periodical review of the remuneration for his services. Still there are many aspects where both the parties have to review the clauses in the agreement before enforcing it. today there are many institutions who charge a certain amount of money and guarentee employment basis that training but they don't sign any kind of agreement. But there are firms who employ them for certain projects which requires a specific skill based training, the firms sign agreements with the employees so as to be in a safer side.Legally too there are many aspects which needs to be explored in detail. May be sometime later, will discuss it in detail.

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