While a lot of perspectives on employment bonds have already been shared, I would just like to append that such bonds are not restricted to work alone. Such bonds are ubiquitous and are found in various fields such as education and medicine even.
In medicine, students have to sign a bond, by which they have to mandatorily serve a period of one year in rural places. They have to serve one year as interns in some village. Infact in Army Medical Colleges this tenure is greater. Students have to pay as much as 5-7 lacks as fine incase they fail to serve this period.
Companies like Infosys, where I have worked , do not enforce these contracts very seriously. They make new hires sign a one year contract, but many of my friends left the company before the period. Also, they did not pay a compensation to the company. On some occasions a letter was sent to their homes, but the company did not follow up. Thus, I believe such bonds serve no useful purpose if they are not taken seriously but considered just another formality. Companies believe that an employee should stick in their company for a stipulated period of time just so that they can recover the money spent on the training of the employee. But it might so happen thatan employee could stay in the company for the stipulated time and still add no value to the company. Infact that the employee could cause more harm than good if he says back in the company. Also, there is a possibility that an employee is so efficient that he has given back more than his share of dues to the company even before the tenure mentioned in the contract has expired. In such cases, I believe having a pre-decided time frame for a bond does not serve its purpose and works against the employees.
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