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CONSIDERATION IN ORGANIZATION: ANALYSIS OF BONDS FROM HR PERSPECTIVE
This paper gives understanding and meaning of consideration, its nature and purposes it serves. All of us are aware of the high attrition rate prevalent in knowledge industries particularly, Information Technology (IT), wherein a company recruits fresh graduates and provides them intensive training...
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| Formato: | Journal Article |
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Abhigyan
2011
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| LEADER | 03086nam a22001337a 4500 | ||
|---|---|---|---|
| 999 | |c 119824 |d 119824 | ||
| 100 | |a Divya Upadhyay |9 46759 | ||
| 245 | |a CONSIDERATION IN ORGANIZATION: ANALYSIS OF BONDS FROM HR PERSPECTIVE | ||
| 260 | |b Abhigyan |c 2011 | ||
| 300 | |b Vol 29 No. 3 (October - December 2011) | ||
| 520 | |a This paper gives understanding and meaning of consideration, its nature and purposes it serves. All of us are aware of the high attrition rate prevalent in knowledge industries particularly, Information Technology (IT), wherein a company recruits fresh graduates and provides them intensive training for executing a particular project. After a few weeks or months, however, many of its recruits resign. The company has to recruit some more employees and repeat the training program in order to complete the project, incurring a lot of expense. This scenario is something everyone in the IT industry is familiar with. The Employment Bond is basically an Agreement entered into by the Company with the Employee, which among the other terms contained therein states that in consideration of the training given to the Employee and the money spent by the Company in imparting such training, the Employee will remain in the services of the Company for a particular period. So Employee bond is a practice used by various companies (government as well as non- government) to safeguard the interest it has in its employees, after expending time and training. This paper cover what is an employee bond, to what extent it is enforceable, remedies companies can seek and defence options before an employee. This paper also addresses up to what extent consideration of training is adequate. In general there were mixed feelings about the issue of having employees sign training bonds or training agreements. There are employees who understand that the companies deserve to recover their training investments and willingly sign and honour the agreements; and there are those who feel that they are being forced to stay in the company, even if better opportunities come along and are thus deprived of these opportunities. An attempt was made to analyse bond in order to get the pulse of real world and practices used in public sector undertaking and leading IT services companies, these two different types of organizations were studied and method used for this study were interview technique and study of bond and it was found that there was adequate consideration in both the bonds. So it is recommended that bond should be there in case of providing any training to employee but duration of binding employee after training in the company should not be more than two years. Everything regarding bond should be properly communicated to the employee before signing the bond to avoid any sort of confusion. The time demand after completion of training for being in bond should be limited (1 to 2 yrs) so that growth of employee doesn’t get hampered. | ||
| 650 | |a HUMAN RESOURCE; |a EMPLOYEE BONDS |9 46760 | ||
| 942 | |c JA | ||
| 952 | |0 0 |1 0 |4 0 |7 0 |9 116580 |a MGUL |b MGUL |c JA |d 2016-11-28 |l 0 |r 2016-11-28 |w 2016-11-28 |y JA | ||