Employment Bond 101
Read on to know what you should check out for before signing a contract with any organization
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Hey guys,
Have you landed yourself a job after a long and exhausting journey? Feeling elated? Quite natural!
However, your offer letter may have a small twist to it in the form of a bond. You are utterly confused and do not know whether to sign it or not. But again the profile of the job and the company are very close to your heart and you do not want to lose this opportunity. There is nothing to worry about. You just have to be aware of the pros and cons of signing a contract.
Here is a quick guide to help you understand everything about employment bonds.
What is an employment bond?
Employment Bond is a legal agreement between the employer and the employee and consists of all the terms and conditions of employment agreed by both parties. It mainly includes salary, leaves policy, designation, notice period, and most importantly if the employee has to serve a particular period of time in the organization.
Points to check out before you actually sign a contract
Designation and job responsibilities
The job description should reflect what your exact role is. There should be no loopholes where your employer can add on to your responsibilities at a later stage. The job title should also be what you agreed with HR.
Remuneration
This part should not only include your base salary but also the other benefits, bonuses, and incentives that have been agreed upon. If your incentives are performance-based then you should have a clear idea about your targets.
Location and working hours
Your base job location should be clearly specified. Work from home options, if available should be mentioned. Working hours, any shifts, and overtime should be clearly specified. Be very particular about this so that you are not overburdened with work later.
Leave policy
The number of leaves that you are entitled to in a year, whether you can roll over any untaken ones into the following year must be written.
Notice period
Most employers have a notice period of 1 to 3 months. Employers are not open to negotiate the notice period but if you take up a job with a longer notice period then it will be tough to switch.
Restrictions
Employers often specify that you will not be permitted to join a competitor brand for a designated time period after you quit. Make sure you read between the lines of such a clause as your future job prospects will depend on it.
Also, there may be a particular period of time say one or two years when you will have to compulsorily serve the organization. While this means job security for the specified time but it may also lead you to pay an exorbitant amount of money in case you need to move on for some personal reasons.
Many employers insist on submitting educational documents which you should be very careful about.
Take an informed decision so that you do not have to regret it later.
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I did BSC as an undergraduate and then went on to study Java development. I know they are two different fields and now I am wondering what kind of job I can apply for. Will there be any job openings at Unnati?- Ismail
Dear Ismail,
I understand that people often end up taking a course because society says so or they think it is the right choice for them. I have come across several applications where education does not follow a single line of study. But that should not be an issue for getting a job. You can always apply at Unnati.
We are an HR-tech firm with a large number of clients and our aim is to find the right person for the right job. Over the last 6 years, the team at Unnati has processed more than lakhs of job seekers and placed thousands of people in leading startups. We have helped several B2C, B2B, FMCG, Fin-tech, Ed-tech, Saas, etc companies to hire great talent.
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