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10 Must-Know Factors About An Employment Contract
3) Presence of a Bond:
This is one of the ways an organization checks its attrition rate. By depositing a fixed amount of money, decided entirely by the company, a new employee is bound to work in the organization. If the employee exits the company before the stipulated period, he/ she will not get back the deposited amount. This is a sure-fire way of checking employee turnover. This is not a mandatory clause in all organizations because depositing money acts as a deterrent for new employees. Usually, public sector organizations have such a clause. An employee must carefully think over whether he/ she is comfortable with this aspect of the contract. Any hesitation in this aspect, one should rethink joining the organization.
4) Non-disclosure Agreement:
This agreement basically talks about how an employee of an organization should not disclose any inside information regarding the organization to any external agent. In case of breach of contract in this regard, it can lead to serious consequences and can even culminate into a lawsuit. One should keep all office information tightly locked up within the four walls of the office. One exception in this case can be the reporting of wrong-doings or misconduct on the part of any employee, which is also called whistle-blowing. This should be done only in grave cases and not minor ones.
