What is the process to obtain an Employee Security bond?

Employee security bond is a guarantee bond which safeguards a company from unexpected employee turnover, fraud, employee theft, forgery and embezzlement of company’s cash and other assets. Before going to hire any type of employee, a company has to look into its interests and benefits. Employee security is number one and top most interest of every company. To keep save this interest every company need a surety bond from its employees that  they are bond to stay in the company for a certain period of time otherwise they have to pay the surety amount.

Net Lawman provides a complete and comprehensive employee surety bond provisions in different documents that will help you to safeguard your interests as well as employee’s security and trust as trustworthy employees are a treasure for a company.

The target audience of this employee surety bond agreement is any person or company who want to hire a trustworthy employee and seeks protection against unauthorized employee turnover.

There are certain terms and conditions which come under employee security bond or a guarantee bond. In India, the companies whether small or big want an employee security bond from their employee before hiring. The bond keeps the company from loss and any damage and bond the employee from sudden turnover. The bond is signed by the employee under certain terms and conditions.

In India, the unexpected employee turnover rates are 30 to 50 % per year and it is a continuous headache for top management in India that when their employees become proficient and dexterous in the job, they quit. Call centers in India constantly face this issue because call centers now days grab seventy percent of the revenues of the Indian Business Process Outsourcing (BPO) industry, according to an estimate by Mckinsey. It is also observed that 80 percent of call center employees find ways to avoid employee security bond so that they can easily quit their job at certain level and time without any prior notice. In this situation, employee security bond is must particularly for Indian companies.

The Content of Employee Security Bond includes:

Certain period/tenure of employment

Penalties in case of any fraud, unexpected turnover and embezzlement of company’s assets

Bond validation period and conditions

Surety amount

Person as surety

Consent of employee

Responsibility of bond

Governing law

Features of Employee Security Bond:

Maximum security to employer towards fraud, theft, forgery etc.

Safe guard the employer from unexpected and unauthorized employee turnovers

Suitable and best for any type and size of business and company

Explanatory notes to make best and useful employees surety documents

Suitable for any type and any time changes as per requirements

Give ease to employee at the time of fresh appointment

Guarantee Bond, Employee Security, Employee Document