Most businesses know its good practice to provide financial support to employees who are undertaking further training – after all, the business themselves should be benefitting from the increased knowledge gained by the employee.
But what happens when the employee cuts & runs before the business feels they have benefitted from the knowledge the employee gained on the course?
In these instances, it pays to have a documented bonding agreement that binds the employee to the business for a certain length of time after completing the course. If they leave, they pay the money back, usually on a pro rata basis.
Commonly bonding periods are a 2 year max. It is generally assumed that within 2 years, the Company has had sufficient benefit from the employee’s additional education, and therefore the debt is repaid.
As with any agreement both parties must agree on the terms and conditions in the bond, and this is definitely something you’d want signed and sealed for future reference!