Your current code can only executing on this:
[10:34:50] <KindOne> hello,bye word
KindOne used the word
[10:34:55] <KindOne> ahello,byeo word
KindOne used the word
Its searching for for the actual text that matches "hello,bye", then its looking for the actual word "word".
You want something like this:
on *:text:*:#channel:{
; This will watch for the word in all channel messages.
if (hello isin $1-) || (bye isin $1-) { echo -a $nick used the word }
}