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# THOUGHT
“ICICI Prudential-The Proud of India”.
A long journey starts with a single step………………………….. It becomes the proud not to do the different works but same work done differently.
One of the great pleasures of like is doing the things that others say you cannot do.“If your goals are realistic, you can achieve it”.
“Try to make every day a day of achievement”. What did you do yesterday That was worth somebody remembering today.
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# INTRODUCTION
I am submitting this summer project on “The Journey from Recruitment to Selection” in “ICICI Prudential Life Insurance company Limited”.
Summer project is a part or of our curriculum of Master’s Degree in personnel management.
In summer project, the emphasis is give on the recruitment and selection process of the insurance industry like ICICI Prudential Life Insurance Co Ltd. So, that the future personnel manager can be aware of the working of Human Resource Department.
I hope that the information of the heads covered in the report is sufficient to know “the recruitment and selection process of the ICICI Prudential Life Insurance Co. Ltd. ”.
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# HUMAN RESOURCE MOVES TO 21 ST CENTURY --
The Human Resource organization in the most company is changing dramatically, which usually translate into smaller, more centralized, with more technology embedded service and system. In these changing times Human Resource looks quite different in size and delivery model than it did just a few years time is definitely going to look even different.
In the 1990’s need was felt for Human Resource to become more strategic, to align the Human Resource business. Companies thus improved there efficiency and efficacy of myriad services and products and strengthens their credibility a viable contributor to bottom line.
The continuing development and use of web and self service information technology in bringing the HR function into 21st century .the structure and the HR organization have been slowly moving in most fortune 500 companies, towards a more management oriented and business strategy driven function. The HR organization in many fortune 500 companies has used proven information technology for many years. But in most cases the technology was used in isolated part of the HR function such as benefice’s administrations. More recently, HR has begun to employ ERP’s browser based portals, which now enables the HR organization to transfer how it supports the entire organization.
The year 2000 saw many HR organizations moves from outmoded legacy mainframe system and initiated the gradual use of more advanced information technologies. The continued pressure on cost reduction and process improvement to take big steps into manager and employee self-service and to move rapidly into web based hr portals.
The information system is also making global system more of a reality than were through possible just a couple of years ago. In the recent survey of HRIS practices and cost, the average coverage worldwide workforce was 66 % in the ERP and 81% through the HR portals. The average coverage of the workforce of the same survey was 97% for both the ERP and HR portal, which is a substantial improvement in just few years ,when most companies where still expecting the use of non integrated local of regional Hr system.
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For those companies who have the most success in making this transformation of the HR organization a few key points stand out:-
The company has articulated in the business goals and strategies clearly, and has stated the expectation for HR to align its business with these goals and strategies.
The HR organization has a vision for where it wants to be five years from now in terms of scope, cost and approach to service delivery in all its functional area.
It has the developed the business case to justify the resource and approach , recognizing both hard and soft credit.
Human Resource has developed a strong collaborative relationship with IT and Finance to plan implements.
The intent was communicated to HR organization and it has developed the “Scoreboard” measures to be use to judge the progress.
Senior executives sponsorship for transformation was obtained.
One learned from the problems and mistakes and adjusted the plans accordingly to kept progressing.
The transformation was managed as a project, complete with subject matter and stake holder involvement, budget, accountabilities and deadlines. The key functional area and benchmark for world-class process were identified and the overall effort sort underway.
There is plenty of evidence to assert that information technology coupled with aggressive HRIS leadership will transform the HR organization and bring it to in the 21st century. Base on the case studies by the some of the fortune 500 companies , success does come by communicating and collaborating with the stake holders , deliberately discontinuing and/or automating HR programs and practices , getting feedback , evaluating progress and redirecting the plan and also by getting the HR organization in shape. Getting HR’s operation efficient and effective should permit a greater role for HR influencing and contributing to business goals and strategies.
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# EXECUTIVE SUMMARY
In today’s business scenario, it is very much imperative that a good management profession must be well versed with practical application of theories and principles of management learned during management course pursuing during summer training.
The project gives the needed beneficial, practical knowledge and helps the management profession in understanding the nature of markets, people and organization.
The project report is made on the basis of analysis done on past year’s recruited employees and the basis of recruitment and selection. The data was collected through company’s MIS and the papers that contain joining of the employees.
In the beginning of the report, the introduction is given about the Insurance Industry and ICICI Prudential. It is then followed by the details of the problem dealt with. It contains analysis and findings in the form of graphs and pie-charts along with suggestions and limitations.
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# OBJECTIVES
This project is about the recruitment and selection process .the primary objective behind this , is to get knowledge of recruitment and selection procedure, to have an information about firm’s policies and programe, to maintain employee relation. Secondary objective is to gather about how employees bring positive attitude of employees etc.
The research was done mostly in technical area. In technical area recruitment was done in both lower and middle level where employees are directly involved in production department. In managerial area recruitment are in top level management.
The research was done through Internal Source and External source. From 350 employees, 100 were chosen as sample. Information were collected through questionnaire, interview, discussion etc.
The second important objective of organization is focused on suitable recruitment process and selection of efficient employees so that separation should be low.
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As the objectives are :
a) The various aspects of recruitment and selection related to procurement, development, compensation and motivation of the personnel.
b) Recruitment and selection have became a specialized task and so in trusted to the person who is well conserving with the problems and techniques of Human Resource Department.
c) Human Resource Department is also responsible for training and development of the employees and also evaluates the performance of the employees for future use.
d) Determining the wages and salaries of the employees after better recruitment and selection.
As the Project means:
P – PLANNING / PURPOSE R – RESOURCE / RESEARCH O – OBJECTIVES J – JOINT EFFORTS E – EFFICIENCY C – COMMUNICATION / CONCISE T – TECHNIQUE OR TOOLS
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# INDUSTRY PROFILE
INSURANCE INDUSTRY IN INDIA
An thriving industry sector is of vital to every modern economy . first, because it encourages the saving habit, second because it provides a safety net to rural and urban enterprises and productive individual. And perhaps most importantly it generates long term investible funds for infrastructure building. The nature of the insurance business is such that the cash inflow of insurance companies is constant while the payout is deferred.
This characteristics of their business makes insurance companies the biggest investor in the long-gestation infrastructure development project in all developed and aspiring nations. This is the most compelling reason to that why private sector (and foreign) companies which will spread the insurance habit in the society and consumer interest are urgently required in this vital sector.
With the nation infrastructure in the state of imminent collapse, India couldn’t have afforded to be lumbered with sub-optimally performing monopoly insurance companies and therefore the passage of the Insurance Regulatory and Development Bill on December 2, 1999 heralds an era of caution optimism where stakes are high for all parties concerned. For the Government of India, investment must start yielding returns and for the domestic insurance industry their market penetration should remain intact.
Bill provides for the establishment of an authority to protect the interests of the holders of insurance policies, to regulate and insure orderly growth of the insurance industry and amend the Insurance Act, 1938 , The Life Insurance Act,
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1956 and The General Insurance Business Act, 1972, the bill allows foreign equity stake in domestic private insurance companies to maximum of 26% of the total paid-up capital and seeks to provide statutory statues to the insurance regulator.
The insurance business pegged at $6.6 billion where as industry leaders feel privatization will increase it to $40 billion with in next 3-5 years.
India with a population of billion 1 offers great potential and opportunity for the insurance industry. Currently, 2 states owned monoliths-life insurance corporation
and general insurance corporation, run the insurance sector along with its fully owned subsidiaries wiz. National Insurance company, New India Assurance Company , Oriental Insurance Company and United India Insurance Company.
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# ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED --- AN OVERVIEW
“We cover you. At every step in life”
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier powerhouse and prudential plc, a leading international financial services group headquartered in the united kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operation in December 2000 after receiving approval from Insurance regulatory Development authority (IRDA).
ICICI Prudential’s equity base standards at Rs.6.75 billion with ICICI Bank and prudential plc holding 74% stake respectively. In the year ended March 31, 2004, the company had issued over 4,30,000 policies, for a total sum assured of over Rs. 8,000 crore. The company has a network about 30,000 advisors, as well as 12 bank assurance tie-ups. Today the company is the # 1 private life insurer in the country.
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#ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED – AN INSIGHT
VISSION
Commitment to “SUCCESS”
MISSION
ICICI Prudential aimed at building on trust by world-class people and services by;
Understanding the needs of the customers and offering them superior products and services.
Leveraging technology to services customers quickly, efficiently and conveniently.
Providing an enabling environment to foster growth and learning for our employees.
And above all, building transparencies in all our dealing.
The success of the company will be founded in its unflinching commitment to 5 core values-
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Integrity
Customer first Boundary less
Ownership
Passion
Each of the value describe what the company stands for, the qualities of our people and the way we work.
ICICI and Prudential came together in 1993 to from Prudential ICICI asset Management Company, which has today emerged as one of the leading mutual funds in India. The companies bring together two of the strongest financial services and long term commitment know for their professionalism, excellent quality of services and long term commitment to you. Riding on the success of this relationship, the two companies joined hands once more in 2000, to from ICICI Prudential Life Insurance, with a commitment to provide leading-edge life insurance solution.
ICICI bank has 74% stake in the company, and prudential Plc has 26%.
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#INTRODUCTION OF IRDA
Insurance Regulatory and Development Authority (IRDA) Act 1999, was formed
with the objective of monitoring of the performance of the nationalized insurance
companies, framing of rules and regulations in respect of service conditions of
employees of nationalized insurance companies; framing of rules in respect of
terms and conditions of services of the Chairpersons and Members of IRDA, co-
ordination of vigilance matters in the nationalized insurance industry; and
appointment of Chief Executives and Directors on the Boards of Nationalized
insurance companies.
Duties, Powers and Functions of IRDA:-
1. Subject to the provision of this Act and any other law for the time being in
force, the authority shall have the duty to regulate, promote and ensure orderly
growth of the insurance business and re-insurance business.
2. Without prejudice to the generality of the provision contained in sub-section
The power and function of the authority shall include,-
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a.) Issue to the applicant a certificate of registration, renew, modify, and
withdraw, suspend or cancel such registration;
b.) Protection of the interest of the policy holders in matters concerning assigning
of policy, nomination by policy holders, insurable interest, settlement of
insurance claims, surrender value of policy and other terms and conditions of
contracts of insurance;
c.) Specifying requisite qualification, code of conduct and practical training
for intermediaries or insurance intermediaries and agents;
d.) Specifying the code of conduct for surveyors and loss assessors;
e.) Promotion efficiency in the conduct of insurance business;
f.) Promoting and regulating professional organizations connected with the
insurance and re-insurance business;
g.) Levying fees and other charges for carrying out the purposes of this Act;
h.) Calling for information from, undertaking inspection of, conducting enquiries
and investigations including audit of the insurers, intermediaries, insurance
intermediaries and other organizations connected with the insurance business;
i.) Control and regulation of the rates, advantages, terms and conditions that may
be offered by insurers in respect of general insurance business not so controlled
and regulated by Tariff Advisory Committee under section 64C of the insurance
Act 1938 (4 of 1938);
j.) Specifying the form and manner in which books of account shall be
maintained and statement of accounts shall be rendered by insurers and other
intermediaries;
k.) Regulating investment of funds by insurance companies;
l.) Regulating maintenance of margin of solvency;
m.)Adjudication of disputes between insurers and intermediaries or insurance
intermediaries;
n.) Supervising the functioning of the Tariff Advisory Committee
o.) Specifying the percentage of premium income of the insurers to finance
schemes for promoting and regulating professional organizations;
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p.) Specifying the percentage of life insurance business and general insurance
business to be undertaken by the insurer in the rural or social sector;
q.) Exercising such other powers as may be prescribed.
IRDA has the responsibility of protecting the interest of insurance
policyholders. Towards achieving this objective, the Authority has taken the
following steps:-
IRDA has notified Protection of Policyholders Interest Regulations 2001 to
provide for: policy proposal documents in easily understandable language; claim
procedure in both life and non-life; setting up grievances redressal machinery;
speedy settlement of claims; and policyholders’ servicing; the regulation also
provides for payment of interest by insurers for the delay in settlement of claim.
The insurers are required to maintain solvency margin so that they are in
position to meet their obligations towards policyholders with regard to payment of
claims.
It is obligatory on the part of the insurance companies to disclose clearly the
benefits, term and conditions under the policy. The Advertisement issued by the
insurers should not mislead the insuring.
All insurers are required to set up proper grievances redress machinery in their
head office and at their other offices.
The Authority takes up with the insurers any complaint received from the
policyholders in connection with services provided by them under the insurance
contract.
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LOCATION OF ICICI PRUDENTIAL LIFE INSURANCE CO LTD, AUNDH,PUNE
Address of Company:
ICICI Prudential Life Insurance Company LimitedStellar Enclave, 4th Floor, Opp. Convergies Technology, Aundh,
Pune- 411 007
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Aundh,Pune
# ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED– SURROUNDED BY……..
The company properly is located on a building which the prime commercial area of Pune (Aundh). It’s prime location gives the company a definitive competitive advantage over any existing or new Company since land is very scarce and expensive in Pune.The Company offers so centrally air – conditioned cabins and glass rooms.
The state of Maharashtra has a number of historical sites of supreme interest to Maratha from all over the world. The city of Pune is visited by a large number of travelers, both domestic & international.ICICI Prudential is the best private insurance industry to attract all the majority of the people, mainly to top level persons. It is located on prime property in the heart of commercial Pune, giving it a definitive locational advantage over any current or future competitors. Not only that, the commitment to continuous enhancement in service levels remains forever high. It is a constant endeavor on part of management of company and their core team, to benchmark quality standards against the best in the industry.
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#ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED – A CHARM
The charm of ICICI Prudential life insurance company are its product. These are :-
INSURANCE SOLUTION FOR INDIVIDUALS:
ICICI Prudential Life Insurance offers a range of innovative, customers centric products that needs of customers at very life stage, its 17 products can be enhanced with up to 6 riders to create customized solution for each policyholder.
SAVING SOLUTION:
Secure is a transparent and featured- packed saving plan that offers 3 levels of products as well as liquidity options.
Cashplus is a transparent, featured- packed savings plan that offers 3 levels of products as well as liquidity options.
Save N Product is a traditional endowment savings plan that offers life protection along with adequate returns.
Cashback is an anticipated endowment policy ideal for meeting milestone expenses like a child marriage, expenses of higher education or purchase of an asset.
PROTECTION SOLUTION:
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LifeGuard is a protection plan, which offers life cover at very low cost. It is a available in 3 options-level term assurance, level term assurance with return of premium and single premium.
CHILD SOLUTIONS:
Smart kid child plans provide guaranteed educational profits to a child along with life insurance cover for the parent who purchase the policy. The policy is designed to provide money at important milestones in the child life.
MARKET-LINKED SOLUTION:
LIFE LINK 11 is a single premium market Linked Insurance Plan which combines life insurance cover with the opportunity to stay invested in the stock market.
Life Time 11 offers customers the flexibility and control to customized the policy to meet the changing needs at different life stages. It offers 3 investment options Growth plan, Income Plan and Balanced Plan.
RETIREMENT SOLUTIONS:
Forever Life ia a retirement products targeted at individuals in their thirties.
Secureplus Pension 11 is a flexible pension plan that allows one to select between 3 levels of cover market- Linked retirement products. Life time pension 11 is a regular premium market-linked pension plan. Life link pension 11 is a single premium market-linked pension plan.ICICI Prudential also launched “Salaam Zindagi” , a social sector group policy targeted at the economically underprivileged sections of the society.
GROUP INSURANCE SOLUTIONS:
Group Gratuity Plan
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ICICI Prudential’s group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligation. Group superannuation scheme to provide retirement kitty for each member of the group. Employees have a option of choosing from various annuity options or opting for a partial communication of the annuity at the time of retirement.
Group Term Plan ICICI’s flexible group term solution helps provide affordable cover to members group. The cover uniform or based on designation/rank or a multiple of salary.
FLEXIBLE RIDER OPTIONS:
Accident and disability benefit
If death occurs as a result of an accident during the term of the policy, the beneficiary receives an additional amount equal to the sum.
Assured under the policy
If the death occurs while traveling in an authorized as mass stransport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit
Accident benefit
This rider option pays the sum assured under the rider on death due to accident.
Critical illness benefit
This protects the insured against the financial loss in the event of 9 specified critical illness. Benefits are payable to the insured for illness expenses prior to death.
Major surgical assistance benefits
Provides financial support in the event of medical emergencies incurred for surgical procedure. Cover is offered against 43 different surgical procedures.
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Income benefit
This rider pays the 10% of the sum assured to the nominee every year, till maturity, in the event of the death of the life assured. It is available on smartkid, secureplus and cashplus.
Waiver of premium
In case of the and permanent disability due to an accident, the premiums are waived till maturity. The rider is available with secure plus and cash plus.
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#ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED- A FASCINATION
16 Private players in the market today:
6 Bank owned insurers- HDFC Standard Life, ICICI Prudential, ING Vysya, Metlife, OM Kotak, SBI Life, Shriram Life, Sahara Life
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6 Independent Insurers- Aviva, AMP Sanmar, Birla Sun Life, Bajaj Allianz, Max New York Life, Tata AIG, Reliance Life
82% market share still held by LIC
#ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED- A CHAIN
ICICI BANK
ICICI BANKis India’s second largest bank with as asset base of Rs.106812 crore. ICICI Bank provides abroad spectrum of financial services to individuals and companies. This is included by mortgages, car and personal loan, credit and debit card, corporate and agriculture finance. The Bank services a growing customer base of more than 7 million customer accounts and 5 million bond holder accounts through a multi-channel access network. This is included by about 450 branches and extension counters, 1675 ATMs, call centers and internet banking. ICICI Bank posted a net profit of Rs. 1,206 crore for the year ended March 31, 2003. ICICI Bank is the only Indian company to be awarded an investment grade international credit rating. The Bank enjoys the highest AAA rating from all leading Indian agencies.
PRUDENTIAL PLC
Established in 1848, Prudential plc is a leading international financial services company limited in the US $250 billion funds under management, and more than 1 million customers worldwide. Prudential has bought to market an integrated range of financial services products that now including life assurance, pension, mutual funds, banking investment management and general insurance, in asia Prudential is UK’s largest life insurance company with vast network of 22 life and mutual fund operations in 12 countries- Taiwan, Thailand and Veitnam.
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Since 1923, Prudential has championed customer-centric products and services supported by over 60,000 staffs and agent across the region.
DISTRIBUTION:
ICICI Prudential has one of the largest distribution network amongst private life insurers in India, having commenced operation in 58 cities and towns in India. These are: Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Aurangabad, Banglore, Bhatinda, Bhopal, Bhubhaneshwar, Calicut, Chandigarh, Chennai, Coimbatore, Dehradun, Goa, Guntur, Gurgaon, Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Kochi, Kolkata, Kota, Kolhapur, Kottayam, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai, nagpur, Nashik, Noida, Delhi, Patiala, Pune, Raipur, Ranchi, Surat, Udaipur, etc.
The company has 11 bank assurance tie-ups having agreements with ICICI Bank, South Indian Bank, Federal Bank, Bank of India, Lord Krishna bank, Punjab and Maharashtra Co-operative Bank, Manipal state co-operative Bank, etc.ICICI Prudential has recruited and Trained over 32,000 insurance advisors to interface with and advice customers. Further, it leverages its state-art IT infrastructure to provide superior quality of services to customers.
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#ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED---WITH OTHER ICICI SUBSIDIARY
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ICICI SECURITIES
#ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED --- THE DESTINATION
Job opportunities are likely to increase manifold. The number of people working in the insurance sector in India roughly the same as in the UK with a population
ICICI PRUDENTIAL LIFE INSURANC COMPANY LIMITED
ICICI LOMBARD
ICICI DIRECTICICI VENTURES
ICICI BANK LIMITED
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that is 1/7 India’s thus with a population of ¼ the size of India has nearly 4 times the number. In the emerging markets, the picture is no less encouraging. In S. Korea the number of full time employees more than doubled over a ten year period.
The liberalization of the insurance sector promises several new jobs opportunities for those employed in the finance sector who are equipped with degrees in finance. Finance professional who had a witnessed a slump in the job market would a much relieved lot to hear about THE privatization of insurance sectors.
Let us look into the type of jobs that will be created once the private come on the sense. Certainly, it wont be far different from the traditional steams in any other industry. There will be demand for marketing specialist, finance experts, human resource professional, engineers from diverse streams. Apart from this there will be high demand for professional in the streams like Underwriting and claims management and Acturial sciences. There could be huge inflow of funds into the country. Given the industry’s huge requirement of start-up capital the initial years
after opening up are bound to see a strong inflow of foreign capital.
Moreover, given that the break-even, typically, comes much later than in the case of other sectors, odds are that the first remittance of dividend will not happen before a good 10- 15 years.
A part from pure re-insurance activities, which is providing insurance protection, a revolution will come in service related fields like training, seminars, transfer, workshops, regarding risk management and risk inspection, risk management, and devising new policy advertising, brand building.
Substantial shift in the distribution of insurance in India is likely to take place. Many of these changes will echo international trends. Worldwide, insurance products more along a continuum from pure service product to pure commodity
product, Initially insurance is seen as a complex product with a high advice and service component. Buyers prefer face to face interaction and a place a high premium on brand names.
As products become simpler and awareness increases, they become of-the self , commodity products. Seller move to remote channels such as telephone direct mail, Various intermediaries , not necessarily insurance companies, sell insurance. Brand loyalty shift from insurer to seller.
In the market, notably Europe, this has resulted in bank assurance.: bank entering the insurance business. In India to, banks hope to maximize expensive existing
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networks by selling a range of products. Various seminars and conferences bank assurance are taken place and many bankers have clearly shown their inclination.
To enter insurance market by leveraging their strengths in the areas of 1 mage, distribution network, face contact with the client and telemarketing coupled with advanced information systems.
Insurance in India also explore distribution through non-financial organization, e.g, insurance for consumer items such as refrigerators can be offered at the point of sale. With increasing competition, they are wooing customers with various incentives of which insurance can be one. Another potential; channel that reduces the need for their owned distribution network is worksite marketing. Insurers will be able to market pensions, health insurance and even other general covers through employers to their employees.
Finally, some potential Indian entrants into insurance hope to rider their existing distribution networks and customer bases. For example, financial organization like ICICI, HDFC or Kotak Mahindra intend to tap the thousands of customers who already buy their deposits, customer loans or housing finance. Other hopeful entrants anticipate specific alliances such as with hospitals to provide health cover.
#ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED---SWOT ANALYSIS
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STRENGTHS:
Innovative and Flexible products Enthusiastic Team Leader in the Market
WEAKNESSES:
Huge Attrition Rate Unawareness of the products
OPPORTUNITIES:
Huge Untapped Market Insurance, a Growing Segment
THREATS:
Growing Competition Existing Players Other Investment avenues Like mutual Funds, NSC, Infrastructure Bonds,
etc.
#RECRUITMENT
RECRUITMENT: is the process concerned with the identification of sources from where the personnel can be employed.
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Recruitment is the process of finding and attracting the capable applicants for employment. The process begins when new recruits are sought and ends when their applications are submitted. The result is a pool of applicants from which new employees are selected.
Recruitment is the process consisting of various activities, through which search of prospective personnel- both in quality and quantity- as indicated by human resource planning and job description and job specification is made. This process includes recruitment planning, identification of recruitment sources, contract in those sources, and receiving applications from prospective employees.
The human resources are the most important assets of an organization. The success and failure of an organization is largely dependent on the caliber of the people, organization cannot progress and prosper. In order to achieve the goals or the activities of an organization , therefore, we need to recruit people with the requisite skills, qualifications and experience. While doing so, we have to keep the presents as well as the future requirements of the organization in mind.
Recruitment is a ‘linking function’ – joining together those with jobs to fill and those linking jobs. It is a ‘joining process’ in that it tries to bring together job seekers and employers with a view to encourages the, former to apply for the job with the employer.
The basic purpose of recruiting is to develop a group of potentially qualified people. This end, the organization must communicate the position in such a way that job seekers respond. To be cost effective, the recruitment process should attract qualified applicants and provide enough information for unqualified persons to self-act themselves out.
#PURPOSE AND IMPORTANCE OF RECRUITMENT
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Recruitment represents the first contact that a company make with the personnel having potential to be employed. From the point of view of potential candidates, recruitment is the process through which they come to know about the company and the nature of jobs that are being offered. Therefore, if recruitment process is carried on successfully, it serves the following purpose:
Recruitment determines the present and the future Human resource requirements of the organization.
It helps to increase the pool of the potential personnel and the organization has a number of options to choose from.
It helps in increasing the success rate of the selection process by filtering the number of under qualified or overqualified job applicants.
It reduces the probability that applicants, once selected and made available to the organization, leave it after a short period of time.
It helps in evaluating the effectiveness of various recruitment techniques and source s of recruitment.
It helps to meet the organization’s legal and social obligations regarding composition of its workforce.
#RECRUITMENT PROCESS
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RECRUITMENT PLANNING:
Recruitment process starts with it planning which involves the determination of
number of applications to be contacted.
RecruitmentPlanning
Searching activation
SelectionProcess
Contacting Sources
Application Pool
To Selection Process
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NUMBER OF CONTACTS:
Generally plan to attract the more applications than what they intend to select as they wish to have option in the selection of right candidates.
TYPE OF CONTACTS:
This refers to the type of personnel to be informed about the job opening based on the job description and job specifications. This determines how the prospective personnel may be communicated about the job opening.
FOR EXAMPLE:
If an organization requires workers, mere putting the requirement notice on the factory gate may be sufficient, but if requires qualified and experienced manager, perhaps it may go for advertisement in national newspaper.
SOURCES OF RECRUITMENT:
After finalizing of the recruitment plan indicating the number and type of prospective personnels, they must be attracted to offer themselves for consideration to their employment. Thid necessitates the identification of sources from which these candidates can be attracted.There are two types of sources of manpower:
INTERNAL AND EXTERNAL SOURCES
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Professional Associations
Internal Sources:
An organization can look for filling the vacancies through its internal
sources. These sources may be of two types:
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Employment Exchanges
Campus Recruitment
Contractors
Displaced Persons
Radio and television
Acquisitions and Mergers
Competitors
Consultants
Walk-ins and write-ins
AdvertisementsPresent Employees
Employees Referrals
Former Employees
Previous Applicants
E-Recruiting
Present personnel and Referrals of these personnel.
External Sources:
External sources constitute all those avenues through which an organization makes contact with candidates, other than its own internal candidates, either directly or indirectly. Such a contact may be made in different modes such as directly contacting candidates like educational campus recruitment, contacting them indirectly through advertisement or through some agencies such as employment exchange, consultants, etc.
CONTACTING SOURCES:
Method of contacting prospective candidates:
Advertisement
Internet
Walk-ins
Campus recruitment
Job fairs
Consultancy firms
Personal contacts
Poaching and raiding
Public employment exchange
Labor unions
Employee referrals
Gate hiring
Labor contractors
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APPLICATION POOL:
Whatever the method is adopted, the ultimate objective is to attract as many candidates as possible so as to have flexibility in selection. When the sources of the recruitment are contacted, the organization receives applications from prospective candidates. The number of applications depends on the type of organization, the type of jobs, and the conditions in the specific human resource market.
TO SELECTION PROCESS:
The journey from recruitment to selection.
RECRUITMENT COST
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These includes:
(I) Pre – recruitment –costs
(a) preparation or review of specialization for both the jobs to be done and the person to be recruited(b) briefing of personnel officer ( and advertising staff) with like managers;(c) Preparation of recruitment programme.
(II) search : (a) all indirect promotional / advertising efforts directed at further recruitment ;
(b) all direct promotional / advertising efforts directed at furthering recruitment including job advertising, stationery, postage, documentation of recruitment, record and related administration costs.(c) Head – hunting costs.
(III) candidate evaluation : (a) including traveling;
(b) brought in selection costs—briefing –advertising –preliminary Selection –complete selection
(c) Selection test either brought or created + subsequent administrative Costs. (IV) Induction : (a) Inducement to move;
(b) Medical examination prior to establishment procedure; (c) Orientation
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#SELECTION
Selection is the most crucial stage in the process of acquiring human resources in an organization. After building the application pool through the process of recruitment, the next step is the selection of the personnel who can fit the overall job requirement, and job specification.
Selection is the process of differentiating between the applicants in order to identify(and hire) those with a greater likelihood of success in a job.
Recruitment and selection differs in terms of : Objective,
Process, Techniques, and
Outcome.
A selection process involves a number of steps- screening of applications forms, selection tests, selection interview, checking of references, physical examination, approval by appropriate authority, and handling over the selected candidates to orientation and placement section. The basic idea in a selection process is to solicit maximum possible information about the candidate to ascertain their suitability for the employment. Since there are various factor which affects the seeking of such information, the same type of selection process cannot be applied in all types of selection.Various steps are involved in a selection process depend on the type of personnel to be selected. For example, more information is required for the selection of managerial personnel as compared to workers therefore selection process for managerial personnel has to be made comprehensive as compared to that for workers.
Selection process depends on the sources of recruitment and the method that is adopted for making contact with the prospective candidates.
Selection process depends on the number of candidates that are available for selection, if the number is large enough, there is a need for creating various filtering points and reducing the number of applicants at each successive point vice versa.
The size of the labor market, the image of the company, the place of posting, the nature of job, the compensation package, and a host of the factors influence the manner the job aspirants are likely to respond to the recruiting efforts of a company . Through the process of recruitment a company tries to locate
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prospective employees and encourages them to apply for vacancies at various levels. Recruiting, thus, provides a pool of applicants for selection etc.
To select means to choose. Selection is the process of picking individuals who have relevant qualification to fill jobs in the organizations. The basic purpose is to choose the individual who can most successfully perform the job from the pool of qualified candidates.
The purpose of the selection is to pick up the most suitable candidate who would meet their requirements of the jobs and the organization best, to find out which job applicant will be successful, if hired. To meet this goal, the company obtains and assesses information about the applicants in terms of age, qualifications, skills, experience, etc. the needs of the job are matched with the profile of candidates. The most suitable person is then picked up after eliminating the unsuitable applicants through successive stages of selection procedure. How well an employee is matched to a job is very important because it directly affects the amount and quality of employee’s work. Any mismatch in this regard can cost an organization a great deal of money, time and trouble, especially, in terms of training and operating costs. In course of time the employee may find the job distasteful and leave in frustration. He may even circulate ‘hot news’ and juicy bit of negative information about the company, causing incalculable harm in the long run. Effective selection, therefore, demands constant monitoring of the “fit” between people and the job.
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SELECTIONPROCESSExternal Environment
Internal Environment
Preliminary Interview
Selection Test
Employment Interview
Reference and backgroundAnalysis
Selection Decison
Physical Examination
Job Offer
Employment Contract
Evaluation
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SELECTION TESTING:
In this section let’s examine selection tests or employment tests that attempt to assess intelligence, abilities, personality trait, performance simulation tests including work sampling and the tests administered at assessment centers followed by a discussion about polygraph tests, graphology and integrity tests.
A test is a standardized, objective measures of a person’s behavior, performance or attitude. It is standardized because the way the test is carried out, the environment in which the test is administered and the ways the individual scores are calculated are uniformly applied. It is objective in that it tries to measure individual differences in a scientific way, giving very little room for individual bias and interpretation. Over the years, employment tests have not only gained importance but also a certain amount of inevitability in employment decisions. Since they try to objectively determine how well an applicant meets job requirements, most companies do not hesitate to invest their time and money in selection testing in a big way. Some of the commonly used employment tests are:
Intelligence test
Aptitude test
Personality test
Achievement test
Miscellaneous test such as polygraph, graphology and honesty test
(a) Intelligence tests:
These are mental ability tests. They measure the incumbent’s learning ability and also the ability to understand instructions and make judgments. The basic objective of intelligence tests is to pick up employees who are alert and quick at learning things so that they can be offered adequate training to improve their skills for the benefits of the organization. Intelligence tests measure not a single trait, but rather several abilities such as memory, vocabulary, verbal fluency, numerical ability, perception, spatial visualization, etc. Stanford- Binet tests, Binet-Simon tests, The Wechsler Adult Intelligence Scale are examples of standard intelligence tests. Some of the tests are increasingly used in competitive examinations while recruiting graduates and post-graduates at entry-level management positions in Banking, Insurance and other Financial Services Sectors.
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(b) Aptitude tests:
Aptitude tests measure an individual’s potential to learn certain skills – clerical, mechanical, mathematical, etc. these tests indicate whether or not an individual has the ability to learn a given job quickly and efficiently. In order to recruit efficient office staff, aptitude tests are necessary. Clerical tests, for example. May measure the incumbent’s ability to take notes, perceive things correctly and quickly locate things, ensure proper movement of files, etc. aptitude tests, unfortunately’ do not measure on-the-job motivation. That is why the aptitude test is administered in combination with other tests like, intelligence and personality tests.
(c) Personality tests: Of all the tests required for selection, personality tests have generated lot of heat and controversy. The definitions of personality, methods of measuring personality factors and the relationship between personality and personality factors and actual job criteria have been the subject of much discussion. Researchers have also questioned whether applicants answer all the items truthfully or whether they try to respond in a socially manner. Regardless of these objections, many people still consider personality as an important component of job success.
Personality tests are used to measure basic aspects of an applicant’s personality such as motivation, emotional balance, self-confidence, interpersonal behavior, introversion, etc. the most frequently used tests are the Minnesota multiphase Personality Inventory (MMPI) , the California Psychological Inventory , the Manifest Anxiety Scale , Edwards Personal Performance Schedule , etc. some of the items in personality inventory run thus:
True False Evil spirits possess me at times ------- ---------- I believe I am being followed ------- ---------- I am fascinated by fire ------- --------- I am a special agent of God ------- ---------- I daydream very little ------- ----------
Selection Interview:
Interview is the oral examination of candidates for employment. This is the most essential process in the selection process. In this step the interview matches the information obtained but the candidate through various means to the job
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requirements and to the information gained through his own observations during the interview. Interview gives the recruiter an opportunity:-
To size up the candidate personally To ask questions those are not covered in tests To make judgments on candidate’s enthusiasm and intelligence To assess subjective aspects of the candidates’ facial- expression,
appearance, nervousness and so forth. To give facts to the candidate regarding the company, its policies,
programmes etc. and promote goodwill towards the company.
Medical Examination:
Certain jobs require certain physical qualities like clear vision, perfect hearing, unusual stamina, tolerance of hard working conditions, clear tone, etc. Medical examination reveals whether or not a candidate possesses these qualities. Medical examination can give the following information:
(i) whether the applicant is medically suitable for the specific job or not;
(ii) whether the applicant has health problems or psychological attitudes likely to interface with work efficiency or future attendance;
(iii) whether the applicant-suffers from bad health which should be corrected before he can work satisfactorily (such as need for spectacles);
(iv) whether the applicant’s physical measurement are in accordance with job requirements or not.REFERENCE CHECKS:
Once the interview and references may from the individuals who are familiar with the candidate’s academic achievements or from the applicant’s previous employer, who is well versed with the applicant’s job performance and sometimes from co-workers. In case the reference check is from previous employer, information in the following areas may be obtained. They are;
Job title, job description, period of employment, pay and allowances, gross emoluments, benefits provided, rate of absence, willingness of the previous
employer to employ the candidate again, etc. further, information regarding candidates regularity of work, character, progress, etc., can be obtained. Often a telephone call is much quicker. The method of mail query provides detailed
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information about the candidates performance, character and behavior. However, a personal visit is superior to the mail and telephone methods and is used where it is highly essential to get detailed, first-hand information, which can also be secured by observation. Reference checks are taken as a matter of routine and treated casually or omitted entirely in many organization. But a good reference check, when used sincerely will fetch useful and reliable information to the organization.
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# RECRUITMENT IN ICICI PRUDENTIAL LIFEINSURANCE COMPANY LIMITED
OBJECTIVE
The objective of the policy is to renounce the best talent through internal and external sources of recruitment to achieve the business objectives.
APPLICABILITY
These guidelines are applicable to all the regular employees of the ICICI prudential.
RESPONSIBILITY
Line Managers and Human Resource.
EXCEPTIONS
Any exceptions to the guidelines need the approval of the department
head/Human Resource.
RECRUITMENT & EMPLOYMENT
Every employee except a casual employee on appointment is issued on appointment letter by the appointing authority. In case of new employment, the appointment shall be subject to the production of a medical certificate of fitness from the medical officer of the company.
The acceptance of the employment by a candidate includes acceptance of an agreement to abide the provisions of the standing – orders including rules & regulation made there under.
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The age of any employee other than casual is recorded at the time of his employment. The matriculation or school leaving certificate is deemed to be proof of the age of the candidate.
In the matter of 1st employment in the service of the hotel, other things being equal performance is given to the following class of candidates in the order below:
a) Ex-employer with good records
b) Near relatives of employee.c) People of the locality, &
d) People of the state of Pune and Mumbai.
CAMPUS RECRUITMENT
Only student from management colleges and scoring aggregate marks of 60% and above would qualify.
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# RECRUITMENT SYSTEM IN ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED
IN PRINCIPLE APPROVAL OF J.T MD
CHECKING AVAILABILITY WITHIN THE GROUP
IF AVILABLE
IF NOT AVAILABLE
Job Vacancy
Recruitment of the advisors
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ANNUAL MANPOWER PLAN BY CORP. HR
TRANSFER ADVERTISEMENT CAMPUS
SHORTLISTTING
Tele calling
# SELECTION IN HOTEL ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED
OBJECTIVE
To fill the vacancy with right employees.
APPLICABILITY
It is applicable to all the employee of the ICICI prudential.
RESPONSIBILITY
Middle Level Manager
GUIDELINES
Management of the company is at a liberty to send any of it’s staff / employees to
the other branch of ICICI Prudential of Pune/Mumbai for selection.
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# SELECTION SYSTEM IN ICICI PRUDENTIAL LIFE
INSURANCE COMPANY LIMITED
Accumulating the applications and targeting those candidates
Fixing the appointments with them
Checking eligibility criteria
Reference checking
Suitable Not suitable
Select Reject
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Medical examination
Taking interview
FIVE POINTS ESSENTIAL TO BE THE ADVISOR
Age Above 25 years
Married
Graduate
Living in the same city for more than 5 years
Household income above 2 lakhs
Among these 5 points , candidates must have any 3 points to be the Advisor of the ICICI Prudential.
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# ORGANISATIONAL HIERARCHY OF ICICI
PRUDENTIAL LIFE INSURANCE COMPANY LIMITED
Authority under which Financial Advisor (who were recruited)has to work:
Area Manager
Branch Manager
Sales Manager
Unit Manager
Financial Advisor
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# RESEARCH METHODOLOGY
Research means scientific and systematic research for pertinent information on specific topic.
According to Clifford woody “research comprises of defining problems, formulating hypothesis, or suggest solutions, collective organization and evaluating data, searching conclusion and act carefully, testing the conclusion to determine whether they set the formulating hypothesis”.
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# OBJECTIVES OF RESEARCH
To gain familiarity with phenomenon or to achieve new insight into it.
To portray accurately characteristics of a particular individual situation or group.
To determine the frequency of with which something occurs or with which it is associated with something else.
To test a hypothesis of a relationship between variables.
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# DATA COLLECTIONS
After a research problem has been defined and research is checked out, data is collected through different sources. Basically data collection is of two types :--
PRIMARY DATA
Questionnaire Observations Personal interview Schedules Depth interview
SECONDARY DATA Secondary data are second hand data by which researcher takes information in readymade form. Secondary data includes life history, letters, diaries, memories, autobiography, journals, magazines, radio, newspapers etc.
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# DATA COLLECTION TECHNIQUES USED
For this project I have used both data i.e. Primary as well as secondary data.
Primary Data:
I have first hand information with the help of questionnaire from employees as well as interview with Rishi Kapoor (Sr. General Manager, HRD) plus primary information through my personal observation.
Secondary data:
I have collected secondary data through organization papers, newspapers and magazines etc.
For collecting data, I this project there is the use of random sampling Method. In this sampling each employees of universe has been known and equal chance of being selected. The tools used for selection are random numbers. To 100 employees, questionnaire are given and due which got correct and accurate information without any bias.
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#MODE OF DATA SELECTION
PRIMARY DATA:
Questionnaire, Personal Observation and Interview with HRD.
SAMPLING PLAN FOR SURVEY:
Sampling Size:- 300
Sampling Area:- Pune and Mumbai
Sampling time frame:- 2 months
SECONDARY DATA:
The analysis has been done on the basis of data collecting through companies papers, joining and selection papers. The result have been interpreted with the help of bar graphs and diagrams.
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AGE
AGE(IN YEARS) No. out of 300
BELOW 18 YEARS 2918-25 YEARS 5025-35 YEARS 7535-45 YEARS 81
ABOVE 45 YEARS 65
AGE
10%
17%
25%26%
22%< 18 yrs.18-25 yrs.25-35 yrs.
35-45 yrs.> 45 yrs.
INFERENCE:
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I found that majority of the respondents were in the age group of 35 – 45 years as between 35-45 is 26% and below 18 years is only 10%. This age group people can proof more beneficial as they have more social; contacts and maturity.
GENDER
GENDER NO. OUT OF 300
Male 138Female 162
GENDER
46%
54%
malefemale
INFERENCE:
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I found that majority of the respondents were female as female was 54% and male only 46%. They have good contact with their neighbors and can work better in their local market.
EDUCATIONAL QUALIFICATION
Qualification Number
SSC 36HSC 96
GRADUATION 129POST GRADUATION 39
EDUCATIONAL QUALIFICATION
12%
32%43%
13%
SSC
HSCGRAD
POST GRAD
INFERENCE:
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I found that majority of the respondents have done graduation and post graduation and they can generate better business for the company as graduates were of 43% and SSCs only 12%.
CURRENT OCCUPATION
OCCUPATION NUMBERSALARIED 60
SELF EMPLOYED 120STUDENT 48
HOUSEWIFE 72
OCCUPATION
SALARIED
SELF EMPLOYEDSTUDENT
HOUSEWIFE
INFERENCE:
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I found that majority of the respondents are self employed having an already generated market and can proof beneficial for the company as self employed I got are 120 in number and salaried are 60 .
ANY SALES RELATED EXPERIENCE
RESPONSE NUMBER
Yes 96No 204
PREVIOUS SALES EXPERIENCE
32%
68%
yesno
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INFERENCE:
I found that majority of the respondents doesn’t have any sales related experience and if trained they can be converted into elite advisors as 68% having sales experiences and 32% not.
ANY EXPERIENCE IN SELLING FINANCIAL
PRODUCTS
RESPONDENTS NUMBER
YES 66NO 234
EXPERIENCE IN SELLING PRODUCTS
22%
78%
yesno
INFERENCE:
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In this project I found that majority of the respondents doesn’t have any experience in selling financial products as 78% having selling product experiences and 22% not.
CURRENTLY HAVE AN AGENCY FOR LIFE INSURANCE COMPANY
RESPONSE NUMBER
YES 54NO 246
HAVE AN Y PREVIOUS LIFE INSURANCE AGENCY
18%
82%
yesno
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INFERENCE:
I found that majority of the respondents doesn’t have agency for the Life Insurance Company but are interested to join ICICI Prudential as Financial Advisor as 82% having previous life insurance agency and 18% not.
INTERESTED IN KNOWING MORE ABOUT BECOMING FINANCIAL ADVISOR
RESPONSE NUMBER
YES 93NO 207
Interested In Knowing More About Becoming A Financial Advisor
31%
69%
yes
no
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INFERENCE:
I found that majority of the respondents were not interested in knowing more about becoming a Financial Advisor as 69% were interested in knowing more about becoming a financial advisor and 31% not.
SIZE OF SOCIAL CONTACT
SOCIAL CONTACT NUMBER
RELATIVES 132FRIENDS 168
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Relatives44%
friends56%
INFERENCE:
I found that majority of the respondents have good social contact with friends and they can generate good business as 56% of the size of friends and 44% is of relatives .
For the recruitment of new Financial Advisor the sample size selected was 300 has been selected from PCMC area. There are most of the people from middle class family and they can use their time with ICICI Prudential Life Insurance Company. I found the reputation of the company is good in the market. The following were obtained.
INTEREST TO BECOME A FINANCIAL ADVISOR WITH US
RESPONSE NUMBER
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YES 84NO 216
BECOME AN ADVISOR WITH US
YESNO
INFERENCE:
I found that majority of the respondents were not interested in becoming financial advisor with us. It is not hard to convince them and I got positive of my effort as 216 for not interested and only 84 for interested.
ANNUAL INCOME?
ANNUAL INCOME NO. OUT OF 300
BELOW 1 LAKH 981-3 LAKH 813-5 LAKH 72
ABOVE 5 LAKH 14
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ANNUAL INCOME
37%
31%
27%
5%
< 1 LAKH1-3 LAKH
3 - 5 LAKH> 5 LAKH
INFERENCE:In my project I found that majority of the respondents were in the annual income group of less than 1 lakh so they are more interested to join as an advisor to increase their income as persons having below 1 lakh is 37% and above 5 lakhs is only 5%.
AWARENESS OF INSURANCE?
RESPONSE NO. OUT OF 300
Yes 171No 129
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AWARE IN INSURANCE?
57%
43%YES
NO
INFERENCE:
In my project I found that majority of respondents are aware of insurance and thus less effort is required to convince them as 57% were aware of insurance and 43% not.
ANY INSURANCE POLICY OF ANY COMPANY?
RESPONSE NO. OF OUT 300
YES 114NO 186
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PREVIOUS INSURANCE
38%
62%
YES
NO
INFERENCE:
I found that majority of respondents doesn’t have any Insurance Policy of any company as 62% were not having any insurance policy and 38% were not .
JOB SATISFACTION?
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can't say5%
yes85%
no10%
can't sayyesno
85% said that they were satisfied with their job.
10% said that they were not satisfied with their job.
5% said that they cannot comment.
Job satisfaction level is very high in the organization.
RECRUITMENT
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INTERNALBOTH
EXTERNAL
INTERNAL, EXTERNAL, BOTH
15% said Internal Recruitment is better
25% said both are good
While 60% said External Recruitment is better
So majority of employee said that External recruitment is better for the organization.
IS THIS RECRUITMENT POLICY SATISFACTORY?
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noyes
can't say
25% said that they were not satisfied with Recruitment Policy
60% said that they were satisfied with the Recruitment Policy
15% said that they could not comment on it So I can say that majority said they were satisfied rather than no satisfied.
WHAT ARE THE FACTORS CONSIDERED FOR INTERNAL RECRUITMENT?
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RESPONSE PERCENTAGE
Qualification 20%Performance 35%Experience 45%
20%
35%
45%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
1
qualificationperformanceexperience
INFERENCE: I found, majority of respondents say that Internal Recruitment is done on the basis of Experience than Qualification as 45% of the employees were recruited on the basis of their experience and only 20% were on qualification.
WHO IS GIVEN PREFERENCE WHILE RECRUITMENT?
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MBA20%
MBA+BE50%
ENGINEERS30%
20% said that MBA’s are given more preference.
30% said that Engineers are given more preference.
50% said that MBA+ Engineers are given more preference.
According to this information majority of employee said that MBA+ Engineers are given more preference.
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ORGANIZATION SHOULD ADOPT PROVISION FOR CAMPUS RECRUITMENT?
yes
no
OPTION GIVEN NO OF ANSWERRECIEVED
PERCENTAGE
YES 6 30%NO 14 70%
TOTAL 20 100%
INFERENCE:
Majority of interview feel that campus Recruitment should not be adopted. May be they are not aware of campus Recruitment as 70% said, it should not be adopted and only 30% said ,yes.
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FINDINGS
RECRUITMENT
Organization’s Recruitment chart of 4 years on the basis of Qualification ,Skills , Experience and Fresher.
0
10
20
30
40
50
60
70
2002-03 2003-04 2004-05 2005-06
QualificationSkills
ExperienceFresher
It has been found that recruitment is done through qualifications, skills, experience etc as qualification got 60 which is the highest one and freshers only 5.
Recruitment is done that when there is need of right person at right place at right time as per companies policies and procedures.
For recruitment company follows certain procedure like screening of application, interview reference , educational background , test like intelligence test, aptitude test etc.So that they get proper manpower in the company.
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IS THERE ANY JOB EVALUATION OR JOB ANALYSIS PROCEDURE ADOPTED?
RESPONSE PERCENTAGE
Yes 85%no 15%
85%
15%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
1
yes no
INFERENCE:
I found, majority of respondents feel that job procedure is adopted as 85% said yes and only 15% said no.
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IS INTERVIEW IS CONDUCTED IN A SPECIAL ROOM?
RESPONSE PERCENTAGEyes 95%no 5%
95%
5%
0%10%20%30%40%50%60%70%80%90%
100%
1
yes no
INFERENCE:
I found, majority of respondents say interview is conducted in a special room as 95% said, yes and only 5% said, no.
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WHETHER ORGANIZATION CONDUCTS WRITTEN TEST/VERBAL TEST/BOTH?
RESPONSE PERCENTAGE
Both 85%verbal 15%
85%
15%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
1
BothVerbal
INFERENCE:
I found, majority of respondents say organization conducts both written and verbal tests as 85% of chance to be both and only 15% of to be verbal .
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IS THE INDUCTION PROGRAMME BEING CONDUCTED?
RESPONSE PERCENTAGE
yes 80%no 20%
80%
20%
0%
10%
20%
30%
40%
50%
60%
70%
80%
1
yesno
INFERENCE:
I found, majority of respondents say that Induction programme is being conducted as 80% said ,it is conducted and 20% said no.
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IS PROPER PLACEMENT OFFERED TO THE CANDIDATE?
RESPONSE PERCENTAGE
yes 85%no 15%
85%
15%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
1
yesno
INFERENCE:
I found, majority of respondents say that proper placement is offered as 85% said it is offered and only 15% said , no it is not.
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SHOULD THE PROBATIONARY PERIOD BE EXTENDED?
20% said that the problem period should be extended while.
70% disagree and said it should not be extended.
10% did not comment.
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0%
10%
20%
30%
40%
50%
60%
70%
YES NO CANT' SAY
Majority of people is against Extending the Probationary Period.
IS THERE ANY PROMOTION FACILITY PROVIDED
TO THE EMPLOYEES IN THE ORGANIZATION?
RESPONSE PERCENTAGE
Yes 95%no 5%
95%
5%
0%10%20%30%40%50%60%70%80%90%
100%
1
yesno
INFERENCE:
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I found, majority of respondents say that promotion facility is provided to the employees in the organization as 95% said it is provided and only 5% said , no it is not.
WHAT SHOULD BE CONSIDERED FOR PROMOTION?
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Seniority Qualification Performance
35% people said that seniority can basic for promotion.
20% said that Qualification are considered whereas;
45% said Performance should be a basic for promotion.
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Majority feels that basic of promotion should be Performance and not the seniority.
IS SELECTION PROCESS IS FOLLOWED ACCURATELY?
RESPONSE PERCENTAGE
Yes 65%no 35%
65%
35%
0%
10%
20%
30%
40%
50%
60%
70%
1
yesno
INFERENCE:
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I found, majority of respondents say that selection process is followed accurately as 65% said , it is followed accurately and only 35% said in against .
WHICH AREA IS PREFERRED IN SELECTION PROCEDURE?
RESPONSE PERCENTAGE
House wife 55%CA 10%
Doctor 2%Broker 15%
Postal Staffs 15%Others 3%
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55%
10%
2%
15% 15%
3%
0%
10%
20%
30%
40%
50%
60%
1
house wifeCAdoctor
brokerpostal staffs
others
INFERENCE:
In my project I found, majority of respondents say that house wives are preferred most in selection procedure as 55% of the candidates selected were house wives, 10% were CA, 2% were doctor, 15% were broker,155 were postal staffs and 2% others.
# OBSERVATIONS AND FINDINGS
During my summer project with ICICI Prudential Life Insurance Company Limited, I found recruitment and selection policies are compare to any other insurance industries in India. ICICI Prudential policies about manpower planning, recruitment, selection, are well-defined and scientific.
The most of the employees of company are satisfied and they are secured about the further career development with ICICI Prudential. So overall Recruitment and Selection functions in ICICI Prudential has significant value.
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#VALUE ADDITION TO THE COMPANY: Apart from profit many value addition to the company, such as:
1. Increasing the business of the company. Means I have recruited 11 advisors.
Those adviser selling insurance policies i.e. generate the business to the company.
2. Increasing the customer of the company.
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3. Enlarging the dimension of the company. By this project we would be enlarging
the ICICI Prudential family by recruiting channel partner.
4. Widening the scope insurance in the Indian society. By recruiting channel
partner for ICICI Prudential we would be broadening the scope of insurance. And
also creating need of insurance sector as a medium of service and employment.
5. Propaganda and publicity of the company.
#VALUE ADDITION TO THE SIP INTERN/STUDENT: 1. Get exposure
2. It gives the team working, organization culture and team dynamics.
3. Knowing about complexities in achieving desire results.
4. It is learning experience to us and be aggressive in achieving the desire results.
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5. It provides good scope for developing necessary managerial skill and positive
attitude.
#ACHIEVEMENTS /TASKS:
Week no. Tasks assign Achievements
1st week Training Getting a training
2nd week Training Getting a training
3rd week to recruit one adviser recruited one adviser
4th week to recruit one adviser recruited two advisers
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5th week to recruit one adviser recruited three adviser
6th week to recruit one adviser recruited two adviser
7th week to recruit one adviser recruited three adviser
8th week Training for taking the
interviews
Getting training
#ADVISORS RECRUITED DURING MY PROJECT:
NAME ADDRESS CONTACT NO
SURAJ INDALKAR SANGAVI 09890400329
SAJID ANSARI CHINCHWAD 09890601382
SANTOSH CHINCHWAD 09960543276
SANTOSH POLEYE BHOSARI 09960564329
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DEEPAK SALVY SANGAVI 09371907845
SUDASHAN KADAM BHOSARI 09960685230
INDU GEORGE BHOSARI 09890675439
KHUSBU JAIN PIMPRI 09890476700
K V DESAI BHOSARI 09960878798
G J SAKORE BHOSARI 09970989800
ARUN SHARMA PIMPRI 09823590207
# SUGGESTIONS FOR IMPROVEMENT:
Company has to provide fair opportunity for career development and growth.
There must be friendly working conditions.
Equal opportunities must be provided to each and every employees of company.
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#RECOMMENDATION:
ICICI PRUDENTIAL should go for a brand ambassador who can really
put across the message of insurance across the message of insurance across
to the customer and according to me Rahul Dravid would be the ideal
brand ambassador as he has a place in the mind of Indian people as a
reliable and a man for a crisis situation. Rahul Dravid could put across the
message of consistent returns and trustworthy products of ICICI
PRUDENTIAL.
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To sell a PSP needs great efforts here the client is a corporate and its
could be difficult for alone to handle such a uphill task hence help in
client presentations from experienced sales managers would be of great
help in getting big corporate into the PSP fold.
Attrition rate of most of the companies were too high but the PSP
does not have what is to be done in case of employee leaving the
organization should be included in the PSP.
ICICI PRUDENTIAL needs more publicity as most of the people the
researcher met are not aware that ICICI bank and ICICI PRUDENTIAL
life insurance are too different identities with main focus at the crowded
places
ICICI PRUDENTIAL should focus more on young and low aged people
that is between 25-35 because they are more energetic and money oriented.
# LIMITATIONS
LIMITATION OF STUDY
During my project, I also came across certain factors. These factors are :-
Time was the most relevant factor to make a handle to complete proper survey.
The employees were busy in their work.
It was difficult to get complete feedback from all the employees.
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The sample size are probably inadequate.
LIMITATION IN THE COMPANY
The policies for the promotion, transfer, and increment after selection are ambiguous.
Most of the employees are not able to understand the policies.
The applicants are generally procrastinating for the appointments , because they were busy in their jobs.
# CONCLUSION
Promotion activities and publicity campaigns of ICICI PRUDENTIAL
are not up to the mark.
Telephonic appointment fixing and then meeting the client seems to
be the best way to get some valuable time out of the corporates.
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High risk cover of employees seems to be the priority of most of
the corporates followed by tax benefit.
The first and foremost objective was to identify people who can
take up the financial consultant with ICICI PRUDENTIAL , so the main
focus was to identify the locations where we can meet a good number of
people in time . As per researcher it is mainly the crowded place like
shopping malls , BSNL office , and corporates.
As the entire exercise was mainly limited to identify financial
consultant, the specific guidelines laid by the company where mainly sex ,
age , qualification , profile and social contacts.
Lastly, since the researcher used to meet a lot of people it was quite
evident that everybody’s profile won’t match the desired qualification for
becoming a financial consultant. This prompted as to identify at least some
prospects that can take various plans available with the company.
# BIBLIOGRAPHY
PERSONNEL MANAGEMENT
ASWATHAPPA K PERSONNEL MANAGEMENT
MAMORIA .C.B
HUMAN RESOURCE MANAGEMENT
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LEWIS AND STRAUSS
HUMAN RESOURCE MANAGEMENT
CHHABRA
HUMAN RESOURCE MANAGEMENT
GARRY DESSLER
HUMANRESOURCE MANAGEMENT
IAN BEADUELL & HOLDEN LEN
HOUSE JOURNALS
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED
WEBSITES: www.google.com . www.iciciprulife.com
#ANNEXURE
Questionnaire to candidates:--
1) Name?
2) Age? Below 18 years 18-25 years 25-35 years 35-45 years Above 45 years
3) Sex?
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Male female
4) Educational qualification? SSC HSC Graduation Post graduation
5) Current occupation? Salaried Self employed Student Housewife
6) Any sales related experiences? Yes no
7) Any experiences in selling financial products? Yes No 8) Currently have an agency for Life Insurance Company? Yes no
9) Interested in knowing more about becoming a financial advisor? Yes No
10) Size of social contact? Relatives Friends
11) Interest to become the financial advisor with us? Yes No
12) Annual income? Below 1 lakh 1-3 lakh
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3-5 lakh Above 5 lakh
13) Awareness of insurance? yes
no14) Any insurance policy of any company? Yes No 15) Are you satisfied in your job? Yes No 16) if not, kindly give reasons for your answer in brief.
RECRUITMENT:
1) How the personnel are recruited? Through external source Through internal source Or the both source
2) Are you satisfied with the existing recruitment policy of the existing recruitment policy of the organization? Yes No
3) If no, please give answer briefly.
4) What are the factors considered for internal Recruitment? Qualification Performance Experience
5) Who is given preference while recruitment? MBA Engineers MBA+BE
6) Organization should adopt provision for Campus Recruitment?
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Yes No
7) Recruitment on what basis during previous years? Qualification Skills Fresher Experience 8) Is there any job analysis or job evaluation procedure adopted? Yes No
SELECTION
1) While the selection procedure is going on:i. Is the interview conducted in a special room?ii. Whether organization conducts written
test/verbal test/both in general?
2) After selection the candidate:
i. Is the induction programme being conducted? Yes No
ii. Is proper placement offered to the candidate? Yes No
3) Should the probation period extended? Yes No
4) Is there any promotional facility provided to employees in your organization? Yes No
5) What should be considered for promotion? Seniority Qualification
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Performance 6) Is selection process followed accurately? Yes No
7) Which area is preferred in selection? House wife CA Doctor Broker Postal staffs Others
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