A Project Report On

Recruitment and Selection process

AT

SUBMITTED TO UNIVERSITY O PUNE BY

!RIS"NA !IN!ER Under the guidance of Prof. SHUBHANGEE RAMASWAMY MASTERS IN PERSONNE# MAMAN$EMENT %&''()&'*'+

Sin,-ad Institute o. Mana-ement/ Pune)0**'0*

DECLARATION

I, the undersigned, hereby declare that the Project Report entitle STUDY OF RECRUITMENT AND SELECTION FOR BAJAJ INSURANCE COMPANY written and submitted by me to the university of Pune, in partial fulfilment of the requirements for the award of degree of Master in Personnel Management under the guidance of PROF.SHUBHANGEE RAMASWAMY is my original work and the conclusion drawn therein are based on the material collected by myself.

Date I# %R Place

RI!"#$

ACKNOWLEDGEMENT

I would like to e&press my gratitude to all those who gave me the possibility to complete this Project. I would like to thank college authorities. I want to thank the "ead of training department Mrs. 'ridip (hattacharya for giving me permission to commence this thesis in the first instance, to do the necessary research work and to use departmental data. I thank my institute )irector Dr. Danie Pen!ar and e&press my wholehearted gratitude for being e&tremely helpful and guiding me, and directly or indirectly involved in the successful completion of this project. I am deeply indebted to my Project *uide Pr"#.S$%&$an'ee Ra(a)*a(+ +hose help and stimulating suggestions and encouragement helped me in all the times of research for and writing of this thesis.

TABLE OF CONTENTS C$a,-er N". C$a,-er na(e Pa'e N"

E.e/%-i0e S%((ar+ 4. 6. 9. 7. 1. =. 8. <. Introduction C"(,an+ Pr"#i e O&:e/-i0e "# )-%;+ Re0ie* "# Li-era-%re Re)ear/$ Me-$";" "'+ Da-a Ana +)i) An; In-er,re-a-i"n O&)er0a-i"n An; Fin;in') S%''e)-i"n Re/"((en;a-i"n An; C"n/ %)i"n

123 45244 46278 7<273 1521= 182=4 =6281 8=288 8<2<5

Bi& i"'ra,$+

<42<6

Anne.%re

<92<=

E>ECUTI?E SUMMARY INTRODUCTION In this project I have studied Recruitment and !election process of Ba:a: A ian@ Li#e In)%ran/e C"(,an+ Li(i-e; and attempted to provide some ways so as to make recruitment more effective and to reduce the cost of hiring an employee. I am privileged to be one of the students who got an opportunity to do my training with (ajaj $llian, -ife Insurance .ompany -imited . My involvement in the project has been very challenging and has provided me a platform to leverage my potential in the most constructive way. (ajaj $llian, -ife Insurance is one of India/s leading financial institutions offering complete financial solutions that encompass every sphere of life. In a short span of time, (ajaj $llian, has set an e&ample by having a steady and confident journey to growth and success. )uring the training period I have studied deeply the process of hiring in (ajaj $llian, -ife Insurance and did a !+0' analysis of (ajaj $llian, -ife Insurance to find out the e&isting shortcomings and potential threats and thereby recommended suggestions. 'his project however is an attempt to share as best as possible my e&perience in corporate world with all my colleagues and my faculty.
5

PURPOSE 'he purpose of this study was to get the comprehensive knowledge and insight in to various aspects of recruitments process which is one of the necessary tools to evaluate people working in an organi,ation.

COMPANY PROFILE
BAJAJ A ian@ Li#e In)%ran/e C"(,an+ is a joint venture between two leading conglomerates, Ba:a: A%-" Li(i-e;, one of largest manufactures of motorcycles and scooters in the world, and A ian@ AG of *ermany one of the largest insurance companies. (ajaj $llian, -ife Insurance .o. -td. was incorporated on 12th March 2331. 'he company received the Insurance Regulatory and )evelopment $uthority 4IR)$5 certificate of Registration 4R65 #o 117 on 6rd $ugust 2331 to conduct -ife Insurance business in India. (ajaj $llian, S$are$" ;er Ca,i-a Ba)e stands at Rs. 155 /r"re with Ba:a: A%-" Li(i-e; and A ian@ AG of *ermany holding 87A and 6=A stake respectively. It is the ar'e)- ,ri0a-e , a+er in the Insurance Industry in India with a (ar!e- )$are of around 97A amongst the private companies and second to -I.. 'he total market share of (ajaj $llian, as of 61st March 2337 is at 128.

)uring the financial year 2339:2337, (ajaj $llian, has sold over 16 lakh policies and collected about Rs. ;;66 crore as premium income. +hopping growth of 2178 for the <= 2339:37, $ssets under management of Rs. 662; .rore. It has paid up Rs >29 crores with IR)$ as a caution deposit. (ajaj $llian, has insured lives for sum assure of over Rs ?933 crore.

. RESEARCH PLAN <ormulating the objective of study. Process of data collection @sage of appropriate sampling plan. $nalysis of data and interpretation. Reporting and findings. POPULATION : 113 SAMPE SIBE : 93 employees of various departments SAMPLING METHOD C Random !ampling Method TOOLS FOR DATA ANALYSIS : Pie chart.

MAJOR FINDINGSA It has been great pleasure and a practical e&perience at the organi,ation which helped to gain e&posure and learning about the functioning. 1. 'he data banks are not properly maintained. 2. 'he dead resumes are never being destroyed. 6. Proper induction is not given to all the employees. It reserves to only a few levels. ;. !alary comparison is not justifies. 0ld employees are demorali,ed by getting less salary then new employee.

SUGGESTIONS 1. 0ther methods of selection like Psychometric and written tests should be introduced in the selection tests because these tests are vital in choosing the best candidate.

2. .ost of recruitment can be reduced by the help of e:recruiting and by employeeBs referral as this practice of recruitment is considered the least in the company.

6. $s company considers mostly e&perienced people for the job, a look on fresher should also be given because they can be recruited at a less salary offered to the

e&perienced and they can also give good results by giving proper training and guidance by the seniors in the company.

;. 0n campus recruitment should also be considered for recruitment of personnel from various colleges and business school.

CONCLUSION 'he study of recruitment and selection policies of (ajaj$llian,Insurance .ompany !hows a small but systematic procedure

0verall employees are satisfied with this recruitment process as they donBt have to go through different test and this ease their tensions.

%mployees are treated well and they are satisfied

$ll the employees gets the recreational facilities

CHAPTER 4

INTRODUCTION

10

PROJECT TITLE My project is C!'@)= 0< R%.R@I'M%#' $#) !%-%.'I0#D . 'his project was conducted at Eabalpur at (ajaj $llian, Insurance .ompany.

S/",e "# -$e S-%;+D 'he scope of my study was limited to the recruitment process of e&ecutive level of employees for the (ajaj $llian, Insurance .ompany, location Eabalpur Li(i-a-i"n "# -$e ,r":e/-

'he limitations that I faced in the organi,ation areA: 4. SHORT TIME SPAN 'hirdly, the stipulated time for the project is insufficient to undergo an e&haustive study about the topic assigned and moreover the scope of the topic 4Recruitment and !election5 is wide enough, so it is difficult to cover the entire topic within the stipulated time, but still whatever I could do towards this effect, I have done that.

11

CHAPTER 6

COMPANY PROFILE

12

INTRODUCTION OF BAJAJ ALLIANB INSURANCE COMPANY.

COMPANY HISTORY

BAJAJ A ian@ Li#e In)%ran/e C"(,an+ is a joint venture between two leading conglomerates, Ba:a: A%-" Li(i-e;, one of largest manufactures of motorcycles and scooters in the world, and A ian@ AG of *ermany one of the largest insurance companies. (ajaj $llian, -ife Insurance .o. -td. was incorporated on 12th March 2331. 'he company received the Insurance Regulatory and )evelopment $uthority 4IR)$5 certificate of Registration 4R65 #o 117 on 6rd $ugust 2331 to conduct -ife Insurance business in India. (ajaj $llian, S$are$" ;er Ca,i-a Ba)e stands at Rs. 155 /r"re with Ba:a: A%-" Li(i-e; and A ian@ AG of *ermany holding 87A and 6=A stake respectively. It is the ar'e)- ,ri0a-e , a+er in the Insurance Industry in India with a (ar!e- )$are of around 97A amongst the private

13

companies and second to -I.. 'he total market share of (ajaj $llian, as of 61st March 2337 is at 128.

)uring the financial year 2339:2337, (ajaj $llian, has sold over 16 lakh policies and collected about Rs. ;;66 crore as premium income. +hopping growth of 2178 for the <= 2339:37, $ssets under management of Rs. 662; .rore. It has paid up Rs >29 crores with IR)$ as a caution deposit. (ajaj $llian, has insured lives for sum assure of over Rs ?933 crore.

BAJAJ AUTO LTD.

(ajaj $uto -td, the flagship company of the Rs. ?333 crore (ajaj group is the largest manufacturer of two:wheelers and three:wheelers in India and one of the largest in the world.

14

$ household name in India, (ajaj $uto has a strong brand image F brand loyalty synonymous with quality F customer focus. +ith over 19,333 employees, the company is a Rs. ;333 crore auto giant, is the largest 2G6: wheeler manufacturer in India and the ;th largest in the world. $$$ rated by .risil, (ajaj $uto has been in operation for over 99 years. It has joined hands with $llian, to provide the Indian consumers with a distinct option in terms of life insurance products.

$s a promoter of (ajaj $llian, -ife Insurance .o. -td., (ajaj $uto has the following to offer : <inancial strength and stability to support the Insurance (usiness. $ strong brand:equity. $ good market reputation as a world class organi,ation. $n e&tensive distribution network. $dequate e&perience of running a large organi,ation.

$ 13 million strong base of retail customers using (ajaj products.

%&perience in the financial services industry through (ajaj $uto <inance -td
15

ALLIANB AG <ounded in 1?>3 in (erlin, $llian, is now present in over H3 countries with almost 1H;,333 employees. $t the top of the international group is the holding company, $llian, $*, with its head office in Munich. $llian, $* is in the business of *eneral 4Property F .asualty5 InsuranceI -ife F "ealth Insurance and $sset Management and has been in operation for over 113 years. $llian, is one of the largest global composite insurers with operations in over H3 countries. <urther, the *roup provides Risk Management and -oss Prevention !ervices. $llian, has insured most of the world/s largest infrastructure projects 4including "ongkong $irport and .hannel 'unnel between @ and <rance5, further $llian, insures the majority of the fortune 933 companies, besides being a large industrial insurer, $llian, has a substantial portfolio in the commercial and personal lines sector, using a wide variety of innovative distribution channels.
16

ALLIANB AG2 A GLOBAL FINANCIAL POWERHOUSE

+orldwide 2nd by *ross +ritten Premiums : Rs.;,;7,79; cr.

6rd largest $ssets @nder Management 4$@M5 F largest amongst Insurance cos. : $@M of Rs.91,>7,>9> cr.

12th largest corporation in the world

;>.? 8 of global business from -ife Insurance

%stablished in 1?>3, 113 yrs of Insurance e&pertise

17

PRODUCT PROFILE

18

CHILD CARE

'aking care of a child is perhaps the most important job a parent can have. It is but natural that you would like to give your child your best, and therefore, this is the time when careful financial planning can help you fulfill the aspirations that you have for your children. 'he (ajaj $llian, C.hild .areD !olutions help you to enjoy the joys of parenthood responsibly, with the reassurance of a secure future for your child.

CHILD CARE PLAN OFFERS

.hild .are plan is a children money back plan with profit. (ajaj $llian, .hild .are offers a wide array of solutions that allows you to plan for your childBs future by providing you with as many as ; distinct and unique options. 1. .hild .are 21 2. .hild .are 2; 6. .hild .are 21 Plus ;. .hild .are 2; Plus
19

START OF LIFE BENEFIT 'his is a unique feature of (ajaj $llian, C.hild .areD 21 Plus F 2; Plus. 'hese packages offer you the choice of providing a unique !tart of -ife (enefit for your child. <or a nominal amount, an additional !um $ssured subject to a ma&imum limit of Rs.13 -acks will become payable to enable the child start hiGher professional life smoothly, in case of an unfortunate death or $ccidental Permanent 'otal )isability of the Policy holder during the term of the policy. 'his benefit will not be available in the event of accidental permanent total disability after age 79 of the policy holder.

IN2BUILT BENEFITS

AE PREMIUM WAI?ER BENEFITD In case of death or $ccidental 'otal Permanent )isability of the policyholder during the premium payment term, all future premium payments are waived. 'his benefit will not be available in the event of accidental permanent total disability after age 79 of the policy holder. BE FAMILY INCOME BENEFITD In case of death or accidental total permanent disability of the policy holder during the term of the policy, a monthly income benefit of 18 of the sum assured 4128 per annum5 becomes payable till the end of the policy
20

term 4subject to a ma&imum of Rs. 1,23,333 per annum5. 'his benefit will not be available in the event of accidental permanent total disability after age 79 of the policy holder.

CE OPTION TO PURCHASE FURTHER INSURANCE AT MATURITYD <or ensuring continuity of the valuable insurance protection that the child was enjoying, we offer the child and option to purchase a with profits endowment or an equivalent plan from (ajaj $llian, -ife Insurance .ompany for twice the amount of face value of this policy, without any medical e&amination, on the premium rates prevailing at that time. 4'he application must be made at least 7 months prior to maturity of this policy5. PAYOUT STRUCTURE

<or .hild .are 21 and .hild .are 21 PlusA 'he minimum guaranteed payouts are as followsA P" i/+ Anni0er)ar+ #" "*in' /"(, e-i"n "# A'e Payout as 8 of !um $ssured 238 $ccrued (onuses J 298 298 698 1? 1> 23 21

21

<or .hild .are 2; and .hild .are 2; PlusA 'he minimum guaranteed payouts are as followsA

P" i/+ Anni0er)ar+ #" "*in' /"(, e-i"n "# A'e Payout as 8 of !um $ssured 298 $ccrued (onuses J 298 298 ;38K 1? 23 22 2;

K refers to probable increase in payout based on higher interest during the payout period.

)%$'" P$=0@' In the event of unfortunate death of the child during the policy terms, the payouts shall be as under

A'e (elow H years $bove H years and below 1? years $bove 1? years and

Payout Premiums paid will be refunded without interest and the policy will terminate. !um assured with accrued bonuses will be paid and the policy will terminate. 0utstanding payouts will be paid as one lump
22

below 2; years

sum and the policy will terminate.

"0+ '0 *%' !'$R'%)L 'his gets started by opening an account with a minimum premium ofA Rs. 9333G: p.a. for annual mode. Rs. 2933G: p.a. for half:yearly mode. Rs. 2333G: p.a. for quarterly mode. Rs. H33G: p.a. for monthly mode. $*% -IMI'! E i'i&i i-+ C"n;i-i"n) Minimum age of the policyholder Ma&imum policyholder Minimum child Ma&imum child Minimum Premium Minimum Premium Payment 'erm age of age of age of .hild .are 21 and .hild .are 21 Plus 23 .hild .are 2; and .hild .are 2; Plus 23

93

93

16 Rs.;?93 9

16 Rs.;?93 9

23

Ma&imum Premium Payment 'erm Ma&imum age of

1?

1?

child at maturity Ma&imum $ssured !um

21

2;

Rs. 93,33333

Rs. 93,33333

NEW UNIT GAIN PLUS ?) LIC BIMA PLUS

<%$'@R%!

NEW PLUS

UNIT

GAIN

LIC PLUS

BIMA

$ge

3:73 years

12:97 years

'erm

.hoice minimum

rests

with

a of

13 years

period

payment of 6 years.

Minimum sum assured is 5 times the premium paid. Maximum sum assured is as per the

Ma&imum limit up to Rs. 2 lakhs.

24

limits set per age bands.

!um $ssured

!urvival (enefit

Malue of <und at (id Price

(id value of the fund units along with maturity bonus at 98 of the !um $ssured.

"igher the !um $ssured )eath (enefit or value of units. "owever, the value of

)eath the months:

during 1st 7 638

25

units will treat as death benefit H3 years. if the -ife $ssured is N H years or O

of !$ J value of units, ne&t 7 months P 738 of !$ J value of units. )eath after 1st year: !$ Jvalue of units. )eath during the 13th year: 1398 of !$ J value of units.

+ithdrawal (enefit

Partial

or

complete

Premature withdrawal allowed year4after applying bid: offer spread5. 1

withdrawals at bid price after6rd year.

.ontribution

MinimumA 19,333 p.a

Rs.

#ot specified.

26

<le&ibility contribution

to

0nly an increase in contribution allowed. is

#ot available.

increaseGdecrease

Investment options

%quity <und, )ebt <und, (alanced <und, .ash <und.

(alanced, !ecured F Risk.

IncreaseG)ecrease of death benefit

$vailable.

#ot available.

(onus Points

#ot $vailable.

#ot available.

'op:up

$vailable.

$vailable 4chargesA 1.98 of the top:up5.

!witch

free

switches

#o switches.

free .ost

every policy year. !ubsequent switches would be charged Q18 of

of switches is 28 of the fund value.

27

switch amount or Rs. 133 whichever is higher.

!urrender Malue

$ sellingGpurchase price spread of 98 will be applicable from the 6rd year onwards.

Partial surrender up to 938 of bid value of units allowed after 6 years from the date of commencement.

$utomatic .over .ontinuance

$vailable after the 6rd policy year.

#ot available.

Initial charge

.harges A 1st =ear: 2;8 I 2nd =ear:68 6rd =ear: 68. #o charges grom ;th year onwards.

#ot disclosed

28

$dmin charges

$nnual

admin.

.harges of 1.298 of net assets.

0ther charges

'ransaction charge of 3.98 of the equity investment F 3.18 of the debt investments.

#ot applicable.

(id:offer spread

'he

bid:offer

#ot applicable.

spread is 98 of the offer price.

<und management .harge

$nnual investment charge of 18 p.a. of net assets. 18 of the fund per annum

Riders

$(RG

$)(R

In $ccident (enefit.

(uilt

.IG"ospital (enefits.

.ash

29

Re/r%i-(en- "# A;0i)"r) Ba:a: A ian@ Li#e In)%ran/e C"(,an+ 'his is a good business opportunity offered by (ajaj $llian, -ife Insurance .o. to become a business partner and earn a good amount of money. B%)ine)) ;e)/ri,-i"n (e our .ertified <inancial .onsultant Eoin (ajaj $llian, -ife Insurance as a <inancial .onsultant and help analy,e your customerBs financial needs, provide customi,ed financial solutions to each one and conduct reviews on a regular basis to keep your customers on track. $long with being a great career move you get associated with (ajaj $llian, -ife Insurance, IndiaBs Most Respected Private -ife Insurance .ompany. +e at (ajaj $llian, -ife Insurance also offer you unmatched support with various training programmes to help you e&cel in your endeavour. $ great career move in every way Rero investment, there is no start:up capital. =ou can work full:time or part:time, depending on your convenience !unrise industry !upport every step of the way $t (ajaj $llian, -ife insurance .o. , training is an inherent element of our support system : at no e&tra cost : for our new <inancial .onsultants

30

E>CELLENT OPPORTUNITY J"in Ba:a: A ian@ a) a A;0i)"r and earn a rewarding career

F e.i& e *"r! -i(in') C =ou can work whenever you like. =ou can work full:time or part:time, depending on your convenience. "owever, the time you invest will determine your success

An+ "ne /an :"in : =oung graduates, "ousewives, Retired Personnel, !elf:employed or +orking Professionals.

Ber" In0e)-(en- : 'here is no start:up capital required. (e your own boss with fle&ible working environment, unlimited earning potential and opportunities to be part of a world class sales team.

A--ra/-i0e Re(%nera-i"n : .ompany offers e&cellent commissions, award and rewards for the performers. =ou have unlimited earning potential. .ommission structure is pretty handsome and is 19:;38 and renewal commission of 98 second year onwards till the policy is in force.

31

 Cer-i#i/a-e &+ IRDA: =ou will get world class training free of cost and certification by Insurance Regulatory )evelopment $uthority.

TRAINING : Perfects your knowledge about the insurance industry as well as our products.

IRDA Trainin'

Prepares you for your career as a <inancial .onsultant and enables you to pass the IR)$ e&amination easily

Di)$a Trainin'

"ones your selling skills, enables you to understand customer needs and provide need:based insurance solutions

A;0an/e; Trainin'

32

@pgrades your capability and knowledge through sophisticated training programs customised for the changing world of financial products and markets

De)ire; Pr"#i eD $geA 1? =rs to 79 =rs %ducationA Intermediate or more %&perienceA #ot Mandatory 'ype of EobA <ull 'ime or Part 'ime

D"/%(en-) ReF%ire;D ? photograph $ge proof 4passport, (irthcertificate, .ollege -eaving .ertificate, )riving -icense5 $ddress proof %ducation proof .opy of P$# .ard )uely !igned .ancelled .heque of self
33

$ candidate needs to bring a )) of Rs. >29G: in case of offline training.

RECRUITMENT PROCESS OF AD?ISORS A Na-%ra Mar!e-D $ natural market consist of people to whom you know well from your family, friend circle, relative can be a good prospect. 'he most admired way for recruitment in Ba:a: A ian@ is through natural market. #atural market persons are easily approachable and most of the successful recruitment in Ba:a: A ian@ is from natural market. Per)"na O&)er0a-i"nD It means identify the right person through observation. <or e.g. a person residing in your locality and very famous in taking initiative in social activities can be a good prospect. N"(ina-"r Ca D $ nominator is a person who is very much influential in the market as well as in societies. #ame gathering and identification is easy in this case, but these people are highly unapproachable. 'hese people can
34

be very productive in giving references of the prospect. 'hey are not prospect by default.

Cen-re "# In# %en/e GC"IE Ca D $ centre of influence person is people who are influential and you know them personally. 'hey are approached for giving references of the client. SHORT LISTING (ajaj $llian, follows some process regarding the short listing the people. .ompany can judge the prospective person. 'he basic objective of this selection is to have good retention and greater effectiveness in the delivery of service. Regarding this issue company has some parameters, it called > points criteria .

Parameters are followingA: AGE O29 1 P0I#' 29:69 2 P0I#'

35

69J 6 P0I#' GENDER M$-% 2 P0I#' <%M$-% 6 P0I#' HUALIFICATION @#)%R *R$)@$'I0# 1 P0I#' P0!' *R$)@$'I0# 2 P0I#' MARITAL SATUS M$RRI%) 2 P0I#' @#M$RRI%) 1 P0I#' LI?ING IN THE CITY FOR 1 Y EA RS O9 =R! 1 P0I#' N9 2 P0I#' E>AMPLEA: R"ni- R"+ A'e297 Gen;er2Ma e H%a i#i/a-i"n2Gra;%a-i"n Mari-a S-a-%)2Marrie; Li0in' in -$e /i-+2F"r 41+r) TOTAL I3
36

POINTS

6 6 4 6 6

'his person will eligible for advisor in (ajaj $llian,. (ecause he has fulfilled the > marks criteria. In this way when a personBs every criteria will give the net result of > points then he or she will eligible for agent.

CONTACTING .andidates are called either as nominator, Prospective $gents and a meeting is fi&ed with them according to the convenience of both the party. "ere script plays very important role in fi&ing appointment with the prospect. INITIAL SCREENING Initial screening is taken if candidate is found eligible using ; point model. In intial screening, a sales manager first gives the introduction about the company. 'hen several questions such as his family background, his natural market, traits for a sales person, and his present and past e&periences of his jobs are questioned. %very candidate is required to get at least 6 points in eligibility model the company. 'he eligibility standards for $$ selection are as follows. In case of score less than 6, special ,onal head approval is required. FI?E POINT SYSTEMD
37

A'e 61 an; "0er 1 point Gra;%a-e 1 point Marrie; 1 point Li0e; in /i-+ ("re -$an 1 +ear) 1 point NAT )/"re 1 point 4if passed5 NAT #umerical $bility test is taken. Passing !core is 938. CAREER SEMINAR AND P655 $ll the prospects are required to attend career seminar at Ba:a: A ian@ which provides broader aspects of growth as an $gent $dvisor. P233 is a worksheet which is given to each prospect to judge his natural market. 'he prospects are required to mention at least 133 contacts from their natural market. CAREER INTER?IEW P233 is evaluated in .areer Interview. If candidateBs market is found worth,he is selected to attend training and )evelopment programme. FCS $ll the selected candidates are required to attend 22 day training session forreceiving the license from IRDA to become an $gent $dvisor.

38

CONTRACT $ll the successful candidates having legal license of IR)$ are contracted with (ajaj $llian,

Pr"/e)) <ill up of $gency form

IR)$ 'raining 4133 hrs5

IR)$ %&am

39

<ail

Pass

%&it

Product 'raining

'raditional Pr.

@-IP Product

Internal $ssessment

<ail

Pass

40

%&it

.ertification

JOB DESCRIPTION FOR AD?ISORS

Pre )a e) r" e Identifying prospective clients. Meeting prospective clients. @nderstanding the need of the client. Presenting solutions to client. .losing sales.

P")- )a e) r" e 'aking 1:2 references from the client Providing timely updates to the client for maintaining -ifelong relationship.

BENEFITS TO AD?ISORS

Finan/ia Bene#i-)A

41

.ommission on issuance of every policy. .ommission directly credited to bank account of $dvisors within 19 days. 'hese commission varies from H.9:;38 according to plan.

BASIC COMMISSION <irst year .ommission payable on regular premium conventional policies issued on or after 21st march 233H #ame of the plan %ndowment $ssurance plan Money (ack plan .hildrenBs plan 'erm $ssurance plan -one cover 'erm $ssurance plan Personal Pension Plan 1st year commission ;38 ;38 ;38 298 298 H.98

RENEWAL COMMISSIOND

42

Renewal commission would be paid from the 2 nd year onwards on regular premium policies. Renewal commission is not payable on single premium plans.

#ame of the plan

Renewal commission 2nd year onwards

%ndowment $ssurance plan Money (ack Plan .hildrenBs plan -one cover 'erm $ssurance Plan 'erm $ssurance plan Personal Pension Plan

98 98 98 98 98 28

BONUS COMMISSION (onus commission would be payable on the first year premium received and adjusted on the regular premium policies under the following plans, 1.%ndowment $ssurance Plan 2.Money (ack Plan 6..hildrenBs Plan ;.'erm $ssurance Plan 9.-one .over 'erm $ssurance Plan

43

(onus commission is not payable on the single premium plans and on the policies issued under the Personal Pension Plan and all @nit -inked Plans.

(onus commission rate would depend on financial consultant crossing the minimum R#%P4Received #et %ffective Premium5 within one year.

Period

R#%P

(onus commission 8 of the 1st year Premium received

In one year 1,33,333 1,93,333 2,29,333

98 138 198

44

REWARDS J RECOGNITION +ithin 63 days of -icensing .onsultant can become !'$R P .onverted premium 2 -acs !ilver Medal:+orth Rs 92334appro&5 RI!I#* !'$R P .onverted premium of 9 -acs

*old Medal:+orth Rs 16,3334appro&5 MI--I0#$IR% !'$R P .onverted premium of 13 -acs *old Medal:+orth Rs 29,3334appro&5 *-0($- !'$R P .onverted premium of 2; -acs *old Medal:+orth Rs 73,3334appro&5 E.-ra Pa+"%-) #"r STAR Per#"r(er) !tar Performers .lub !tatus (ron,e (enefits 18ma& Rs.9>>> $dditional status retention (onus
45

!ilver 2.98,ma& Rs.6H;>> 3.938

*lod 98,no upper limit 1.338

.enturion *raded: ;.98to?.98 1.938

MONTHLY J HUARTERLY CONTESTS 'here are various !ales linked monthly F quarterly contests occur in which <.s has opportunity to gain something. -ike *ift Mouchers "ome $ppliances 'wo:+heelers *oldG)iamonds Eewelry <oreign 'rips Mobile Phones -aptops .ars etc.

46

OTHER BENEFITS 0n field support: Eoint fieldwork with respective !)MG()M.

'raining support P Marious training modules to enhance your sales skills, interpersonalskillsetc.

Marketing support P .onsumer .ontact Programs. $vailability of office infrastructure for telecalling, quotations, benefits illustration etc. .onsultant corner to access illustration, sales done, and contest updates etc. Personal email id.

47

CHAPTER 9

OBJECTI?E OF STUDY

48

INTRODUCTION

'he project was carried in (ajaj $llian, Insurance .ompany 4Eabalpur5. $s the company is new and it requires efficient workforce for its working so the company can perform its work. !o the topic recruitment F selection was given to me by the company for my project the period of the project was for ;9 days.

OBJECTI?ES OF THE STUDY 1. 'o study the recruitment F selection procedures prevailing in the company. 2. 'o know the employees view on the recruitment and selection and selection procedures of the company. 6. 'o evaluate the effectiveness of various recruiting technique F sources thereby to increase the effectiveness of e&isting system by adopting appropriate recruitment method.
49

;. 'o increase the organi,ational efficiency in short term and long term by adopting appropriate recruitment methods.

CHAPTER 7

RE?IEW AND LITERATURE

50

DEFINATION Recruitment is the process seeking out and attempting to attract individuals in e&ternal labour markets, who are capable of and interested in filling available job vacancies. Recruitment is an intermediate activity whose primary function is to serve as a link between human resource planning on the one hand and selection on the other. T" Re/r%i- Mean) T" En i)-K Re, eni)$ Or Rein#"r/e. Recruitment begins by specifying the human resource requirements, initiating activities and actions to identify the possible sources from where they can be met, communicating the information about the jobs, term and conditions, and prospectus they offer, and enthusiast people who meet the requirement to respond to the initiation by applying for the jobs.

AIM

51

'he aim of recruitment is the information obtained from job description and job specification along with precise staffing standards from the basis for determining manpower requirement to attain the organi,ational objective.

RECRUITMENT PROCESS Personnel u!an resource planning Recruiting needed personnel Selecting qualified personnel Placing ne" e!plo#ees on $o%

De'eloping source of potential e!plo#ees

Searc for potential e!plo#ees

&'aluation Recruit!ent &ffecti'eness

+pgrade in sa!e position (nternal source Personnel researc )o% Positioning Pro!oting to ig er responsi%ilit# &!plo#ee referrals
52

*ransferring to ne" $o%

&,ternal fyg sources

-d'ertising

&'aluation for selection

S/"%-in'

Re/r%i-(en- Nee;) Are O# T$ree T+,e)D 1 2 6 Planned, anticipated and une&pected planned need arise from changes, in organi,ation and retirement policy. Resignations, deaths and accidents and illness give rise to une&pected needs. $nticipated needs refer to those movements in personnel which an organi,ation can predict by studying trends in the internal and e&ternal requirements.

SELECTION PROCESS

!election is the process of picking individuals 4out of the pool of job applicants5 +ith requisites qualification and competence to fill jobs in the organi,ation. In other words we can sayA selection is the process of choosing the most suitable

53

personnel for the employment. $ vacancy in the organi,ation might occur due to the following reasonsA

S %&pansion of the business S !kill requirements due to changes in processes of technology S 'urnover of staff, resignation or dismissal

SELECTION PROCESS

54

STAGES OF RECRUITMENT AND SELECTION

55

S-a'e42Pre,ara-i"n an; a;0er-i)in'

Review the necessity for the job Review and revise the details of the role 4job description G Person specification5 !eek financial approval to fill the vacancy Prepare the advert Miew the redeployment website and consider suitable redeployed $dvertise the post Prepare the pack of further particulars Plan the process for application packs being requested and received !elect the members of the interview panel Plan the interview arrangements P devise interview questions, selection tests, presentation details etcI set date4s5I book room Prepare the short listing form S-a'e62S$"r- i)-in' an; in-er0ie*) Monitoring process
56

!hortlist +rite to successful G unsuccessful candidates .onduct the interviews G selection tests G presentations etc S-a'e29 Se e/-i"n Make the selection decision .omplete the monitoring process Merbally make a conditional offer to the preferred candidate .omplete the appointment paperwork and send it to "R with the completed monitoring form and other required documentation 4e.g. financial approval, advert, job description, application formG.M and reference letters if available5 +rite to unsuccessful candidates .heck qualification certificates G permission to work 4birth certificate, passport5

57

CHAPTER 1

RESEARCH METHODOLOGY

RESEARCHD

58

It is a scientific and systematic search for pertinent information on specific topic. Research is a careful inquiry or e&amination to discover new information or relationship to e&pand and to verify e&isting knowledge. DATA COLLECTION $ sample si,e of 93 %mployees studied for this purpose. %mployees where randomly administrated the questionnaire. DATA ANALYSIS 'he analysis of data was done on the basis of unit, age and number of years of e&perience and factors. $nalysis was done using the simple average method so that, finding of the survey was easily comprehensible by all. SOURCES OF DATA COLLECTIOND 'he primary as well as the secondary sources was used for collection of data. 'hese data are as followsA Pri(ar+ Da-a &+D Tuestionnaire Method S 0bservation Method

'he data is collected for the projects are mainly from primary source. 'he research has collected relevant information through interviews with employees at the "R department. 'he data collected thereof has supplemented by the observation technique and subsequent qualitative analysis.

59

Se/"n;ar+ Da-a &+D In;i0i;%a Fi e 'hey contain record of every employees along with their i.e.their education, institute, technical background, interviewerBs assessment, e&perience, job profile, method of recruitment. C"(,an+ (an%a )D <rom this document, information regarding the company Profile, clients, "R policies and procedures, etc was collected F analy,ed P",% a-i"nD 113 Sa(, e )i@eD 93 Me-$";) "# Da-a Ana +)i) an; S-a-i)-i/a Te/$niF%eD )ifferent types of data analysis techniques used in the research project such asA *raphical $nalysis Percentage $nalysis

SAMPLE UNIT
60

'he sample unit consisted of all the departments of (ajaj $llian, Insurance .ompany.

SAMPLE FRAME .onsisted of a comprehensive list of financial advisors newly recruited of (ajaj $llian, Insurance. POPULATION Population U 113 SAMPLE SIBE !ample si,e U 93

SAMPLE DESIGN 0ut of 113 populations, I have taken 93 !ample. .are was taken to choose the sample based on considerations like age, se& F work e&perience of respondents thus enabling better representations of the heterogeneous population. "owever, the sample design was that of Cconvenience samplingD. 'he time consideration F si,e of population were major factors in determining choice of sample design.

61

RESEARCH PROCESS

62

CHAPTER =

DATA ANALYSIS AND INTERPRETATION

In-r";%/-i"n T" Da-a Ana +)i) 'he data used therein has been collected through the interview technique as
63

+ell as the observation method. 'he questions asked during the interview process were unstructured and open ended. 'he required information was derived from the discussion that followed. 'he researcher has selected the departments at (ajaj $llian, Insurance .ompany. $s for the observation method, the researcher has observed a few interview processes and thereof collected the required data.

Da-a Pre)en-a-i"n an; Ana +)i) 4E W$en ;"e) -$e Re/r%i-(en- Pr"/e)) )-ar-L
64

$s the figure represents, in minimum cases, the recruitment process starts only after the <IR )ept. receive the completed %mployee Requisition <orm, filled up by the department head. 'hus, the responsibility of identifying the manpower requirement is distributed to the departmentBs heads. H38 of the cases does it happen that the requirement need is identified and initiated by the "R department. 'his happens in case of major business changes, like say for e&ample, in the case of diversification or e&pansion of business.

6. Re e0an- I(,"r-an/e 'i0en -" ;i##eren- )"%r/e) "# Re/r%i-(en-

65

!ources of Eob Recruitment !ites 8 Respondent 128

%mployee Internal Referrals 198 'ransfers 1?8

.ampus

$gencie s

+alk: Ins 98

H8

;68

S"%r/e) "# Re/r%i-(en-

0nce the need for manpower had been the ne&t step is to call for reassumes of appropriate candidates. #otice of vacancy also placed in firm as well. (ecause internal employees can be interested for respective posts. Placement agencies, with firm are associated found major providers of candidates. 'he job sites are also another major provider. <rom the job sites, the company receives applications as an answer to their advertisement call or it could be that the site automatically provides a shortlist of probable candidate from amongst those who are registered with site.

66

+hen there is need of large no. of candidate, company then only refer to campus recruitment.

9. Di##eren- In-erna S"%r/e) "# Re/r%i-(en!ources of )ata Recruitment (ank 8 Respondent 6>8 %mployee Promotion 'ransfer Referrals 678 1>8 78

S"%r/e) "# Re/r%i-(en-

It has been observed that the data batik is a major source of internal recruitment, which comprises of 6>8 of total internal source, followed by employee reference 678 and promotions and transfer being 1>8 and 78 respectively.

7. Ba)i) "# Tran)#erMPr"("-i"n

67

!ources Recruitment 8 Respondent

of !eniority

Merit

268

HH8

Ba)i) "# Tran)#er M Pr"("-i"n

'here are HH8 of the employee feel that merit is an important element of transferGpromotion where the rest 268 feel that transfersGpromotion are based on seniority.

68

1. ?a/an/ie) Ari)e)

Reasons Malue in 8

'ransfer 138

Promotions 6H8

Resignations 968

?a/an/ie) Arie)

$ccording to observation it was found that 968 of vacancies arise by resignation, 6H8 arises through promotions and 138 only through transfer.

=.

Sa-i)#a/-i"n *i-$ Se e/-i"n ,r"/e))

69

-evel n 8

of %&cellent

Mery *ood

*ood

$verage

Poor

Mery Poor

!atisfactio

268

1>8

;28

>8

68

;8

Respondent

Le0e "# Sa-i)#a/-i"n

'he observation reveals that ;28 of the employees feel selection process is good, +here 268 said that it is e&cellent. 1>8 rated as very good.>8 said as average. 'here were few who said it was poor.

8. Di##eren- ?aria& e W$i e )$"r- i)-in' C?N)

70

Mariables

!ources %&perience $cademic of .M .onsistenc y

$ddss .ourses 2?8

%&tra $ctivity 78

.ertification .urricular

of 6H8

138

1>8

Respondent ?aria& e) W$i e S$"r- Li)-in' C?)

'he source of the .M has a major role in the .M getting short listed. Mostly it happens that the .Ms received through agencies and job sites are those that fit into the tailor made needs of the position. 'he highest rated of any .M is the relevant e&perience possessed by the candidate, e&pect in the cases of trainee positions.
71

<. Re),e/-i0e ?a %e) "# -$e C"(,"nen- in Te/$ni/a In-er0ie*

.omponent 'echnical s

$pplicatio of nowledge

Innovativeness Presence of Mind

nowledge n

Malues in 8 7>8

?8

128

118

C"(,"nen-) "# Te/$ni/a In-er0ie*

72

'he interview part of the selection process is divided into two stagesI one the interview taken by technical person and other taken by "R personnel. )ifferent component like 'echnical knowledge is required by 7> 8 in technical interview. Innovativeness consist of 128, presence of mind contains 118.

3. Re),e/-i0e ?a %e) "# -$e C"(,"nen- in HR In-er0ie*)

73

.omponents

.ommunicati $ttitud !tability -eadershi 0verall on !kills e y

'eam

p $bilities Personalit !pirit

Malues in 8

2?8

618

138

?8

118

128

C"(,"nen-) "# HR In-er0ie*

74

)uring "R interview attitude plays vital role as 618, communication skills also have significance as 2?8.other factors like team sprit, !tability respectively consist of 128 F 138 @sually the weight age is equally divided between the 2 interviews. $s the end of two rounds the technical and "R personnelBs meet to jointly decide quality of the candidate.

45. Cri-eria #"r Sa ar+ #i.a-i"n .riteria %&perience G Previous Tualification !alary %&pected !alary Rules F

Policies of .ompany

Malues in 268 8

6?8

128

2H8

Cri-eria #"r Sa ar+ Fi.a-i"n

75

+hile fi&ation of salary major emphasis 46?85 is given to previous salary drawn by candidate. Rules and policies counted as second major point as 2H8. %&perience as 268.

76

CHAPTER 8

OBESER?ATIONS AND FINDINGS

OBSER?ATION AND FINDINGSD

77

1. 'he data banks are not properly maintained. 2. 'he dead resumes are never being destroyed. 6. It is observed that walking is the best way of recruitment and selection. ;. (est way of recruiting people within the organi,ation and consultancies. 9. Eob specification was finding e&cellent in the organi,ation. 7. Proper induction is not given to all the employees. It reserves to only a few levels. H. !alary comparison is not justifies. 0ld employees are demorali,ed by getting less salary then new employee. ?. ManpowerBs are recruited from private placement consultancy, who are demanding high amount of fees, where as "R) )epartment is not fully utili,ed to recruit manpower by advertisement. >. (efore recruitment cost benefit analysis is not done properly. It causes manpower surplus which makes loss in the industry. 13.Manpower is recruited from reliable source however efficiency does not recogni,e.

78

CHAPTER <

SUGGESTIONMRECOMMENDATION AND CONCLUSION

SUGGESTION
79

1. 0ther methods of selection like Psychometric and written tests should be introduced in the selection tests because these tests are vital in choosing the best candidate.

2. .ost of recruitment can be reduced by the help of e:recruiting and by employeeBs referral as this practice of recruitment is considered the least in the company.

6. $s company considers mostly e&perienced people for the job, a look on fresher should also be given because they can be recruited at a less salary offered to the e&perienced and they can also give good results by giving proper training and guidance by the seniors in the company.

;. 0n campus recruitment should also be considered for recruitment of personnel from various colleges and business school.

CONCLUSION

80

1. 'he study of recruitment and selection policies of (ajaj $llian, Insurance .ompany !hows a small but systematic procedure

2. 0verall employees are satisfied with this recruitment process as they donBt have to go through different test and this ease their tensions.

6. It is observed that the best source of recruitment is through consultancies

;. %mployees are treated well and they are satisfied

9. $ll the employees get the recreational facilities

81

Bi& i"'ra,$+

B""!) D2
82

othari,..R. Research Methodology, )elhi, #ew $ge International Pvt. -td. 2nd Revised %dition, 233H

$shwathapa, "uman Resource Management #ew )elhi 'ata Mc*raw "ill 6rd %dition Pardesi, )r. P.. "uman Resource Management Pune, #irali Publication

WEBSITES

www.bajajallian,life.co.in www.google.com

83

Anne.%re

84

ANNE>URE H%e)-i"nnaire

1.

+hen does the recruitment process startL a. +hen the business needs arises. b. $fter receiving %R<

2.

+hich sources used for recruitmentL a. Eob !ite b. %mployee Referrals c. Internal 'ransfer d. .ampus e. $gencies f. +alk:ins

6.

+hich sources used for internal recruitmentL a. )ata bank b. %mployee Referral
85

c. Promotion d. 'ransfer

;.

0n which basis do you give transferGpromotionsL a. !eniority b. Merit

9.

)ue to which reason vacancies ariseL a. 'ransfer b. Promotion c. Resignation

7.

$re you satisfied with selection processL a. %&cellent c. *ood e. Poor b. Mery good d. $verage f. Mery poor

H.

+hat are the criteria for short listing the .MsL a. !ource of .Ms b. %&perience

86

c. $cademic consistency e. %&tra curricular activities

d. $dditional certification course

?.

+hich component do you feel are important while taking 'echnical InterviewL a. 'echnical knowledge c. Innovativeness b. $pplication of knowledge d. Presence of mind

>.

+hich component do you feel are important while taking "RG<inal InterviewL a. .ommunication skills c. !tability e. 0verall personality b. $ttitude d. -eadership abilities f. 'eam sprit

13.

+hat are the criteria for !alary fi&ationL a. %&perienceGTualification c. %&pected salary b. Previous salary d. Rules and policies of company

87