A PROJECT REPORT
ON “Recruitment and Selection at Bajaj Allianz Insurance”
Submitted in Partial fulfillment of the requirements for the award of the Degree of MASTERS OF BUSINESS ADMINISTRATION
PUNJABI UNIVERSITY
Supervised by: Ms.Ritu Sharma
Submitted by: SunainaKalia Roll No. 5505
Acknowledgement
The successful realization of the project is an outgrowth of the consolidated effort of the people from desperate fronts. So it?s only with their support and guidance, I could meet my goal.It is a proud privilege to acknowledge with deep sense of gratitude to Mr.Joginder Kumar (Branch Manager).I like to thank Mr. Vishal Chadda (Manager- HR) who has given me the opportunity to do my summer training at Bajaj Allianz Insurance.I am especially grateful to my guide Mr.PavitarSingh&Mrs.Savita Thakur for providing me valuable inputs so as to complete my training successfully.I would also like to extend my thanks to all the Development & production Staff members who have been very helpful throughout my training in supplying with all the necessary information.Lastly I would like to thanks Bajaj Allianz , for accepting me as a summer trainee in such an esteemed organization. ` Sunaina Kalia ROLL NO. 5505
DECLARATION
I hereby declare that this report is submitted in partial fulfillment of the requirement of the award for the Master Of Business Management (MBA) in Human Resource course at CHANDIGARH GROUP OF COLLEGES, GHARUAN(MOHALI) for the year 2011-2013 is my original work.
(Sunaina)
Certificate of Completion
This is certified that the final project report submitted in partial ful-fillment of the requirement for the degree of MBA affiliated to Punjabi University, Patiala the research work carried out by Sunaina Kalia, roll no.5505 under my guidance and supervision.
(Project guide)
Date:
PREFACE
P r a c t i c a l t r a i n i n g i s a l w a ys i m p o r t a n t a s c l a s s r o o m t r a i n i n g . D u r i n g t h e practical training a person is actually face the real situations in actual w o r k i n g l i f e w h i c h h e / s h e c a n n o t e x p e r i e n c e d i n c l a s s r o o m It helps to
u n d e r s t a n d t h e c o m p l e x i t i e s o f l a r g e s c a l e o r g a n i z a t i o n s . It p r o v i d e s t h e invaluable treasure of experience to student.
D u r i n g m y t r a i n i n g , I g o t o p p o r t u n i t y t o w o r k i n g o f B a j a j A l l i a n z Li f e I n s u r a n c e c o m p a n y Lt d . , r e g i o n a l b r a n c h P a t h a n k o t . M y t o p i c o f project is Recruitment and Selection Process in Bajaj Allianz. I worked on the following aspects: ? Brand Awareness. ? Recruitment and Selection Process in Bajaj Allianz.
TABLE OF CONTENTS
Chapter
Contents
Page No.
1.
Introduction to Insurance and Company
9-36
2.
Recruitment and Selection
37-46
3.
REVIEW OF LITERATURE
47-50
4.
RESEARCH METHODOLOGY
51-55
5.
DATA ANALYSIS AND
56-68
INTERPRETATION
6.
FINDINGS, SUGGESTIONS &
69-71
CONCLUSION
7.
BIBLIOGRAPHY
8.
ANNEXURE
LIST OF TABLES
TABLE NUMBER Table 1 Table 2 TITLE PAGE NUMBER
Respondent of employees regarding to the plan of 56 recruitment policy by company. Respondent of employees regarding the sources for 57 recruitment and selection. Respondent of respondent the method prefer for recruitment and selection preferred way of recruitment. Respondent of prefer for manpower planning. Respondent of preferred.
58
Table 3
Table 4 Table 5 Table 6 Table 7
59
sources for external recruitment are 60
61 62
No. of respondent preferring form of interview No. of respondent to rate the policy of hr practices. No. of respondent to the present Recruitment policy which
Table 8
can help the company in achieving their goals.
63
Table 9 Table 10 Table 11
No. of respondent on the method of recruiting through 64 internet No. of respondent Company uses their own site for 65 Recruitment No. of respondent to the effectiveness of internal 66 recruitment
67
Table 12
No. of respondent for recruitment of summer trainees.
Table 13
No. of respondent on evaluation and control of Recruitment and Selection policy of the company 68
LIST OF CHARTS
Figure 1
Does your company Plan the written 56 Recruitment policy? What are the sources for recruitment and 57 selection? Which method do you mostly prefer for recruitment and selection preferred way 58 of recruitment? When do you prefer to go for manpower 59 planning? What are the sources for external 60 recruitment are Preferred? What form of interview did you prefer?
61
Figure 2
Figure 3
Figure 4
Figure 5
Figure 6 Figure 7
How do you rate the HR practices of the 62 company? Do you think that Present Recruitment policy help the company in achieving 63 their goals?
Figure 8
Figure 9
Does your company follows the method of recruitment through Internet?
64
Figure 10
Is Company uses their own site for 65 Recruitment? Is Internal Recruitment is effective in 66 your opinion? Is there any provision for recruitment of summer trainees?
67
Figure 11
Figure 12
Figure 13
Is there any provision of evaluation and control of Recruitment and Selection 68 policy of the company?
INTRODUCTION
Human Resource is a basic need of any work to be done. According toARTHUR LEWIS:
“There are great differences in development between countries which seem to have
roughly equal resources, so it is necessary to enquire into the difference in human behaviors” The project report is all about recruitment and selection process that?s an important part of any organization. Recruitment highlights each applicant?s skills, talents and experience. Their selection involves developing a list of qualified candidates, defining a selection strategy, identifying qualified candidates, thoroughly evaluating qualified candidates and selecting the most qualified candidate. It is said if right person is appointed at right place the half work has been done. In this project I have tried to cover all the important point that should be kept in mind while recruitment and selection process and have conducted a research study through a questionnaire that I got it filled with all the sales managers of the BAJAJ ALLIANZ LIFE INSURANCE and tried to find out which methods and various other information related to recruitment and selection and tries to come to a conclusion at what time mostly the manpower planning is don?t , what the various method used for recruiting the candidates and on what basic the selections is done. Bajaj ALLIANZ has a well-articulated equal opportunity policy, which lays strong emphasis on hiring of individuals irrespective of age, race, caste or gender as a best practice in recruitment.
INTROCUTION TO INSURANCE
W hat is I ns ura nc e?
" In s u r a n c e i s a c o n t r a c t b e t w e e n t w o p a r t i e s w h e r e b y o n e p a r t y c a l l e d insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event." Insurance happening is of a protection an against event. financial loss arising on the
unexpected
In s u r a n c e
companies
collect
premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the In s u r a n c e
Companies act as trustees to the amount collected. F o r E x a m p l e , i n a Li f e P o l i c y, b y p a y i n g a p r e m i u m t o t h e In s u r e r , t h e family of the insured person receives a fixed compensation on the death of the insured. S i m i l a r l y, i n c a r i n s u r a n c e , i n t h e e v e n t o f t h e c a r m e e t i n g w i t h a n accident, the insured receives the compensation to the extent of damage. It i s a s ys t e m b y w h i c h t h e l o s s e s s u f f e r e d b y a f e w a r e s p r e a d o v e r m a n y, e x p o s e d t o s i m i l a r r i s k s .
Why should you take Insurance?
Insurance is desired to safeguard oneself and one's family against p o s s i b l e l o s s e s o n a c c o u n t o f r i s k s a n d p e r i l s . It p r o v i d e s f i n a n c i a l compensation for the losses suffered due to the happening of any unforeseen events. By taking life insurance a person can have peace of mind and need not worry about the financial consequences in case of any untimely death. C e r t a i n In s u r a n c e c o n t r a c t s a r e a l s o m a d e c o m p u l s o r y b y l e g i s l a t i o n . For example, Motor Vehicles Act 1988, stipulates that a person driving a vehicle in a public pl ace should hold a valid insurance policy covering "Act" risks. Another example of compulsory insurance pertains to the Environmental Protection Act, wherein a person using o r c a r r yi n g h a z a r d o u s s u b s t a n c e s ( a s d e f i n e d i n t h e A c t ) m u s t h o l d a v a l i d p u b l i c l i a b i l i t y ( A c t ) p o l i c y.
Who provides Insurance ?
In India, prior to liberalization Insurance protection was made
a v a i l a b l e t h r o u g h P u b l i c s e c t o r In s u r a n c e C o m p a n i e s , n a m e l y, Li f e I n s u r a n c e C o r p o r a t i o n o f In d i a ( L I C ) a n d t h e f o u r s u b s i d i a r i e s o f G e n e r a l In s u r a n c e C o r p o r a t i o n o f In d i a ( G IC ) . B y t h e p a s s i n g o f t h e IR D A B i l l , t h e I n s u r a n c e s e c t o r h a s b e e n o p e n e d u p f o r p r i v a t e c o m p a n i e s t o c a r r y o n In s u r a n c e b u s i n e s s .
What is the procedure to obtain insurance?
The simplest procedure to obtain insurance is: 1. Approach the In s u r a n c e Companies directly or
t h r o u g h In s u r a n c e a g e n t s o f t h e c o n c e r n e d c o m p a n i e s o r t h r o u g h Intermediaries. 2. Complete a proposal form giving full details. 3. Submit Date of Birth Certificate and other relevant documents. Insurance contracts are based on good faith i.e. the details furnished by the proposer are accepted in good faith and this will form the basis of the contract.
What are the other alternatives to Insurance?
O n e a l t e r n a t i v e t o In s u r a n c e i s t o p r o v i d e s e l f - In s u r a n c e i . e . t h e individual has to create a fund to meet risk exigencies. Specified trusts have also tried to provide insurance by a scheme of self-insurance. However, these are not very popular. T h e p o s t a l d e p a r t m e n t p r o v i d e s In s u r a n c e c o v e r a g e t o a l l w o r k i n g people. There are many financial instruments which advocate savings and provide future returns at specific intervals such as the provident fund and pension plans. However, none of these provide for life coverage.
What are the other benefits of taking Insurance?
1 . Tax Reli ef : U n d e r S e c t i o n 8 8 o f In c o m e T a x A c t , a p o r t i o n o f premiums paid for life insurance policies are deducted from tax l i a b i l i t y. S i m i l a r l y, e x e m p t i o n i s a v a i l a b l e f o r H e a l t h In s u r a n c e Policy premiums.
a. Money paid as claim including Bonus under a life policy is
e x e m p t e d f r o m p a ym e n t o f In c o m e T a x .
2 . E nc ou rages Savi ngs: A n i n s u r a n c e s c h e m e e n c o u r a g e s t h r i f t among individuals. It inculcates the habit of saving
c o m p u l s o r i l y, u n l i k e o t h e r s a v i n g i n s t r u m e n t s , w h e r e i n t h e s a v e d money can be easily withdrawn.
3. The beneficiaries to an insurance claim amount ar e protected from the claims of creditors by affecting a valid assignment.
4. For a policy taken under the MWP Act 1874, (Married Women's Property Act), a trust is created for wife and children as beneficiaries.
5 . Li f e P o l i c i e s a r e a c c e p t e d a s a s e c u r i t y f o r a l o a n . T h e y c a n a l s o be surrendered for meeting unexpected emergencies.
6. Based on the concept of sharing of losses, the society will b e n e f i t a s c a t a s t r o p h i c l o s s e s a r e s p r e a d g l o b a l l y.
INSURANCE REGULAYTORY & DEVELOPMENT AUTHORITY (IRDA) ACT, 1999.
? U n d e r t h i s A c t a n a u t h o r i t y c a l l e d IR D A h a s b e e n s e t u p . ? This is a corporate body established for the purpose for the purpose and objects as set out in the explanation to the title. ? T h e a u t h o r i t y r e p l a c e s “ c o n t r o l l e r ” u n d e r In s u r a n c e A c t 1 9 3 8 . ? T h e f i r s t s c h e d u l e a m e n d s In s u r a n c e A c t 1 9 3 8 . ? It states that if authority is superceded by Central
Government, the Controller of insurance may be appointed till s u c h t i m e a s „ a u t h o r i t y? i s r e c o n s t i t u t e d .
CONSTITUTION OF IRDA :
T h e In s u r a n c e R e gu l a t o r y D e v e l o p m e n t A u t h o r i t y c o n s i s t s o f t h e following members: ? Chairperson ? Less than five whole time members ? Less than four part time members a) Members standing should be persons of ability integrity and
b) They should have an experience in the fields of 1 ) Li f e i n s u r a n c e 2 ) G e n e r a l In s u r a n c e 3) Actuarial Science 4) Finance 5) Economics 6) Law 7) Accountancy 8) Administration ? Chairperson, member?s officers and other e m p l o ye e s of
Authority shall be public servant.
FUNCTIONS OF IRDA
1. To protect the interest of policy holders in the matter of i n s u r a n c e c o n t r a c t w i t h t h e c o m p a n y. 2. To specify requisite qualification, code of conduct and
training for insurance intermediaries and agents. 3 . T o s p e c i f y c o d e o f c o n d u c t f o r s u r v e yo r s / l o s s a s s e s s o r s . 4. To promote efficiency in the conduct of insurance busine ss.
5. To promote and regulate professional organization connected with the insurance and reinsurance business.
6. To undertake inspection, conduct enquires and investigation including audit of insurers and insurance intermediaries. 7. To control and regular the r ates, terms and conditions to be offered by the insurer regarding general insurance business not so controlled by Tariff Advisory Committee u/s 604 of Insurance Act, 1938. 8. To regulate investment of funds by the insurance companies. 9. To adjudicate dispute be tween insurers and intermediaries of insurance.
L IFE I NS URANCE CO RPO RATIO N O F INDI A ACT ,1956
? Li f e i n s u r a n c e b u s i n e s s w a s n a t i o n a l i z e d i n In d i a w i t h e f f e c t from 19th January 1956. ? The life insurance business of 154 In d i a n life officers
c o n s t i t u t e d b y 1 6 n o n - In d i a n i n s u r e r s o p e r a t i o n i n In d i a n a n d 7 5 p r o v i d e n t s o c i e t i e s w a s t a k e n o v e r b y t h e G o v t o f In d i a . ? L IC o f In d i a A c t w a s p a s s e d b y t h e P a r l i a m e n t o n 1 6 t h J u n e 1956 and it came into effect from 1 st July 1956.
LIFE INSURANCE IN INDIA
Life Insurance in its ex isting form came to India form the United Kingdom with the establishment of a British from Oriental Life
Insurance Company in Calcutta in 1818 followed by Bombay Life Assurance Company in 1823. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life insurance business. Later in 1928 the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non -life insurance business transacted in India by Indian and foreign insurers including provident insurance societies. In 1948 with a view to protecting the interest of insuring public earlier legislation was consolidated and effective control over the activities of insurers. The Act was amended in 1950 resulting in far reaching changer in the insurance sector. These included a statutory requirement of equity c a p i t a l f o r c o m p a n i e s c a r r yi n g o n l i f e i n s u r a n c e b u s i n e s s , c e i l i n g o n share holdings in such companies, stricter control on investments, submission of periodical returns relation to investments and such other information to the controller. The controller could also call appointment of administrators and put a ceiling on expenses for of
management and agency commission for mismanaged companies.
By
1956,
154
Indian
insurers,
16
foreign
insurers
and
75
p r o v i d e n t s o c i e t i e s w e r e c a r r yi n g o n l i f e i n s u r a n c e b u s i n e s s i n I n d i a . Life Insurance business was concentrated in urban areas and confined t o t h e h i g h e r s t r a t a o f t h e s o c i e t y. O n J a n u a r y 1 9 , 1 9 5 6 t h e m a n a g e m e n t of Life Insurance business of 245 Indian and foreign insurers and provident societies then operating in India was taken over by the Central Government. Life Insurance Corporation was formed in
September 1956by an Act of Parliament, viz. LIC A ct 1956 with a capital contribution of Rs 50 million.
Introductio n o f ma jor play ers a nd Competito rs in insura nce industry
HDFC STANDARD LIFE
T h e Pa r t n e r s h i p :
HDFC and Standard Life first came together for a possible joint venture, to enter the Life Insurance market, in January 1995. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. In October 1 995 the c o m p a n i e s s i g n e d a 3 ye a r j o i n t v e n t u r e a g r e e m e n t . A r o u n d t h i s t i m e Standard Life purchased a 5% stake in HDFC, further strengthening the relationship.
T h e n e x t t h r e e ye a r s w e r e f i l l e d w i t h u n c e r t a i n t y, d u e t o c h a n g e s i n government and ongoing d e l a ys in getting the IRDA (Insurance
R e g u l a t o r y a n d D e v e l o p m e n t a u t h o r i t y) A c t p a s s e d i n p a r l i a m e n t . Despite this both companies remained firmly committed to the venture.
In
October
1998,
the
joint
venture
agreement
was
renewed
and
additional resource made available. Around this time Standard Life purchased 2% of Infrastructure Development Finance Company Ltd. (IDFC). Standard Life also started to use the services of the HDFC Treasury department to advise them upon their investments in India.
Towards the end of 1999, the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. Therefore, in January 2000 an expert team from the UK joined a hand picked team from HDFC to form the core project team, based in Mumbai.
AVIVA LIFE INSURANCE
Aviva launched a life insurance and long -term savings joint venture in June 2002 with Dabur Group, one of India?s oldest and most respected business houses.
S I ZE
A m o n g t h e t o p 1 0 l i f e i n s u r e r s i n t h e I n d i a n m a r k e t a n d e m p l o ys about 220 staff.
Products
Unitized and unit-linked with-profit policies.
Distribution
The majority of sales - about 70% - come through our pioneering bancassurance partnerships with ABN AMRO Bank, American Express Bank, Canara Bank, Lakshmi Vilas Bank, the Bank of Bahrain & Kuwait and Punjab & Sind Bank in towns across India.
?
A network of 4,600 financial planning advisers in 25 locations a c r o s s t h e c o u n t r y.
?
An insurance broking business in partnership with Bajaj Capital, a l e a d i n g f i n a n c i a l p l a n n i n g a n d i n v e s t m e n t a d v i s o r y c o m p a n y.
Loca tio ns
Through our bancassurance partners, corporate agents and
brokers, Aviva products are now available in more than 130 l o c a t i o n s a r o u n d t h e c o u n t r y.
History
Commercial Union and Norwich Union established agencies in India in the 1860s. General Accident appointed its first agents in 1902. Life insurance operations were nationalised in 1956.
KOTAK LIFE INSURANCE
A L i f e t i me o f Va l u e
Kotak Mahindra one of India's leading financial institutions was born in 1985 as Kotak Capital Management Finance Limited. This company was p r o m o t e d b y M r . U d a yK o t a k , M r . S i d n e y A . A . P i n t o a n d K o t a k & C o m p a n y. I n d u s t r i a l i s t s M r . H a r i s h M a h i n d r a a n d M r . A n a n d M a h i n d r a took a stake in 1986, and that's when the company changed its name to Kotak Mahindra Finance Limited. It 's been a stead y and confident journey to growth and success. 198 6 198 7 199 Kotak Mahindra Finance Limited starts the activit y of Bill Discounting Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market The Auto Finance division is started
0 199 1 The Investment Banking Division is started. Takes over
FICOM, one of India?s largest financial retail marketing networks
199 2 199 5
Enters the Funds Syndication sector
Brokerage and Distribution businesses incorporated into a separate company - Kotak Securities. Investment Banking division incorporated into a separate company Kotak
Mahindra Capital Company 199 6 The Auto Finance Business is hived off into a separate company - Kotak Mahindra Primus Limited. Kotak Mahindra takes a significant stake i n Ford Credit Kotak Mahindra Limited, for financing Ford vehicles. The launch of Matrix Information Services Limited marks the Group?s entry into information distribution. 199 8 200 0 Enters the mutual fund market with the launch of Kotak Mahindra Asset Managem ent Company. Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance business. Kotak Securities launches kotakstreet.com its on-line
broking site. Formal commencement of private equity activity through setting up of Kotak Mahindra Ventu re Capital Fund. 200 1 Matrix sold to Friday Corporation
Launches Insurance Services
203
Kotak Mahindra Finance Ltd. converts to bank
Kotak Mahindra is one of India's leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to individuals and corporates. the financial needs of
BAJ AJ ALLIANZ LIFE INSURANCE COM PANY
A B O UT US
Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates- Allianz AG, one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world.
B a j a j Al l i a n z L i f e I n s u r a n c e
Is the fastest growing private life insurance compan y in India Currently has over 3,00,000 satisfied customers. We have customer care centers in 15 5 cities with 28000 Insurance Consultant providing the finest customer service.
One of India's leading private life insurance companies
Allianz Group
Allianz Group is one of the world's leading insurers and financial services providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international g r o u p i s t h e h o l d i n g c o m p a n y, A l l i a n z A G , w i t h i t s h e a d o f f i c e i n M u n i c h . Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of Property and Casualty Insurance,
Asset M ana gement a nd Banking .
A L L I A N Z A G - A G L O B A L FI NA N CI AL PO W E R H O US E
? Worldwide 2nd by Gross Written Premiums - Rs.4,46,654 cr.
? 3rd largest
Assets
Under
Management
(AUM)
& largest
amongst
Insurance cos. - AUM of Rs.51,96,959 cr.
? 12th largest corporation in the world
? 49.8 % of global business from Life Insurance
? E s t a b l i s h e d i n 1 8 9 0 , 1 1 0 yr s o f I n s u r a n c e e x p e r t i s e
? 7 0 c o u n t r i e s , 1 7 3 , 7 5 0 e m p l o ye e s w o r l d w i d e
Ba ja j Group
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of two -wheelers and three-wheelers in India and one of the largest in the world. A household name in India, Bajaj Auto has a strong brand image & brand l o ya l t y s yn o n ym o u s w i t h q u a l i t y & c u s t o m e r f o c u s .
A S T RO NG I NDI AN B R A ND - H A M A R A B AJ AJ
? One of the largest 2 & 3 wheeler manufacturer in the world
? 21 million+ vehicles on the roads across the globe
? Managing funds of over Rs 4000 cr.
? Bajaj Auto finance one of the largest auto finance cos. in India
? Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002 -03
Auto has the following to offer –
? Financial strength and stability to support the Insurance Business.
? A s t r o n g b r a n d - e q u i t y.
? A
good
market
reputation
as
a
world
class
organization.
? An extensive distribution network.
? Adequate experience of running a large organization.
N E W S H E AD L I N E S Aug. 2005
? Silver Health Plan, 22 August 05, The Economic Times -More » ? Bajaj Allianz provides insurance to Bangalore Airport, 10 August 05, Times of India. ? Bajaj Allianz to cash in on civil aviation market , 2 August 05, The Economic Times. ? Huge Claims also ring in sales for insurance companies , 1 August 05, Times of Ind ia.
July 2005
? Bajaj Allianz gears up for claims deluge, 31 Jul y 05, Business Line. ? Bajaj Allianz plans to double premium collection in state, 28 July 2005, Business Standard. ? Bajaj Allianz offers Senior Citizen Health Cover, 28 July 2005, Business Standard. ? Flood claims settled, 28 July 2005, Rajasthan Patrika. ? Bajaj Allianz-Yes Bank bancassurance tie -up, 21 July 2005, Sakal. ? Game, Set & Cover Drive, 20 July 2005, The Economic Times. ? I n t e r v i e w o f K a m e s h G o ya l o n B u s i n e s s S t a n d a r d , J u l y 2 0 0 5 . ? Insurers hit by Gujarat jinx again, 4 July 2005, Business Standard Insurers.
Jun. 2005
? Six of eight pvt general insurers post profit - 5 June 2005, Business Standard. ? Insurers prefers corporate agency tie -ups to referrals -1 June 2005, Business Line.
Ma y . 2 0 0 5
? I n t e r v i e w o f K a m e s h G o ya l o n A s i a I n s u r a n c e P o s t - M a y 2 0 0 5 . ? Bajaj Allianz tops private insurers' charts.2004 -05 - 7 May 2005, The Economic Times, Mumbai. ? Bajaj Allianz declared result for.., - 7 May 2005, Business Standard, Mumbai. ? Bajaj Allianz net up 117% - 6 May 2005, The Financial Express, Mumbai.
Apr. 2005
? H A T i n h o u s e , O u t l o o k M o n e y, 3 0 A p r i l 2 0 0 5 . Heinz Dollberg-Director Allianz talks about the busine ss performance-21st April 2005......WirtschaftsWoche. ? Bajaj Allianz tops in Asian Market, 20 April 2005 - The Economic Times. ? New Bajaj Allianz schemes for travellers to Asia , April 12 - The Hindu Business Line. ? Bask in the sun, but take cover , Apri l 11 - The Economic Times. ? Bajaj Allianz turns outsourcing arm,mans Lanka operations.... April 8 2005- The Financial Express. ? IC IC I Lombard and Bajaj Allianz bags Kingfisher insurance account, April 6 2005.
Ma r . 2 0 0 5
? The tariffs acts as a hindrance for insurance companies who.... Mar 2005 - Asia Insurance Post. ? Bajaj Allianz goes 'in -house' for mediclaimservicing , 31 Mar. - The Economic Times , Pune. ? P r o t e c t yo u r m o s t v a l u e d p o s s e s s i o n , - 3 0 M a r . 2 0 0 5 - T h e F i n a n c i a l Express , Mumbai. ? Bajaj Allianz shifts health insurance mgmt in -house, - 28 Mar. 2005 Economic Times, Mumbai - More » ? Y o u ' r e I T s a w y, H Q t e l l s B a j a j A l l i a n z - 2 8 M a r . 2 0 0 5 - T h e I n d i a n Express. ? Cos travel the extra mile to offer innovative covers - 19 Mar. 2005 Economic Times. ? Bajaj Allianz is IT Centre of Competence -12 Mar.2005 -The Financial Express, Mumbai.
Feb. 2005
? UBI ,Bajaj Allianz inks bancassurance tie -up -23 Feb.2005 -Deccan C h r o n i c l e – H yd e r a b a d . ? UBI tie up -22 Feb.2005 - The Statesman -Kolkata- More » UBI ties up with Bajaj Allianz -22 Feb.2005 - The Assam Tribune – Guwahati. ? UBI ties up with Bajaj Allianz -22 Feb,2005 - Hindustan Times – Kolkata. ? Deliverance from TPAs at hand., 15 Feb. 2005, Businee Standard, Mumbai. ? Abiding alliance , 14 Feb. 200 5, Businee India - More » Article on Wedding Insurance policy in "Eenadu"., 11 Feb. Eenadu. 2005,
Jan. 2005
? Wet paint: Art insurance policies not well defined, 30 Jan. 2005, Times of India - Mumbai,India. ? Thanks to Bajaj Allianz , bank....., The Hindu Business Line Jan22 ,2005. ? Insuring wedding celebrations... ,Dalal Street Jan 10 -23, 2005.
HEAD OFFICE OF BAJAJ ALLIANZ LIFE INSURANCE
Head Office Add. Tel Fax Email : GE Plaza 1 st Floor, Airport Road, Yerawada,Pune 411006 : +91-020-56026666 : +91-020-56026667 : [email protected]
The top management of Bajaj Allianz General Insurance consists of people having domain knowledge of insurance as well as specialists respective field. in their
BAJ AJ ALLIANZ Guiding Principles
Recruit the Best
Bajaj Allianz has a well-articulated equal opportunity policy, which lays strong emphasis on hiring of individuals irrespective of age, race, caste or gender. As a best practice in recruitment, they deploy identified psychometric tools such as SHL and Belbin and designate ability tests to eliminate any biases in the resourcing process and facilitate hiring of diverse profiles (vis-à-vis gender, background, experience levels and competencies). The focus is on competence-based credentials rather than past experience or length of service.
Bajaj Allianz does not follow a very descriptive hierarchy – you have transparency at each level, unlike most other organizations, where managers and senior management don?t „look? after their subordinates. Here you feel comfortable talking with your seniors” At Bajaj they have
an Employee Referral Programme, which seeks to encourage employees to be brand ambassadors of the Company and actively contribute to the resourcing process by recommending candidates with relevant competencies and potential, thereby facilitating in strengthening domain expertise within the Organization.
They have a robust Campus Programme, which is aimed at hiring students fresh from key BSchools and providing them with structured inputs and an environment for their personal and professional growth. The Summer Trainee Program is designed to expose people to the vibrancy of a complex and competitive business environment, challenge you intellectually and encourage people to find innovative solutions. They aim at providing a business perspective and Summer Trainees work on live projects, which form the core of our business strategy. Not only do they get the freedom to experiment and make decisions, but also spend quality time with their Project Guide or mentor, who provides them the perspective of the 'bigger picture'. The programme thus gives them a unique opportunity to integrate their classroom learning with the realities of real business, in a live yet safe environment.
Accept Personal Responsibility
“Apart from professional development, Bajaj also looks after the personal development of Employees. They believe that dealing with diversity is an ongoing phenomenon that facilitates the process for a Company to adapt to and capitalize on today's increasingly complex marketplace. Specific action plans have been formulated to ensure the mandated gender ratio is achieved at the recruitment stage for a new position or through job enhancement/ job rotation opportunities for existing roles. The organization has tremendous respect for the individual - which it d e m o n s t r a t e s b y d o i n g w h a t i t s a ys ”
Build a n Empow ered Tea m
To institutionalize an open and honest environment with shared goals and participative decision -making, they have various open forums, one such initiative being the Town Hall(s). These are conducted on a monthly basis by the Managing Director and designate leadership team members. To share information on celebrations, events and people across locations, a quarterly newsletter „Buz z. is circul ated to all members of the Bajaj team. It features a message from the Managing Director, celebrates achievements and M i l e s t o n e s o f i n d i v i d u a l s a n d t e a m s a n d u p d a t e s e m p l o ye e s o n n e w a n d ongoing initiatives and highlighting news of past and futu res events “ E m p l o ye e s a r e n o t w o r k i n g w i t h B A J A J , t h e y a r e l i v i n g i n B A J A J ” In line with their vision statement and one of BAJAJ key values -
Innovation,
Build Sha red Visio n a nd Purpose
“ Y o u f e e l a s i f yo u a r e p a r t o f t h e s y s t e m w h e n yo u a r e i n c l u d e d i n a l l t h e d e c i s i o n s b e i n g m a d e f o r yo u r f u n c t i o n . ” As a C o m p a n y, they encourage self -starters. Given their d yn a m i c
environment, one is expected to deliver from day one. Somewhere between adjusting to the new environment and proving their worth they forge t to ASK. Ask basic questions A b o u t t h e f a c i l i t i e s , i n f r a s t r u c t u r e , p r o c e s s e s , k e y p e o p l e a n d d yn a m i c s o f the Organization etc. Information, which if provided on time can be very useful.
Ca reer Ma nagement
C a mp u s P r o g r a mme
They have a robust Campus Programm e, which is aimed at hiring students fresh from key B-Schools and providing them with structured inputs and an environment for their personal and professional growth. The Summer Trainee Programme is designed to expose them to the vibrancy of a complex and competitive business environment, challenge intellectually and encourage them to find innovative solutions.
L e a d e r s h i p D e v e l o p me n t
To strengthen entrepreneurial capabilities required to operate in a fiercely competitive and dynamic insurance market environment and plan effective succession planning by building futuristic leadership competencies, various initiatives are taken by the Bajaj Group
R e w a r d a n d r e c o g n i z e p e r f o r ma n c e
To build a meritocratic environment, they have implemented a robust value based performance management process wherein they recognize significant contributions made by their employees in an objective and transparent manner and on demonstrated competence levels. Further, they also recognize people who 'walk that extra mile' in li ving the Bajaj values.
Products & Services
MOTORCYCLE INSURANCE Scooters
SWOT Analysis of Bajaj Allianz
1. Lack of penetration in rural areas Weakness 2. Smaller Infrastructure as compared to established players
1. Growing rural market potential Opportunity 2. Urban Youth with growing income
1. Economic crisis and economic instability 2. Entry of new NBFCs in the sector Threats 3. Increasing awareness amongst people about securing their future
1. Association with multiple brands
Strengths
2. Consistent revenue growth.
OBJECTIVE
1. To study the recruitment and selection procedure followed in Bajaj Allianz Life Insurance 2. To study the various sources of recruitment followed in BAJAJ ALLIANZ. 3. To learn what is the process of recruitment and selection that should be followed. 4 . T o s e a r c h o r h e a d h u n t p e o p l e w h o s e s k i l l f i t s i n t o t h e c o m p a n y? s values. 5. To study the role of Hr Practices and Recruitment Policy in achieving the organisational goal.
Scope of the research
The report deals with the recruitment and selection process in terms of theoretical point of view and the practical use. The study will allow learning about the recruitment and selection issues, importance, modern techniques and models used to make it more efficient. The study will help to learn the practical procedures followed by the leading organizations. Moreover the study will help to differentiate between the practice and the theories that direct to realize how the organization can improve their recruitment and selection process.
Limitations of the research
The main limitation of the study is the collection of information. Because most of the information are confidential. So they don?t want to disclose them. and I am not able to show any forms which they use in the time of joining or we use to upgrade the files.
RECRUITMENT
Recruitment is “hiring” of employees from outside. Recruitment has been regarded as the most important function of the HR department , because unless the right type of people are hired, even the best plans, organization chart and control system would not do much good. Recruitment is the discovering of potential applicant for actual or anticipated organizational vacancies. Accordingly the purpose of recruitment is to locate sources of manpower to meet the job requirements and job specification. “It is defined as a process to discover the sources of manpower to meet the requirements of staffing schedule and to apply effective measures for attracting the manpower to adequate number to facilitate effective selection of an effective workforce? “It is the process of finding and attracting capable applicants for employment. The process begins when new recruits are sought and ends when their application are submitted. The result is a pool of applicants from which new employees are selected.”
Methods of Recruitment
Dunn and Stephens summaries the possible recruiting methods into three categories, namely 1: Direct method 2: Indirect method 3: Third party method
DIRECT METHOD
The direct method includes sending of the recruiters to different educational and professional institutions, employees contact with public, and mannered exhibits. One of the widely used methods is sending the recruiters to different colleges and technical schools. This is mainly done with the cooperation of the placement office of the college. Sometimes, firms directly solicit information form the concerned professors about student with an outstanding records. Other direct methods include sending recruiters to conventions and seminars, setting up exhibits at fairs, and using mobile offices to go the desired centers.
INDIRECT METHOD
Indirect method involves mainly advertising in newspapers, on the radios, in trade and professional journals, technical magazines and brochures. Advertisements in newspapers and or trade journals and magazines are the most frequently used methods. Senior post is largely filled with such methods. Advertising is a very useful for recruiting blue color and hourly worker, as well as scientific, professional, and technical employees. Local newspaper can be good sources of blue collar workers, clerical employees, and lower level administrative employees. The main point is that the higher the position in the organization the more dispersed advertisement is likely to be. The search for the top executive might include advertisement in a national periodical, whereas the advertisement of the blue color jobs usually confine to the daily newspaper. According to the Advertisement tactic and strategy in personnel Recruitment, three main points need to be borne in the mind before an advertisement in inserted. ? First, to visualize the type of applicants one is trying to recruit. ? Second, to write out a list of advantages the company offers, or why should the reader join the company. Third, to decide where to run the advertisement , not only in which area, but also in which newspaper having a local, state or a nation- wide circulation.
THIRD PARTY
These include the use of commercial or private employment agencies, state agencies, and placement offices of schools colleges and professional associations recruiting firms, management consulting firms, indoctrination seminars for college professors, and friends and relatives. Private employment agencies are the most widely used sources. They charge a small fee from the applicant. They specialize in specific occupation; general office help, salesmen, technical workers, accountant, computer staff, engineers and executives. State or public employment agencies are also known as the employment or labour exchanges, are the main agencies for the public employment. Employers inform them of their personnel requirement, while job seekers get information for them about the type of job are referred by the employer. Schools and colleges offer opportunities for recruiting their student. They operate placement services where complete biodata and other particular of the student are available. Professional organization or recruiting firms maintain complete information records about employed executive. These firms maintain complete information records about employed executives. These firms are looked upon as the head hunters? raiders? and pirates? by organization which loose their personnel through their efforts.
Evaluation of the recruitment method
The following are the evaluation of the recruitment method 1: Number of initial enquires received which resulted in completed application forms 2: Number of candidates recruited. 3: Number of candidates retained in the organization after six months. 4: Number of candidates at various stages of the recruitment and selection process, especially those short listed.
Objective of recruitment
1: To attract with multi dimensional skills and experience that suite the present and future
organization strategies. 2: To induct outsider with new perspective to lead the company. 3: To infuse fresh blood at all levels of organization. 4: To develop an organizational culture that attracts competent people to the company. 5: To search or headhunt people whose skill fit the company?svalues. 6: To seek out non-conventional development grounds of talent 7: To devise methodology for assessing psychological traits. 8: To search for talent globally not just with in the company. 9: To design entry pay that competes on quality but not on quantum. 10: To anticipate and find people for position that doesn?t exists yet. Recruitment represents the first contact that a company makes with potential employees. It is through recruitment that many individuals come to know about the company and eventually decide whether they wish to work for it.The recruitment process should inform qualified individuals about the job so that applicant can make comparison with their qualification and interest.
Factors affecting Recruitment
There are two types of factors that affect the Recruitment of candidates for the company. 1:Internal factors: These includes ? Company?s pay package ? ? ? ? ? ? ? Quality of work life Organizational culture Company?s size Company?s product Growth rate of the company Role of trade unions Cost of recruitment
2: External factors: These include ? Supply and demand factors ? Employment rate ? Labour market condition ? Political, legal and government factors ? Information system
Factors to be undertaken while formulating recruitment policies
The following factors should be undertaken while formulating the policies ? Government polices ? Recruitment sources ? Recruitment needs ? Recruitment cost ? Organizational and personal policies
Theories Regarding Recruitment
Recruitment is two way street: it takes a recruiter has a choice whom to recruit, same way the prospective employee also has taken the decision whether or not to apply for the given job vacancy. The individual take the decision usually on three different basic: 1: The objective factors 2: The critical contact 3: The subjective factor The objectives theory views that the process of organizational choice as being one of weighing and evaluating set of measurable characteristic of employment offers, such pay, benefits , location, opportunity for advancement, the nature of job to performed, and education opportunities. Whereas, the critical contact theory suggests that the typical candidates is unable to make a meaningful differentiation of organization?s offers in terms of objective or subjective factors, because of his limited or very short contact with the organisation. Choice can be made only when applicant can readily perceive the factors such as the behaviour of the recruiters, the nature of the physical facilities, and such as the efficiency in processing paper work association with the application. On the other hand, the subjective theory emphasizes the congruence. Here the choices are made on highly personal and emotional basis.
Recruitment Process
The actual steps involved in recruitment follow a well defined path:
Application shortlist: In this step, we shortlist the resume received from various sources
based on the suitability for the requirement.
Preliminary Assessment: The short listed candidates go through a preliminary round of
interviews. This interview lays more emphasis on functional competencies. To have more data on the functional skills, the candidates may be given a business case for analysis and presentation (This is done for certain positions only).
Final interview: Here the candidates who successfully clear the first round of interview
go through another round of interview with one or more of the functional heads.
Medical Evaluation:Candidates who are selected by Colgate are asked to undergo a
medical test.
Evaluation of recruitment process
The following are the evaluation of the recruitment process: 1: Return rate of application sent out. 2: Number of suitable candidates for selection. 3: Retention and performance of the candidate selection. 4: Cost of recruitment 5: Time lapsed data. 6: Comments on image projected.
PHILOSOPHY OF RECRUITMENT
Basically there are two Philosophies of recruitment. These are as follows:
1.REALISTIC JOB PREVIEWS (RJP):Realistic Job Previews provides complete
job related information to the applicants so that they can make the right decision before taking up the jobs. It includes positive and the negative aspects of the job. 2. JOB COMPATIBILITY QUESTIONNAIRE: (JCQ) :Job compatibility Questionnaire was developed to determine whether an applicant.s preference for the work match the characteristic of the job. The JCQ is designed to collect information on all aspects of the job which have a bearing in on employee performance .absenteeism, turnover and job satisfaction. The underlying assumption of JCQ is that, greater the compatibility between an applicant?s preference for the job and characteristic of the job as perceived by the job seeker, the greater the probability of employee effectiveness and longer the tenture.
SELECTION
Selection is a negative process and involves the elimination of candidates who do not have the required skills and qualification for the job proposed. Also it is a process of differentiating between applicants in order to identify and hire those with grater likelihood of success in job. The objective of selection decision is to choose the individual who can most successfully perform the job from the pool of qualified candidates. It is the system of function and devise adopted in a given company to ascertain whether the candidate.s specifications are matched with the job specifications and recruitment or not. Selection process or activities typically follow a standard patter, beginning with an initial screening interview and concluding with final employment decision. The traditional selection process includes: preliminary screening interview, completion of application form, employment test, comprehensive interview, background investigation, physical examination and final employment decision to hire.
Organization for selection
Until recently the basic hiring process was performed in a rather unplanned manner in many organizations. In some companies, each department screened and hired its own employees. Many mangers insisted on screening their own employees as they thought no one else could do that as efficiently as they themselves.But now selection is centralized and handled by the Human Resource Department. This type of arrangement is also preferred due to some of these advantages: ? ? ? ? ? It is easier for the application because they can send their applications to a single centralized department. It facilitates contact with applicants because issues pertaining to employment can be cleared through one central location. It helps operating managers to concentrate on their operating responsibilities. This is especially helpful during the chief hiring period. It can provide for better selection because hiring is done by specialist trained in staffing techniques. The applicant is better assured of consideration for a greater variety of jobs. ? ? ? Hiring cost is cut because duplication of efforts is reduced.
With increased governmental regulation on selection process, it is important that people who know about these rules handle a major part of the selection process. Ideally, a selection process involves mutually decision making. The organization decides whether or not to make a job offer and how attractive the job offer should be.
BARRIERS TO EFFECTIVE SELETION
The main objective of selection process is to hire people having competence and commitment towards the given job profile. But due to some reason the main purpose of effectively selecting candidates is defeated. These reasons are: 1. Perception or the Halo effect: Many a times the interviewer selects a candidate according to the perception he has or he made up while talking or looking at the individual. This way he does not see through the caliber or the efficiency of the individual and many times it leads to the selection of the wrong candidates. 2.Fairness: During the selection process the interviewer does not select the individual on the basis of his knowledge and hence the right type of the candidates is not selected. 3.Pressure: The people from the HR department and also have a lot of pressure from the top management and from other top class people for selecting the candidates they want. This ways the purpose of effective selection process of effective selection process is defeated as they have to select that individual whether or not he is capable of the job. that is being offered.
ESSENTIAL OF SELECTION PROCEDURE
? Someone should have the authority to select. ? There must be sufficient number of applicants from whom the required number of employees to be selected. ? There must be some standards of personnel with which a prospective employee may be compared.
FACTORS EFFECTING SELECTION DECISION Includes:
Profile matching Organization and social environment Multi correlations Successive hurdles
Literature Review
(Gilmore, and Williams, 2009). In their study they concluded the success and
sustainability of most organizations is directly proportional to skills and competencies of the employees. Equally, the entry point into any organization is dependent on the effectiveness of the recruitment and selection practices of the hiring team within the organization. . According to Gilmore and Williams (2009, p. 497), graduate recruitment is one of the leading and toughest challenges facing the majority of potential employers. Williams (2009) argues that the causes of this phenomenon can be in part due to the complexities associated with the selection of the most qualified individuals and as well, due to the availability of several graduates in different disciplines from Ivy League institutions. To that purpose, the demand for quality graduates will remain highly competitive, the most advantaged recruiters will be those with strong recruitment policies, coupled with exceptional training and development policies.
(Raybould, and Sheedy, 2005). This Litreature review aims to cover the gap that
existed in previous researches that have been covered and written up on the field of graduate recruitment and selection process by limiting the aspect of generalizations and concentrating on particular aspects. To that purpose, it will define the concept of graduate recruitment, examine the changes and types in the strategies and methods of graduate recruitment and selection.Additionally, this literature review will examine graduate recruitment tools and mechanisms applied in various recruitment processes, and as well, highlight particular aspects that interest employers or recruiters during the graduate recruitment process.
Mohamed Branine (2008, p. 500) : This literature reviews that recruitment and
selection process refers to the process of searching for and obtaining potential job applicants from graduates in sufficient quantity and quality so that potential employers can select the most suitable candidates to fill in their job vacancies (p. 500).” Universally, there is commonly accepted strategy or commonly agreed procedure of recruiting and selecting Universally, there is commonly accepted strategy or commonly agreed procedure of recruiting and selecting graduates due to the different recruiting needs and selection methods among many employers. The differences and variations in recruiting and selection methods among employers are dependent on the operations, size and needs.
Keenan (2005):
This literature review states that in order to ensure that best candidates
are selected to a particular post, it is forcefully crucial that the recruitment and selection process be handled in a timely and professional manner characterized by effectiveness and efficiency.The first step of the recruitment and selection process entails the announcement of a vacant position within an organization. This move is subject to thorough decision-making by members of the management regarding the strategic impacts within their organization . At times, situations exist where a vacant position resulting after an employee leaves are organization is replaced with automated machines. If the decision is made that, the vacant position requires to be filled, job specifications are drawn down to reflect the duties and requirements needed for that job in addition to requisite skills, experiences, and personal attributes. The next step involves the process of attracting candidates in order to produce a large pool of applicants from where the ideal candidate will be selected. Very often this function of the recruitment and selection process are outsourced to recruiting and hiring agencies in order to eliminate the number of unsuitable candidates applying for the vacant position. The third step is the resourcing cycle that entails shortlisting the number of candidates to a manageable level whereby it will be easy to make an employment decision. The selection process generates an optimum number of job seekers and the majority of applicants are rejected during this stage. Many things happen during this stage because the recruitment tools and strategies are applied during this stage including interviews, face-toface meetings, and other forms of communicating the selection procedure.
Frederick Taylor (1990) in his study states that "The principal object
of management should be to secure the maximum prosperity for the employer, coupled with the maximum prosperity for each employee.” Taylor believed that the management should use the techniques used by scientist to research and test work skills to improve the efficiency of the workforce. Also around the same time came the industrial welfare movement. This was usually a voluntary effort by employers to improve the conditions in their factories. The effort also extended into the employee?s life outside of the work place. The employer would try to provide assistance to employees to purchase a home, medical care, or assistance for education. The human relations movement is the major influence of the modern human resource management. The movement focused on how employees group behavior and how employee feelings. This movement was influenced by the Hawthorne Studies.
(Fyfe, et al.: Ketsaa; Phelps; Reyes): In their studies they states that the recruiting
process traditionally consists of the creation of job requirements, advertising, application, and screening. The Selection process traditionally consists of the testing and evaluating system (which has many phases), rankings (Qualified Selection Pool - QSP), and selection. The testing and evaluating system usually consist of phases involving a written exam, physical agility performance test, interview panel, psychological evaluation (written and interview), background check (which may include a truthfulness evaluation), and medical examination Although some agencies do not use all of these testing phases or specific selection procedures, this is the standard acceptable testing program used as an “industry standard.
(Hickman & Lee, Perry; Cunningham; Golembiewski, 1966; Golembiewski, September 1966): In their study they states that The “Strategic
Model” is used usually by moderate size agencies, agencies where there is a large hiring demand, or where there is an extreme competition for qualified applicants. If this is Structurally possible, this is the philosophically preferred method because it maximizes the strength of the human resources department (staff functions: methods, procedures, laws, and system development/implementation), and the strengths of the department (line functions:knowledge of positions, knowledge of needed traits, ability to investigate, and knowledge of applicant trends).
(Grugulis et al, 2004; Payne, 1999; Warhurst and Nickson, 2001) :In their
study they found that the seemingly growing importance of what are termed soft, generic or inter-personal-skills and/or personality traits has crystallised debate about the relative importance of qualifications versus other skills/factors within R&S. With the shift from manufacturing employment into services, and particularly the rise of interactive personal services (e.g. call centres, retailing, personal care) there has been a growing interest in, and concern about, the degree to which R&S decisions increasingly revolve around the candidate?s possession of these generic skills and attributes.
(Bowles and Gintis, 2002): In their study their finding is that personality type (or noncognitive skill, as economists tend to prefer to name it) appears to have a major impact on earnings levels, which is sometimes more significant than qualifications. In turn, this reflects the influence that personality traits, and the attitudes they engender, have on how individuals perform in the workplace. Many employers are seeking to recruit employees who demonstrate what they regard as positive attitudes and dispositions (towards work, change and social interaction with both customers and co-workers), and qualities such as leadership, industriousness, perseverance, and a positive attitude towards authority.
Johnson and Burden (2003): In their study they found that, „with a small number of
exceptions, employers place relatively little emphasis upon formal qualifications or specific technical skills or experience when talking about the things they look for in potential new recruits?. Perhaps more worryingly for policy is some evidence that over time the influence of qualifications on UK labour market outcomes, at least as measured in terms of the promotion of inter-generational social mobility between classes, has actually declined.
Recruitment Procedure Overview
Manpower Requisition Form
Budget
Sourcing
Selection Process
Joining
Post recruitment and data updating
REASERCH METHODOLOGY
In everyday life human being has to face many problems viz. social, economical, financial problems. These problems in life call for acceptable and effective solutions and for this purpose, research is required and a methodology applied for the solutions can be found out. Research was carried out at BAJAJ ALLIANZ LIFE INSURANCE Pvt .Ltd to find out the “Recruitment and selection process”.
DATA COLLECTION: Primary Data:
Primary data was collected through survey method by distributing questionnaires to branch manager and other sales manager. The questionnaires were carefully designed by taking into account the parameters of my study.
Secondary Data:
Data was collected from books, magazines, web sites, going through the records of the organisation, etc. It is the data which has been collected by individual or someone else for the purpose of other than those of our particular research study. Or in other words we can say that secondary data is the data used previously for the analysis and the results are undertaken for the next process.
My Job at Bajaj ALLianz LIFE INSURANCE
I started my job as HR Trainee. My job profile was to handle RECRUITMENT in my project. The senior sales manager narrated me the whole procedure. My job profile was to generate resumes from the various job sites such as Naukri.com, Timesjobs.com etc. according to the requirements of the company. After generating the resumes from the sites the next step is to shortlist the resume which best suite the requirements. Now the short-listed candidates have to be given a phone call in order to find out their interests and schedule them for interview. There are 2 forms of interview that a candidate can appear for: 1. Personal Interview. 2. Telephonic Interview.
PERSONAL INTERVIEW
This is regarded to be the BEST FORM of interview. In such form of an interview the candidate personally appears in front of the interviewer and gives his interview. This is regarded to be the best form of interview as the interviewee has the best chances of making his points clear in front of the interviewer.
TELEPHONIC INTERVIEW
Sometimes an interview is taken on the phone. A telephonic conversation is done between the interviewer and the interviewee where the interviewer calls up the candidate via phone and conducts the interview.
The Job profile Selling insuarance and building customer relations. Qualification Entry level opening: Graduates in any stream preferred can be. 10th or 12th standard pass,
according to the irda stipulation, depending on region of operation. Additional communication skills and ability to interact with people will help.
Middle level opening: Professional in finance or marketing with the experience in
service industry. (As asst sales manager)
Senior sales openings: Senior professional with experience of handling junior staff
preferred.
Statistical Tool:
Chi-Square Test
Chi square test is an important statistical tool. Chi square test is used to make comparison between the actual data and observed data. The test is a technique through the use of which it is possible for all researcher to:
1) To test the goodness of fit.
2) Test the significance of association between two variables.
In Chi-square test there are two hypothesis which are defined as:
1) Null Hypothesis (Ho) 2) Alternate Hypothesis (Ha)
Ho (Null Hypothesis): There is no significant relation between attitude towards HR practices and role of recruitment Policy in achievement the goals of an organisation.
Ha (Alternate Hypothesis): There is significant relation between attitude towards HR practices and role of recruitment Policy in achievement the goals of an organisation.
Observed Frequency table Sr. No. Very good Yes No Up to some extent Column Total 30 40 20 10 100 5 7 18 33 5 2 8 5 7 4 3 3 50 20 30 Good Average Bad Row total
Expected frequency table
Sr. No.
Very good
Good
Average
Bad
Yes No Up to some extent
15 6 9
20 8 12
10 4 6
5 2 3
After applying the chisquare test the tabulated value (12.592) is greater than calculated one(3.84). Hence There is significant relation between attitude towards HR practices and role of recruitment Policy in achievement the goals of an organisation.
Data Analysis and Interpretation
A Questionnaire was prepared for the purpose of getting Feedback from employees and Manager regarding “Recruitment and Selection Procedure”of their company. 100 employees were selected from different department and a Questionnaire was given to them for the purpose of the study.
Question1: Does your company Plan the written Recruitment policy?
No.of respondent regarding to the plan of recruitment policy by company.
Table 1 Responses Yes No Total Percentage 100 0 100 No. of respondent 100 0 100
Figure 1
Sources from table 1
Analysis and Interpretations:
100% employees said that yes they plan the written recruitment policy.
QUESTION 2: What are the sources for recruitment and selection?
No. of respondent regarding the sources for recruitment and selection
Table 2 Responses
Internal Sources External Sources Both Total
Percentage
9 18 73 100
No. of respondent
9 18 73 100
Figure 2
Sources from table
Analysis and Interpretation
About 75% of the managers say that they prefer both internal as well as external sourcefor recruitment and selection whereas only 9% go for internal source and 18% go for external sources.
Question 3: Which method do you mostly prefer for recruitment and selection preferred way of recruitment?
No. of respondent the method prefer for recruitment and selection preferred way of recruitment.
Table 3 Responses
Direct Indirect Third Party Total
Percentage
65 32 3 100
No. of respondent
65 32 3 100
Figure 3
Sources from table 3 Analysis and Interpretation
About 65% of the mangers go for direct recruitment and selection and 32% go forindirect and only 3 % go for third party recruitment way.
Question 4: When do you prefer to go for manpower planning? No. of respondent prefer for manpower planning Table 4 Responses
Yearly Quarterly No fixed Time Total
Percentage
20 50 30 100
No. of respondent
20 50 30 100
Figure 4
Sources from table 4
Analysis and Interpretation
Around 50% of the managers go for Quarterly manpower planning and 30 % do notfollow any pattern they don t have any fixed time where as 20% go for yearly.
Question5: What are the sources for external recruitment are preferred?
No. of respondent sources for external recruitment are preferred
Table 5
Responses Campus Interview Placement Agencies Data Bank Casual Applicants Total
Percentage 34 8 33 25 100
No. of respondent 34 8 33 25 100
Figure 5
Sources from table 5
Analysis and Interpretations:
In BAJAJ 34% of manager go for campus interviews, 33% go for data bank, 25% from the casual application that are received and only 8% go for any placement agencies.
Question 6: What form of interview did you prefer? No. of respondent preferring form of interview Table 6 Responses Personal Interview Telephonic Interview Video Confrencing Other Total Percentage 40 30 20 10 100 No. of respondent 40 30 20 10 100
Figure 6
Sources from table 6 Analysis and Interpretations
Most of the manager Prefer Personal interviews, 30% prefer to take telephonic interviews whereas only 20% go for video conferencing and rest 10% adopt some other means of interviews.
Question 7: How do you rate the HR practices of the company?
No. of respondent to rate the policy of hr practices Table 7
Responses Very Good Good Average Bad Total
Percentage 30 40 20 10 100
No. of respondent 30 40 20 10 100
Figure 7
Sources from table 7 Analysis and Interpretation
50% of the managers feel that HR department is good where and 30%say that?s it?s verygood where as 20% says its average and only 10% manager feel it?s bad.
Question 8: Do you think that Present Recruitment policy help the company in achieving their goals?
No. of respondent to the present Recruitment policy which can help the company in achieving their goals.
Table 8
Responses
Yes No To some Extent Total
Percentage
50 20 30 100
No. of respondent
50 20 30 100
Figure 8
Sources from table 8 Analysis and Interpretations:
50% of the employees says that company?s recruitment policy helpful in achieving the goals. Whereas 20% says no to this question and 30% employees says that company may be achieve their goals up to some extent.
Question 9: Does your company follows the method of recruitment through Internet? No. of respondent on the method of recruiting through internet Table 9 Responses
Yes No Total
Percentage
100 0 100
No. of respondent
100 0 100
Figure 9
Source from table 9
Analysis and Interpretations:
100% employees said that company follows the Recruitment through Internet.
Question 10: Is Company uses their own site for Recruitment?
No. of respondent Company uses their own site for Recruitment?
Table 10
Responses
Yes No Total
Percentage
90 10 100
No. of respondent
90 10 100
Figure 10
Sources from table 10 Analysis and Interpretation
90% of the employees says Yes that company uses its own site while 10% says that company does not uses its own site for recruitment.
Question 11: Is Internal Recruitment is effective in your opinion? No. of respondent to the effectiveness of internal recruitment Table 11 Responses
Yes No Total
Percentage
80 20 100
No. of respondent
80 20 100
Figure 11
Sources from Table 11
Analysis and Interpretations
80% of Employees says that it is effective while other 20% says that it is not effective.
Question 12: Is there any provision for recruitment of summer trainees?
No. of respondent for recruitment of summer trainees Table 12
Responses
Yes No Total
Percentage
100 0 100
No. of respondent
100 0 100
Figure 12
Sources from table 12 Analysis and Interpretations:
100% employees says that there is provision of recruitment of summer trainees.
Question 13:Is there any provision of evaluation and control of Recruitment and Selection policy of the company?
No. of respondent on evaluation and control of Recruitment and Selection policy of the company Table 13
Responses
Yes No Total
Percentage
80 20 100
No. of respondent
80 20 100
Figure 13
Sources from table 13 Analysis and Interpretations
80% of the employees said that there is control and evaluation of Recruitment & Selection Process in the company while 20% says No there is no control and evaluation of Recruitment & Selection Process.
FINDINGS
? In BAJAJ ALLIANZ Life insurance most of the employees feel that?s the HR department is good. ? About 75% of the managers says that they prefer both internal as well as external source for recruitment and selection. ? About 65% of the mangers go for direct recruitment and selection and less number for mangers prefer indirect or third party. ? Mostly the manpower planning is done Quarterly and 20 % do not follow any pattern they don?t have any fixed time. ? BAJAJ prefers to go for campus interviews and even casual application that are received for recruitment but they hardly prefer placement agencies. ? Most of the manager Prefer Personal interviews, 30% prefer to take telephonic interviews where as only 20% go for video conferencing and rest 10% adopt some other means of interviews.
CONCLUSION
This presents the summary of the study and survey done in relation to the Recruitment and Selection in Bajaj Allianz life insurance. The conclusion is drawn from the study and survey of the company regarding the Recruitment and Selection process carried out there. The recruitment process at Bajaj life insurance to some extent is not done objectively and therefore lot of bias hampers the future of the employees. That is why the search or headhunt of people should be of those whose skill fits into the company.s values. Most of the employees were satisfied but changes are required according to the changing scenario as recruitment process has a great impact on the working of the company as a fresh blood, new idea enters in the company. Selection process is good but it should also be modified according to the requirements and should job profile so that main objective of selecting the candidate could be achieved.
SUGGESTION
cannot satisfy it, then help from the placement agencies is needed.
process..
recruitment and selection through placement agencies as the last resort and is utilised only when need.
and it should not overlap with each other.
BIBLIOGRAPHY
1) The Recruitment and Selection Handbook - By Marjorie Mader-Clark 2)http://www.businessknowhow.com/manage/jobdesc.htm 3)http://humanresources.about.com/od/glossaryj/a/jobdescriptions.htm 4) The First-Time Manager – By Loren B Belker&Gary S Topchik
5)http://www.managementhelp.org/staffing/specify/job_desc/job_desc.htm 6) www.google.com 7) www.bajajalliaanz.com
ANNEXURE
Dear Sir/Mam, We are carrying out a study on the Recruitment and Selection provided by Bajaj Allianz Life Insurance to their selected Employees/Trainees. We request your response on the following aspects offered by company.
Question1: Does your company Plan the written Recruitment policy?
A) Yes b) No
QUESTION 2: What are the sources for recruitment and selection?
A) Internal B) External C) Both
Question 3: Which method do you mostly prefer for recruitment and selection preferred way of recruitment? A) Direct B) Indirect C) Third Party
Question 4: When do you prefer to go for manpower planning?
A) Yearly B) Quarterly C) No Fixed Time
Question 5: What are the sources for external recruitment are Preferred?
A) Campus Interviews B) Placement Agencies C) Data Bank D) Casual Applicants
Question 6: What form of interview did you prefer?
A) Personal Interviews B)Telephonic Interviews C) Video Confrencing D) Others
Question 7: How do you rate the HR practices of the company?
A) Very Good B) Good C) Average D) Bad
Question 8: Do you think that Present Recruitment policy help the company in achieving their goals?
A) Yes B) No C) To Some Extent
Question 9: Does your company follows the method of recruitment through Internet?
A) Yes B) No
Question 10: Is Company uses their own site for Recruitment?
A) Yes
B) No
Question 11: Is Internal Recruitment is effective in your opinion?
A) Yes B) No
Question 12: Is there any provision for recruitment of summer trainees?
A) Yes B) No
Question 13: Is there any provision of evaluation and control of Recruitment and Selection policy of the company?
A) Yes B) No
doc_699886009.docx
ON “Recruitment and Selection at Bajaj Allianz Insurance”
Submitted in Partial fulfillment of the requirements for the award of the Degree of MASTERS OF BUSINESS ADMINISTRATION
PUNJABI UNIVERSITY
Supervised by: Ms.Ritu Sharma
Submitted by: SunainaKalia Roll No. 5505
Acknowledgement
The successful realization of the project is an outgrowth of the consolidated effort of the people from desperate fronts. So it?s only with their support and guidance, I could meet my goal.It is a proud privilege to acknowledge with deep sense of gratitude to Mr.Joginder Kumar (Branch Manager).I like to thank Mr. Vishal Chadda (Manager- HR) who has given me the opportunity to do my summer training at Bajaj Allianz Insurance.I am especially grateful to my guide Mr.PavitarSingh&Mrs.Savita Thakur for providing me valuable inputs so as to complete my training successfully.I would also like to extend my thanks to all the Development & production Staff members who have been very helpful throughout my training in supplying with all the necessary information.Lastly I would like to thanks Bajaj Allianz , for accepting me as a summer trainee in such an esteemed organization. ` Sunaina Kalia ROLL NO. 5505
DECLARATION
I hereby declare that this report is submitted in partial fulfillment of the requirement of the award for the Master Of Business Management (MBA) in Human Resource course at CHANDIGARH GROUP OF COLLEGES, GHARUAN(MOHALI) for the year 2011-2013 is my original work.
(Sunaina)
Certificate of Completion
This is certified that the final project report submitted in partial ful-fillment of the requirement for the degree of MBA affiliated to Punjabi University, Patiala the research work carried out by Sunaina Kalia, roll no.5505 under my guidance and supervision.
(Project guide)
Date:
PREFACE
P r a c t i c a l t r a i n i n g i s a l w a ys i m p o r t a n t a s c l a s s r o o m t r a i n i n g . D u r i n g t h e practical training a person is actually face the real situations in actual w o r k i n g l i f e w h i c h h e / s h e c a n n o t e x p e r i e n c e d i n c l a s s r o o m It helps to
u n d e r s t a n d t h e c o m p l e x i t i e s o f l a r g e s c a l e o r g a n i z a t i o n s . It p r o v i d e s t h e invaluable treasure of experience to student.
D u r i n g m y t r a i n i n g , I g o t o p p o r t u n i t y t o w o r k i n g o f B a j a j A l l i a n z Li f e I n s u r a n c e c o m p a n y Lt d . , r e g i o n a l b r a n c h P a t h a n k o t . M y t o p i c o f project is Recruitment and Selection Process in Bajaj Allianz. I worked on the following aspects: ? Brand Awareness. ? Recruitment and Selection Process in Bajaj Allianz.
TABLE OF CONTENTS
Chapter
Contents
Page No.
1.
Introduction to Insurance and Company
9-36
2.
Recruitment and Selection
37-46
3.
REVIEW OF LITERATURE
47-50
4.
RESEARCH METHODOLOGY
51-55
5.
DATA ANALYSIS AND
56-68
INTERPRETATION
6.
FINDINGS, SUGGESTIONS &
69-71
CONCLUSION
7.
BIBLIOGRAPHY
8.
ANNEXURE
LIST OF TABLES
TABLE NUMBER Table 1 Table 2 TITLE PAGE NUMBER
Respondent of employees regarding to the plan of 56 recruitment policy by company. Respondent of employees regarding the sources for 57 recruitment and selection. Respondent of respondent the method prefer for recruitment and selection preferred way of recruitment. Respondent of prefer for manpower planning. Respondent of preferred.
58
Table 3
Table 4 Table 5 Table 6 Table 7
59
sources for external recruitment are 60
61 62
No. of respondent preferring form of interview No. of respondent to rate the policy of hr practices. No. of respondent to the present Recruitment policy which
Table 8
can help the company in achieving their goals.
63
Table 9 Table 10 Table 11
No. of respondent on the method of recruiting through 64 internet No. of respondent Company uses their own site for 65 Recruitment No. of respondent to the effectiveness of internal 66 recruitment
67
Table 12
No. of respondent for recruitment of summer trainees.
Table 13
No. of respondent on evaluation and control of Recruitment and Selection policy of the company 68
LIST OF CHARTS
Figure 1
Does your company Plan the written 56 Recruitment policy? What are the sources for recruitment and 57 selection? Which method do you mostly prefer for recruitment and selection preferred way 58 of recruitment? When do you prefer to go for manpower 59 planning? What are the sources for external 60 recruitment are Preferred? What form of interview did you prefer?
61
Figure 2
Figure 3
Figure 4
Figure 5
Figure 6 Figure 7
How do you rate the HR practices of the 62 company? Do you think that Present Recruitment policy help the company in achieving 63 their goals?
Figure 8
Figure 9
Does your company follows the method of recruitment through Internet?
64
Figure 10
Is Company uses their own site for 65 Recruitment? Is Internal Recruitment is effective in 66 your opinion? Is there any provision for recruitment of summer trainees?
67
Figure 11
Figure 12
Figure 13
Is there any provision of evaluation and control of Recruitment and Selection 68 policy of the company?
INTRODUCTION
Human Resource is a basic need of any work to be done. According toARTHUR LEWIS:
“There are great differences in development between countries which seem to have
roughly equal resources, so it is necessary to enquire into the difference in human behaviors” The project report is all about recruitment and selection process that?s an important part of any organization. Recruitment highlights each applicant?s skills, talents and experience. Their selection involves developing a list of qualified candidates, defining a selection strategy, identifying qualified candidates, thoroughly evaluating qualified candidates and selecting the most qualified candidate. It is said if right person is appointed at right place the half work has been done. In this project I have tried to cover all the important point that should be kept in mind while recruitment and selection process and have conducted a research study through a questionnaire that I got it filled with all the sales managers of the BAJAJ ALLIANZ LIFE INSURANCE and tried to find out which methods and various other information related to recruitment and selection and tries to come to a conclusion at what time mostly the manpower planning is don?t , what the various method used for recruiting the candidates and on what basic the selections is done. Bajaj ALLIANZ has a well-articulated equal opportunity policy, which lays strong emphasis on hiring of individuals irrespective of age, race, caste or gender as a best practice in recruitment.
INTROCUTION TO INSURANCE
W hat is I ns ura nc e?
" In s u r a n c e i s a c o n t r a c t b e t w e e n t w o p a r t i e s w h e r e b y o n e p a r t y c a l l e d insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event." Insurance happening is of a protection an against event. financial loss arising on the
unexpected
In s u r a n c e
companies
collect
premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the In s u r a n c e
Companies act as trustees to the amount collected. F o r E x a m p l e , i n a Li f e P o l i c y, b y p a y i n g a p r e m i u m t o t h e In s u r e r , t h e family of the insured person receives a fixed compensation on the death of the insured. S i m i l a r l y, i n c a r i n s u r a n c e , i n t h e e v e n t o f t h e c a r m e e t i n g w i t h a n accident, the insured receives the compensation to the extent of damage. It i s a s ys t e m b y w h i c h t h e l o s s e s s u f f e r e d b y a f e w a r e s p r e a d o v e r m a n y, e x p o s e d t o s i m i l a r r i s k s .
Why should you take Insurance?
Insurance is desired to safeguard oneself and one's family against p o s s i b l e l o s s e s o n a c c o u n t o f r i s k s a n d p e r i l s . It p r o v i d e s f i n a n c i a l compensation for the losses suffered due to the happening of any unforeseen events. By taking life insurance a person can have peace of mind and need not worry about the financial consequences in case of any untimely death. C e r t a i n In s u r a n c e c o n t r a c t s a r e a l s o m a d e c o m p u l s o r y b y l e g i s l a t i o n . For example, Motor Vehicles Act 1988, stipulates that a person driving a vehicle in a public pl ace should hold a valid insurance policy covering "Act" risks. Another example of compulsory insurance pertains to the Environmental Protection Act, wherein a person using o r c a r r yi n g h a z a r d o u s s u b s t a n c e s ( a s d e f i n e d i n t h e A c t ) m u s t h o l d a v a l i d p u b l i c l i a b i l i t y ( A c t ) p o l i c y.
Who provides Insurance ?
In India, prior to liberalization Insurance protection was made
a v a i l a b l e t h r o u g h P u b l i c s e c t o r In s u r a n c e C o m p a n i e s , n a m e l y, Li f e I n s u r a n c e C o r p o r a t i o n o f In d i a ( L I C ) a n d t h e f o u r s u b s i d i a r i e s o f G e n e r a l In s u r a n c e C o r p o r a t i o n o f In d i a ( G IC ) . B y t h e p a s s i n g o f t h e IR D A B i l l , t h e I n s u r a n c e s e c t o r h a s b e e n o p e n e d u p f o r p r i v a t e c o m p a n i e s t o c a r r y o n In s u r a n c e b u s i n e s s .
What is the procedure to obtain insurance?
The simplest procedure to obtain insurance is: 1. Approach the In s u r a n c e Companies directly or
t h r o u g h In s u r a n c e a g e n t s o f t h e c o n c e r n e d c o m p a n i e s o r t h r o u g h Intermediaries. 2. Complete a proposal form giving full details. 3. Submit Date of Birth Certificate and other relevant documents. Insurance contracts are based on good faith i.e. the details furnished by the proposer are accepted in good faith and this will form the basis of the contract.
What are the other alternatives to Insurance?
O n e a l t e r n a t i v e t o In s u r a n c e i s t o p r o v i d e s e l f - In s u r a n c e i . e . t h e individual has to create a fund to meet risk exigencies. Specified trusts have also tried to provide insurance by a scheme of self-insurance. However, these are not very popular. T h e p o s t a l d e p a r t m e n t p r o v i d e s In s u r a n c e c o v e r a g e t o a l l w o r k i n g people. There are many financial instruments which advocate savings and provide future returns at specific intervals such as the provident fund and pension plans. However, none of these provide for life coverage.
What are the other benefits of taking Insurance?
1 . Tax Reli ef : U n d e r S e c t i o n 8 8 o f In c o m e T a x A c t , a p o r t i o n o f premiums paid for life insurance policies are deducted from tax l i a b i l i t y. S i m i l a r l y, e x e m p t i o n i s a v a i l a b l e f o r H e a l t h In s u r a n c e Policy premiums.
a. Money paid as claim including Bonus under a life policy is
e x e m p t e d f r o m p a ym e n t o f In c o m e T a x .
2 . E nc ou rages Savi ngs: A n i n s u r a n c e s c h e m e e n c o u r a g e s t h r i f t among individuals. It inculcates the habit of saving
c o m p u l s o r i l y, u n l i k e o t h e r s a v i n g i n s t r u m e n t s , w h e r e i n t h e s a v e d money can be easily withdrawn.
3. The beneficiaries to an insurance claim amount ar e protected from the claims of creditors by affecting a valid assignment.
4. For a policy taken under the MWP Act 1874, (Married Women's Property Act), a trust is created for wife and children as beneficiaries.
5 . Li f e P o l i c i e s a r e a c c e p t e d a s a s e c u r i t y f o r a l o a n . T h e y c a n a l s o be surrendered for meeting unexpected emergencies.
6. Based on the concept of sharing of losses, the society will b e n e f i t a s c a t a s t r o p h i c l o s s e s a r e s p r e a d g l o b a l l y.
INSURANCE REGULAYTORY & DEVELOPMENT AUTHORITY (IRDA) ACT, 1999.
? U n d e r t h i s A c t a n a u t h o r i t y c a l l e d IR D A h a s b e e n s e t u p . ? This is a corporate body established for the purpose for the purpose and objects as set out in the explanation to the title. ? T h e a u t h o r i t y r e p l a c e s “ c o n t r o l l e r ” u n d e r In s u r a n c e A c t 1 9 3 8 . ? T h e f i r s t s c h e d u l e a m e n d s In s u r a n c e A c t 1 9 3 8 . ? It states that if authority is superceded by Central
Government, the Controller of insurance may be appointed till s u c h t i m e a s „ a u t h o r i t y? i s r e c o n s t i t u t e d .
CONSTITUTION OF IRDA :
T h e In s u r a n c e R e gu l a t o r y D e v e l o p m e n t A u t h o r i t y c o n s i s t s o f t h e following members: ? Chairperson ? Less than five whole time members ? Less than four part time members a) Members standing should be persons of ability integrity and
b) They should have an experience in the fields of 1 ) Li f e i n s u r a n c e 2 ) G e n e r a l In s u r a n c e 3) Actuarial Science 4) Finance 5) Economics 6) Law 7) Accountancy 8) Administration ? Chairperson, member?s officers and other e m p l o ye e s of
Authority shall be public servant.
FUNCTIONS OF IRDA
1. To protect the interest of policy holders in the matter of i n s u r a n c e c o n t r a c t w i t h t h e c o m p a n y. 2. To specify requisite qualification, code of conduct and
training for insurance intermediaries and agents. 3 . T o s p e c i f y c o d e o f c o n d u c t f o r s u r v e yo r s / l o s s a s s e s s o r s . 4. To promote efficiency in the conduct of insurance busine ss.
5. To promote and regulate professional organization connected with the insurance and reinsurance business.
6. To undertake inspection, conduct enquires and investigation including audit of insurers and insurance intermediaries. 7. To control and regular the r ates, terms and conditions to be offered by the insurer regarding general insurance business not so controlled by Tariff Advisory Committee u/s 604 of Insurance Act, 1938. 8. To regulate investment of funds by the insurance companies. 9. To adjudicate dispute be tween insurers and intermediaries of insurance.
L IFE I NS URANCE CO RPO RATIO N O F INDI A ACT ,1956
? Li f e i n s u r a n c e b u s i n e s s w a s n a t i o n a l i z e d i n In d i a w i t h e f f e c t from 19th January 1956. ? The life insurance business of 154 In d i a n life officers
c o n s t i t u t e d b y 1 6 n o n - In d i a n i n s u r e r s o p e r a t i o n i n In d i a n a n d 7 5 p r o v i d e n t s o c i e t i e s w a s t a k e n o v e r b y t h e G o v t o f In d i a . ? L IC o f In d i a A c t w a s p a s s e d b y t h e P a r l i a m e n t o n 1 6 t h J u n e 1956 and it came into effect from 1 st July 1956.
LIFE INSURANCE IN INDIA
Life Insurance in its ex isting form came to India form the United Kingdom with the establishment of a British from Oriental Life
Insurance Company in Calcutta in 1818 followed by Bombay Life Assurance Company in 1823. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life insurance business. Later in 1928 the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non -life insurance business transacted in India by Indian and foreign insurers including provident insurance societies. In 1948 with a view to protecting the interest of insuring public earlier legislation was consolidated and effective control over the activities of insurers. The Act was amended in 1950 resulting in far reaching changer in the insurance sector. These included a statutory requirement of equity c a p i t a l f o r c o m p a n i e s c a r r yi n g o n l i f e i n s u r a n c e b u s i n e s s , c e i l i n g o n share holdings in such companies, stricter control on investments, submission of periodical returns relation to investments and such other information to the controller. The controller could also call appointment of administrators and put a ceiling on expenses for of
management and agency commission for mismanaged companies.
By
1956,
154
Indian
insurers,
16
foreign
insurers
and
75
p r o v i d e n t s o c i e t i e s w e r e c a r r yi n g o n l i f e i n s u r a n c e b u s i n e s s i n I n d i a . Life Insurance business was concentrated in urban areas and confined t o t h e h i g h e r s t r a t a o f t h e s o c i e t y. O n J a n u a r y 1 9 , 1 9 5 6 t h e m a n a g e m e n t of Life Insurance business of 245 Indian and foreign insurers and provident societies then operating in India was taken over by the Central Government. Life Insurance Corporation was formed in
September 1956by an Act of Parliament, viz. LIC A ct 1956 with a capital contribution of Rs 50 million.
Introductio n o f ma jor play ers a nd Competito rs in insura nce industry
HDFC STANDARD LIFE
T h e Pa r t n e r s h i p :
HDFC and Standard Life first came together for a possible joint venture, to enter the Life Insurance market, in January 1995. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. In October 1 995 the c o m p a n i e s s i g n e d a 3 ye a r j o i n t v e n t u r e a g r e e m e n t . A r o u n d t h i s t i m e Standard Life purchased a 5% stake in HDFC, further strengthening the relationship.
T h e n e x t t h r e e ye a r s w e r e f i l l e d w i t h u n c e r t a i n t y, d u e t o c h a n g e s i n government and ongoing d e l a ys in getting the IRDA (Insurance
R e g u l a t o r y a n d D e v e l o p m e n t a u t h o r i t y) A c t p a s s e d i n p a r l i a m e n t . Despite this both companies remained firmly committed to the venture.
In
October
1998,
the
joint
venture
agreement
was
renewed
and
additional resource made available. Around this time Standard Life purchased 2% of Infrastructure Development Finance Company Ltd. (IDFC). Standard Life also started to use the services of the HDFC Treasury department to advise them upon their investments in India.
Towards the end of 1999, the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. Therefore, in January 2000 an expert team from the UK joined a hand picked team from HDFC to form the core project team, based in Mumbai.
AVIVA LIFE INSURANCE
Aviva launched a life insurance and long -term savings joint venture in June 2002 with Dabur Group, one of India?s oldest and most respected business houses.
S I ZE
A m o n g t h e t o p 1 0 l i f e i n s u r e r s i n t h e I n d i a n m a r k e t a n d e m p l o ys about 220 staff.
Products
Unitized and unit-linked with-profit policies.
Distribution
The majority of sales - about 70% - come through our pioneering bancassurance partnerships with ABN AMRO Bank, American Express Bank, Canara Bank, Lakshmi Vilas Bank, the Bank of Bahrain & Kuwait and Punjab & Sind Bank in towns across India.
?
A network of 4,600 financial planning advisers in 25 locations a c r o s s t h e c o u n t r y.
?
An insurance broking business in partnership with Bajaj Capital, a l e a d i n g f i n a n c i a l p l a n n i n g a n d i n v e s t m e n t a d v i s o r y c o m p a n y.
Loca tio ns
Through our bancassurance partners, corporate agents and
brokers, Aviva products are now available in more than 130 l o c a t i o n s a r o u n d t h e c o u n t r y.
History
Commercial Union and Norwich Union established agencies in India in the 1860s. General Accident appointed its first agents in 1902. Life insurance operations were nationalised in 1956.
KOTAK LIFE INSURANCE
A L i f e t i me o f Va l u e
Kotak Mahindra one of India's leading financial institutions was born in 1985 as Kotak Capital Management Finance Limited. This company was p r o m o t e d b y M r . U d a yK o t a k , M r . S i d n e y A . A . P i n t o a n d K o t a k & C o m p a n y. I n d u s t r i a l i s t s M r . H a r i s h M a h i n d r a a n d M r . A n a n d M a h i n d r a took a stake in 1986, and that's when the company changed its name to Kotak Mahindra Finance Limited. It 's been a stead y and confident journey to growth and success. 198 6 198 7 199 Kotak Mahindra Finance Limited starts the activit y of Bill Discounting Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market The Auto Finance division is started
0 199 1 The Investment Banking Division is started. Takes over
FICOM, one of India?s largest financial retail marketing networks
199 2 199 5
Enters the Funds Syndication sector
Brokerage and Distribution businesses incorporated into a separate company - Kotak Securities. Investment Banking division incorporated into a separate company Kotak
Mahindra Capital Company 199 6 The Auto Finance Business is hived off into a separate company - Kotak Mahindra Primus Limited. Kotak Mahindra takes a significant stake i n Ford Credit Kotak Mahindra Limited, for financing Ford vehicles. The launch of Matrix Information Services Limited marks the Group?s entry into information distribution. 199 8 200 0 Enters the mutual fund market with the launch of Kotak Mahindra Asset Managem ent Company. Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance business. Kotak Securities launches kotakstreet.com its on-line
broking site. Formal commencement of private equity activity through setting up of Kotak Mahindra Ventu re Capital Fund. 200 1 Matrix sold to Friday Corporation
Launches Insurance Services
203
Kotak Mahindra Finance Ltd. converts to bank
Kotak Mahindra is one of India's leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to individuals and corporates. the financial needs of
BAJ AJ ALLIANZ LIFE INSURANCE COM PANY
A B O UT US
Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates- Allianz AG, one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world.
B a j a j Al l i a n z L i f e I n s u r a n c e
Is the fastest growing private life insurance compan y in India Currently has over 3,00,000 satisfied customers. We have customer care centers in 15 5 cities with 28000 Insurance Consultant providing the finest customer service.
One of India's leading private life insurance companies
Allianz Group
Allianz Group is one of the world's leading insurers and financial services providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international g r o u p i s t h e h o l d i n g c o m p a n y, A l l i a n z A G , w i t h i t s h e a d o f f i c e i n M u n i c h . Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of Property and Casualty Insurance,
Asset M ana gement a nd Banking .
A L L I A N Z A G - A G L O B A L FI NA N CI AL PO W E R H O US E
? Worldwide 2nd by Gross Written Premiums - Rs.4,46,654 cr.
? 3rd largest
Assets
Under
Management
(AUM)
& largest
amongst
Insurance cos. - AUM of Rs.51,96,959 cr.
? 12th largest corporation in the world
? 49.8 % of global business from Life Insurance
? E s t a b l i s h e d i n 1 8 9 0 , 1 1 0 yr s o f I n s u r a n c e e x p e r t i s e
? 7 0 c o u n t r i e s , 1 7 3 , 7 5 0 e m p l o ye e s w o r l d w i d e
Ba ja j Group
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of two -wheelers and three-wheelers in India and one of the largest in the world. A household name in India, Bajaj Auto has a strong brand image & brand l o ya l t y s yn o n ym o u s w i t h q u a l i t y & c u s t o m e r f o c u s .
A S T RO NG I NDI AN B R A ND - H A M A R A B AJ AJ
? One of the largest 2 & 3 wheeler manufacturer in the world
? 21 million+ vehicles on the roads across the globe
? Managing funds of over Rs 4000 cr.
? Bajaj Auto finance one of the largest auto finance cos. in India
? Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002 -03
Auto has the following to offer –
? Financial strength and stability to support the Insurance Business.
? A s t r o n g b r a n d - e q u i t y.
? A
good
market
reputation
as
a
world
class
organization.
? An extensive distribution network.
? Adequate experience of running a large organization.
N E W S H E AD L I N E S Aug. 2005
? Silver Health Plan, 22 August 05, The Economic Times -More » ? Bajaj Allianz provides insurance to Bangalore Airport, 10 August 05, Times of India. ? Bajaj Allianz to cash in on civil aviation market , 2 August 05, The Economic Times. ? Huge Claims also ring in sales for insurance companies , 1 August 05, Times of Ind ia.
July 2005
? Bajaj Allianz gears up for claims deluge, 31 Jul y 05, Business Line. ? Bajaj Allianz plans to double premium collection in state, 28 July 2005, Business Standard. ? Bajaj Allianz offers Senior Citizen Health Cover, 28 July 2005, Business Standard. ? Flood claims settled, 28 July 2005, Rajasthan Patrika. ? Bajaj Allianz-Yes Bank bancassurance tie -up, 21 July 2005, Sakal. ? Game, Set & Cover Drive, 20 July 2005, The Economic Times. ? I n t e r v i e w o f K a m e s h G o ya l o n B u s i n e s s S t a n d a r d , J u l y 2 0 0 5 . ? Insurers hit by Gujarat jinx again, 4 July 2005, Business Standard Insurers.
Jun. 2005
? Six of eight pvt general insurers post profit - 5 June 2005, Business Standard. ? Insurers prefers corporate agency tie -ups to referrals -1 June 2005, Business Line.
Ma y . 2 0 0 5
? I n t e r v i e w o f K a m e s h G o ya l o n A s i a I n s u r a n c e P o s t - M a y 2 0 0 5 . ? Bajaj Allianz tops private insurers' charts.2004 -05 - 7 May 2005, The Economic Times, Mumbai. ? Bajaj Allianz declared result for.., - 7 May 2005, Business Standard, Mumbai. ? Bajaj Allianz net up 117% - 6 May 2005, The Financial Express, Mumbai.
Apr. 2005
? H A T i n h o u s e , O u t l o o k M o n e y, 3 0 A p r i l 2 0 0 5 . Heinz Dollberg-Director Allianz talks about the busine ss performance-21st April 2005......WirtschaftsWoche. ? Bajaj Allianz tops in Asian Market, 20 April 2005 - The Economic Times. ? New Bajaj Allianz schemes for travellers to Asia , April 12 - The Hindu Business Line. ? Bask in the sun, but take cover , Apri l 11 - The Economic Times. ? Bajaj Allianz turns outsourcing arm,mans Lanka operations.... April 8 2005- The Financial Express. ? IC IC I Lombard and Bajaj Allianz bags Kingfisher insurance account, April 6 2005.
Ma r . 2 0 0 5
? The tariffs acts as a hindrance for insurance companies who.... Mar 2005 - Asia Insurance Post. ? Bajaj Allianz goes 'in -house' for mediclaimservicing , 31 Mar. - The Economic Times , Pune. ? P r o t e c t yo u r m o s t v a l u e d p o s s e s s i o n , - 3 0 M a r . 2 0 0 5 - T h e F i n a n c i a l Express , Mumbai. ? Bajaj Allianz shifts health insurance mgmt in -house, - 28 Mar. 2005 Economic Times, Mumbai - More » ? Y o u ' r e I T s a w y, H Q t e l l s B a j a j A l l i a n z - 2 8 M a r . 2 0 0 5 - T h e I n d i a n Express. ? Cos travel the extra mile to offer innovative covers - 19 Mar. 2005 Economic Times. ? Bajaj Allianz is IT Centre of Competence -12 Mar.2005 -The Financial Express, Mumbai.
Feb. 2005
? UBI ,Bajaj Allianz inks bancassurance tie -up -23 Feb.2005 -Deccan C h r o n i c l e – H yd e r a b a d . ? UBI tie up -22 Feb.2005 - The Statesman -Kolkata- More » UBI ties up with Bajaj Allianz -22 Feb.2005 - The Assam Tribune – Guwahati. ? UBI ties up with Bajaj Allianz -22 Feb,2005 - Hindustan Times – Kolkata. ? Deliverance from TPAs at hand., 15 Feb. 2005, Businee Standard, Mumbai. ? Abiding alliance , 14 Feb. 200 5, Businee India - More » Article on Wedding Insurance policy in "Eenadu"., 11 Feb. Eenadu. 2005,
Jan. 2005
? Wet paint: Art insurance policies not well defined, 30 Jan. 2005, Times of India - Mumbai,India. ? Thanks to Bajaj Allianz , bank....., The Hindu Business Line Jan22 ,2005. ? Insuring wedding celebrations... ,Dalal Street Jan 10 -23, 2005.
HEAD OFFICE OF BAJAJ ALLIANZ LIFE INSURANCE
Head Office Add. Tel Fax Email : GE Plaza 1 st Floor, Airport Road, Yerawada,Pune 411006 : +91-020-56026666 : +91-020-56026667 : [email protected]
The top management of Bajaj Allianz General Insurance consists of people having domain knowledge of insurance as well as specialists respective field. in their
BAJ AJ ALLIANZ Guiding Principles
Recruit the Best
Bajaj Allianz has a well-articulated equal opportunity policy, which lays strong emphasis on hiring of individuals irrespective of age, race, caste or gender. As a best practice in recruitment, they deploy identified psychometric tools such as SHL and Belbin and designate ability tests to eliminate any biases in the resourcing process and facilitate hiring of diverse profiles (vis-à-vis gender, background, experience levels and competencies). The focus is on competence-based credentials rather than past experience or length of service.
Bajaj Allianz does not follow a very descriptive hierarchy – you have transparency at each level, unlike most other organizations, where managers and senior management don?t „look? after their subordinates. Here you feel comfortable talking with your seniors” At Bajaj they have
an Employee Referral Programme, which seeks to encourage employees to be brand ambassadors of the Company and actively contribute to the resourcing process by recommending candidates with relevant competencies and potential, thereby facilitating in strengthening domain expertise within the Organization.
They have a robust Campus Programme, which is aimed at hiring students fresh from key BSchools and providing them with structured inputs and an environment for their personal and professional growth. The Summer Trainee Program is designed to expose people to the vibrancy of a complex and competitive business environment, challenge you intellectually and encourage people to find innovative solutions. They aim at providing a business perspective and Summer Trainees work on live projects, which form the core of our business strategy. Not only do they get the freedom to experiment and make decisions, but also spend quality time with their Project Guide or mentor, who provides them the perspective of the 'bigger picture'. The programme thus gives them a unique opportunity to integrate their classroom learning with the realities of real business, in a live yet safe environment.
Accept Personal Responsibility
“Apart from professional development, Bajaj also looks after the personal development of Employees. They believe that dealing with diversity is an ongoing phenomenon that facilitates the process for a Company to adapt to and capitalize on today's increasingly complex marketplace. Specific action plans have been formulated to ensure the mandated gender ratio is achieved at the recruitment stage for a new position or through job enhancement/ job rotation opportunities for existing roles. The organization has tremendous respect for the individual - which it d e m o n s t r a t e s b y d o i n g w h a t i t s a ys ”
Build a n Empow ered Tea m
To institutionalize an open and honest environment with shared goals and participative decision -making, they have various open forums, one such initiative being the Town Hall(s). These are conducted on a monthly basis by the Managing Director and designate leadership team members. To share information on celebrations, events and people across locations, a quarterly newsletter „Buz z. is circul ated to all members of the Bajaj team. It features a message from the Managing Director, celebrates achievements and M i l e s t o n e s o f i n d i v i d u a l s a n d t e a m s a n d u p d a t e s e m p l o ye e s o n n e w a n d ongoing initiatives and highlighting news of past and futu res events “ E m p l o ye e s a r e n o t w o r k i n g w i t h B A J A J , t h e y a r e l i v i n g i n B A J A J ” In line with their vision statement and one of BAJAJ key values -
Innovation,
Build Sha red Visio n a nd Purpose
“ Y o u f e e l a s i f yo u a r e p a r t o f t h e s y s t e m w h e n yo u a r e i n c l u d e d i n a l l t h e d e c i s i o n s b e i n g m a d e f o r yo u r f u n c t i o n . ” As a C o m p a n y, they encourage self -starters. Given their d yn a m i c
environment, one is expected to deliver from day one. Somewhere between adjusting to the new environment and proving their worth they forge t to ASK. Ask basic questions A b o u t t h e f a c i l i t i e s , i n f r a s t r u c t u r e , p r o c e s s e s , k e y p e o p l e a n d d yn a m i c s o f the Organization etc. Information, which if provided on time can be very useful.
Ca reer Ma nagement
C a mp u s P r o g r a mme
They have a robust Campus Programm e, which is aimed at hiring students fresh from key B-Schools and providing them with structured inputs and an environment for their personal and professional growth. The Summer Trainee Programme is designed to expose them to the vibrancy of a complex and competitive business environment, challenge intellectually and encourage them to find innovative solutions.
L e a d e r s h i p D e v e l o p me n t
To strengthen entrepreneurial capabilities required to operate in a fiercely competitive and dynamic insurance market environment and plan effective succession planning by building futuristic leadership competencies, various initiatives are taken by the Bajaj Group
R e w a r d a n d r e c o g n i z e p e r f o r ma n c e
To build a meritocratic environment, they have implemented a robust value based performance management process wherein they recognize significant contributions made by their employees in an objective and transparent manner and on demonstrated competence levels. Further, they also recognize people who 'walk that extra mile' in li ving the Bajaj values.
Products & Services
MOTORCYCLE INSURANCE Scooters
SWOT Analysis of Bajaj Allianz
1. Lack of penetration in rural areas Weakness 2. Smaller Infrastructure as compared to established players
1. Growing rural market potential Opportunity 2. Urban Youth with growing income
1. Economic crisis and economic instability 2. Entry of new NBFCs in the sector Threats 3. Increasing awareness amongst people about securing their future
1. Association with multiple brands
Strengths
2. Consistent revenue growth.
OBJECTIVE
1. To study the recruitment and selection procedure followed in Bajaj Allianz Life Insurance 2. To study the various sources of recruitment followed in BAJAJ ALLIANZ. 3. To learn what is the process of recruitment and selection that should be followed. 4 . T o s e a r c h o r h e a d h u n t p e o p l e w h o s e s k i l l f i t s i n t o t h e c o m p a n y? s values. 5. To study the role of Hr Practices and Recruitment Policy in achieving the organisational goal.
Scope of the research
The report deals with the recruitment and selection process in terms of theoretical point of view and the practical use. The study will allow learning about the recruitment and selection issues, importance, modern techniques and models used to make it more efficient. The study will help to learn the practical procedures followed by the leading organizations. Moreover the study will help to differentiate between the practice and the theories that direct to realize how the organization can improve their recruitment and selection process.
Limitations of the research
The main limitation of the study is the collection of information. Because most of the information are confidential. So they don?t want to disclose them. and I am not able to show any forms which they use in the time of joining or we use to upgrade the files.
RECRUITMENT
Recruitment is “hiring” of employees from outside. Recruitment has been regarded as the most important function of the HR department , because unless the right type of people are hired, even the best plans, organization chart and control system would not do much good. Recruitment is the discovering of potential applicant for actual or anticipated organizational vacancies. Accordingly the purpose of recruitment is to locate sources of manpower to meet the job requirements and job specification. “It is defined as a process to discover the sources of manpower to meet the requirements of staffing schedule and to apply effective measures for attracting the manpower to adequate number to facilitate effective selection of an effective workforce? “It is the process of finding and attracting capable applicants for employment. The process begins when new recruits are sought and ends when their application are submitted. The result is a pool of applicants from which new employees are selected.”
Methods of Recruitment
Dunn and Stephens summaries the possible recruiting methods into three categories, namely 1: Direct method 2: Indirect method 3: Third party method
DIRECT METHOD
The direct method includes sending of the recruiters to different educational and professional institutions, employees contact with public, and mannered exhibits. One of the widely used methods is sending the recruiters to different colleges and technical schools. This is mainly done with the cooperation of the placement office of the college. Sometimes, firms directly solicit information form the concerned professors about student with an outstanding records. Other direct methods include sending recruiters to conventions and seminars, setting up exhibits at fairs, and using mobile offices to go the desired centers.
INDIRECT METHOD
Indirect method involves mainly advertising in newspapers, on the radios, in trade and professional journals, technical magazines and brochures. Advertisements in newspapers and or trade journals and magazines are the most frequently used methods. Senior post is largely filled with such methods. Advertising is a very useful for recruiting blue color and hourly worker, as well as scientific, professional, and technical employees. Local newspaper can be good sources of blue collar workers, clerical employees, and lower level administrative employees. The main point is that the higher the position in the organization the more dispersed advertisement is likely to be. The search for the top executive might include advertisement in a national periodical, whereas the advertisement of the blue color jobs usually confine to the daily newspaper. According to the Advertisement tactic and strategy in personnel Recruitment, three main points need to be borne in the mind before an advertisement in inserted. ? First, to visualize the type of applicants one is trying to recruit. ? Second, to write out a list of advantages the company offers, or why should the reader join the company. Third, to decide where to run the advertisement , not only in which area, but also in which newspaper having a local, state or a nation- wide circulation.
THIRD PARTY
These include the use of commercial or private employment agencies, state agencies, and placement offices of schools colleges and professional associations recruiting firms, management consulting firms, indoctrination seminars for college professors, and friends and relatives. Private employment agencies are the most widely used sources. They charge a small fee from the applicant. They specialize in specific occupation; general office help, salesmen, technical workers, accountant, computer staff, engineers and executives. State or public employment agencies are also known as the employment or labour exchanges, are the main agencies for the public employment. Employers inform them of their personnel requirement, while job seekers get information for them about the type of job are referred by the employer. Schools and colleges offer opportunities for recruiting their student. They operate placement services where complete biodata and other particular of the student are available. Professional organization or recruiting firms maintain complete information records about employed executive. These firms maintain complete information records about employed executives. These firms are looked upon as the head hunters? raiders? and pirates? by organization which loose their personnel through their efforts.
Evaluation of the recruitment method
The following are the evaluation of the recruitment method 1: Number of initial enquires received which resulted in completed application forms 2: Number of candidates recruited. 3: Number of candidates retained in the organization after six months. 4: Number of candidates at various stages of the recruitment and selection process, especially those short listed.
Objective of recruitment
1: To attract with multi dimensional skills and experience that suite the present and future
organization strategies. 2: To induct outsider with new perspective to lead the company. 3: To infuse fresh blood at all levels of organization. 4: To develop an organizational culture that attracts competent people to the company. 5: To search or headhunt people whose skill fit the company?svalues. 6: To seek out non-conventional development grounds of talent 7: To devise methodology for assessing psychological traits. 8: To search for talent globally not just with in the company. 9: To design entry pay that competes on quality but not on quantum. 10: To anticipate and find people for position that doesn?t exists yet. Recruitment represents the first contact that a company makes with potential employees. It is through recruitment that many individuals come to know about the company and eventually decide whether they wish to work for it.The recruitment process should inform qualified individuals about the job so that applicant can make comparison with their qualification and interest.
Factors affecting Recruitment
There are two types of factors that affect the Recruitment of candidates for the company. 1:Internal factors: These includes ? Company?s pay package ? ? ? ? ? ? ? Quality of work life Organizational culture Company?s size Company?s product Growth rate of the company Role of trade unions Cost of recruitment
2: External factors: These include ? Supply and demand factors ? Employment rate ? Labour market condition ? Political, legal and government factors ? Information system
Factors to be undertaken while formulating recruitment policies
The following factors should be undertaken while formulating the policies ? Government polices ? Recruitment sources ? Recruitment needs ? Recruitment cost ? Organizational and personal policies
Theories Regarding Recruitment
Recruitment is two way street: it takes a recruiter has a choice whom to recruit, same way the prospective employee also has taken the decision whether or not to apply for the given job vacancy. The individual take the decision usually on three different basic: 1: The objective factors 2: The critical contact 3: The subjective factor The objectives theory views that the process of organizational choice as being one of weighing and evaluating set of measurable characteristic of employment offers, such pay, benefits , location, opportunity for advancement, the nature of job to performed, and education opportunities. Whereas, the critical contact theory suggests that the typical candidates is unable to make a meaningful differentiation of organization?s offers in terms of objective or subjective factors, because of his limited or very short contact with the organisation. Choice can be made only when applicant can readily perceive the factors such as the behaviour of the recruiters, the nature of the physical facilities, and such as the efficiency in processing paper work association with the application. On the other hand, the subjective theory emphasizes the congruence. Here the choices are made on highly personal and emotional basis.
Recruitment Process
The actual steps involved in recruitment follow a well defined path:
Application shortlist: In this step, we shortlist the resume received from various sources
based on the suitability for the requirement.
Preliminary Assessment: The short listed candidates go through a preliminary round of
interviews. This interview lays more emphasis on functional competencies. To have more data on the functional skills, the candidates may be given a business case for analysis and presentation (This is done for certain positions only).
Final interview: Here the candidates who successfully clear the first round of interview
go through another round of interview with one or more of the functional heads.
Medical Evaluation:Candidates who are selected by Colgate are asked to undergo a
medical test.
Evaluation of recruitment process
The following are the evaluation of the recruitment process: 1: Return rate of application sent out. 2: Number of suitable candidates for selection. 3: Retention and performance of the candidate selection. 4: Cost of recruitment 5: Time lapsed data. 6: Comments on image projected.
PHILOSOPHY OF RECRUITMENT
Basically there are two Philosophies of recruitment. These are as follows:
1.REALISTIC JOB PREVIEWS (RJP):Realistic Job Previews provides complete
job related information to the applicants so that they can make the right decision before taking up the jobs. It includes positive and the negative aspects of the job. 2. JOB COMPATIBILITY QUESTIONNAIRE: (JCQ) :Job compatibility Questionnaire was developed to determine whether an applicant.s preference for the work match the characteristic of the job. The JCQ is designed to collect information on all aspects of the job which have a bearing in on employee performance .absenteeism, turnover and job satisfaction. The underlying assumption of JCQ is that, greater the compatibility between an applicant?s preference for the job and characteristic of the job as perceived by the job seeker, the greater the probability of employee effectiveness and longer the tenture.
SELECTION
Selection is a negative process and involves the elimination of candidates who do not have the required skills and qualification for the job proposed. Also it is a process of differentiating between applicants in order to identify and hire those with grater likelihood of success in job. The objective of selection decision is to choose the individual who can most successfully perform the job from the pool of qualified candidates. It is the system of function and devise adopted in a given company to ascertain whether the candidate.s specifications are matched with the job specifications and recruitment or not. Selection process or activities typically follow a standard patter, beginning with an initial screening interview and concluding with final employment decision. The traditional selection process includes: preliminary screening interview, completion of application form, employment test, comprehensive interview, background investigation, physical examination and final employment decision to hire.
Organization for selection
Until recently the basic hiring process was performed in a rather unplanned manner in many organizations. In some companies, each department screened and hired its own employees. Many mangers insisted on screening their own employees as they thought no one else could do that as efficiently as they themselves.But now selection is centralized and handled by the Human Resource Department. This type of arrangement is also preferred due to some of these advantages: ? ? ? ? ? It is easier for the application because they can send their applications to a single centralized department. It facilitates contact with applicants because issues pertaining to employment can be cleared through one central location. It helps operating managers to concentrate on their operating responsibilities. This is especially helpful during the chief hiring period. It can provide for better selection because hiring is done by specialist trained in staffing techniques. The applicant is better assured of consideration for a greater variety of jobs. ? ? ? Hiring cost is cut because duplication of efforts is reduced.
With increased governmental regulation on selection process, it is important that people who know about these rules handle a major part of the selection process. Ideally, a selection process involves mutually decision making. The organization decides whether or not to make a job offer and how attractive the job offer should be.
BARRIERS TO EFFECTIVE SELETION
The main objective of selection process is to hire people having competence and commitment towards the given job profile. But due to some reason the main purpose of effectively selecting candidates is defeated. These reasons are: 1. Perception or the Halo effect: Many a times the interviewer selects a candidate according to the perception he has or he made up while talking or looking at the individual. This way he does not see through the caliber or the efficiency of the individual and many times it leads to the selection of the wrong candidates. 2.Fairness: During the selection process the interviewer does not select the individual on the basis of his knowledge and hence the right type of the candidates is not selected. 3.Pressure: The people from the HR department and also have a lot of pressure from the top management and from other top class people for selecting the candidates they want. This ways the purpose of effective selection process of effective selection process is defeated as they have to select that individual whether or not he is capable of the job. that is being offered.
ESSENTIAL OF SELECTION PROCEDURE
? Someone should have the authority to select. ? There must be sufficient number of applicants from whom the required number of employees to be selected. ? There must be some standards of personnel with which a prospective employee may be compared.
FACTORS EFFECTING SELECTION DECISION Includes:
Profile matching Organization and social environment Multi correlations Successive hurdles
Literature Review
(Gilmore, and Williams, 2009). In their study they concluded the success and
sustainability of most organizations is directly proportional to skills and competencies of the employees. Equally, the entry point into any organization is dependent on the effectiveness of the recruitment and selection practices of the hiring team within the organization. . According to Gilmore and Williams (2009, p. 497), graduate recruitment is one of the leading and toughest challenges facing the majority of potential employers. Williams (2009) argues that the causes of this phenomenon can be in part due to the complexities associated with the selection of the most qualified individuals and as well, due to the availability of several graduates in different disciplines from Ivy League institutions. To that purpose, the demand for quality graduates will remain highly competitive, the most advantaged recruiters will be those with strong recruitment policies, coupled with exceptional training and development policies.
(Raybould, and Sheedy, 2005). This Litreature review aims to cover the gap that
existed in previous researches that have been covered and written up on the field of graduate recruitment and selection process by limiting the aspect of generalizations and concentrating on particular aspects. To that purpose, it will define the concept of graduate recruitment, examine the changes and types in the strategies and methods of graduate recruitment and selection.Additionally, this literature review will examine graduate recruitment tools and mechanisms applied in various recruitment processes, and as well, highlight particular aspects that interest employers or recruiters during the graduate recruitment process.
Mohamed Branine (2008, p. 500) : This literature reviews that recruitment and
selection process refers to the process of searching for and obtaining potential job applicants from graduates in sufficient quantity and quality so that potential employers can select the most suitable candidates to fill in their job vacancies (p. 500).” Universally, there is commonly accepted strategy or commonly agreed procedure of recruiting and selecting Universally, there is commonly accepted strategy or commonly agreed procedure of recruiting and selecting graduates due to the different recruiting needs and selection methods among many employers. The differences and variations in recruiting and selection methods among employers are dependent on the operations, size and needs.
Keenan (2005):
This literature review states that in order to ensure that best candidates
are selected to a particular post, it is forcefully crucial that the recruitment and selection process be handled in a timely and professional manner characterized by effectiveness and efficiency.The first step of the recruitment and selection process entails the announcement of a vacant position within an organization. This move is subject to thorough decision-making by members of the management regarding the strategic impacts within their organization . At times, situations exist where a vacant position resulting after an employee leaves are organization is replaced with automated machines. If the decision is made that, the vacant position requires to be filled, job specifications are drawn down to reflect the duties and requirements needed for that job in addition to requisite skills, experiences, and personal attributes. The next step involves the process of attracting candidates in order to produce a large pool of applicants from where the ideal candidate will be selected. Very often this function of the recruitment and selection process are outsourced to recruiting and hiring agencies in order to eliminate the number of unsuitable candidates applying for the vacant position. The third step is the resourcing cycle that entails shortlisting the number of candidates to a manageable level whereby it will be easy to make an employment decision. The selection process generates an optimum number of job seekers and the majority of applicants are rejected during this stage. Many things happen during this stage because the recruitment tools and strategies are applied during this stage including interviews, face-toface meetings, and other forms of communicating the selection procedure.
Frederick Taylor (1990) in his study states that "The principal object
of management should be to secure the maximum prosperity for the employer, coupled with the maximum prosperity for each employee.” Taylor believed that the management should use the techniques used by scientist to research and test work skills to improve the efficiency of the workforce. Also around the same time came the industrial welfare movement. This was usually a voluntary effort by employers to improve the conditions in their factories. The effort also extended into the employee?s life outside of the work place. The employer would try to provide assistance to employees to purchase a home, medical care, or assistance for education. The human relations movement is the major influence of the modern human resource management. The movement focused on how employees group behavior and how employee feelings. This movement was influenced by the Hawthorne Studies.
(Fyfe, et al.: Ketsaa; Phelps; Reyes): In their studies they states that the recruiting
process traditionally consists of the creation of job requirements, advertising, application, and screening. The Selection process traditionally consists of the testing and evaluating system (which has many phases), rankings (Qualified Selection Pool - QSP), and selection. The testing and evaluating system usually consist of phases involving a written exam, physical agility performance test, interview panel, psychological evaluation (written and interview), background check (which may include a truthfulness evaluation), and medical examination Although some agencies do not use all of these testing phases or specific selection procedures, this is the standard acceptable testing program used as an “industry standard.
(Hickman & Lee, Perry; Cunningham; Golembiewski, 1966; Golembiewski, September 1966): In their study they states that The “Strategic
Model” is used usually by moderate size agencies, agencies where there is a large hiring demand, or where there is an extreme competition for qualified applicants. If this is Structurally possible, this is the philosophically preferred method because it maximizes the strength of the human resources department (staff functions: methods, procedures, laws, and system development/implementation), and the strengths of the department (line functions:knowledge of positions, knowledge of needed traits, ability to investigate, and knowledge of applicant trends).
(Grugulis et al, 2004; Payne, 1999; Warhurst and Nickson, 2001) :In their
study they found that the seemingly growing importance of what are termed soft, generic or inter-personal-skills and/or personality traits has crystallised debate about the relative importance of qualifications versus other skills/factors within R&S. With the shift from manufacturing employment into services, and particularly the rise of interactive personal services (e.g. call centres, retailing, personal care) there has been a growing interest in, and concern about, the degree to which R&S decisions increasingly revolve around the candidate?s possession of these generic skills and attributes.
(Bowles and Gintis, 2002): In their study their finding is that personality type (or noncognitive skill, as economists tend to prefer to name it) appears to have a major impact on earnings levels, which is sometimes more significant than qualifications. In turn, this reflects the influence that personality traits, and the attitudes they engender, have on how individuals perform in the workplace. Many employers are seeking to recruit employees who demonstrate what they regard as positive attitudes and dispositions (towards work, change and social interaction with both customers and co-workers), and qualities such as leadership, industriousness, perseverance, and a positive attitude towards authority.
Johnson and Burden (2003): In their study they found that, „with a small number of
exceptions, employers place relatively little emphasis upon formal qualifications or specific technical skills or experience when talking about the things they look for in potential new recruits?. Perhaps more worryingly for policy is some evidence that over time the influence of qualifications on UK labour market outcomes, at least as measured in terms of the promotion of inter-generational social mobility between classes, has actually declined.
Recruitment Procedure Overview
Manpower Requisition Form
Budget
Sourcing
Selection Process
Joining
Post recruitment and data updating
REASERCH METHODOLOGY
In everyday life human being has to face many problems viz. social, economical, financial problems. These problems in life call for acceptable and effective solutions and for this purpose, research is required and a methodology applied for the solutions can be found out. Research was carried out at BAJAJ ALLIANZ LIFE INSURANCE Pvt .Ltd to find out the “Recruitment and selection process”.
DATA COLLECTION: Primary Data:
Primary data was collected through survey method by distributing questionnaires to branch manager and other sales manager. The questionnaires were carefully designed by taking into account the parameters of my study.
Secondary Data:
Data was collected from books, magazines, web sites, going through the records of the organisation, etc. It is the data which has been collected by individual or someone else for the purpose of other than those of our particular research study. Or in other words we can say that secondary data is the data used previously for the analysis and the results are undertaken for the next process.
My Job at Bajaj ALLianz LIFE INSURANCE
I started my job as HR Trainee. My job profile was to handle RECRUITMENT in my project. The senior sales manager narrated me the whole procedure. My job profile was to generate resumes from the various job sites such as Naukri.com, Timesjobs.com etc. according to the requirements of the company. After generating the resumes from the sites the next step is to shortlist the resume which best suite the requirements. Now the short-listed candidates have to be given a phone call in order to find out their interests and schedule them for interview. There are 2 forms of interview that a candidate can appear for: 1. Personal Interview. 2. Telephonic Interview.
PERSONAL INTERVIEW
This is regarded to be the BEST FORM of interview. In such form of an interview the candidate personally appears in front of the interviewer and gives his interview. This is regarded to be the best form of interview as the interviewee has the best chances of making his points clear in front of the interviewer.
TELEPHONIC INTERVIEW
Sometimes an interview is taken on the phone. A telephonic conversation is done between the interviewer and the interviewee where the interviewer calls up the candidate via phone and conducts the interview.
The Job profile Selling insuarance and building customer relations. Qualification Entry level opening: Graduates in any stream preferred can be. 10th or 12th standard pass,
according to the irda stipulation, depending on region of operation. Additional communication skills and ability to interact with people will help.
Middle level opening: Professional in finance or marketing with the experience in
service industry. (As asst sales manager)
Senior sales openings: Senior professional with experience of handling junior staff
preferred.
Statistical Tool:
Chi-Square Test
Chi square test is an important statistical tool. Chi square test is used to make comparison between the actual data and observed data. The test is a technique through the use of which it is possible for all researcher to:
1) To test the goodness of fit.
2) Test the significance of association between two variables.
In Chi-square test there are two hypothesis which are defined as:
1) Null Hypothesis (Ho) 2) Alternate Hypothesis (Ha)
Ho (Null Hypothesis): There is no significant relation between attitude towards HR practices and role of recruitment Policy in achievement the goals of an organisation.
Ha (Alternate Hypothesis): There is significant relation between attitude towards HR practices and role of recruitment Policy in achievement the goals of an organisation.
Observed Frequency table Sr. No. Very good Yes No Up to some extent Column Total 30 40 20 10 100 5 7 18 33 5 2 8 5 7 4 3 3 50 20 30 Good Average Bad Row total
Expected frequency table
Sr. No.
Very good
Good
Average
Bad
Yes No Up to some extent
15 6 9
20 8 12
10 4 6
5 2 3
After applying the chisquare test the tabulated value (12.592) is greater than calculated one(3.84). Hence There is significant relation between attitude towards HR practices and role of recruitment Policy in achievement the goals of an organisation.
Data Analysis and Interpretation
A Questionnaire was prepared for the purpose of getting Feedback from employees and Manager regarding “Recruitment and Selection Procedure”of their company. 100 employees were selected from different department and a Questionnaire was given to them for the purpose of the study.
Question1: Does your company Plan the written Recruitment policy?
No.of respondent regarding to the plan of recruitment policy by company.
Table 1 Responses Yes No Total Percentage 100 0 100 No. of respondent 100 0 100
Figure 1
Sources from table 1
Analysis and Interpretations:
100% employees said that yes they plan the written recruitment policy.
QUESTION 2: What are the sources for recruitment and selection?
No. of respondent regarding the sources for recruitment and selection
Table 2 Responses
Internal Sources External Sources Both Total
Percentage
9 18 73 100
No. of respondent
9 18 73 100
Figure 2
Sources from table
Analysis and Interpretation
About 75% of the managers say that they prefer both internal as well as external sourcefor recruitment and selection whereas only 9% go for internal source and 18% go for external sources.
Question 3: Which method do you mostly prefer for recruitment and selection preferred way of recruitment?
No. of respondent the method prefer for recruitment and selection preferred way of recruitment.
Table 3 Responses
Direct Indirect Third Party Total
Percentage
65 32 3 100
No. of respondent
65 32 3 100
Figure 3
Sources from table 3 Analysis and Interpretation
About 65% of the mangers go for direct recruitment and selection and 32% go forindirect and only 3 % go for third party recruitment way.
Question 4: When do you prefer to go for manpower planning? No. of respondent prefer for manpower planning Table 4 Responses
Yearly Quarterly No fixed Time Total
Percentage
20 50 30 100
No. of respondent
20 50 30 100
Figure 4
Sources from table 4
Analysis and Interpretation
Around 50% of the managers go for Quarterly manpower planning and 30 % do notfollow any pattern they don t have any fixed time where as 20% go for yearly.
Question5: What are the sources for external recruitment are preferred?
No. of respondent sources for external recruitment are preferred
Table 5
Responses Campus Interview Placement Agencies Data Bank Casual Applicants Total
Percentage 34 8 33 25 100
No. of respondent 34 8 33 25 100
Figure 5
Sources from table 5
Analysis and Interpretations:
In BAJAJ 34% of manager go for campus interviews, 33% go for data bank, 25% from the casual application that are received and only 8% go for any placement agencies.
Question 6: What form of interview did you prefer? No. of respondent preferring form of interview Table 6 Responses Personal Interview Telephonic Interview Video Confrencing Other Total Percentage 40 30 20 10 100 No. of respondent 40 30 20 10 100
Figure 6
Sources from table 6 Analysis and Interpretations
Most of the manager Prefer Personal interviews, 30% prefer to take telephonic interviews whereas only 20% go for video conferencing and rest 10% adopt some other means of interviews.
Question 7: How do you rate the HR practices of the company?
No. of respondent to rate the policy of hr practices Table 7
Responses Very Good Good Average Bad Total
Percentage 30 40 20 10 100
No. of respondent 30 40 20 10 100
Figure 7
Sources from table 7 Analysis and Interpretation
50% of the managers feel that HR department is good where and 30%say that?s it?s verygood where as 20% says its average and only 10% manager feel it?s bad.
Question 8: Do you think that Present Recruitment policy help the company in achieving their goals?
No. of respondent to the present Recruitment policy which can help the company in achieving their goals.
Table 8
Responses
Yes No To some Extent Total
Percentage
50 20 30 100
No. of respondent
50 20 30 100
Figure 8
Sources from table 8 Analysis and Interpretations:
50% of the employees says that company?s recruitment policy helpful in achieving the goals. Whereas 20% says no to this question and 30% employees says that company may be achieve their goals up to some extent.
Question 9: Does your company follows the method of recruitment through Internet? No. of respondent on the method of recruiting through internet Table 9 Responses
Yes No Total
Percentage
100 0 100
No. of respondent
100 0 100
Figure 9
Source from table 9
Analysis and Interpretations:
100% employees said that company follows the Recruitment through Internet.
Question 10: Is Company uses their own site for Recruitment?
No. of respondent Company uses their own site for Recruitment?
Table 10
Responses
Yes No Total
Percentage
90 10 100
No. of respondent
90 10 100
Figure 10
Sources from table 10 Analysis and Interpretation
90% of the employees says Yes that company uses its own site while 10% says that company does not uses its own site for recruitment.
Question 11: Is Internal Recruitment is effective in your opinion? No. of respondent to the effectiveness of internal recruitment Table 11 Responses
Yes No Total
Percentage
80 20 100
No. of respondent
80 20 100
Figure 11
Sources from Table 11
Analysis and Interpretations
80% of Employees says that it is effective while other 20% says that it is not effective.
Question 12: Is there any provision for recruitment of summer trainees?
No. of respondent for recruitment of summer trainees Table 12
Responses
Yes No Total
Percentage
100 0 100
No. of respondent
100 0 100
Figure 12
Sources from table 12 Analysis and Interpretations:
100% employees says that there is provision of recruitment of summer trainees.
Question 13:Is there any provision of evaluation and control of Recruitment and Selection policy of the company?
No. of respondent on evaluation and control of Recruitment and Selection policy of the company Table 13
Responses
Yes No Total
Percentage
80 20 100
No. of respondent
80 20 100
Figure 13
Sources from table 13 Analysis and Interpretations
80% of the employees said that there is control and evaluation of Recruitment & Selection Process in the company while 20% says No there is no control and evaluation of Recruitment & Selection Process.
FINDINGS
? In BAJAJ ALLIANZ Life insurance most of the employees feel that?s the HR department is good. ? About 75% of the managers says that they prefer both internal as well as external source for recruitment and selection. ? About 65% of the mangers go for direct recruitment and selection and less number for mangers prefer indirect or third party. ? Mostly the manpower planning is done Quarterly and 20 % do not follow any pattern they don?t have any fixed time. ? BAJAJ prefers to go for campus interviews and even casual application that are received for recruitment but they hardly prefer placement agencies. ? Most of the manager Prefer Personal interviews, 30% prefer to take telephonic interviews where as only 20% go for video conferencing and rest 10% adopt some other means of interviews.
CONCLUSION
This presents the summary of the study and survey done in relation to the Recruitment and Selection in Bajaj Allianz life insurance. The conclusion is drawn from the study and survey of the company regarding the Recruitment and Selection process carried out there. The recruitment process at Bajaj life insurance to some extent is not done objectively and therefore lot of bias hampers the future of the employees. That is why the search or headhunt of people should be of those whose skill fits into the company.s values. Most of the employees were satisfied but changes are required according to the changing scenario as recruitment process has a great impact on the working of the company as a fresh blood, new idea enters in the company. Selection process is good but it should also be modified according to the requirements and should job profile so that main objective of selecting the candidate could be achieved.
SUGGESTION
cannot satisfy it, then help from the placement agencies is needed.
process..
recruitment and selection through placement agencies as the last resort and is utilised only when need.
and it should not overlap with each other.
BIBLIOGRAPHY
1) The Recruitment and Selection Handbook - By Marjorie Mader-Clark 2)http://www.businessknowhow.com/manage/jobdesc.htm 3)http://humanresources.about.com/od/glossaryj/a/jobdescriptions.htm 4) The First-Time Manager – By Loren B Belker&Gary S Topchik
5)http://www.managementhelp.org/staffing/specify/job_desc/job_desc.htm 6) www.google.com 7) www.bajajalliaanz.com
ANNEXURE
Dear Sir/Mam, We are carrying out a study on the Recruitment and Selection provided by Bajaj Allianz Life Insurance to their selected Employees/Trainees. We request your response on the following aspects offered by company.
Question1: Does your company Plan the written Recruitment policy?
A) Yes b) No
QUESTION 2: What are the sources for recruitment and selection?
A) Internal B) External C) Both
Question 3: Which method do you mostly prefer for recruitment and selection preferred way of recruitment? A) Direct B) Indirect C) Third Party
Question 4: When do you prefer to go for manpower planning?
A) Yearly B) Quarterly C) No Fixed Time
Question 5: What are the sources for external recruitment are Preferred?
A) Campus Interviews B) Placement Agencies C) Data Bank D) Casual Applicants
Question 6: What form of interview did you prefer?
A) Personal Interviews B)Telephonic Interviews C) Video Confrencing D) Others
Question 7: How do you rate the HR practices of the company?
A) Very Good B) Good C) Average D) Bad
Question 8: Do you think that Present Recruitment policy help the company in achieving their goals?
A) Yes B) No C) To Some Extent
Question 9: Does your company follows the method of recruitment through Internet?
A) Yes B) No
Question 10: Is Company uses their own site for Recruitment?
A) Yes
B) No
Question 11: Is Internal Recruitment is effective in your opinion?
A) Yes B) No
Question 12: Is there any provision for recruitment of summer trainees?
A) Yes B) No
Question 13: Is there any provision of evaluation and control of Recruitment and Selection policy of the company?
A) Yes B) No
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