My Summer Project 03 - Shweta

8/3/2019 My Summer Project 03 - Shweta

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ACKNOWLEDGEMENT

A summer training project is an integral part of a Post Graduation Diploma in

Management curriculum. It helps the student to undergo a simulation test of whatthe student is going to face in his/her future job sphere and a taste of practicality. Ithelps the student to understand how an organization works. The competitiveatmosphere, the ups and downs in the cycle of the organization, the enthusiasm of interacting with newer people and gaining vast practical knowledge is what asummer trainee goes through during his /her months in the organization.

My project in ICICI PRUDENTIAL is an experience worth sharing. The summer training project has enhanced my managerial skills and made me apt to face all thehurdles in my future.

The vast knowledge that I have gained in these two months in ICICI

PRUDENTIAL, I have tried to put them down in this project report. I would liketo offer my heartfelt gratitude to Capt. Manish Tewari (Sr. Manager- HR) for constantly mentoring my efforts and providing his invaluable guidance for makingthis project a success.

I would also like to express my deep and sincere gratitude to Mr. Sharad Padey

(HR-Cordinator) and Ms. Garima Singh (HR-Cordinator) who gave their active

cooperation by providing me with the required information, immense support and being humble enough to answer all my queries relating to the project in a veryhelpful manner.

Last but not the least I consider myself proud to be a part of Sinhgad Institute of

Management, Pune and thankful to my project guide.........for helping me with mysummer training report.

I am greatly indebted to the Almighty and my family members and friends for their support and encouragement.

(Shweta Verma)

Date :

Palce : SIOM,Pune.



PREFACE

People are a company’s most important assets. They can make or break thefortunes of a business. In today’s highly competitive business environment placingthe right people in the right position is very critical for the success of anyorganization.

The recruitment and selection decision is of prime importance as it is the vehiclefor obtaining the best possible person-to-job fit that will, contribute significantly

towards the Company's effectiveness. It is also becoming increasingly important,as the Company evolves and changes, that new recruits show a willingness tolearn, adaptability and ability to work as part of a team. The Recruitment &Selection procedure ensures that these criteria are addressed.

In this project I have studied Recruitment and Selection process of ICICI

Prudential Life Insurance and attempted to provide some ways so as to makerecruitment more effective and to reduce the cost of hiring an employee.

I am privileged to be one of the students who got an opportunity to do my trainingwith ICICI Prudential Life Insurance. My involvement in the project has been verychallenging and has provided me a platform to leverage my potential in the mostconstructive way.

ICICI Prudential Life insurance is one of India's leading financial institutionsoffering complete financial solutions that encompass every sphere of life. In a shortspan of time, ICICI has set an example by having a steady and confident journey togrowth and success.

During the training period I have studied deeply the process of hiring in ICICI Prudential Life insurance and did a SWOT analysis of ICICI Prudential LifeInsurance to find out the existing shortcomings and potential threats and therebyrecommended suggestions.

This project however is an attempt to share as best as possible my experience incorporate world with all my colleagues and my faculty.

I would be delighted to receive reader’s comments which maybe valuable lessonsfor my future projects.



EXECUTIVE SUMMARY

In today’s rapidly changing business environment, organizations have to respondquickly to requirements for people. The Financial market has been witnessinggrowth which is manifold for last few years. Many private players have entered theeconomy thereby increasing the level of competition. In the competitive scenario ithas become a challenge for each company to adopt practices that would help theorganization stand out in the market. The competitiveness of a company of anorganization is measured through the quality of products and services offered tocustomers that are unique from others. Thus the best services offered to the

consumers are result of the genius brains working behind them. Human Resourcein this regard has become an important function in any organization. All practicesof marketing and finances can be easily emulated but the capability, the skills andtalent of a person cannot be emulated. Hence, it is important to have a well-definedrecruitment policy in place, which can be executed effectively to get the best fitsfor the vacant positions. Selecting the wrong candidate or rejecting the right

candidate could turn out to be costly mistakes for the organization. Therefore arecruitment practice in an organization must be effective and efficient in attracting

the best manpower.

Coverage –The extent and limitation

With largest number of life insurance policies in force in the world, insurancehappens to be a mega opportunity in India. Its business is growing at 15-20%annually and presently is of the order of Rs. 450m. Together with banking sector itadds about 7% to the GDP.

Like in the case of BPO’s, Insurance sector too faces the problem of attrition.Thus, recruitment is an ongoing process carried throughout the year. The project is

based on the study of recruitment and selection process. The variousrecommendations suggested have been the result of the study. The idea is togenerate ways of dealing with high attrition and making hiring process manageableand efficient.



OBJECTIVES OF THE PROJECT

Every task is undertaken with an objective. Without any objective a task isrendered meaningless. The main objectives for undertaking this project are:

To understand the internal Recruitment process at ICICI PrudentialLife Insurance

To identify areas where there can be scope for improvement

To give suitable recommendation to streamline the hiring process

SCOPE OF STUDY :

The coverage of the extends of the pr ac t ice of Recrui tment &

se lec t ion pol icy in the organiza t ion. I t can inf luence over a l l

wel l be ing of the organiza t ion by sa t i s fy ing bo th employer and

employees needs .

I t a l so inc ludes some c lues and sugges t ions t o l ight the way to

fur ther progress and improvement for good func t ioning.



DATA COLLECTION

TYPES OF DATA :

1. PRIMARY DATA 2. SECONDARY DATA

METHODS & TOOLS FOR DATA COLLCTION

Method : Survey

Tool : Questionnaire

Secondary data

Internet

Books

Journal

Manuals

Annual reports

PRIMARY DATA COLLECTION :

Data for the project is collected from the secondary sources .Sources used werelike PACE Tracker (information provider, employee update), Excel sheets of month hiring. Month of informal interview from selected employees was also usedfor the purpose of data collection.



TYPES OF ANALYSIS

1. DATA ANALYSIS 2. REPORT ANALYSIS

1. DATA INTERPRETATION AND DATA

REPRESENTATION

Sample Survey: Employees.

Area of Survey: Lucknow

Time Period: 8 WEEKS.

Data Type: Primary Data.

Sample Selection: Convenience.

Sample size: 100 employees.



SAMPLING

Sampling procedure includes finite types of universe with random sampling which

comes under probability method of sampling because under this method every item

of the universe has a equal chance of being selected and no place for biases ness.

In my research use random sampling which is a part of random sampling with a

systematic design.

SAMPLING DESIGN

A sampling design is a definite plan for obtaining a sample for a given population.

There are 150 employees in office of ICICI Prudential, I have chosen a sample

size of the 100 employee.

SAMPLE DESIGN

Type of Universe: - The type of universe selected in sample design by researcher is finite to the city of Lucknow.

Sampling Unit: - City of LUCKNOW.

Sampling Elements: - selected candidates, (who are finally selected byinterviewers through different sources)

Sample Size: - The sample size taken here and covered the no. of candidates who

were collected for an interview through different sources.



DEVELOP A RESEARCH DESIGN

Research design is a conceptual structure within which research is conducted; it is

basically the blue print for a collection of data, measurement and analysis of data .

“A research design is the arrangement of conditions for collection and analysis

of data in manner that aims to combine relevance to research purpose with

economy in procedure”.

My research design is of descriptive type. A descriptive research design is focus on

the discovery of new ideas. it is generally based on secondary data that are already

available.

My research design is of descriptive type because in my training I tried to judge a

relationship between different variables like interpersonal skills of employees,

overall development of the employees and the training and development to them in

the organization. for that reason it is a descriptive type of research design.

In my research design I took help of different phenomena's of the organization.



Research

The insurance sector is marked with a high level of attrition and thereforerecruitment process becomes a crucial function of the organization. At ICICIPrudential Life Insurance, recruitment is all time high during May-June and Oct-

Nov. The attrition is high among the sales managers, unit mangers mostly in the

sales profile. The recruitment is high during these months due to the fact thatMarch and September are half year closing and business is high during Jan-Mar.Thus it is only after March that people move out of the companies.

Since my summer training was in the months of May-July, it gave me the

opportunity of involving myself directly with the recruitment process and

analyzing the process so that suitable recommendations can be given. This project

is centred on identifying best hiring practices in the insurance industries. It

therefore requires great amount of research work. The methodology adopted was

planned in advance so as to collect data in the most organized way.

My area of focus was the recruitment and selection particularly at ICICI Prudential

Life Insurance. I was directly involved with the recruitment of candidates for the

sales profile. I was particularly involved with the sourcing of candidates for the

regions Uttar Pradesh and Uttaranchal.

Before any task was undertaken, we were asked to go through the HR policies of

ICICI Prudential Life Insurance so that we get a better understanding of the

process followed by them.

I was involved in coordinating the interviews and making the application id and

doing the documentation as well as Portal of the candidates.

The first task was to understand the various job profiles for which

recruitment was to be done.

The next step was to explore the various job portals to search for suitable

candidates for the job profile.



Once the search criteria were put, candidates went through a telephonic

interview to validate the information mentioned in their resume.

A candidate matching the desired profile was then lined for the first

round of Face to Face interview in their respective cities.

Firstly the candidate had to fill up the Personal Data Form(pdf).

I had the responsibility to make sure that candidates complete all the

formalities.

Then the candidates INTERVIEW EVALUATION SHEET which is

provided by interviewer was crosschecked by the HR team if they think

that the candidate was good to hire.

When a candidate cleared his interview then we were suppose to make

his APP Id (Application Identification No.) on ICICI Pru.’s HR

Recruitment Portal. It is the HR department, which has the exclusive

rights to assign unique applicant id to the candidates. Each applicant id

was unique and could be used only for one candidate.

Once the candidate completed his first assessment, his scores were

checked. The cut-off score is 7 out of 20.

Since we received many resumes, it was essential that a database be

maintained to keep a track. It was convenient method than to stock up

piles of papers. ICICI has their own database named as “PACE-

Personalised, Accessible, Convenient & Easy”, I update all the records

of the new joinees in that tracker. PACE contains all the information of a

candidate such as name, contact number, location, last company

worked, score of the candidate etc.

The external guide maintained a regular updating of the database.

I was also involved in maintaining a track of test codes given, the

database for employee referrals, Database for the resumes received

through mails and response of advertisement and giving feedback to the

consultancies about their candidates.



Introduction of The Insurance

Industry

Overview

The story of insurance is probably as old as the story of mankind. The sameinstinct that prompts modern businessmen today to secure themselves against lossand disaster existed in primitive men also. They too sought to avert the evilconsequences of fire and flood and loss of life and were willing to make some sortof sacrifice in order to achieve security. Though the concept of insurance is largelya development of the recent past, particularly after the industrial era – past few

centuries – yet its beginnings date back almost 6000 years.

The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it roseto 176 companies with total business-in-force as Rs.298 crore in 1938. TheInsurance Act 1938 was the first legislation governing not only life insurance butalso non-life insurance to provide strict state control over insurance business.

Some of the important milestones in the lifeinsurance business in India:

1818: Oriental Life Insurance Company, the first life insurance company on Indiansoil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurancecompany started its business.

1912: The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government tocollect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act withthe objective of protecting the interests of the insuring public.



1956: 245 Indian and foreign insurers and provident societies are taken over by thecentral government and nationalized. LIC formed by an Act of Parliament, viz.LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots tothe Triton Insurance Company Ltd., the first general insurance companyestablished in the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business in India:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact allclasses of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India,frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimumsolvency margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the

general insurance business in India with effect from 1st January 1973.

With largest number of life insurance policies in force in the world, Insurancehappens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per cent to the country’s GDP. Gross

premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP.

Yet, nearly 80 per cent of Indian population is without life insurance cover while

health insurance and non-life insurance continues to be below internationalstandards. And this part of the population is also subject to weak social securityand pension systems with hardly any old age income security. This itself is anindicator that growth potential for the insurance sector is immense.



A well-developed and evolved insurance sector is needed for economicdevelopment as it provides long term funds for infrastructure development and atthe same time strengthens the risk taking ability. It is estimated that over the nextten years India would require investments of the order of one trillion US dollar.

The Insurance sector, to some extent, can enable investments in infrastructuredevelopment to sustain economic growth of the country.

India has come a full circle from being an open competitive market tonationalization and back to a liberalized market again. Tracing the developments inthe Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.

Present Scenario

The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill,lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership.

The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also include restructuring and revitalizing of the

public sector companies. In the private sector 14 life insurance and 8 generalinsurance companies have been registered. A host of private Insurance companiesoperating in both life and non-life segments have started selling their insurance

policies.

Life Insurance Market

The Life Insurance market in India is an underdeveloped market that was onlytapped by the state owned LIC till the entry of private insurers. The penetration of life insurance products was 19 percent of the total 400 million of the insurable

population. The state owned LIC sold insurance as a tax instrument, not as a product giving protection. Most customers were under- insured with no flexibilityor transparency in the products. With the entry of the private insurers the rules of the game have changed.

The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. The new business premiums of the 12 private players has tripled to Rs 1000 cr. in 2002- 03 over last year.



Innovative products, smart marketing and aggressive distribution. That's the triplewhammy combination that has enabled fledgling private insurance companies tosign up Indian customers faster than anyone ever expected. Indians, who havealways seen life insurance as a tax saving device, are now suddenly turning to the

private sector and snapping up the new innovative products on offer.

The private insurers also seem to be scoring big in other ways- they are persuading people to take out bigger policies. Buoyed by their quicker than expected success,nearly all private insurers are fast- forwarding the second phase of their expansion

plans.

Major Insurance Players

NAME OF THE PLAYER MARKET SHARE (%)

LIC 71.3

ICICI PRUDENTIAL 7.73

BAJAJ ALLIANZ 4.96

BIRLA SUNLIFE 4.13

SBI LIFE 3.90

HDFC STANDARD 1.96

TATA AIG 1.79

MAX NEW YORK 1.38

AVIVA .93

OM KOTAK MAHINDRA .71

ING VYASA .57



AMP SANMAR .36

METLIFE .31

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Series



COMPANY PROFILE

ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a leading international financialservices group headquartered in the United Kingdom.

ICICI was established in 1955 to lend money for industrial development. Today, it

has diversified into retail banking and is the largest private bank in the country.Prudential plc was established in 1848 and is presently the largest life insurancecompany in UK.

ICICI Prudential is currently the No. 1 private life insurer in the country. For thefinancial year ended March 31, 2005, the company garnered Rs 1584 crore of new

business premium for a total sum assured of Rs 13,780 crore and wrote nearly615,000 policies.

The Company recognizes that the driving force for gaining sustainablecompetitive advantage in this business is superior customer experience andinvestment behind the brand. The Company aims to achieve this by striving to

provide world class service levels through constant innovation in products,distribution channels and technology based delivery. The Company has alreadytaken significant steps to achieve this goal.

India's Number One private life insurer, ICICI Prudential Life Insurance Companyis a joint venture between ICICI Bank-one of India's foremost financial servicescompanies-and Prudential plc- a leading international financial services group

headquartered in the United Kingdom. Total capital infusion stands at Rs. 23.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.

ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a



row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most TrustedBrands'. As we grow our distribution, product range and customer base, wecontinue to tirelessly uphold our commitment to deliver world-class financial

solutions to customers all over India.

FACT SHEET ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a

premier financial powerhouse, and Prudential plc, a leading international financialservices group headquartered in the United Kingdom. ICICI Prudential wasamongst the first private sector insurance companies to begin operations in

December 2000 after receiving approval from Insurance Regulatory DevelopmentAuthority (IRDA).

ICICI Prudential's capital stands at Rs. 23.72 billion with ICICI Bank andPrudential plc holding 74% and 26% stake respectively. For the first quarter endedJune 30, 2007, the company garnered Rs. 987cr. of weighted retail + group new

business premiums and wrote over 450,000 retail policies in the period. Thecompany has assets held to the tune of over Rs. 18,400cr.

ICICI Prudential is also the only private life insurer in India to receive a NationalInsurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind)rating is the highest rating, and is a clear assurance of ICICI Prudential's ability tomeet its obligations to customers at the time of maturity or claims.

For the past six years, ICICI Prudential has retained its position as the No. 1 private life insurer in the country, with a wide range of flexible products that meetthe needs of the Indian customer at every step in life.



The ICICI Prudential

Edge

What makes us No.1

The ICICI Prudential edge comes from ourcommitment to our customers, in all that we do - be it

product development, distribution, the sales process

or servicing. Here's a peek into what makes us leaders. 1. Our products have been developed after a clear andthorough understanding of customers' needs. It is thisresearch that helps us develop Education plans that offer the ideal way to truly guarantee your child's education,

Retirement solutions that are a hedge against inflationand yet promise a fixed income after you retire, or Healthinsurance that arms you with the funds you might need torecover from a dreaded disease. 2. Having the right products is the first step, but it'sequally important to ensure that our customers can accessthem easily and quickly. To this end, ICICI Prudentialhas an advisor base across the length and breadth of thecountry, and also partners with leading banks, corporate

agents and brokers to distribute our products. 3. Robust risk management and underwriting practicesform the core of our business. With clear guidelines in

place, we ensure equitable costing of risks, and therebyensure a smooth and hassle-free claims process. 4. Entrusted with helping our customers meet their long-term goals, we adopt an investment philosophy that aimsto achieve risk adjusted returns over the long-term.

5. Last but definitely not the least, our team is given theopportunity to learn and grow, every day in a multitude

of ways. We believe this keeps them engaged andenthusiastic, so that they can deliver on our promise to



cover you, at every step in life.

Vision and Values

Their vision is to make ICICI Prudential Life Insurance Company the dominant Life & Pensions players built on trust by world class people and service. This theyhope to achieve through their commitment to excellence, focus on service, speedand innovation, and leveraging our technological expertise.

The success of the organisation will be founded on its strong focus on values andclarity of purpose. These include:

Customer First – Own the customer: deliver the promise.

Understanding the needs of customers and offering them superior productsand service;

Boundaryless – Never say “Its not my job.”

Ownership – If it is to be, it is up to me

Providing an enabling environment to foster growth and learning for their employees;

Integrity – Be honest and fair in what you say and do.

And above all building transparency in all our dealings;

Passion – Boundless energy and enthusiasm

They believe that they can play a significant role in redefining and reshapingthe sector. Given the quality of their parentage and the commitment of their team, they feel that there will be no limits to their growth.



Promoters

ICICI Bank

ICICI Bank Limited (NYSE:IBN) About ICICI Bank:ICICI Bank Ltd (NYSE:IBN) is India's largest privatesector bank and the second largest bank in the country

with consolidated total assets of over US$ 100 billion asof March 31, 2010. ICICI Bank’s subsidiaries includeIndia’s leading private sector insurance companies andamong its largest securities brokerage firms, mutualfunds and private equity firms. ICICI Bank’s presencecurrently spans 19 countries, including India.

Prudential Plc

Established in London in 1848, Prudential plc is an

international retail financial services group withsignificant operations in Asia, the US and the UK servingaround 25 million customers, policyholder and unitholders worldwide. The company has £290 billion of assets under management and it is one of the bestcapitalised insurers in the world with an InsuranceGroups Directive (IGD) capital surplus estimated at £3.4

billion (at 31 December 2009). Prudential is a leading lifeinsurer in Asia with a presence in 12 markets and have

the top three positions in seven key locations of HongKong, India, Indonesia, Malaysia, Singapore, the



Philippines and Vietnam.

Management Profile

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.

Ms.ChandaD.Kochhar, ChairpersonMr.N.S.Kannan, Director Mr.K.Ramkumar, Director Mr.BarryStowe, Director Mr.AdrianO’Connor, Director

Mr.KekiDadiseth, IndependentDirector Prof.MartiG.Subrahmanyam, IndependentDirector Ms.RamaBijapurkar, IndependentDirector Mr.VinodKumarDhall, IndependentDirectMr. V. Vaidyanathan, Managing Director & CEO

Management Team



The ICICI Prudential Life Insurance Company Limited Management teamcomprises reputed people from the finance industry both from India and abroad.

Mr.V.Vaidyanathan, ManagingDirector&CEODr.AvijitChatterjee, AppointedActuaryMr. Puneet Nanda, Executive Vice President

Distribution

ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with over 680 branches and over 2, 35,000 advisors.

The company has over 23 bancassurnace partners, having tie-ups with ICICIBank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank,

Idukki District Co-operative Bank, Jalgaon Peoples Co-operative Bank,Shamrao Vithal Co-op Bank, Ernakulam Bank, 9 Bank of India sponsoredRegional Rural Banks (RRBs), Sangli Urban Co-operative Bank, BaramatiCo-operative Bank, Ballia Kshetriya Gramin Bank, The Haryana State Co-operative Bank and Imphal Urban Cooperative Bank Limited.

ICICI Prudential has one of the largest distribution networks amongst private lifeinsurers in India, having commenced operations in 150 cities and towns in India,

stretching from Bhuj in the west to Guwahati in the east, and Jammu in the north toTrivandrum in the south.

http://www.iciciprulife.com/public/About-us/ProfileTeam-Vaidyanathan.htm

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The company has 9 bank partnerships for distribution, having agreements withICICI Bank, Bank of India, Federal Bank, South Indian Bank, Lord Krishna Bank,and some co-operative banks, as well as over 300 corporate agents and brokers. Ithas also tied up with NGOs, MFIs and corporate for the distribution of rural

policies.

ICICI Prudential has recruited and trained more than 1, 90,000 insurance advisorsto interface with and advice customers. Further, it leverages its state-of-the-art ITinfrastructure to provide superior quality of service to customers.

Registered Office:

ICICI Towers 9thfloor, Bandra-Kurla ComplexMumbai - 400 051.Tel: 494 3232

Regional Office :8th floor EROS Corporate Tower, Nehru place,

New Delhi-110011.Tel:46554405

Delhi office:

3rd floor,Videocon TowersE-1, Rani Jhansi Road

New Delhi - 110055.Tel: 601 3232

Lucknow Office:

1st Floor,Mayfair Building,

Thadani Mansion,

Hazratganj, Lucknow.

Tel: 0522-4039607



ICICI Prudential Life Insurance opens office in Dubai

In a move to consolidate its position in the Gulf region, ICICI Prudential Life

Insurance (ICICI Prudential), India's No. 1 private life insurance company,

today opened its representative office in Dubai, becoming the first private life

insurer from India to open an office in the Emirate.

Choice of Six Investment Options

ICICI prudential offers you the opportunity of selecting between investmentoptions to match the customers’ investment priorities.

i. Protector : An Investment Option with investment in debt and moneymarket instruments.

ii. Maximiser :An investment option with investment in equity and equity

related instruments.

iii. Balancer : An investment option with investment in a mix of equity and

debt oriented instruments.



iv. Preserver: An investment option with investment in low-risk instrumentslike cash and call money markets.

v. Flexi Growth : New Fund (NFO) launched in March 2007, Long term

returns from an equity portfolio lire, mid and small cap companies.

vi. Flexi balanced: Balance of capital appreciation and stable returns from anequity (large, mid & small cap companies) & debt portfolio.

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http://www.iciciprulife.com/public/TVC/Retirement_TVC.html

http://www.iciciprulife.com/public/TVC/jeeteyraho_av.html



Awards

India's Most Customer Responsive InsuranceCompany. AGC Networks - Economic Times,

Customer Responsiveness Awards, 2010.

The International Council of Customer ServiceOrganizations (ICCSO) recently awarded ICICI

Prudential Life the International Service


http://www.iciciprulife.com/public/TVC/ICICI_DCare.html

http://www.iciciprulife.com/public/TVC/ICICI_Symposium.html

http://www.iciciprulife.com/public/TVC/cheenikum_av.html


http://www.iciciprulife.com/public/TVC/ICICI_Symposium.html

http://www.iciciprulife.com/public/TVC/ICICI_DCare.html



Recruitment and selection of employees

Recruitment of staff should be preceded by:

An analysis of the job to be done (i.e. an analytical study of the tasks to be performed to determine their essential factors) written into a job description so thatthe selectors know what physical and mental characteristics applicants must

possess, what qualities and attitudes are desirable and what characteristics are adecided disadvantage;

•

In the case of replacement staff a critical questioning of the need torecruit at all (replacement should rarely be an automatic process).• Effectively, selection is 'buying' an employee (the price being thewage or salary multiplied by probable years of service) hence bad buys can

be very expensive. For that reason some firms (and some firms for particular jobs) use external expert consultants for recruitment andselection.• Equally some small organizations exist to 'head hunt', i.e. to attractstaff with high reputations from existing employers to the recruitingemployer.• However, the 'cost' of poor selection is such that, even for themundane day-to-day jobs, those who recruit and select should be welltrained to judge the suitability of applicants.

The main sources of recruitment are:

• Internal promotion and internal introductions (at times desirable for morale purposes)• Careers officers (and careers masters at schools)• University appointment boards• Agencies for the unemployed• Advertising (often via agents for specialist posts) or the use of other local media (e.g. commercial radio)

Where the organization does its own printed advertising it is useful if it has someidentifying logo as its trade mark for rapid attraction and it must take care not tooffend the sex, race, etc. antidiscrimination legislation either directly or indirectly.The form on which the applicant is to apply (personal appearance, letter of application, completion of a form) will vary according to the posts vacant and

numbers to be recruited.



It is very desirable in many jobs that claim about experience and statements aboutqualifications are thoroughly checked and that applicants unfailingly complete ahealth questionnaire (the latter is not necessarily injurious to the applicants’ chanceof being appointed as firms are required to employ a percentage of disabled

people).

Before letters of appointment are sent any doubts about medical fitness or capacity(in employments where hygiene considerations are dominant) should be resolved

by requiring applicants to attend a medical examination. This is especially sowhere, as for example in the case of apprentices, the recruitment is for acontractual period or involves the firm in training costs.

Interview can be carried out by individuals (e.g. supervisor or departmentalmanager), by panels of interviewers or in the form of sequential interviews by

different experts and can vary from a five minute 'chat' to a process of several days.Ultimately personal skills in judgment are probably the most important, buttechniques to aid judgment include selection testing for:

• Aptitudes (particularly useful for school leavers)• Attainments• General intelligence

(All of these need skilled testing and assessment.) In more senior posts other techniques are:

• Leaderless groups• Command exercises• Group problem solving

(These are some common techniques - professional selection organizations oftenuse other techniques to aid in selection.)

Training in interviewing and in appraising candidates is clearly essential to goodrecruitment. Largely the former consists of teaching interviewers how to draw out

the interviewee and the latter how to rate the candidates. For consistency (and as anaid to checking that) rating often consists of scoring candidates for experience,knowledge, physical/mental capabilities, intellectual levels, motivation,

prospective potential, leadership abilities etc. (according to the needs of the post).Application of the normal curve of distribution to scoring eliminates freak

judgments.



RECRUITMENT

“The art of choosing men is not nearly as difficult as the art of enablingthose one has chosen to attain their full worth”.

Recruitment is the process by which organizations locate and attract

individuals to fill job vacancies. Most organizations have a continuing need to

recruit new employees to replace those who leave or are promoted in order to

acquire new skills and promote organizational growth.

Recruitment follows HR planning and goes hand in hand with selection

process by which organizations evaluate the suitability of candidates. Withsuccessful recruiting to create a sizeable pool of candidates, even the most accurate

selection system is of little use

Recruiting begins when a vacancy occurs and the recruiter receives authorization

to fill it. The next step is careful examination of the job and enumeration of skills,

abilities and experience needed to perform the job successfully. Other steps follow:

Creating an applicant pool using internal or external methods

Evaluate candidates via selection

Convince the candidate

And finally make an offer

Scope: To define the process and flow of activities while recruiting, selecting and

appointing personnel on the permanent rolls of an organization.

Authorization:

S.No. Authorized Signatory

1 Head- Human resource

2 Managing director



Amendments and deviations:

Any amendments to and deviations from this policy can only be authorized by the

Head-Human Resources and the Managing Director.

Exclusions:

The policy does not cover the detailed formalities involved after the candidate

joins the organization.

HR Structure

MD & CEO

(V. Vaidyanathan)

Chief HR

(Judhajit Das)



Sr. V.P.

(Sachin Joglekar)

Asst. V.P.

(Shantanu Chaudhari)

Sr. HR Manager

(Manish Tewari)

HR Manager

(Chitra Shukla)



Sourcing

Factory

WestSouth East North 1 North 2

Rural &

Health

MUMBAI

MAHARASHTRA

AP

TAMIL KARNATAKA &

GOA NADU

KERALA

WEST BENGAL

NORTH EAST

BIHAR

JHARKHAND

PUNJAB

UP &

UTTARANCHAL

HARAYANA

J&K

MP

CHATTISGARH

RAJASTHAN

GUJURAT

PAN India

Health

Assurance

B & Health

Retail

Pharmacy

Rural

Agency

Rural SA

Tied Agency Direct Marketing

BANCA PC



SOURCE MIX – ALL FRONTLINES

0

20

4060

80

100

120

140

160

180

200

A G E N

C Y E A S T

A G E N

C Y N O R

T H \ A G E

N C Y R U

R A L

B A N C

A E A

S T

B A N C

A N O

R T H

B U S I N E

S S P A R T N

E R - E A

S T

B U S I N E

S S P A R

T N E R

- N O

R T H

D M N O R

T H

H e a l t h A

s s u r a

n c e -

N o r t h

H E A L T H

P H A

R M A C Y E A

S T

H E A L T H

P H A

R M A C

Y N O

R T H

P R I O R I T Y

C I R

C L E N O

R T H

W O R

K S I T E E A

S T

CampusDirect Application \ AdvertisementPGPMIPinnacle \ BP \ RORecruitment ConsultantTalent hunt



PINNACLE

This program is run within the organization and this program is only followed

by ICICI Prudential. As the word pinnacle itself means peak so it makes a very

clear sense that the program is for the employees in the sales sector i.e.

Advisors. An agent is one who acts on behalf of another. The ‘another’ on

whose behalf the agent acts, is called the principal. This is the simple definition.

The lawyer is the agent of the client, when he argues the case in court. An

ambassador is an agent of his country. It is the function, which determines the

relationship of agency, not the designation.

The recruited advisors have to undergo group discussion, interview with Line

manager as well as have to give a presentation on a given topic. If the candidate

is selected, he /she have the profile of Unit Manager. The minimum

qualification of the advisor should be Graduation.

This is a kind of stepping Stone Program.



SOURCE MIX – AGENCY NORTH

0

5 0

1 0 0

1 5 0

2 0 0

2 5 0

D i r e c t

A p p l i c a t io n \

A d v e r t i s e m e n t

P G P M I P i n n a c le \ B P \

R O

R e c r u it m e n t

C o n s u l t a n t

T a l e n t @ h u n t

A G E N C Y E A S T \ B P N

A G E N C Y N O R T H \ A GB P N o r t h \ P C N o r t h



SOUCE MIX – ALTERNATE CHANNEL

0

5

1 0

1 5

2 0

2 5

B A N C A E A S TB A N C A

N O R T H

D M N O R T HH e a l t h

A s s u r a n c e -

N o r t h

H E A L T H

P H A R M A C Y

E A S T

H E A L T H

P H A R M A C Y

N O R T H

W O R K S IT E

E A S T

C a m p u s

D i r e c t A p p l i c

P G P M I

R e c r u i t m e n t

T a l e n t @ h u n



RECRUITMENT

PROCESS



CV Screening

CV screening checklist

Age

Educational Qualification

Professional Experience

• Tenure

• Industrial Type

• Is the company from the certified list

• Nature of role

Domicile

Judgmental Scoring Model (JSM)

Focuses on screening the job fit of a prospective candidate with past demographic

analysis:

Age

Educational Qualification

Experience (tenure)

Experience (industry)

Source of recruitment

Agency Manager profile – JSM qualifying criteria : >7 (on a max. score of 20)



Profile

The Agengy Manager

Basic threshold criteria :

Qualification - Graduate

Age - > = 24 years

Guideline - < 3 job changes in last 2 years , < 2 insurance jobs

Industry experience from certified industry list

Profile 1

2 years Sales experience

Pinnacle Unit Manager (internal/external)

Profile 2

2 years Sales experience with min. 1 year in insurance sector

MDRT advisor

Profile 3



2 + years Insurance sales experience

Profile Compensation

L1 L2 L3 L4 L5

P1 Rs.2,00,000 Rs.2,25,000 Rs.2,50,000 Rs.3,00,000 Rs.3,25,000

P2 Rs.2,50,000 Rs.2,75,000 Rs.3,00,000 Rs.3,50,000 Rs.3,75,000

P3 Rs.2,75,000 Rs.3,25,000 Rs.3,50,000 Rs.4,00,000 Rs.4,25,000

Plus :



Rs. 36,000 p.a. as BDM

Rs. 1,00,000 p.a. as Variable Incentive



P ro



Portal Process

Create Position No.

Create JR No. In PACE

Employee ID

Approve JRs

Profile Screening

Interview Evaluation

Sheet

Offer Letter Generation

Offer Acceptance

RHR DOJ Confirmation

Create Application

Profile

Apply for JR

PACE RHR CONSULTANT



ACTIVITY FLOW

The organization philosophy should be kept in mind while formulating the

recruitment procedure.

The HR department would set the recruitment norms for the organization.However, the bonus of effective implementation and compliance with the process

rests with the heads of the respective functions and departments who are involved

in the recruitment and selection process.

The process is aimed at defining the series of activities that needs to be performed

by different persons involved in the process of recruitment, the checks and control

measures to be adopted and information that has to be captured.

Recruitment and Selection is conducted by:

HR & Branch Manager

Functional Head



RECRUITMENT PLANNING

Recruitment planning on the basis of budget

A. The manpower planning process for the year would commence

with the company’s budgeting activity. The respective Functionalheads would submit the manpower requirements of their respective

functions/ departments to the board of Directors as part of the annual

business plan after detailed discussion with the head of human

Resource Function along with detailed notes in support of the

projected numbers assumptions regarding the direct and indirect

salary costs for each position.

B. A copy of the duly approved manpower plan would be

forwarded by the HR department for their further actions during the

course of the year. The annual budget would specify the manpower

requirement of the entire organization, at different levels, in various

functions/departments, at different geographical locations and the

timing of the individual requirements. It would also specify the

requirement budget, which is the cost allotted towards the recruitment

of the budgeted staff and the replacement of the existing employees.

The manpower plan would also clearly indicate the exact time at

which the incumbent should be on board in such a way that theRegional HR has adequate notice for the time lapses involved in

sourcing any other activities.

C. The Regional HR’s would undertake the planning activity and

necessary preparations in advance of the anticipated requirements, as

monthly and quarterly activities on the basis of the approved budget,

estimated separations and replacements therefore.



D. The vacancies sought to be filled or being filled shall always

be within the approved annual manpower budget and no recruitment

process shall be initiated without the formal concurrence of the Head

of the Regional HR under any circumstance. Head of the Regional

HR shall also have the responsibility to monitor the appointments

being considered at any point of time with specific respect to the duly

approved manpower budgets.

Review of Manpower Plans and Additional Manpower

Review of manpower budgets shall take place on a quarterly basis. In the

event of any new position or any deviations to the original plans, details

of the positions maybe forwarded to the VP-HR along with the adequate

supporting information. The recommendations would normally require a

formal approval of the Managing Director. Alternately, VP-HR may

record the summary of his discussion with the Managing Director and

the MD’s approval on the recommendations, to signify the final decision

taken regarding the recommendations.



SOURCING OF SUITABLE CANDIDATES

Selection of Sources

Regional HR would tap various sources/channels for getting the right

candidate. Depending on the nature of the position/grade, volumes of

recruitment and any other relevant factors, the Regional HR would use

any one multiple sources such as:

Existing database (active application data bank);

Employee referral as per any company scheme that may be approved

from time to time;

Advertisement in the internet/newspapers/magazines/company’s

sites/job sites or any other media;

Placement Agencies (particularly for positions of Managers and

above);

Headhunting firms particularly for senior positions, specialist positions

and critical positions;

Direct recruitment from campuses/academic institutes;

Job websites and

Any other appropriate sources.

The norms for using any of the sources are not water tight. Number of

positions, criticality of positions and the urgency of the positions, confidentiality



requirements, relative efficacy and cost considerations would play a role in the

choice of the appropriate sourcing mechanism.

ADVERTISEMENTS

All recruitment advertisements (in any form and any medium) shall

always conform to the KLI compliance norms and would not be released

by any department or branch without the approval of the VP-HR.depending on the specifics of each position for which recruitment

advertisements are to be released, Regional HR may obtain assistance

from the company’s marketing department and/or any external

advertising agencies for the preparation of the contents. Key features of

the positions as notified by the Functional Heads would normally form a

part of the advertisement text.

The media for releasing advertisement would depend on the level of

the position being considered and the urgency of the requirements.

The advertisement mode that could be broadly specified as newspapers

(local or mainline depending on requirements), internet sites and

business magazines.

Placement Agencies/Headhunting Agencies

Depending upon the vacancies, fresher fitting different description

listed above may be recruited from time to time, from academic institutes

of appropriate standards/reputation/grade, in the requisite numbers and at

the compensation/stipend amounts to be formally approved of the VP-

HR. Plans for such recruitment need specific special approval of VP-HR.

norms regarding the identification of the appropriate institutes,

constitution of the selection panels, timings of the recruitment, number

of candidates to be recruited into different positions, choice of the

appropriate selection process and the tools thereof shall be decided by



the Head of the Regional HR in consultation with the VP-HR, depending

on the specific features of the position.

Screening the candidates

First level screening

The Candidates would be screened by the HR Manager/Branch Manager for

the respective locations. Screening would be on the basis of the profile of the

candidate and the departmental requirements.

This assessment will be with respect to:

a. The general profile of the candidate,

b. Personality fit of the candidate into the profile,c. Aptitude/attitude of the candidate,

d. Motives of the person to join the company and whether focus

is in the short term or is a long term player,

e. Basic skill level on our set of requirements, say numerically

ability, networking ability, etc

f. Establish the annual guaranteed cash compensation of the

individual and check whether the person would fit into the system.

g. Explain the role of Sales manager to the applicant and check

the acceptance of the candidate for the same.

In case of need, the Regional HR may take a Tele interview of the candidate for

further assessment process.

Tied Agency Sales Manager candidates short listed by the BM appear for the final

selection. The regional Manager (Business Heads for HO) will meet the candidates

short listed by the branch manager/VP. The chart specifying the Minimum

approval level for each level of recruitment is specified below:



Category Branch

Manager/Chief Manager

Area

Manager/AVP/VP

Business

Heads

Managing

Director

CSE/ADVISORS Yes No No No

BIC Yes Yes No No

BM/CM Yes Yes Yes No

SM Yes Yes Yes Yes

General Norms regarding interview Process:

A. Interviews should consider the entire data provided by the

candidate either through the formal CV or otherwise before coming to

a conclusion about the candidate. They may insist on seeing the proof

of the claims made by the candidate regarding qualifications,

experience and other achievements. They may, at their discretion,

decide to meet the candidate on more than one occasion or to refer the

candidate to another panel.

B. Ratings on various attributes of the candidates shall be

recorded in the interview evaluation sheet, soon after the interview is

over. Along with these numerical ratings, qualitative observations

about the candidate and overall decision regarding selection or

otherwise (including a decision to defer the induction, referral to

another panel, considering for another position) shall be forwarded to

the associated Recruitment Manager/ Head of Regional HR.

Individual panel members have the option of appending their

additional remarks/observations. No selection will be treated as final



unless the IES form is filled comprehensively. Suitably appropriate

IES formats may be created for specific positions.

C. Any discrepancies noticed by the panel members regarding theauthenticity of the data provided by the candidate should be

specifically and formally recorded on the IES form and suitably high

lightened.

D. Specific points to be probed during the reference check

process, if any, must also be clearly recorded and high lightened on

the IES forms.

Administrative Actions Regarding Interviews

A. Scheduling and the venue of the interviews would be handled

by the recruitment team in consultation with the short listed candidate

and the selection panel members, after taking mutual convenience

into account. For field positions, respective branch/regional heads

would undertake this co-ordination.

B. After the final round, if the candidate is selected, the complete

set of papers Personal Data Form, CV, job requisition no., Interview

evaluation sheet, reference check details, educational details, along

with the interviewer’s recommendations and Reference check form

should be forwarded by the recruitment managers to recruitment

head. Fitment of the candidate into a grade and compensation fitment

shall be on the assumption of authenticity of the information provided

in the CV/application form.



C. An appropriate formal communication shall be sent to the

candidate whose candidature is not being taken forward, or details of

the verbal/telephonic communications provided to the candidate shall

be recorded on the candidates papers, by the recruitment

team/associated line managers. In the case of interviews taking place

at the branch/regional levels, similar noting should be recorded on the

individual candidate’s papers.

Negotiations of the terms and conditions and other pre-appointment formalities

A. In the case of sales-Tied Agency functions, the branch

managers will be allowed to fix the salary and grade of the incoming

sales manager, provided the compensation does not exceed 20% of

the candidates current cash salary. Any fitment beyond this norms

will need the approval of Head-HR. HR will forward a worksheet to

support the BM’s to evaluate the appropriate cash CTC of the

incumbent. For all other functions, the compensation and grade would

be fixed post a discussion between the Head of the Regional HR and

the associated AVP/VP. Any candidate being offered a CTC of more

than 4lacs will need the sign off from HEAD-HR. In appropriate

cases, at the discretion of the VP-HR, a deviation may be referred to

the Managing Director, for the MD’s formal approval.

B. Responsibility for negotiations and finalization of the terms

shall rest with the best Branch Manager/Associated Manager. They

may seek the assistance of the recruitment managers, whenever

required. Reference checks process should not normally be initiated

unless the candidate has indicated his firm acceptance of the offer

being made by us.



Reference checks

A. Normal, reference checks should be undertaken with at least one

reference. A second reference check will be done if considered

necessary. Responsible officials from the former employers,

academic institutes and/or any other eminent personalities can be

considered as appropriate references. Close relatives and friendscannot be considered as references. Wherever feasible and considered

appropriate, a reference should be made with a senior official of the

candidate’s current employer. In case the candidate is currently un-

employed, reference should be made with the latest employer. The

format of reference check is to be used as a framework for conducting

the process.

B. Where the minimum two reference checks are not possible

(particularly with the current employer) or where there is a mixed

response from different sources, the matter may be to the VP-HR for

a final decision. Depending on the seniority and any other

considerations about the positions, VP-HR would normally consult

the functional head concerned, before coming to conclusions. Any

candidate whose credentials are doubtful shall not be recruited.

C. In case of recruitment of Management trainees, fresher and life

advisors as sales Managers no reference checks will be required.



Employment offer letter

A. When a recruitment Manager is fully satisfied about the

selection of the right candidate and about completion of all the

formalities connected with the appointment of candidate including

requisite documentation, satisfactory reference check reports and

medical fitness, he/she would forward the relevant papers listed below to the head of recruitment.

Personal Data form

Employee requisition form duly filled by the regional

Head/Branch Manager

Interview evaluation sheet filled by the regional head/Branch

manager/interviewer with his/her comments.

Latest and updated resume of the candidate

Photocopy of the appointment letter of the last employer or latest

salary slip.

Employment details.

Two Professional references.



Language Proficiency.

B. Document check list for every grade is as follows:

Authorization Release Form.

Background check Form.

Highest Education certificates.

Highest Education marksheets.

12 Months Salary Slip of Current Employer. 2 Month Salary Slip of Last Employer.

Relieving Letter of last Employment.

Proof of Residence

Photo Identification Proof

2 Passport Size Photograph.

C. Regional HR manager will take the signature of Head-HR on

the employee requisition form and forward the papers to the

employee service team for issuance of the offer letter.

D. Employee services team will issue offer letter, to be signed by

the National Recruitment Manager or Chief Manager-HR, and send

the same to the concerned Branch Manager/ HR Manager.

E. It would be the responsibility of the Branch Manager/HR

Manager to ensure that the accepted copy of the offer letter is

forwarded to the employee service team within a week of receipt of the offer letter. Till this letter is issued, the ‘offer’ has not taken place



in formal sense. A copy of the offer letter shall be duly signed and

returned to the candidate. Candidate would be expected to fulfil

various joining formalities, which are also formally communicated to

him/her in the form of a checklist that is attached to the letter of offer.

The Regional HR head shall have the overall responsibility and

accountability to maintain the templates of the offer letters and also

for drafting of suitable non-standard terms to any specific candidate.

F. The employee service team will follow up Branch

Manager/Regional HR Manager for the joining of the candidate and

will collect all relevant documents from the candidate including the

joining report, before issuing the appointment letter. The employee

service team may enlist the help of the Branch Manager to ensure

that all necessary documents within ten days o the person joining. After the of all necessary documents, the employee service

team will send the appointment letter to the new joinee.

G. Once the documentation is complete for the new joinee

(including the accepted appointment letter), people who may have

joined before 20th of the month but have not been included in the

payroll for the month because of delay in receipt of papers will be

given ad-hoc salary advance (up to maximum of 65% of the pro rated

salary). This advance will be adjusted once the person gets included

in the subsequent month’s payroll.

H. If the person does not submit the relieving letter from the

previous organization, where required to be submitted as per the table

given above, within three months of joining, the employee service

manager can put their salary on hold till such time as the said

documents are received.



Key tasks of Regional HR Head

Regional HR Head will have the authority and responsibility to

administer/implement the recruitment and selection process as outlined. An

illustrative list of the key deliverables of these incumbents is listed below.

Ensuring inductions as per quality, numbers, time and costconsideration of the company in accordance with the approved

manpower budget.

Creation of appropriate sourcing mechanism along with tracking the

performance of these mechanisms.

Creation of quarterly and monthly recruitment plans

Effective coordination with external parties such as candidates, placement agencies, consultants, academic/professional institutes and

any other including the custody of the formal agreements , tracking

timely payments and adjusted thereto

Creation of comprehensive and appropriate tools, linkages, documents,

templates and any other mechanisms to ensure smooth execution of the

process requirement, along with timely improvements thereto

Assistance to user department and line managers including ininterviewing/selection support, scheduling etc.



Effective internal communication with user departments and line

managers including making the standard recruitment formats and other

templates easily available to such users and notifying the modifications

to such formats and templates.

Creation and maintenance of qualitative information base regarding

candidates, placement agencies, campuses, institutes, and any other

employment-market information.

Creation and maintenance of appropriate and high-quality MIS for

current and future needs of the organization, including

publication/circulation of appropriate reports there from to the relevant

users within the company.

Monitoring recruitment costs

Complete documentation for the entire recruitment and selection

process for easy and quick retrieval in a readily auditable format

Timely and effective communication with all internal and external

parties including the candidates

Tracking the progress of the selected candidates including resignation,

extensions of probation periods/training period, etc for the purpose of

improvement to recruitment and selection process.

Effective coordination with the post recruitment arm of the Human

Resource function

Documentation and creating MIS regarding waiver, deviation, etc and

identifying the key areas for improvement in the formal recruitment andselection process document.



SELECTION



Common selection problems

Achieving the three goals- accuracy, equity, buy -in –hinges on your ability toovercome the following selection problems. Review these problems:

Interviewers miss important information. Interviewers focus only a few of theareas of critical to job success, overlooking many others. Therefore, they fail todevelop a complete picture of an applicant.

Interviewers overlook job fit and organization fit. Interviewers tend to focus onthe skill aspects of the job and overlook candidates’ likes and dislikes. Failure to

job fit and organization fit can lead to poor performance and early turnover .

Interviewers ask illegal non -job related questions. These questions expose theorganization to lawsuits and might good candidates from protected groups of disadvantage.

Interviewers’ coverage overlaps. Too much overlap is a waste of valuable time.

As a result, candidates here the same question repeatedly, and the important areasreceive no coverage.

Interviewers have not organized selection elements into a system. Without anorganized approach, different selection elements often are used in differentapplicants, putting some at disadvantage.

Candidates are turned off by the selection process. When interviewers talk toomuch or are redundant, rude, or disorganized, there job offers are rejected,candidates seek employment elsewhere, and this effects the reputation of an

organization.



Biases and stereotypes affect judgment. Some interviewers classify people into“stereotypes” . Because they often are unaware of these prejudicial tendencies,interviewers fail to realize the effect these have on the decisions.

Interviewers take insufficient notes. Many interviewers never write downanything, on their memory, which can be inaccurate.

Interviewers misinterpret applicant information. Interviewers oftenmisinterpret data when they play ‘amateur psychologist’ by guessing at themeaning behind an applicant’s response. This leads them to attribute incorrectcharacteristics to candidates.

Interviewers make snap decisions about applicants. Some interviewers makeselection decisions on the basis of hand shake on the initial meeting or after askingonly a few questions. Here a problem is, these early decisions influence subsequentdata gathering. Research indicates that organizations make better decisions whenthey delay selection decisions while continuing to collect data.

Organizations rely exclusively on interviews. Interviews are excellent tool inselection system interviewers can obtain other critical information from sourcessuch as “Paper and Pencil test, Simulations, and Reference check”.

Interviewers’ hiring discussions are not systematic. Interviewers who meet tomake the final decisions often share candidate data randomly critical informationfor decision making is lost, relationships between information never surface, andgaps in information about the person are never discovered.

Interviewers allow one characteristics to influence their judgment.

Interviewers occasionally fall victim to the “Hallo Effect”. This is when one particularly strong or weak candidate characteristic can influence an interviewer’s judgment about the person as whole.

Pressure to fill the position affects judgment. As there are many pressures oninterviewer s to make selection decisions too often result in lower standards. Theyrationalize their decisions by saying they can train people or offset their limitation

through close supervision.



The accuracy and fairness of the targeted Selection systems are based on sixcomponents. They are as follows:

1. Focus interviews and selection procedures on job related information.

2. Organize the elements of your selection process into an efficientsystem.

3. Obtain specific Behavioural Information that can be used accuratelyto predict future behaviour

.

4. Assess the motivational fit of candidates.

5. Systematically share information about candidates in an organizeddata integration session.

6. Make Legally Credible hiring decision.



1. Dimensions.

Dimensions describe the knowledge, motivations, and Behaviors

associated with success or failure in a job.

The responsibility as targeted Selection Interviewer is to collectinformation about a candidate’s:

1. Knowledge

2. Behaviors

3. Motivations

During Interviews these three dimensions help in collecting data. A dimension – based

Interviewing format focuses Questions on a particular knowledge, motivation and behaviors important in the target job and eliminates unrelated questions.



Sales

o Salesability/persuasiveness

o Communication

o Job Fito Planning and Organizingo Energy

o Decision Making

o Tenacity

o Negotiation

o Initiating Action

o Impact

Team Member

• Building strategic WorkingRelationships

• Job Fit

• Applied Learning • Decision Making

• Quality Orientation

• Initiating Action

• Contributing to Team Success

• Stress Tolerance

• Communication• Work Standards

Professional/Knowledge

Worker

•1 Technical/Professional Knowledgeand Skills

• Planning and Organizing

• Adaptability

• Initiating Action• Job Fit• Gaining Commitment • Decision Making

• Applied Learning

Leader o Gaining Commitment

o Planning and Organizing o Decision Making

o Aligning Performance forSuccess

o Job Fito Stress Tolerance

o Communicationo Delegating Responsibility

o Meeting Leadership

o Information Monitoring

o Building Successful Team

o Leading Through Vision and



• Building Strategic WorkingRelationship

• Continous Learning

Values

2. The Selection System

A Structured approach of the Information collected from interviews, simulations,and reference checks leads to an accurate hiring decision .The missing ingredient isa Selection System, a set of rules and procedures for taking applicant through theselection process.

In targeted selection, “system” refers to the uniformly applied, step by step procedure for collecting and evaluating information and making hiring decisions.This system provides an efficient method of collecting the necessary informationabout an applicant. It also ensures that hiring and rejection decision are fair for allapplicants.



The Selection Funnel

The figure represents a situation common in hiring organizations. The no.of applicants will exceed the no. of job openings. A good selection system

—one that uses less expensive and faster methods early in the selection process and

in depth , more expensive methods later when only the most promisingcandidate remains –allows an organization to evaluate a large no. of applicants efficiently and economically. Using this selection funnel

maximizes the time spent and ensures fairness to all applicants. Theselection system “flow “for the position “BANK ACCOUNT OFFICER”.

Campus Interview (recruiter )

Targeted selection Interview (HR department)

Targeted selection Interview (Regional mgr.)

Targeted selection Interview (Branch mgr.)



Targeted simulation

Data integration and decision making

Reference check

Job offer



Selection Funnel

DATA ANALYSIS



Table 1.1 For most liking of your job

S.No. Training Programs Percentage (%)

1 Growth 50%

2 Job environment 20%

3 Compensation 20%

4 Empowerment 10%

50%

20%

20%

10%

Growth Job environment Compensation Empowerment

INTRPRETATION:

Growth for most of the employees is 50%, Job environment for most of the

employees 20%, Compensation for the employees is 20% and Empowerment for

the employees is 10%

Table 1.2 : For the answer of Is there is any freedom given in decision making

and problem solving


1 Yes 20%



2 No 10%

3 Sometimes 50%

4 Just as formality 20%

20%

10%

50%

20%

Yes No Sometimes Just as formality

INTRPRETATION:

Training programs freedom for decision making and problem solving for most of

the employees is yes 20% no is 10%, sometimes is 50% and just a formality

20%.



Table1.3 of the company provide performance related incentive to employees ?


1 Excellent 50%

2 Fair 10%

3 Average 20%

4 Good 20%

50%

10%

20%

20%

Excellent Fair Average Good

INTERPRETATION:

Company provide performance related incentives to the employees for

excellent 50%, faie 10%, average 20% and good 20%.



Table 1.4 for the idea about the benefits provided by the company such as

vocation, paid holidays, medical, retirement


1 Excellent 60%

2 Good 20%

3 Fair 10%

4 Poor 10%

60%20%

10%

10%

Excellent Good Fair Poor

INTERPRETATION:

Idea for the benefits provided by the company such as vocation, paid holidays,

medical and retirement is excellent for 60%, good for 20%,Fair for 10% and poor

for 20%.



Table 1.5 for work load is there in your company


1 Heavy 60%

2 Normal 20%

3 Good 10%

4 Over 10%

60%20%

10%

10%

Heavy Normal Good Over

INTERPRETATION :

The workload is heavy in your company is 60%, Normal is 20%, Good is 10% and

over is 10%.



Table 1.6 for organization is sensitive to employee's need


1 Always 10%

2 Usually 50%

3 Sometimes 30%

4 Never 10%

10%

50%

30%

10%

Always Usually Sometimes Never

INTERPRETATION :

10% Always organization is sensitive to employee's need, 50% Usually,

sometimes 30% and 10% never.



Table No. 1.7 for telling you the working environment of company


1 Excellent 15%

2 Poor 10%

3 Good 15%

4 Fair 60%

15%

10%

15%60%

Excellent Poor Good Fair

INTERPRETATION :

During the training, the working environment of company was excellent 15%,

Poor 10%, Good 15% and Fair is 60%.



Table 1.8 for the growth related polices in your organization


1 Excellent 30%

2 Poor 10%

3 Good 10%

4 Fair 50%

30%

10%50%

10%

Excellent Poor Fair Good

INTERPRETATION :

Excellent growth related polices in your organization is 30%

Poor growth related polices in your organization is 10%

Fair growth related polices in your organization is 50%

Good growth related polices in your organization is 10%



Table 1.9 for the most likely reasons for leaving the job


1 Work Load 20%

2 Unsatisfactory

Compensation

10%

3 Working environment 60%

4 Slow Growth 10%

20%

10%

60%

10%

Work load Unsatisfactory Compensation

Working environment Slow growth

INTERPRETATION :

The most likely reasons for leaving the job workload 20%, Unsatisfactory

compensation is 60% and slow growth is 10%.



Table 1.10 for your views on culture of your organization


1 Friendly 60%

2 Non Friendly 10%

3 Competitive 20%

4 Don't know 10%

60%

10%

20%

10%

Friendly Non friendly Competitive Don't know

INTERPRETATION :

Friendly culture of your organization is 60%, Non-Friendly is 10%, Competitive is

20% and Unknown 10%.



Interpretation

Insurance is confronted with high attrition rate. Therefore it makes recruitment acritical function in the organization. In order to grow and sustain in the competitiveenvironment it is important for an organization to continuously develop and bringout innovations in all it activities. It is only when organization is recognized for itsquality that it can build a stability with its customers. Thus an organization must beable to stand out in the crowd.

The first step in this direction is to ensure competitive people come in the

organization. Therefore recruitment in this regard becomes an important function.

The organization must constantly improvise in its recruitment process so that it is

able to attract best in the industry in order to serve the best. Thus the organization

must look out for methods that can enable it to adopt best recruitment practices.

There is an increase in percentage of hiring from consultants and directapplications and decrease in the Pinnacle hiring. The comparison of the source mixof two hiring for the months of May-June and June-July has been shown below:

Recruitment source May-June June-July

Advertisement 0 21

Campus 55 18

Direct Applications 58 88

PGPMI 9 43

Pinnacle 164 129

Pinnacle BP 4 5

Pinnacle RO 2 5

Consultants 171 264Talent@Hunt 211 200

Total 674 773

mailto:Talent@Hunt

mailto:Talent@Hunt



0

50

100

150

200

250

300

A d v e r t i s e m e

n t

C a m p

u s

D i r e

c t A p

p l i c a t i o

n s

P G P M

I

P i n n a

c l e

P i n n a

c l e B P

P i n n a c l e

R O

C o n s u l t a n t s

T a l e n

t @ H u

n t

May-June

June-July



Limitations of the study

Every task is undertaken with an objective and accomplishment of this objectivedetermines our success.

Task:

The recruitment at ICICI Prudential Life Insurance involved a lot search from thedatabase and calling up candidates to check whether they fit the job specification.

Difficulties:

Candidates were reluctant to talk at times;

Candidates who were contacted were not interested in Insurance onmany occasions;

Candidates who were scheduled for interview would not turn up;

o Run out of database many times since most of them wouldhave already been contacted;

Task:

Candidates were to be searched from the job portals and called up to be scheduledfor an interview.

Difficulties:

At times many people had for couple of hours to work on thecomputer;

Since STD calls had to be made, the availability of phone waslimited, so there was greater coordination required with respect to its usageand maintains a time slot so that other person has a chance to use.



SWOT Analysis

Strengths

Brand equity of Kotak MahindraBank.

Rigorous Pre-Hiring assessmenttests to understand aptitude andpersonality of candidates.

Proper reference checks toensure that only bonafidecandidates are appointed.

Adequate number of channelpartners to generate footfalls foreach location.

Footfall MIS being maintained ateach branch locally by Admin.

Weaknesses

Pre assessment tests are costly.

Conversion of footfalls is low.

Lengthy pre-offer formalities.

Huge employee turnover.

Opportunities

Campus recruitments have hugepotential for fulfilling manpowerrequirements cost effectively.

Tie up with recruitment agencieson supplying fixed number of footfalls week on week.

Develop exclusive contract withchannel partners to meet themanpower requirements.

Make blue form brief and to thepoint.

Reduce turn around time of

Threats

Increasing number of privateplayers in insurance sectorcreates ample choices, frequentand easy mobility for employees.

Same channel partners arehandling all insurance companies. This leads to same pool of candidates being circulated to allpartners.

Increasing spill over as acandidate has more than oneoffer at the time of making a jobshift.

As the insurance industry is

small, senior level candidateshesitate to meet HR of other



making an offer. companies for the fear of grapevine.

LEARNINGS

Every endeavour undertaken to accomplish challenging goals, can only be

successful under the experienced and encouraging guidance. I am privileged to

have undergone training at ICICI Prudential Life Insurance. As learning never

stops, my learning at I.Pru has come from a lot of exposure, on the job training and

close interaction with the corporate. In brief my learning and achievements can be

summarized as under:

1. Understanding of person and profile fit.2. Convince people about the job profile and to sell the job to the

prospective candidate;

3. Following up with the candidates during the entire selection process;4. Learned to convince candidates about the offer rolled out and makingthem accept the offer through effective communication;

5. Learning about salary fitments.6. Communicating with the corporate;7. Performance appraisals, its various types, implications and significance;8. Handling queries received from various quarters;9. Managing HR department in the absence of HR manager;10.Reply to official mails;11.Prioritize issues according to their importance;

12.Field work exposure to tap candidates that further strengthened thelearning.



RECOMMENDATIONS & SUGGESTIONS

1. Employers should be less biased about the recruitment of employees

through employee referrals.

2. Know what you're looking for in candidates.

It is observed that the candidates sourced by placement agencies and send

for further rounds of interviews are rarely found suitable by the hiring

managers. Therefore, in case there is need to utilize the service of a

placement agency, then it is recommended that these placement agencies be

given a well drafted job description and job specification. This can also be

circulated to internal employees under the employee referral scheme. This

will help people to get a clearer picture and provide for most suitable

candidates.

3. Reduce the pre offer formalities:

Pre-offer documentation includes filling of a lengthy Personal Detail form whichincludes all personal, educational and professional details of candidate. This is verytime consuming and even after taking these details from candidate it’s not sure thatoffer will be made or not. This also becomes frustrating for the candidate

sometimes. So, it is recommended that unnecessary details should not be asked before we make the final offer to the candidate. PDF should be made concise.

4. Blend technology into every aspect of your recruiting and hiring process.

Web-based technology lets you increase hiring speed and quality while

reducing costs. Currently, job boards constitute the biggest use of the Web,

offering access to thousands of resumes within hours. But the Web can also

be a powerful tool for screening and qualifying that flood of resumes.



Companies have begun to use the Web to collect and instantly match data on

candidate skills, motivations, and experiences against job criteria. Other

uses of Web-based technology include online interviewing, candidate

assessment and testing, applicant self-scheduling, and tracking. Work the

Web wisely and you save time for recruiters and hiring managers and nab

top candidates before your competitors can.

5. It is recommended that apart from the person-job fit, method must be

devised to check for person-organization fit. A person-organization helps to

assess how well a candidate is suited the organization. Whether the attitude

he/she carries will promote both organizational as well personal goals. This

takes a great importance especially when attrition is high. It will help the

organization to retain its employees for a longer period of time and less

burden on recruitment staff.

6. Create winning impression even on those who are not selected

It is very important to create a favourable impression of your organization on all

those who come for interview. Those who are not selected in the first round of

personal interview should also carry this impression that they have missed the

opportunity to work in a great company. For this, there must a proper coordination

of the interview of the candidate and greater degree of professionalism. Acandidate when invited for an interview must be attended as soon as possible and

should be made to wait for hours together. Interviews conducted on a scheduled

time leave a good impression on the candidate. Even if he is not selected, a good

impression about the will make him recommend the name to his people.

A t l a s t , I wa nt t o s a y, i f we ke ep t hos e po i n t s i n t he m i nd t he n

we can make a sound good recrui tment & se lec t ion p ol icy .



CONCLUSION

I f ind that genera l ly a l l employees o f the o rgan izat ion l i ke the

Recru i tment and Se lec t ion po l i cy . The workers representat ion in

m anagem ent i n t he o rgan i za t i on i s qu i t e good . Em p loy ees a re

sat is f ied wi th thei r work so we can say employee’s mora l i s h igh

in t he o rgan i za t i on . H igh m ora l a s s i s t s i n t he m anagem ent t oovercome severa l p rob lems such as labour turnover , a

absentee ism, ind isc ip l ine , g r ievances e tc . i t a l so he lps seek co -

operat ive o f the workers in the runn ing o f the o rgan izat ion and

t hu s g et ti n g h ig h er p r od u ct i on a t m in i mu m p o ss i bl e c os t b y

reduc ing the was tage o f t ime, man, mach ines and mater ia l s . I t

i s in other sense, and index of good indust r ia l re lat i ons .

There i s p roper se lec t ion in the o rgan izat ion , p roper se lec t ion

of the personnel reduces personnel prob lems in the organizat ion

as employee tu rnover , absentee ism etc . employee re la t ions a re

a lso bet ter because customers are fu l l sat is f ie d by thei r work.



QUESTIONNAIRE

Name

Age

Position

1. Rules of recruitment

i. Rigid

i i. F lexible

2. Sources of recruitment

i. Advertisment

i i. Consultacy

i i i . Pinnacle

iv. Others

3. Rounds kept for selecting candidates?

------ - - - - - - - - - - - - - - -



4. T yp es o f candid ates pr eferr ed by the

organ?

i. Fresher

i i . Experience

i i i . Both

5. Minimum quali f ication of candidate?

i. Intermediate

i i. Graduation

iii. Below or above it .

6. Minimum age of worker

i. 18 to 22i i. 22 to 28

i i i . 28 to 32

7. How much year exper ience i s needed for

grade1?

i. 1 Year



i i . 1-2 Year

i i i . More Than 2 Years

8. Orientation Program.

i. Excel lent

i i . Good

ii i . Average

9. Trade union involved any level in

recruitment program.

i. Yes

i i. No

10.How much time given to candidate to

present her\his documents recruitment for

the profi lehe is selected?

i 1 Week

My Summer Project 03 - Shweta

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