Beruflich Dokumente
Kultur Dokumente
ON
RECRUITMENT AND SELECTION
OF
HDFC STANDARD LIFE INSURANCE COMPANY
Submitted in partial fulfillment of the requirements for the award
of degree of
SESSION 2013-2014
M.G.K.V.P VARANASI
Submitted to
Dr. Y.P Singh
MISHRA
SHEPA. I.C.S.T
Submitted By
SARITA
Roll No 11760017
Student declaration
SARITA MISHRA
ACKNOWLEDGMENT
I was actively involved with HDFC Standard life insurance company ltd
Lucknow, for a period of 8 weeks, and I came across a lot of people who
put in their time and effort towards acclimatizing me to the workings of their
organization.
Firstly I would like to thanks Mr. VARUN AHUJA
is the BRANCH
MANAGER of the HDFC Standard Life Insurance Company Ltd. for giving me
opportunity to work with this organization.
I would like thanks Mr.CHANDAN JYOTI without whose support, this
SUMMER TRAINING would not have been possible. Heartiest thanks for his
constant support and motivation.
My gratitude to everyone there at HDFC Standard Life Company who has
helped me directly or indirectly in the completion of this SUMMER
TRAINING .
PREFACE
EXECUTIVE SUMMARY
HDFC Standard Life insurance is India's premier insurance enabling company.
HDFC Standard Life insurance is the one-stop-shop for requirements of services in
the areas of insurance, optimum investment, financial coverage and losses, mortality
benefit, and health option etc. This is backed by HDFC Standard life insurance
service support infrastructure - the widest in the country.
The objective of the SUMMER TRAINING
consultant play important role for insurance company like HDFC STANDARD
LIFE. So to understand the process of Recruitment of financial consultant in HDFC
STANDARD LIFE .
The main objective of the SUMMER TRAINING is to understand the recruitment
and selection of financial consultant
ORGANISATION OVERVIEW
HISTORY
If ever there was a man with a mission it wasHasmukhbhai Parikh, Founder and
Chairman-Emeritus of HDFC Group who left this earthly abode on November18,
1994. Born in a traditional banking family in Surat,Gujurat, Mr. Parikh started his
financial career at Harkisandass Lukhmidass a leading stock broking firm. The
firm closed down in the late seventies, but, long Before that, he went on to become a
towering figure on the Indian financial scene. In 1956 he began his lifelong financial
affair with the Economic world, as General Manager of the newly-formed Industrial
Credit and Investment Corporation of India(ICICI). He rose to become Chairman
and continued so till his retirement in 1972.At the ripe age of 60, Hasmukhbhai
started his second dynamic life, even more Illustrious than his first. His vision for
mortgage finance for housing gave birth to the
Housing Development Finance Corporation It was a trend-setter for housing
finance in the Whole Asian continent. He was also a writer in his own right. There
are over 200 published articles by him...? In 1992, the Government of India honored
him with the Padma Bhushan Award.
London School of Economics & Political Science conferred on him an Honorary
Fellowship.He was one of the Founder Members of the Centre for Advancement of
Philanthropy, and its Chairman till 1993. He took active interest in the Bombay
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Community Public Trust, designed specifically to serve the needs of the citys
underprivileged citizens. When Mr. Deepak Parikh took over as Chairman from
Hasmukhbhai, he said: Taking over from H.T. Parikh is a formidable task; his
vision brought about not Only an institution, but an entire concept which has
proved itself to be of lasting Importance.
The Standard Life Assurance Company ("Standard Life") was established in 1825
and the first Standard Life Assurance Company Act was passed by Parliament in
1832. Standard Life was reincorporated as a mutual assurance company in 1925.
The Standard Life group originally operated only through branches or agencies of
the mutual company in the United Kingdom and certain other countries.
Its Canadian branch was founded in 1833 and its Irish operations in 1838. This
largely remained the structure of the group until 1996, when it opened a branch in
Frankfurt, Germany with the aim of exporting its UK life assurance and pensions
operating model to capitalise on the opportunities presented by EC Directive
92/96/EEC (the Third Life Directive) and offer a product range in that market with
In the 1990s, the group also sought to diversify its operations into areas which
complemented its core life assurance and pensions business, with the intention of
positioning itself as a broad range financial services provider. Banking and
investment.
The group set up Standard Life Bank, its UK mortgage and retail savings banking
subsidiary, in 1998 and Standard Life Investments, which had previously been the
in-house investment management unit of the groups life assurance and pensions
business, was separated into a distinct legal entity in the same year, with the aim of
establishing it as an independent investment management business providing
services to both the group and third party retail and institutional clients. The group
acquired Prime Health Limited (subsequently renamed Standard Life Healthcare) in
the United Kingdom in 2000. Standard Life Healthcare expanded in March 2006
with the acquisition of the PMI business of FirstAssist.
Standard Life International Limited The group also incorporated Standard Life International Limited (SLIL) in 2005
for the purposes of providing the group with an offshore vehicle, based in Ireland,
through which it could sell tax-efficient investment products into the United
Kingdom. Sales of these products commenced in 2006.
Service company
Following the groups strategic review in 2004, the group established a service
company structure for the provision of central corporate services to the groups
business units. Standard Life Employee Services Limited (SLESL) supplies a
wide range of central services to the rest of the group, including IT, facilities, legal
and human resources services, and employs staff working in the groups UK and
Irish operations (other than SLI, SLB and SLH, which employ their staff directly).
This service company structure was created to enable Standard Life to comply with
regulatory restrictions on the provision of non-insurance services and to exploit
group-wide synergies.
Company prospects
Introduction
HDFC Standard Life Insurance Company Limited. is one of India's leading private
insurance companies, which offers a range of individual and group insurance
solutions. It is a joint venture between Housing Development Finance Corporation
Limited (HDFC Limited), India's leading housing finance institution and a Group
Company of the Standard Life Plc, UK. As on February 28, 2009 HDFC Ltd. holds
72.43% and Standard Life (Mauritius Holding) 2006, Ltd. holds 26.00% of equity in
the joint venture, while the rest is held by Others.
Our Parentage
HDFC Limited
HDFC Limited, Indias premier housing finance institution has assisted more than
3.3 million families own a home, since its inception in 1977 across 2400 cities and
towns through its network of over 250 offices. It has international offices in Dubai,
London and Singapore with service associates in Saudi Arabia, Qatar, Kuwait and
Oman to assist NRIs and PIOs to own a home back in India. As of December 2008,
the total asset size has crossed more than Rs. 95,000 crores including the mortgage
loan assets of more than Rs. 82,800 crores. The corporation has a deposit base of Rs.
17,551 crores, earning the trust of more than 9,00,000 depositors. Customer Service
and satisfaction has been the mainstay of the organization. HDFC has set
benchmarks for the Indian housing finance industry. Recognition for the service to
the sector has come from several national and international entities including the
World Bank that has lauded HDFC as a model housing finance company for the
developing countries. HDFC has undertaken a lot of consultancies abroad assisting
different countries including Egypt, Maldives, and Bangladesh in the setting up of
housing finance companies.
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The Standard Life Group has been looking after the financial needs of customers
for over 180 years. It currently has a customer base of around 7 million people who
rely on the company for their insurance, pension, investment, banking and healthcare needs. Its investment manager currently administers 125 billion in assets. It is
a leading pensions provider in the UK, and is rated by Standard & Poor's as 'strong'
with a rating of A+ and as 'good' with a rating of A1 by Moody's. Standard Life was
awarded the 'Best Pension Provider' in 2004, 2005 and 2006 at the Money Marketing
Awards, and it was voted a 5 star life and pensions provider at the Financial
Adviser Service Awards for the last 10 years running. The '5 Star' accolade has also
been awarded to Standard Life Investments for the last 10 years, and to Standard
Life Bank since its inception in 1998. Standard Life Bank was awarded the 'Best
Flexible Mortgage Lender' at the Mortgage Magazine Awards in 2006.
Integrity
Innovation
Customer centric
Team work
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Associate Companies
HDFC LIMITED
HDFC BANK
HDFC SALES
HDFC ERGO General Insurance
Other Companies
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benefits to their employees. This section gives you details of all our products. We
have incorporated various downloadable forms and product details so that you can
make an informed choice about buying a policy.
For individuals, we have a range of protection, investment, pension and savings
plans that assist and nurture dreams apart from providing protection. You can choose
from a range of products to suit your life-stage and needs.
For organizations we have a host of customized solutions that range from Group
Term Insurance, Gratuity, Leave Encashment and Superannuation Products. These
affordable plans apart from providing long term value to the employees help in
enhancing goodwill of the company.
We at HDFC Standard Life realize that not everyone has the same kind of needs.
Keeping this in mind, we have a varied range of Products that you can choose from
to suit all your needs. These will help secure your future as well as the future of your
family.
Type of products
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(1) Protection
A. Term assurance plan
B. Loan cover term assurance plan
A) Term assurance plan:Under this plan, a sum assured is payable in case of death of the life
assured during the term of the contract. One can choose the lump sum that
would replace the income lost to ones family in the unfortunate event of ones
death. Since this no-participating plan is pure risk cover plan, no benefits are
payable on the survival to the end of the term of the policy.
B) Loan cover term assurance plan:This plan provides a lump sum on the unfortunate death of the life
assured during the term of the plan. The lump sum will be a decreasing
percentage of the initial sum assured. As the outstanding loan decreases as per
the loan schedule, the cover under the policy decreases as per the policy
schedule. Since this is a non-participating, risk is there, no benefits are payable
on survival to the end of the term of the policy.
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(2) Investment
Single premium whole of life
Single premium whole of life:Single Premium Whole of Life Plan is well suited to meet your long term
investment needs. This participating (with profit) plan offers you the following
benefits:
A sound investment:
Your money will be invested in our with profit fund. The fund aims to provide
secure and stable long term growth. Normally, we declare a compound
reversionary bonus for your policy every year and add it to your policy on its
anniversary. In addition, on death, surrender or on the guaranteed dates, a
terminal bonus might be payable. You have to pay a single premium and the
policy will pay you a lump sum amount.
Flexibility of term:
Even after choosing your policy, you can decide on the policy term. For 4
weeks after any one of the 10th, 15th, 20th, and subsequent five-year
anniversaries, you can choose to receive the sum assured plus any attaching
bonuses, in full. Once the money has been received, your policy will cease.
(3) Pension plan
A. Personal pension plan
B. Unit linked personal pension plan
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A) Personal pension plan:This participating plan is basically a saving contract, which is designed to
provide an income for life from retirement. It does this by providing a national
lump sum on retirement, comprising of sum assured plus any attaching bonus.
Subject to the prevailing regulations, part of this lump sum can be taken in form
of cash and the rest converted to an annuity at the rate then offered by HDFC
Standard Life. Alternately, if it is permitted by the prevailing regulation, the
national lump sum can be used to buy an annuity with any other insurance
company
B) Unit linked personal pension plan:The unit linked pension plan is basically an insurance contract, which is
designed to provide a retirement income for life. Your premiums are invested in
units of the investment fund of your choice, based on the prevailing unit price.
On investing the vale of your units will be used to buy your retirement benefits.
On earlier death, the beneficiary receives the value of your units plus a cash
lump sum of Rs. 1,000.
(4) Saving
A. Unit linked endowment plan
B. Money back
C. Endowment plan
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A) Unit linked endowment plan:The unit linked endowment plan is an insurance policy that is designed to pay a
lump sum amount on the maturity or on earlier death. The unit linked
endowment plan also gives the option of additional protection against common
critical illness, as well as additional protection if death is as the result of an
accident.
Your premiums are invested in units of the investment fund of your choice,
based on the prevailing unit price. On maturity you receive the value of your
units. On death (or critical illness, if chosen) you receive the value of your units
and your selected basic sum assured.
B) Money back:It is a participating (with profits) insurance plan that offers the features listed
below:
i)
Payment of cash lump sum, each of which is a proportion of the basic sum
assured, at 5-year intervals during the term of policy.
ii)
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In case of the unfortunate death of the life assuror within the term of the policy,
the basic sum assured plus any bonus additions is provided. This is over and
above the earlier payouts.
C) Endowment plan:It is a participating (with profits) insurance plan that offers the following
features:
i) It provides financial support to the family by way of a lump sum payment
in case of the unfortunate death of the life assured within the term of the
policy.
ii) It provides a lump sum payment to the life assures on survival up to
maturity. The lump sum mentioned is the basic sum assured plus any
bonus additions.
D) Unit linked youngster plan:HDFC Unit linked Young Star plan is designed to provide a lump sum to the
child at maturity. It also provides financial security to the child in his future,
even in case of the insured parents unfortunate death during the policy term.
The Unit linked Young Star plan also gives the option of additional protection
against the six common critical illnesses. Your premiums are invested in units
of the investment funds of your choice, based on the prevailing unit price. On
maturity the value of the units will be paid. On death (or critical illness, if
chosen) the selected basic sum assured is paid, and the policy continues until
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maturity. Following a valid death or critical illness claim, we will pay the future
premiums (at the level originally chosen at inception) into your policy, as and
when they would have fallen due.
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Award
2003
2002
2001
2000
1999
1996-99
1995
1992-94
1991
Standard Life has been awarded the "Raising Standards" quality mark.
This shows that the Company:
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Pensions Provider of the Year 1999, 2000, 2001, 2002 and 2003
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5 Star Life and Pensions Provider every year from 1996 to 2004
5 Star Investment Provider every year from 1996 to 2002 and 2004
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Industry Profile
INSURANCE
Insurance is a legal contract that protects people from the financial costs that result
from loss of life, loss of health, or property damage. Insurance provides a means for
individuals and societies to cope with some of the risks faced in everyday life.
People purchase contracts of insurance called policies from a variety of insurance
called policies, from a variety of insurance organizations.
Insurance is conceived as a method of saving of these losses , embodying the
principle of co-operation existed in the early civilization . There is evidence that
during the Aryan civilization , loss of profits in industry was insured by the village
co-operative in India .
Almost everyone living in modern , industrialized countries buys insurance for
instance laws in most states require people who own a car to buy insurance before
driving it on public roads . lenders require anyone who finances the purchase of
home or car with borrowed money to insure that property .business partners take out
life insurance on each other to make sure that business will succeed even if one of
the partner dies.
Two types of insurance:
Life insurance:
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Life insurance is a contract for payment of a sum money to the person assured on the
happening of the event insured against . usually the contract also provides for the
payment of premium periodically to the corporation by the assured.
General insurance:
General insurance includes many areas of insurance like maraine, motor, eng, health,
fire etc the contract provides for the payment of an amount on the happening of
some contingency .These types of contracts are annual in nature.
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WEAKNESS
1. They are unable to target rural area as compare to LIC.
2. Poor awareness for new products in consumers Poor Distribution network.
3. Negligence to customers after the investment is sold.
4. Very Huge Premium of policies compared to major rival LIC.
5. Target Upper class people only.
6. All Brochures are in English only.
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OPPORTUNITIES
In India still there is a big market for insurance field.
1. 75% of Indian market is still untapped.
2. Attract more people by providing more customer centric products.
3. Strong brand of the bank helps to boost sales in market.
4. No.1 in adapting new technologies like online search etc.
5. Tie up with brokers also having a large data base of the customers.
6. Getting leads from the branch members.
THREATS
1.
2. Some brands in the market gives there product with more features.
3. .LIC, ICICI & Bajaj Allianz is the major competitor with better network.
4.
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MARKETING DETAILS
Marketing generally refers as the task of creating, promoting and delivering goods
And services to consumers and business. Marketing managers seeks to influence the
Level of timing and composition of demand to meet the organizations objectives.
Marketing people are involved in 10types of entities: goods, services, experiences,
Events, persons, places, properties, organization, information and ideas. The
Marketing concept rests on four pillars: target market, customer needs, integrated
Marketing and profitability.
Marketing is defined as a societal process by which individuals and groups obtain
What they need and want through creating, offering and freely exchanging products
And services of value with others.
The basic four Ps of marketing are PRODUCT, PRICE, PLACE and
PROMOTION.
The last few years have seen an increased attention to mutual funds across all genres
of investors big or small, individuals or corporate.
FINANCIAL DETAILS
IMPORTANCE OF FINANCE
Finance is regarded as the life blood of a business enterprise. This is because in the
Modern money oriented economy. Finance is the one of the basic foundation of all
Kind of electronic activity. It is the master key which provides access to the entire
Source for being employed in manufacturing and merchandizing activities. It has
Rightly been said the business needs money to make more money. However it
is also
True that money begets more money, only when it is properly managed. Hence,
Efficient management of every business enterprise is closely linked with efficient
Management of its finance.
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RECRUITMENT POLICY :
It specifies the objective of recruitment and provides a framework for the
implementation of the recruitment programme. A recruitment policy may involve
commitment to broad principles such as filling vacancies with the best-qualified
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Job
Analysis
Recruitment
Planning
Strategy
Development
Searching
Screening
Evaluation
and control
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Selection
SOURCES OF RECRUITMENT
Before an organization actively begins to recruit applicants it should consider the
mostly likely source of the type of employee it needs. Some companies try to
develop new sources while most try to tackle the existing sources they have. These
sources accordingly may be termed as internal and external.
Internal Sources
This is one of the important sources of recruitment. The employees already
working in the organization may be more suitable for higher jobs than those
recruited outside. Internal sources consist of the following :
1) Present Employees :
Promotions and transfers among the present employees can be a good
source of internal recruitment.
2) Employee Referrals :
In an organization with a large number of employees referrals can
provide quite a large pool of potential organizational members.
3) Former Employee :
These are another internal source of recruitment. Some retired
employees may be willing to come back to work.
4) Previous Employees :
Those who have previously applied for jobs can be contacted by mail.
External Sources :
These are as follows
1. Advertisement
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2. Professional Organization
3. Data Bank
4. Walk in
5. Recruiting Agencies
6. Competitors
7. Displaced Persons
8. E-recruitment
12. Cold calling
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the management has to perform the function of selecting the right employees at the
right time. The obvious guiding policy in selection is the intention to choose the best
person who have good social contact. The objective of the selection decision is to
choose the individual who can most successfully perform the job from the pool of
qualified candidates. The selection procedure is the system of functions and devices
adopted in a given
company to ascertain whether the candidate specifications are matched with the job
specifications and requirements or not.
The selection process can be successful if the following requirements are satisfied:
Someone should have the authority to select. This authority comes
from the employment requisition, as developed by an analysis to the
workload and work force.
There must be some standard of personnel with which a prospective
employee may be compared, i.e. a comprehensive job description and
job specification should be available before hand.
There must be a sufficient number of applicants from whom the
required number of employees may be selected.
The ability of an organization to attain its goal effectively and to develop in a
dynamic environment largely depends upon the effectiveness of its selection
programme. If the right person is selected, he is valuable asset to the organization
.
SELECTION PROCEDURE:
Selection procedure employs several methods of collecting information about the
candidates qualifications, experience, physical and mental ability, nature and
behavior, knowledge and aptitude for judging whether a given applicant is suitable
or not for the job. Therefore the selection procedure is not a single act but is
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IN DETAIL EXPLANATION:
(A) JOB ANALYSIS:
Job analysis is the basis for selecting the right candidates. Every organization should
finalize the job analysis, job description, job specification and employee
specifications before proceeding to the next step of selection.
(B) HUMAN RESOURCE PLAN:
Every company plans for the required number of and kind of employees for a future
date. This is the basis for recruitment function.
(c) RECRUITMENT:
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solving skills, human relations skills etc. participants are placed in a hypothetical
work situation and are required to play the role situations in the game. The
hypothesis is that the most successful candidate in the game will be most successful
one on the job.
GROUP DISCUSSION is used in order to secure further information regarding the
suitability of the candidate for the job. Group discussion is a method where groups
of the successful applicants are brought around a conference table and are asked to
discuss either a case study or subject
matter. The candidates in the group are required to analyze, discuss, find alternative
solutions and select the sound solution. A selection panel then observes the
candidates in the areas of initiating the discussion, explaining the problem, soliciting
unrevealing information based
on the given information and using common sense, keenly observing the discussion
of others, clarifying controversial issues, influencing others, speaking effectively,
concealing and mediating arguments among the participants and summarizing or
concluding aptly.
The selection panel, based on its observation, judges the candidate s skill and ability
and ranks them according to their merit.
In some cases, the selection panel may also ask the candidates to write the summary
of the group discussion in order to know the candidate s writing ability as well.
Types of test:
Tests are classified into six classes, each class is again divided into different types of
tests. They are:
APTITUDE TESTS:
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These tests measure whether an individual has the capacity or latent ability to learn a
given job if given adequate training. Aptitudes can be divided into general and
mental ability or intelligence and specific aptitudes such as mechanical, clerical,
manipulative capacity etc. General aptitude test is of two types namely intelligence
quotient (IQ) and emotional quotient (EQ).
(1) Skill tests:
These tests measure the candidate s ability to do a job perfectly and intelligently.
These tests are useful to select the candidates to perform artistic jobs, product
design, design of tools, machinery etc. The candidates can be selected for assembly
work, testing and inspection also.
(2) Mechanical aptitude tests:
These tests measure the capabilities of spatial visualization, perceptual speed and
knowledge of mechanical matter. These tests are useful for selecting apprentices,
skilled, mechanical employees, technicians etc.
(3) Psychomotor tests:
These tests measure abilities like manual dexterity, motor ability and eyehand
coordination of candidates. These tests are useful to select semi-skilled workers and
workers for repetitive operations like packing and watch assembly.
(4) Clerical aptitude tests:
These types of tests measure specific capacities involved in office work. Items of
this tests include spelling, computation, comprehension, copying, word measuring
etc.
ACHIEVEMENT TESTS:
These tests are conducted when applicants claim to know something as these tests
are concerned with what one has accomplished. These tests are more useful to
measure the value of a specific achievement when an organization wishes to employ
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experienced candidates. These tests are classified into (a) job knowledge test and (b)
work sample test. Thus, the candidate s achievement in his career is tested regarding
his knowledge about the job and actual work experience.
SITUATIONAL TESTS:
This test evaluates a candidate s in a similar real life situation. In this test the
candidate is asked either to cope with the situation or solve critical situations of the
job.
(1) Group discussion:
This test is administered through the group discussion approach to solve a problem
under which candidates are observed in the areas of initiating, leading, proposing
valuable ideas, conciliating skills, oral communicating skills, coordinating and
concluding skills.
(2) In basket:
Situational test is administered through in basket method. The candidate in this test
is supplied with actual letters, telephone and telegraphic message,reports and
requirements by various officers of the organization, adequate information about the
job and organization. The candidate is asked to take decisions on various items
based on the in basket information regarding requirements in the memoranda.
INTEREST TESTS:
These tests are inventories of the likes and dislikes of candidates in relation to work,
job, occupations, hobbies and recreational activities. The purpose of this test is to
find out whether a candidate is interested or disinterested in the job for which he is a
candidate and to find out in which area of the job range/occupation the candidate is
interested. The assumption of this test is
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that there is a high correlation between the interest of a candidate in a job and job
success. Interest inventories are less faked and they may not fluctuate after the age
of 30.
PERSONALITY TESTS:
These tests prove deeply to discover clues to an individual s value system, his
emotional reactions and maturity and characteristic mood. They areexpressed in
such traits like self-confidence, tact, distrust, initiative, emotional control, optimism,
decisiveness, sociability, conformity,objectivity, patience, fear, judgment dominance
or submission, impulsiveness, sympathy, integrity, stability and self-confidence.
(1) Objective tests:
Most personality tests are objective tests as they are suitable for group testing and
can be scored objectively.
(2) SUMMER TRAINING ive tests:
Candidates are asked to SUMMER TRAINING their own interpretation of certain
standard stimulus basing on ambiguous pictures, figures etc. under these tests.
Personality tests have disadvantages in the sense that sophisticated candidates can
fake them and most candidates give socially acceptable
answers. Further, personality inventories may not successfully predict job success. A
number of corrective measures tried as personality inventories are widely subject to
faking. They are:
Forced choice of Edward s personnel preference schedule.
Gordon personal profile.
The Minnesota Multi-phasic Inventory offers different methods for
identifying faking. The faking can be countered by repeating the same
question in different parts to measure consistency.
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MULTI-DIMENSIONAL TESTING:
However, the need for multi-skills is being felt be most of the companies consequent
upon globalization, competitiveness and the consequent customer-centered
strategies. Organization have to develop multidimensionaltesting in order to find out
whether the candidates possess a variety of skills or not, candidate s ability to
integrate the multi-skills and potentiality to apply them based on situational and
functional requirement.
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(J) INTERVIEW:
Final interview follows after tests. This is the most essential step in the process of
selection. In this step the interviewer matches the information obtained about the
candidate through various means to the job requirements and to the information
obtained through his own observation during the interview. The different types of
interviews are:
PRELIMINARY INTERVIEW:
(1) Informal interview:
This is the interview, which can be conducted at any place by the person to secure
the basic and non-job related information. The interaction between the candidate and
the personnel manager when the former meets the latter to enquire about the
vacancies or additional particulars in connection with the employment advertisement
is an example of the informal interview.
(2) Unstructured interview:
In this interview, the candidate is given the freedom to tell about himself by
revealing his knowledge on various items/areas, his background, expectations,
interest etc. Similarly, the interviewer also providesinformation on various items
required by the candidate.
CORE INTERVIEW:
It is normally the interaction between the candidates and the line executive or
experts on various areas of job knowledge, skill, talent etc. This interview may take
various forms like:
(1) Back ground information interview:
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This interview is intended to collect the information which is not available in the
application blank and to check that information provided in the application blank
regarding education, place of domicile, family, health, interest, hobbies, likes,
dislikes and extra curricular activities of the applicant.
(2) Job and probing interview:
This interview aims at testing the candidate s job knowledge about duties, activities,
methods of doing the job, critical/problematic areas, methods of handling those areas
etc.
(3) Stress interview:
This interview aims at testing the candidate s job behavior and level of
understanding during the period of stress and strain. The interviewer tests candidate
by putting him under stress and strain by interrupting the applicant from answering,
criticizing his opinions, asking questions pertaining to unrelated areas, keeping silent
for unduly long periods after he has finished
speaking etc. Stress during the middle portion of the interview gives effective
results. Stress interview must be handled with utmost care and skills. This type of
interview is often invalid, as the interviewer s need for a job and his previous
experience in such type of interviews may inhibit his actual behavior under such
situations.
(4) Group discussion interview: There are 2 methods of conducting group discussion
interviews, viz. group interview method and discussion interview method. All the
candidates are
brought into one room and are interviewed one by one under group interview. This
method helps a busy executive to save valuable time and gives a fair account of the
objectivity of the interview to the candidates. Under the discussion interview
method, one topic is given for discussion to
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the candidates who assemble in one room and they are asked to discuss the topic in
detail. This type of interview helps the interviewer in appraising
certain skills of the candidates like initiative, inter-personal skills, dynamism,
presentation, leading, comprehension, collaboration etc. Interviewers are at ease in
this category of interview because of its informality and flexibility.
(5) Formal and structured interview:
In this type of interview, all the formalities, procedures like fixing the value, time,
panel of interviewers, opening and closing, intimating the candidates officially etc.
are strictly followed in arranging and conducting interview. The course of the
interview is preplanned and structured, in advance, depending on job requirements.
(6) Panel interview:
A panel of experts interview each candidate, judges his performance individually
and prepares consolidated judgement. This type of interview is known as panel
interview. Interviewers for middle level and senior level mangers are normally
conducted are the panel of experts.
(7) Depth interview:
In this interview, the candidate would be examined extensively in core areas of job
skills and knowledge. Experts test the candidate s knowledge in depth. Depth
interviews are conducted for specialist jobs.
DECISION-MAKING INTERVIEW:
After the experts including the line managers of the organization in the core areas of
the job examine the candidates, the head of the department/section concerned
interviews the candidates once again, mostly through informal discussion. The
interviewer examines the interest of the candidate in the job, organization,
reaction/adaptability to the working conditions, career
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implications. A careless decision of rejecting would impair the morale of the people
and they would suspect the selection procedure and the basis of selection of this
organization. A true understanding between line managers and personnel managers
should be established to take proper decisions.
(N) JOB OFFER:
Thus, after taking the final decision, the organization has to intimate this decision to
the successful as well as unsuccessful candidates. The organization offers the job to
the successful candidates either immediately or after some time depending upon its
time schedule. The candidate after receiving job offer communicates his acceptance
to the offer or requests the company to modify the terms and conditions of
employment or rejects the offer.
(O) EMPLOYMENT: The company may modify the terms and conditions of
employment as
requested by the candidate. The company employs those candidates who accept the
job offer with or with out modification of terms and conditions of employment and
place them on the job.
With the employment of the candidate the recruitment and selection process is
completed.
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joining. Salary offer is a part of Human resource division while personnel and
administration division handles salary administration.
METHODOLOGY
Generally two types are data are used for any research, which are very important for
the research, these can be discussed as
1. Primary Data
2. Secondary Data
Primary Data
Primary data are the data which are original in character, obtained for the first time,
being collected from the respondents, either through questionnaire or through
personal interviews. This can be collected by various methods like
Surveys
Observation
Experimentation
Measurements
Personal interview
Telephonic interview
Questionnaires
But my chosen way of collecting data was through Personal Interview and
Questionnaires.
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Secondary data
Secondary data is the data, which has been collected by someone else for some other
purpose and is used by the researcher in his research for study.
Various sources of secondary data are Catalogues, Brochures, Magazines and
Websites, Television etc. In this SUMMER TRAINING I made use secondary data
for gaining more and more about the company, its products and various benefits an
advisors will be getting. For acquiring this knowledge I have studied secondary
sources like company websites, brochures, paper presentations etc.
Interpretation of data
After data analysis is done, the obtained information is interpreted and various
inferences are made and also conclusions are drawn related to the objectives, which
have been listed, in the beginning of SUMMER TRAINING .
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FINANCIAL REPORT
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED MARCH
31, 2008
Schedule Previous Year:
Rupees(2008)
INCOME
Management Fee
Interest
Dividend
Other Income
EXPENDITURE
Staff Expenses
Administrative and Other Expenses
Depreciation
66,35,00,710 51,52,00,601
PROFIT/(LOSS) BEFORE TAX
Provision for Tax (Net of Deferred
tax)
Rupees (2007)
12 133,69,74,621 96,50,56,908
13 3,19,650
2,71,503
1,82,62,800
1,65,99,156
14 84,55,729
2,65,85,358
136,40,12,800
100,85,12,925
15 36,50,46,679
23,01,25,621
3 6,83,28,410
70,05,12,090
24,22,38,100
19,12,96,703
25,73,13,844
6,65,90,054
49,33,12,324
17,71,68,866
31,61,43,458
20,89,58,430
52,51,01,888
3,16,14,346
3,96,57,535
51,82,745
2008
1 50,16,10,000
2 59,54,32,963
109,70,42,963
81,70,23,962
19,28,39,455
62,41,84,507
3,25,993
63,05,10,500
4 51,36,82,426
5 4,64,76,435
2007
50,16,10,000
3700459630
87,16,14,035
79,49,92,631
12,62,51,492
66,87,41,139
11,15,856
66,98,56,995
33,26,90,199
1,24,04,535
6 5,94,48,534
2,42,20,249
7 1,14,77,426
1,01,93,726
8 6,027 4,823
9 67,95,60,821
75,80845609
Current Liabilities
10 19,97,83,840
17,39,08,663
11 64,43,35,366
84,41.19,206
Provisions
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s
31,85,52,149
NET CURRENT ASSETS
(9,36,26,398)
109,70,42,963
49,24,60,812
(1433,37,694)
87,16,14,035
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LIMITATIONS
1) This SUMMER TRAINING Report is restricted only for the interviewed
people.
2) Biased reply of the respondents like giving wrong information.
3) Non availability of the data or the relevant information of the respondent.
4) Sometimes it happens that the respondent was busy so as to get the
information it becomes difficult
5) The SUMMER TRAINING is done in near by areas of the Aundh Branch of
the company & therefore findings of it may not be applicable in other areas.
6) Time Constraints The duration of the SUMMER TRAINING is only 2
months. In this duration we have to finish the SUMMER TRAINING so the
sample size considered for this SUMMER TRAINING is also limited which
may give some misleading outputs.
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5. The level of awareness of the prospects about the private insurance company
has increased because of the heavy advertising ad marketing by the companies
over the period of time.
6. It is important to appoint only those prospects as financial advisor, who can
give & generate long term business for the company, so to analyze the
prospects & study their status is very important thing.
7. Most of the prospects wanted to join, as their first preference to earning extra
money, second to start business with no capita investment, third to
Association with the No. 1 Private Life Insurance Company.
Based on the findings in the Research following suggestions are made
Finding new prospects is like breathing, so Unit Manager should be in regular
touch with the market so that he will gets some good prospects.
Company should go for regular Market Survey for finding out the smart
worker who can stay under the Managers Sales Team, and will generate long
term business.
Branch Manager should take the feedback from the existing advisors so that
he can easily understand the advisors problem as well s he can recommend
new changes.
The company should concentrate on the rural part so that they can compete
with LIC India, and can generate some business from there as it is found that
most of the Private Life Insurance companies are targeting the urban market.
Company should follow the pull strategy where it can use advertising media,
by preparing attractive Ads, through Newspaper, T.V. , and radio can increase
the awareness about the company & will help in improving the market share.
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Unit Manager should meet regularly with the existing advisors so that he can
find out their problems & also take their suggestions.
Most of the Indian families still believe in the LIC. They dont feel
comfortable with other brands. In such cases ICICI Prudential can opt for
descriptive advertisements how our solutions are better than the traditional
business solutions.
BIBLIOGRPHAY
WEBSITES :
1) www.hdfcslic.com
2)
www.insuranceguide.com
3) www.economictimes.com
BOOKS :
SHASHI K. GUPTA
2) PERSONNEL MANAGEMENT
C. B. MAMORIAL
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ANNEXURE
RECRUITMENT AND SELECTION OF FINANCIAL ADVISORS
Name:
Age :
Sex :
Address :
Phone No. :
Mobile No. :
Email Id :
(if any)
Q1. How many candidates are generally recruited for financial advisor through
various sources of recruitment ?
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Natural market
References
Advertisement
Consultants
Q2. Does the people recruited fulfils all the criteria for being financial advisor
(criteria- married , age>25 yrs , graduate , living in a city for more than 5 years ,
income should be nearly 2 lacs)?
Yes
No
Partially
Q3. Which age group of people are generally forms the majority as a Financial
Advisor?
25-30 years
30-50 years
50-65 years
Q4. Which kind of trainings are generally provided by the HDFC-SLIC for the
Advisors ( which is compulsory by the IRDA before sitting for the test)?
Online Training
Classroom Training
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Both
Q5. Which kind of training does generally future financial advisors goes for?
Online Training
Classroom Training
Q6. How many Financial Advisors are generally recruited by the company (at the
kothrud)?
>10
10>25
25>50
50>60
Q7. Do the recruited people do have the knowledge of insurance sector?
Yes
No
Q8. Are you satisfied with the procedure of test conducted by the IRDA
department?
Yes
No
Cant Say
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Cant say
Q.13 Why one generally want to join HDFC STANDARD LIFE as Financial
Advisor ?
Pinnacle Programme
Extra Income
No Capital
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