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DEVI AHILYA VISHWAVIDYALAYA, INDORE

Synopsis
Title

A Study of Recruitment and Selection Process


of
ICICI Life Insurance pvt Ltd.
A Research Synopsis submitted as partial fulfillment for
the
award of the Degree of Masters of Business
Administration

(2012-2014)
GUIDED BY:
SUBMITTED BY:
Prof. Neha Somani
MBA 2012-14

Nesar Ahmad

Enrollment No.
DX1235936

Table of Content
S.NO.
1

Content

1.Introduction
1.1 .........
1.2..
Review of Literature

Rationale of the Study

Objectives of Study

Research Methodology

References

Page No.

1. INTRODUCTION
People are integral part of any organization today. No organization can run without its human
resources. In todays highly complex and competitive situation, choice of right person at the
right place has far reaching implications for an organizations functioning. Employee well
selected and well placed would not only contribute to the efficient running of the
organization but offer significant potential for future replacement. This hiring is an important
function. The process of hiring begins with human resource planning (HRP) which helps to
determine the number and type of people on organization needs. Job analysis and job design
enables to specify the task and duties of hobs and qualification expected from prospective job
HRP, job analysis, hob design helps to identify the kind of people required in an organization
and hence hiring. It should be noted that hiring is an ongoing process and not confined to
formative stages of an organization. Employees leave the organization in search of greener
pastures, some retire and some die in the saddle. More importantly an enterprises grows,
diversifies, take over the other units all necessitating hiring of new men and women. In fact
the hiring function stops only when the organization ceases to exist.
Hiring involves two broad activities:i)

Recruitment

ii)

Selection

1.1RECRUITMENT
The word recruitment has many meaning and plays an important role. Employees leave the
organization in search of greener pastures- some retire some die in saddle. The most important
thing is that enterprise grows, diversifies, and takes over other units-all necessitating hiring of
new men and women. In fact recruitment functions stop only when the organization ceases to
exist. To understand recruitment in simple terms it is understood as process of searching for
obtaining applications of job from among from whom the right people can be selected. To define
recruitment we can define it formally as it is a process of finding and attracting capable
applicants for employment. The process begins when new recruit are sought and ends when their
application are submitted. The result is a pool of applicants from which new employees are
selected. Theoretically, recruitment process is said to end with receipt of application in practice
the activity extends to the screening applicants as to eliminate those who are not qualified for
job.

PHILOSOPHIES OF RECRUITMENT
The traditional philosophy of recruiting has been to get as many people to apply for
a job as possible. A large number of jobseekers waiting in queues would make the
final selection difficult, often resulting in wrong selection. Job dissatisfaction and
employee turnover are the consequence of this. A persuasive agreement can be made that
matching the needs of the organization to the needs of the applicants will enhance the
effectiveness of the recruitment process. The result will be a workforce which is likely to stay
with the organization longer and performs at a higher level of effectiveness. Two approaches
are available to bring about match. They are:

DEFINATION:
It is the process of differentiating between applicants in order to identify
(and here) those with a greater likelihood of success in a job.

1.2 SELECTION
MEANING AND DEFINATION
Selection is the process of picking individuals (out of the pool of job applicants) with
requisite qualifications and competence to fill jobs in the organization. A formal definition of
Selection is: It is the process of differentiating between applicants in order to identify (and
here) those with a greater likelihood of success in a job.
Recruitment and selection are the two crucial in the HR process and are often used
interchangeably. There I, however, a fine distinction between the two steps. While recruitment
refers to the process of identifying and encouraging prospective employees to apply for jobs,
selection is concerned with picking the right candidates from the pool of applicants.
Recruitment is said to be positive in its approach as it seeks to attract as many candidates as
possible. Selection, on the other hand, is negative in its application in as it seeks to
eliminate as many unqualified applicants as possible in order to identify the right candidates.

ROLE OF SELECTION
The role of selection in an organizations effectiveness is crucial for at least, two reasons;
first, work performance depends on individuals. The best way to improve performance is to hire
people who have the competence and the willingness to work. Arguing from the employees
viewpoint, poor or inappropriate choice can be demoralizing to the individual concerned (who
finds himself or herself in the wrong job) and de-motivating to the rest of the workforce.
Effective selection, therefore, assumes greater relevance.
Second, cost incurred in recruiting and hiring personnel speaks about volumes of the
selection. Costs of wrong selection are greater.
a selection process involves mutual decision-making. The organization decides whether or not to
make a job offer and how attractive the offer should be. The candidate decides whether or not
organization and the fob offer fit his or her needs and goal. In reality, the selection process is
highly one-side. When the job market is extremely right, several candidates will be applying
for a position, and the organization will use a series of

screening devices to hire the

candidates it feels is most suitable. When there is a shortage of qualified workers, or


when the candidate is a highly qualified executive or professional who is being sought after
by several organizations, the organizations will have to sweeten its offer and come to a
quicker decision.

2.3 STEPS IN SELECTION PROCESS

2. REVIEW OF LITERATURE
Most employers recognize the fact that their staff is their greatest asset, and the right recruitment
and induction processes are vital in ensuring that the new employee becomes effective in the
shortest time. The success of an organization depends on having the right number of staff, with
the right skills and abilities. Organizations may have a dedicated personnel/human resource
function overseeing this process, or they may devolve these responsibilities to line managers and

supervisors. Many people may be involved, and all should be aware of the principles of good
practice. Even it is essential to involve others in the task of recruitment and induction.
Ms. Ambika Verma(2009) in their survey research on the use of technologies in recruiting,
screening, and selection processes for job candidates conducted in Dimension group found that
most organizations implemented technology based recruitment and selection tools to improve
efficiency, reduce costs, and expand the applicant pool.
The meta-analysis of the research conducted by chapman, uggersler, carroll, piasentin& Jones
(2005) concluded that timely responses from HR managers were linked to greater applicant
attraction to a job with an organization.
According to Robins, in his study revealed that, The ideal recruitment effort will attract a large
number of qualified applicants who will take the job if it is offered. So recruiting is a process of
discovering the potential candidates for actual organizational vacancies.
Robert (2005), in his study titled, Strategic HR Review, 2004, states that successful
recruitment and selection can improve organization performance.
Bowen, et al(1991), in his study examined that integrated recruitment and selection process
helps recruiters to choose the candidates to fit the characteristics of an organization culture
Beardwell, et al(2003) in his study examined that, Selection is carried out by organizations as a
means of candidates potential and actual performance and the intake of employees will make the
most appropriate contribution to organization-now and in future.

COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse and Prudential plc, a leading international financial

services 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 insurance company in UK.
ICICI Prudential is currently the No. 1 private life insurer in the country. For the
financial 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 nearly
615,000 policies.
The Company recognizes that the driving force for gaining sustainable competitive
advantage in this business is superior customer experience and investment 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 already taken significant steps to achieve this goal.
India's Number One private life insurer, ICICI Prudential Life Insurance Company is a
joint venture between ICICI Bank-one of India's foremost financial services
companies-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 Trusted Brands'.

3. Rationale of the study


The benefit to the study for the researcher that it helps to gain knowledge and experience and
also provide the opportunity to study and understand the prevent recruitment and selection
procedures.

This study very significant in a sense I examine to focus throughout a practical application that
all the manager`s need to deal with there HR relations and responsibilities.
This study is designed to provide accurate an authorative information in regard to the subject
matter core red. These interesting time for HR manager`s.
It is surprise to everyone
Icici group is the one of the Indian biggest financial institutions.

ICICI Prudential has one of the largest distribution networks amongst private life
insurers in India, having commenced operations in 150 cities and towns in India.
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 235,000 advisors.
It also reveals how the companies have coped up with changes in the market vis--vis its
recruitment and selection process.

4. OBJECTIVES OF THE PROJECT


Every task is undertaken with an objective. Without any objective a task is rendered meaningless.
The main objectives for undertaking this project are,
In basic idea

behind selecting the topic of Employee Hiring is to study how employees are hired. Today
organizations are coming up with the new techniques of hiring people. Hence to study how the
actual process is carried in the organization.
1. To understand the internal Recruitment process at ICICI Prudential Life Insurance
2.

To identify areas where there can be scope for improvement & give suitable

recommendation to streamline the hiring process

5. RESEARCH METHODOLOGY

The insurance sector is marked with a high level of attrition and therefore recruitment process becomes a crucial
function of the organization. At ICICI Prudential Life Insurance, recruitment will 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 that March and September are half year closing and business
is high during Jan-Mar. Thus it will only after March that people move out of the companies.

5.1The Study
The study will be based on observe method

5.2 The tools for data collection


Primary

:-

Through Questionnaires

Secondary

:-

Through Internet, Journals, News papers and Misc.

Data Collection Procedure :- Survey


Research Instrument: - Structured Questionnaire.
Sample Size: - 100
Sample Area: - work done in BHUBANESWAR
Sample procedure: - Random sampling.

References:
1. Kothari C.R (2004) Research methodology New Delhi

New age international publication 2nd edition


2. Ashwathapa (2010) Human Resource Management
3rd edition Published by Tata mc graw.

3. Manual from ICICI Life Insurance.


4. Brochure of icici Life Insurance Previous year
5. Company Magazine

6 . http://www.scribd.com/doc/116988034/Smriti-Mrp-Final.
7 .http://www.slideshare.net/sujatayadav5/selection-recruitmenticici
8. http://businesscasestudies.co.uk/business-theory/people/recruitment-andselection.html#axzz2qKu1QEv6
9. http://www.docstoc.com/docs/120763287/project-reports
10. https://www.icicicareers.com/icici_career/probationary-recruitment.html
11. http://www.search.ask.com/web?
l=dis&q=recuitment+and+selection&o=APN10642A&apn_dtid