A PROJECT REPORT ON

A Study on PSF Lifecycle Management for

Self Employed Home Loan

Submitted to
Bajaj Finserv
Panchsheel Tech Park, 102-Viman Nagar,
Pune, Maharashtra
&
Balaji Institute of Modern Management,
Pune
Submitted by
Bhawna Aggarwal
PGDM Marketing
Balaji Institute of Modern Management

Industry Mentor:
Mr. Winifred Rayan
National Sales Head-SEHL
Bajaj Finserv
Date: July 6, 2016

DECLARATION

I, Bhawna Aggarwal a student of Balaji Institute of Modern Management (BIMM),

hereby declare that I have worked on a project titled A study on PSF Lifecycle
Management for Self Employed Home Loan department during my summer
internship at Bajaj Finserv, in partial fulfillment of the requirement for the Post
Graduate Diploma in Management program.
I guarantee/underwrite my work to be authentic and original to the best of my
knowledge in all respects of the process carried out during the project tenure.
My learning experience at Bajaj Finserv, under the guidance of Mr. Winifred Rayan,
National Sales Head-SEHL, Bajaj Finserv, has been truly enriching.

July 6, 2016

Bhawna Aggarwal
MM1517206
BIMM

ACKNOWLEDGMENT

I would like to gratefully acknowledge the contribution of all the people who took
active part and provided valuable support to me during the course of this project.
I express my sincere thanks to Mrs. Dipti Singh (HR) for providing summer
internship in Bajaj Finserv. I sincerely thank to my mentor, Mr. Winifred Rayan
(National Sales Head-SEHL) for his guidance, help and motivation. Apart from the
subject of my research and work I have done, I learnt a lot from him, which I am
sure, will be useful in different stages of my life.
My heartfelt gratitude also goes to the entire Product team consisting Mr. Zeeshan
Sayed, Mrs. Anju Dhami, Mr. Amandeep Chadha, Mr. Ashish Jadhav, Mr. Gaurav
Gavali for their co-operation and willingness to answer all my queries, and provide
valuable assistance.

TABLE OF CONTENTS
Executive Summary...1
CHAPTER 1: INTRODUCTION...2
1.1 Company Introduction.2
1.2 SEHL Introduction..5
1.3 Introduction to the project.12
1.3.1 PSF Framework12
1.3.2 PSF Life-Cycle.13
1.3.3 Stages in PSF Life-Cycle.14
1.4 Objectives .22
1.5 Research Methodology..23
1.5.1 Research Design...23
1.5.2 Sampling...23
1.5.3 Sources of Data24
1.5.4 Tools used for analysis.24
1.6 Limitations.25
CHAPTER 2: Literature Review.26
CHAPTER 3: Data Analysis and Interpretation28
3.1 PSF Productivity28
3.2 PSF Performance in May30
3.3 PSF Attrition..32
3.4 Questionnaire Data Analysis..34
3.5 Forecasting PSF Productivity.38
CHAPTER 4: Findings of the Data..41
CHAPTER 5: Recommendations.44
6. Bibliography49
7. Appendix..50

LIST OF FIGURES
Figure 1: Bajaj Group2
Figure 2: Bajaj Finance Limited4
Figure 3: SEHL Locations.8
Figure 4: SEHL Structure...9
Figure 5: D2C Process Flow.10
Figure 6:PSF Life Cycle...13
Figure 7: On boarding process via iConnect15
Figure 8: PSF Engagement...19
Figure9: Off-Boarding Process20
Figure 10: PSF Productivity graph in Tier I.28
Figure 11: PSF Productivity graph in Tier II29
Figure 12: No. of files done by PSF30
Figure 13: PSF Attrition..32
Figure 14: Reasons of Attrition33
Figure 15: Shifting from BASS to ADECCO..34
Figure 16: Reasons of Dissatisfaction..34
Figure 17: Problems faced by PSF...35
Figure 18: Identification Problem36
Figure 19: Contest Rewards.36

EXECUTIVE SUMMARY
Bajaj Finance Limited is divided into various subsidiaries and one of the major
subsidiaries is Bajaj Finserv Lending. Bajaj Finserv Lending is further divided into
various verticals. One of the verticals is Self Employed Home Loan. The project
here deals with the Management of Life-Cycle of PSF (Proprietary Sales Force) for
the SE-HL in the company. SE-HL is home loans for self-employed people, it comes
under the secured form of loans under mortgages.
Objective of the study was to understand different stages of PSF life cycle and to
find what increase the productivity of the PSFs and to suggest ways to increase their
productivity
The first phase of the project was to learn about various steps in life cycle of PSF in
SEHL starting from the attraction, hiring, onboarding, development/training,
retention and ending at separation or exit. Second phase of the project was to find
out the bottlenecks in all the steps of their life cycle from attraction to exit. Third
phase was to understand the problems faced by the PSFs while working which is
affecting their productivity.
Exploratory as well as Descriptive Research was done. Simple Random Sampling
method was employed for selecting the sample. Primary data was collected by means
of Questionnaire. Secondary Data from the company records. A structured
Questionnaire was mailed to all the PSF out of which 56 filled the questionnaire.
Data was analyzed using excel (Pivot, Charts etc.) and SPSS (Multiple Linear
Regression).
It was found that satisfaction of PSF affects their performance and productivity.
Valuable suggestions and recommendations are also given to the company for
increasing their productivity like change in incentive structure, training module for
PSFs, their incentive breakdown etc.

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CHAPTER 1: INTRODUCTION
1.1 COMPANY INTRODUCTION
1.1.1 BAJAJ GROUP
Bajaj Group, through its flagship company Bajaj Auto (rated CRISIL
AAA/Stable/CRISIL A1+) has a leading market share in the three-wheeler
segment, and a strong position in the motorcycle segment. As per a scheme of
demerger, Bajaj Auto formed two holding companies in 2007-08, Bajaj Holdings
and Investment Ltd (Bajaj Holdings) and Bajaj Finserv Ltd (Bajaj Finserv). Bajaj
Autos two-and three-wheeler manufacturing business was transferred to Bajaj
Holdings, while the consumer finance, insurance and wind energy businesses were
transferred to Bajaj Finserv. On completion of demerger formalities in December
2007, the names of Bajaj holdings and Bajaj Auto were interchanged, and Bajaj
Holdings became the holding company for the group.

Figure 1: Bajaj Group

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1.1.2 BAJAJ FINSERV

Bajaj Finserv is the holding company for the financial services businesses of the
Bajaj group. The group has a major presence across the spectrum of financial
services, comprising asset finance, life insurance, general insurance, and wealth
management. Bajaj Finserv reported a consolidated profit after tax (PAT) of Rs.
1000 crores for 2013-14 (refers to financial year April 1 to March 31).
1.1.3 BAJAJ FINANCE LIMITED
Set up in 1987, Bajaj Finance Ltd (Bajaj Finance, formerly Bajaj Auto finance Ltd,
rated CRISIL AA+/FAAA/Stable/CRISIL A1+) is a subsidiary of Bajaj Finserv
Ltd, the financial services arm of the Bajaj group. Registered with Reserve Bank of
India (RBI) as a systematically important deposit taking non-banking finance
company (NBFC-D-SI), Bajaj Finance initially provided loans for two- and threewheelers (manufactured by Bajaj Auto Ltd). Since then, Bajaj Finance has entered
other lending segments, and became a major player in the retail asset-financing
industry.
Bajaj Finances diversified product suite now comprises fourteen business linesvehicle loans, consumer durable loans, personal loans (cross-sales and for
salaried), mortgage loans( home loans; HL and loans against property; LAP), small
business loans, construction equipment loans, loans against securities(LAS),
infrastructure loans, and loans to Bajaj Autos vendors, credit cards . Bajaj Finance
is the largest financier of two-wheelers and consumer durables in India. The
company has `30,822 Crores of Asset under management with a net NPA of 0.49%
and a capital adequacy of 18.69% as at December 2014. The company in Q3 FY15
has delivered a pre tax profit of `393 Crores and a post-tax profit of `258 Crores at
a ROAof 0.9% and ROE of 5.6%.

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1.1.4 BAJAJ FINANCE PRODUCT PORTFOLIO

The Bajaj Finserv is the most diversified non-bank finance company in the country,
the Bajaj finance largest financier of consumer durables in India and one of the most
profitable firms in the category. Here under are summary details of the portfolio of
businesses.

Figure 2: Bajaj Finance Limited

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1.2 DEPARTMENT (SE-HL) INTRODUCTION

1.2.1 ABOUT HOME LOAN
PURPOSE OF LOAN
Purchase of residential property
Renovation and repairs of home
Construction of residential property
PRODUCT RANGE
Balance transfer from other financial institutions
Balance Transfer with Top up
Purchase of flat, row house, plot
Self-construction loan
Under construction flats in Bajaj approved builder projects
TARGET CUSTOMER
SE and SEP customers like Doctors, CAs and engineers
SENP customers like Businessman, Traders & manufacturers
FEATURES AND BENEFITS
Home Lon+
Refinance option
Part prepayment facility
Customized insurance schemes
Online Account access

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1.2.2 MINIMUM CREDIT PARAMETERS

AGE OF THE CUSTOMER
Minimum-28 years
Maximum-70 years
In case of co-applicant
21 years where income is considered
18 years where income is not considered
LOAN AMOUNT
Cities
Delhi & Mumbai
Bangalore/Chennai/Kolkata
Hyderabad/Ahmedabad/Pune/
Ludhiana/Jaipur/Chandigarh/Indore
Other cities( as per city cap)

Min. Amount
50 lakhs
35 lakhs
35 lakhs

Max Amount
1500 lakhs
1500 lakhs
1250 lakhs

20 Lakhs

400-600 lakhs

MINIMUM INCOME
Minimum Cash Profit should be 4 lakhs
MINIMUM BUSINESS VINTAGE
Self-employed individual with minimum 5 years of continuity in current business.
TYPE OF PROPERTY
Ready to occupy
Under construction
Plot & plot+construction
TENURE
Maximum-20 years
CO-APPLICANT
Minimum 1 co-applicant is must
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1.2.3 DOCUMENTS REQUIRED FOR HOME LOAN

Application form
Photograph
Identity proof
Address proof
Signature proof
Date of birth proof
Income details- IT returns & balance sheet & P/L account statement for the
last 2 years
Business continuity proof- Five years
Bank account statements- For last 6 months
1.2.4 USP
Property dossier-property kit with valuation and legal advice
3 EMI holiday scheme-3 months breather post property transaction
Mortgage + business loan offered - no paper submission
Interior Designing Services - tie up with 24 consultants in 6 cities,50% cost
borne by BFL
Part Prepayment facility- prepay amount to be not less than 3EMIs, 1 st EMI
should be cleared
Flexi scheme- The advantage of the product is that you can pre-pay and
drawdown money within the drop-line facility using a self-service process,
which is easy and hassle-free

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LOCATION PRESENCE OF SE-HL

:Prime
Location

:Growth
Location

Figure 3: SEHL Locations

GROWTH LOCATION (TIER II)

PRIME LOCATIONS (TIER 1)

MUMBAI
KOLKATA

N&E

ROM

KERELA

PANIPAT

AURANGABAD

COCHIN

KARNAL

NASIK

TRICHUR

DELHI

DEHRADUN

GOA

CALICUT

HYDERABAD

LUDHIANA

NAGPUR

AP

PUNE

JALANDHAR

GUJRAT

VIJAYAWADA

CHENNAI

RAJASTHAN

AHMEDABAD

VIZAG

BANGALORE

AGRA

RAJKOT

TN

BHUBANESWAR

JAMNAGAR

MANGALORE

JODHPUR

BARODA

MADURAI

LUCKNOW

SURAT

COIMBATORE

UDAIPUR

VAPI

TIRUCHIRAPALLY

BIKANER

INDORE

SALEM

KOTA

BHOPAL

MYSORE

JAIPUR
CHANDIGARH

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Figure 4: SEHL Structure

Mr. PANKAJ GUPTA

BUSINESS HEAD

1.2.5 SEHL STRUCTURE

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1.2.6 PROCESS FLOW IMPLEMENTED IN D2C MODEL

--------------------------------------------------------------------------------------------------------------Leads
are
uploaded on
SFDC

Data

SE-HL
DL, BL, CD
preapproved

As per
allocatio
n logic

Data Processing

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

Leads
are
uploaded on
SFDC

ASM / PSF calls the

customer:
Check
for Minimum Credit
check

ASM / PSF will fix

an
appointment
with the customer

ASM / PSF will visit

the customer and
update the lead on
SFDC

If Docs are picked up, ASM will

conduct this lead into a loan
application

CPA Process

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

File is handed over

to
CPA
for
processing

Underwriting Approval

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

Process segmentation
Super WOW, WOW
Life, Wow and Normal

Fast Track
Underwriting Model

Disbursal

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

Disbursal Process

Figure 5: D2C Process Flow

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1.2.7 LEADS TYPE DETAILS

Following are the exclusive D2C product offering on SFDC:
1. CD_HL_BTT_D2C
This particular view will have CD base customers who have a BT+ Top Up offer.
They have a Mortgage loan running outside BFL.
2. CD_HL_Normal_D2C
This particular view will have CD base customers who have a Normal Preapproved
Offer.
3. BL_HL_BTT_D2C
This particular view will have BL (Business Loan) base customers who have a BT+
Top Up offer. They have a Mortgage loan running outside BFL.
4. BL_HL_Normal_D2C
This particular view will have BL base customers who have a Normal Preapproved
Offer.
5. DL_HL_Normal_D2C
This particular view will have DL base customers who have a Normal Preapproved
Offer.
6. DL_HL_BTT_D2C
This particular view will have DL base customers who have a BT+ Top Up offer.
They have a Mortgage loan running outside BFL.
7. Closed_HL_Offer
This particular view will have base customers who had a home loan running with
BFL which is now closed.

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1.3 INTRODUCTION TO THE PROJECT

1.3.1 PSF FRAMEWORK
The sales people of Bajaj Finserv Lending are commonly referred to as Proprietary
Sales Force, commonly known as PSF. Since the SE-HL has transitioned to D2C
effective from June 2015 the core strength and building block for the model has been
the PSF channel. Previously the PSF channel has been operational since 2011 and
has been sourcing direct and referral business but with the advent of D2C the
sourcing has shifted to direct sourcing from BFL existing client base consisting of
CD, BL & DL customers.
PSFs are basically off role employees on the role of ADECCO (since 1st June 2016)
earlier on the role of BASS (Bajaj Allianz Staffing Solutions).
It was extremely important that a robust PSF management framework be prepared
which would address every stage of PSF lifecycle starting from attraction, hiring,
Onboarding, training, performance management to separation. This framework
worked as threshold rules for guiding PSF productivity and performance.
There are approximately 155 PSFs in SEHL 90 in TIER-I cities and 65 in TIER-II
cities.

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1.3.2 PSF LIFE CYCLE

What is PSF Life-Cycle?
PSF Life-Cycle is a module that identifies stages in employees' careers to help guide
their management and optimize associated processes.
Why is PSF Life Cycle important?
To maintain a history of all employee movement.
To apply for movements
To streamline movement process

SEPARATION

ENGAGEMENT
&

ATTRACTION

RECRUITMENT

RETENTION

DEVELOPMENT

ONBOARDING

Figure 6:PSF Life Cycle

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1.3.3 STAGES IN PSF LIFE CYCLE

ATTRACTION
The Attraction stage focuses on finding new PSF for your organization.

Leads given by BFL

only

More Fixed Salary

ATTRACTION

Brand Name

Salary,Incentives &
claims on time

*Bajaj Finserv has got award for Best place to work (4th year in a row)
DETERRANT:
Low Incentive policy
RECRUITMENT
PSF IDENTIFICATION:
Below mentioned are the basic criterion to be met by the candidate for selection as
a PSF under SEHL model.
Graduation from a recognized university.
Min one year experience candidates in Mortgages / Business Loans /
Personal Loans / Credit Cards.
Min Two year experience candidates in Insurance / Liabilities / FMCG.
SOURCES OF RECRUITMENT USED BY BFL IN SEHL
INTERNAL SOURCE:- EMPLOYEE REFERRAL
METHOD OF SELECTION: INTERVIEW
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PSF ON BOARDING PROCESS THROUGH ICONNECT

Figure 7: On boarding process via iConnect

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STEP 1: FORM FILLING

HM (Hiring manager) will go on the iConnect
(http://iconnect.bajajfinserv.in ).
He should fill the below mentioned items in the same order.
a) MRF form
b) Candidate Form
c) IAS form

portal

STEP 2: EJF LINK GENERATION

Post filling all 3 forms an EJF link (Employee Joining form) will be sent to
the employees personal Email ID that HM have mentioned in the Candidate
form.
This mail will be marked to the hiring manager as well.
The candidate should fill all the details in the EJF and click on Submit.
As soon as the submission happens, BFL HR would receive a trigger for
further offer letter processing.
STEP 3: SANITY CHECK CLEARANCE
BFL HR will clear the sanity check for the candidate. In case the candidate is
an undergraduate, the hiring manager should provide Business Heads
approval for processing the CV
STEP 4: OFFER LETTER
The offer letter of the candidate will be uploaded on iConnect 2 working days
post the sanity check clearance.
STEP 5: JOINING KIT
The Regional Adecco HR will share a joining kit with the HM.
The candidate has to arrange for all necessary documents mentioned in the kit
and fill the required forms and send it to the nearest Adecco office or courier
the forms to the Regional HR on the specified address.
Following are the necessary documents:
-Photo ID proof
-Address proof
-5 passport size photo
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-Highest Qualification mark sheet

-PAN Card photo copy
STEP 6: ON BOARD CONFIRMATION
The HM will give On board confirmation through iConnect. He also has to
send an acknowledgement mail to Adecco regional HR stating the employee
has joined.
STEP 7: E-CODE GENERATION
Post on board confirmation the employee code will be generated. The same
will be visible on iConnect.
STEP 8: FINNONE CODE AND EMAIL ID GENERATION
Once the E-code gets generated, the Email ID & Finnone code for the
candidate will be generated within 3 working days.
The hiring manager can see the details on iConnect.
Alternatively, an auto-mailer will be sent to the manager and the employee
with details of the employees E-code, Email ID and Finnone code.

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DEVELOPMENT / TRAINING

Product knowledge is an essential sales skill.

PRODUCT Understanding the products' features allows PSF to

present the benefits accurately and persuasively

PROCESS Process knowledge helps in smooth functioning for

PSF. It is a prerquisite before any PSF goes on field.

SELLING Presentation skills , Negotiating skills

G
All the above training is done On the Job (OJT).
It is imparted by SM/ASM.
Apart from above, Grooming knowledge & Communication skills
should also be imparted, as they are BFL representative, they need to dress
well and should also know how to talk.
It usually takes 2 months (if the PSF is fresher) and 1 month (if experienced)
for the PSF to get above mentioned training
Why not Off the Job training?
BFL is not able to do off the job training for the PSF because there is no
regular recruitment of PSF, most of them are recruited as a replacement of the
current PSF who had left.
Moreover, it is difficult to conduct a training session for all the PSFs in Pune.

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ENGAGE & RETAIN

PSFs ENGAGEMENT
LOWER PSF
ATRRITION

ENGAGED
PSFs

GREAT
CUSTOMER
EXPERIENCE

LOYAL
CUSTOMERS

STRONG
FINANCIAL
RESULTS

PROUDER PSF
INVEESTMENT
IN PSF

Figure 8: PSF Engagement

CONTESTS
Monthly contests are organized for the PSFs to keep them motivated so that they are
satisfied and increasing the talent retention. Following are some of the examples of
contest launched for them:
LOGIN CONTEST
SANCTION CONTEST
DISBURSAL CONTEST
INSURANCE CONTEST
OCTOBER FEST etc.
REWARD FOR THE CONTESTS: Gift Voucher worth Rs 500, 750, 1000 etc, for
October fest foreign trips are awarded.

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SEPARATION
REASONS OF SEPARATION
a)
b)
c)
d)

Asked to leave/Terminated
Promotion or Inter-department Transfer
Health reasons/Personal reasons
Better Opportunities Outside

A PSF who has been Non Productive for a period of two months will be issued
a warning letter from SE-HL Product Team.
Continued nonperformance in the third month will lead to PSF separation.
His reporting manager i.e SM/ASM will ask him to resign.

1. Written resignation letter to RM(Reporting Manager)

(to be initiated atleast 15 days before last working day)
2.PSF/RM to submit Resignation letter to ADDECO HR

3.CLEARANCE FORM
(To be initiated at east 7 days before the last working day)
4.RA & EMP EXIT REPORT
(To be filled by both employee and reporting authority)
5.EXIT INTERVIEW

Figure 9: Off-Boarding Process

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STEP 1: RESIGNATION LETTER TO RM

PSF should write a resignation letter to RM.
It should be initiated at least fifteen days before last working day.
STEP 2: RESIGNATION LETTER TO ADECCO HR
Employee/Reporting Manager needs to submit it to ADDECO HR.
STEP 3: CLEARANCE FORM
PSF needs to get clearance from the following
o Reporting Manager
o Admin
o IT
o Office Head
o ADDECO HR
To be initiated at least 7 days before the last working day.
STEP 4: RA & EMP EXIT REPORT
Following details to be filled by PSF & Reporting Manager as well
o Any attendance pending for regularisation
o Any incentive pending to be paid
o Any reimbursement pending
PSF has to submit the PF withdrawal form along with this exit form.
STEP 5: EXIT INTERVIEW
An exit interview form need to be filled by PSF.

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1.4 OBJECTIVES

1.4.1 PRIMARY OBJECTIVES

1. To understand different stages of PSF life cycle.
2. To find out problems faced by PSF while working.
3. To make recommendations to reduce the problems faced by PSF and increase
their productivity
1.4.2 SECONDARY OBJECTIVES
1. To find out where BFL is lacking in different stages of PSF life cycle.
2. To analyze PSF productivity in both the Tiers.
3. To understand on what factors the productivity of the PSFs depends on and
then forecasting their sales productivity.
4. To decrease the PSF attrition rate.

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1.5 RESEARCH METHODOLOGY

1.5.1 RESEARCH DESIGN
Exploratory and Descriptive Research
1.5.2 SAMPLING
Simple Random Sampling (Probability Sampling)

Sampling Method
Sample unit

Current PSF of the SEHL Department

Sample size

56 (in accordance with formula)

Calculation of Sample Size

2 [(1 )]
=
2

n =

1+

Where p = proportion, generally taken 0.5 if not mentioned

Z= z value, related to confidence interval=1.96 (at 95% CI)
E= margin of error (10%)
n = sample size
n = Revised sample size
N= Population (150)
n (revised sample size) = 56

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1.5.3 SOURCES OF DATA

Primary Data and Secondary Data
METHOD OF COLLECTING DATA
Primary Data
Secondary Data

Questionnaire & Tele calling

Company Database

QUESTIONNAIRE FORMULATION
This is the most popular tool for data collection. Four types of questions are used in
questionnaire
Open ended Questions
Closed ended Questions
o Multiple choice Questions
o Dichotomous
o Scaling (Likert Scale)
Mode of administration: Web-Based survey
1.5.4 TOOLS USED FOR ANALYSIS
MS Excel Tabular presentation , Graphical presentation (Pie chart, Bar
Graph)
SPSS- Multiple linear Regression

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1.6 LIMITATIONS
Although all efforts have been taken to make the results of study as accurate as
possible but the study suffers from the following limitations:
The time period was one of the biggest constraints and study was only for
two month so it was not possible to cover all the areas and go into the depth
of the problem and make analysis
Secondary Data available is only of last few months, so scope of the analysis
is limited.
The survey of 56 respondents which is less than its target population, so it
cant give accurate information.
The findings are based on the answers given by the employees, so any error
or bias may affect the validity of the finding.
As the questionnaire is in English, so that could has been a language barrier
for the respondents which might has affected their response.

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CHAPTER 2: LITERATURE REVIEW

Brooke and Gudergan (2001) explored the role of various factors on effectiveness
among sales force, through an exploratory study in eight Australian pharmaceuticals
companies and found positive relationship between sales force autonomy and
effectiveness in all the companies. The study also concluded that market knowledge
led to a greater market orientation, which in turn, has a positive effect on sales force
effectiveness. In the study the researcher developed a sales force effectiveness
model. The model designed as market knowledge and customer value management
leads for market orientation. Similarly, the sales force control and sales
infrastructure leads to sales force autonomy. According to the model, the market
orientation and sales force autonomy are the influencing factors for sales force
effectiveness.
Matsuo, M and Kusumi, T (2002) focused their research on Sales persons
procedural knowledge, experience and performance in Japan. Procedural knowledge
would indicate the type of selling methods or strategies to be adopted in specific
situations. Nineteen items of procedural knowledge were used in the study which
included: talking to a customer with a smile, easing the hesitation and anxiety of the
customer, sending the customer a thanking note after receiving an order, reading the
customers type, asking the customer to make referrals etc. These were associated
with the nine steps involved in sales process namely: approach, communication,
proposal, closing, receiving an order, delivering, follow-up, getting a referral and
promoting a replacement. They hypothesized that the more sales experience
salespeople gain, the stronger the relationship between procedural knowledge and
their performance. The study found that inexperienced salespeople used procedural
knowledge than experienced sales people. The study also reveals high performing
sales people to be customer oriented as well as active. Therefore, the immediate
superior should balance the above two types of selling. The results of the study
support the hypothesis. According to the author, one has to give attention to their
role of experience which has a connection with sales force knowledge and
performance.
Roman, et al. (2002) examined the effects of sales training on the activities of the
sales force and found a positive and significant influence by the former on the latter.
The research article attempted to discover the effects of sales training on sales force
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activity and customer orientation in the environment of small and medium sized
enterprises. The results showed evidence that investment in sales training was a
means for improving sales performance. It has also indicated that there was no direct
correlation between the quantum of investment on training and sales people's
performance.
Ahearne, M. J., Mathieu, J. E., & Rapp, A. (2007) studied the importance of
socialpsychological factors related to the success of sales force technology
interventions. Reviewing the influence of the introduction of a new set of technology
tools on the performance of salespersons, they found evidence to confirm their
hypothesis that the salespersons work experience would have a negative effect on
their technology self-efficacy, which in turn would relate positively to their use of
technology. Similarly Sales performance was found to be positively related to both
past performance and the use of new technology tools.
Kuster, I (2008) identified determinants of sales force effectiveness. The study
referred to seven blocks including sales control in the form of follow-up, evaluation
and rewards, professionalism in attitude and competencies, sales peoples behavior
performance in the form of adaptive selling behavior, sales interviews, and sales
peoples outcome performance. Sales peoples behavior based control, their
outcome performance, professionalism and sales peoples behavior performance
were associated with higher sales force effectiveness. It was observed that the least
effective teams were especially concerned about clinching deals rather than
maintenance of long-term relationships with customers.
Dave Kurlan's (2010) study on turnover prevention, found that involuntary turnover
occurs less often because most sales managers are too patient, accept mediocrity,
and avoid uncomfortable confrontation associated with termination. A notable
segment among sales managers have need for approval and shy away from
confrontation due to the need to be liked. Statistics with Ecselling Institute showed
that majority of sales managers were not inclined to upgrade their sales force.
Majority of these managers had less than 65% of the attributes of accountability.
Brashear, T.G. et al, (1997) studied sales person's behavior and their antecedents
and their relationship to performance. It was found that high performing sales people
tend to spend more time selling, and had higher-than-average extrinsic reward
orientation. Those with a realistic view of their jobs have been found to have lower
level of ambiguity, thus having greater clarity on their jobs.
27 | P a g e

CHAPTER 3: DATA ANALYSIS AND INTERPRETATION

3.1 PSF PRODUCTIVITY IN BOTH THE TIERS

Location

PSF PRODUCTIVITY(TIER I)
JAIPUR
CHENNAI
DELHI
KOLKATA
HYDERABAD
CHANDIGARH
MUMBAI
BANGALORE
PUNE

49
54
72
83
91
133
143
163
265
0

50

100

150

200

250

300

In Lakhs

Figure 10: PSF Productivity graph in Tier I

TIER 1
AVERAGE

TOP 3
33

BOTTOM 3

PSF MONTHLY
PRODUCTIVITY

AVERAGE NO.
Of LEADS
ALLOCATED

LOCATION

BUSINESS
ACHIEMENT

NO.
of
PSF

PUNE

3176

12

265

426

BANGALORE

1306

163

403

MUMBAI

2293

16

143

640

CHANDIGARH

133

133

75

HYDERABAD

908

10

91

433

KOLKATA

249

83

257

DELHI

1870

26

72

695

CHENNAI

926

17

54

234

JAIPUR

99

49

87

INTERPRETATION: Pune, Bangalore & Mumbai have high PSF productivity,

while Delhi, Chennai & Jaipur have low PSF productivty. Reason of low
productivity being BFL does not allow fresh purchase in Delhi, no. of leads allocated
are less in Jaipur
28 | P a g e

PSF PRODUCTIVITY (TIER II)

128 136
100 101

BARODA

TRICHUR

NASIK

JODHPUR

LUCKNOW

RAJKOT

INDORE

AHMEDABAD

SURAT

MADURAI

MANGALORE

COCHIN

JAMNAGAR

MYSORE

BHUBANESWAR

COIMBATORE

AURANGABAD

TIRUCHIRAPALLY

CALICUT

VIZAG

VIJAYAWADA

LUDHIANA

KARNAL

NAGPUR

PANIPAT

BHOPAL

UDAIPUR

62 66
51 57 60
42 44
39
38
38
34
22 27 30
10 10 13 14

78

Figure 11: PSF Productivity graph in Tier II

AVG.

BUSI
NESS

NO.
of
PSF

PSF
PRODUCTIVITY

AVG. LEADS
ALLOCATED

LOCATION

BUSI
NESS

NO.
of
PSF

PSF
PRODUCTIVITY

AVG. LEADS
ALLOCATED

BARODA

136

136

113

BHUBANESWAR

76

38

45

TRICHUR

128

128

11

MYSORE

38

38

44

NASIK

101

101

104

COIMBATORE

136

34

90

JODHPUR

100

100

46

AURANGABAD

30

30

110

LUCKNOW

78

78

115

VIJAYAWADA

27

27

66

RAJKOT

197

66

200

CALICUT

22

22

11

INDORE

250

62

179

KARNAL

14

14

61

AHMEDABAD

538

60

435

PANIPAT

51

13

58

SURAT

113

57

159

NAGPUR

20

10

168

MADURAI

103

51

76

BHOPAL

29

10

121

MANGALORE

88

44

49

UDAIPUR

38

COCHIN

336

42

LUDHIANA

92

JAMNAGAR

39

39

20

VIZAG

52

TRICHY

38

BOTTOM 4

TOP 3

AVG.
LOCATION

INTERPRETATION:
Baroda, Trichur, Nasik have high PSF productivity while Udaipur, Ludhiana, Vizag
and Trichy have low PSF productivty. Reason of low productivity being BFL does
not allow fresh purchase in Ludhiana and no. of leads allocated are less in Udaipur
& Trichy.
*Average business and Average Leads allocated are by taking average of data of last
three months March, April & May
29 | P a g e

3.2 PSFs PERFORMANCE IN MAY

PF Per File

Incentive No. Of
Per File
Files

No. Of
Files
(In %)

Total Loan
Amount

PF
Collected

(in lacs)

(in lacs)

Business
Incentive Paid

1.00% & above

0.15%

15

7.9%

2345

41.16

349000

0.75% to 0.99%

0.10%

16

8.5%

807

6.98

78000

0.50% to 0.74%

0.08%

86

45.5%

4714

28.94

371000

0.35% to 0.49%

0.05%

37

19.6%

2185

9.21

107000

Below 0.35%

0.00%

35

18.5%

3189

5.97

189

100.0%

13240

92.26

905000

Total

100

50.0%

80

40.0%

60

30.0%

40

20.0%

20

10.0%

no. of Files in %

No. of files

No. of files done by PSF in MAY

0.0%
0.15%

0.10%

0.08%

0.05%

0.00%

Incentive slab
NO. OF FILES

NO. OF FILES (in %)

Figure 12: No. of files done by PSF

INTERPRETATION:
45 % of the files falls under 0.08% incentive slab.
Incentive (Business Incentive + kicker) paid is 10.8% of PF (Processing fees).
Even, BFL is receiving PF of 5.97 L still, no incentive is given to PSFs.

30 | P a g e

COA (Cost of Acquisition) in MAY

COA (not including salary) = Incentive paid / Total Loan Amount
Incentive paid = Business incentive + Kicker =905000+95818 = Rs 1,000,818
COA = 1000818/1324000000 = 0.075%
COA (Including salary) = Salary+ Incentive / Total Loan Amount
Salary =16000*150 = 2,400,000 (Avg Salary per PSF=16000)
COA= (2400000+1000818)/1324000000 = 0.26 %

Total Incentive
Disbursal Incentive
PD
Insurance
Kicker
Total

Amount
905000
64600
215875
95818
1281293

Average Incentive = Total Incentive/No. of PSF = 1281293/150

=Rs 8542 per PSF
No. of PSF receiving more than Average incentive = 63
I.e. 42% PSF are receiving more than average.

31 | P a g e

PSF ATTRITION
This is analysis of attrition of PSF of past five months (Jan to May).
Total 68 PSF have resigned from Jan to May
MONTHS
ON JOB

NO. OF PSF

PERCENTAGE

60.00%

11

16.18%

50.00%

3-5

34

50.00%

40.00%

6-8

10

14.71%

30.00%

9-11

8.82%

20.00%

12-14

2.94%

10.00%

15

7.35%

0.00%

Total

68

100.00%

MONTHS ON JOB
40
35
30
25
20
15
10
5
0
2

3-5

6-8

9-11

NO. OF EPMLOYEES

12-14

15

PERCENTAGE

Figure 13: PSF Attrition

INTERPRETATION
ATTRITION RATE = (No. Of Attritions/Average No. Of PSFs)*100
(Of 5 months)
= (68/152)*100
= 44.7%
Monthly Attrition Rate = 44.7/5 = 8.94%
50% of attrited PSF have left the job in 3-5 months.
Out of Attrited PSF, almost 66% leave within half a year.

32 | P a g e

REASONS OF ATTRITTION

REASONS

NO.
OF
PSF

Personal Reasons

34

50.0%

Asked to
leave/Terminated

14

20.6%

Better Prospects

10

14.7%

Promotion

8.8%

Abscond

4.4%

Health/Medical reasons

1.5%

TOTAL

68

100.0%

4.4%
8.8%
14.7%
50.0%
20.6%

Personal Reasons

Asked to leave/Terminated

Better Prospects-Others

Promotion

Absconding

Figure 14: Reasons of Attrition

INTERPRETATION
INVOLUNTORY TURNOVER- BFL has asked 20.6% PSFs to leave the job
because of 0 performance in last 3-4 months.
VOLUNTARY TURNOVER- About 79% (Personal Reasons, Better
Prospects &Abscond) PSF have left on their own.

33 | P a g e

3.4 QUESTIONNAIRE DATA ANALYSIS

Q Are you satisfied with your shifting from BASS to ADECCO
SHIFTING BASS TO
ADECCO

45%

55%

YES
NO

Figure 15: Shifting from BASS to ADECCO

Reasons of Dissatisfaction
Felt associated with Bajaj

17%
13%
22%

13%
48%

Identity Problem
Other reasons

22%

13%

Delay in Salary and Conveyance

Other addeco service problem
No ADECCO ESS portal

Figure 16: Reasons of Dissatisfaction

INTERPRETATION:
Out of 56 respondents, 53 were on role of BASS, of which 55% are satisfied
with their shifting from BASS to ADECCO.
48% of dissatisfied respondents are unhappy because of they feel that
ADDECCO service is not good.
22% feel associated with Bajaj and 13% face problem while meeting customer
because of Adecco ID card and visiting card
34 | P a g e

Q Choose the problems you are facing

Less/Old no. of leads

4%
15%

Delayed/No payment of
Incentives

41%

Insufficient Training

24%
Not able to use the SFDC

16%

Other

Figure 17: Problems faced by PSF

INTERPRETATION:
41% respondents face the problem of leads
24% respondents feel they are insufficiently trained.
16% feel they get their incentives late & 15% feel they are not able to use
SFDC.
Q Rate yourself on following Parameters
Very
Bad

Bad

Average

Good

Very
Good

Total

Product Knowledge

0
(0%)

1
(2%)

13
(23%)

27
(48%)

15
(27%)

56
(100%)

Process Knowledge

0
(0%)

0
(0%)

14
(25%)

25
(45%)

17
(30%)

56
(100%)

Competitor
Knowledge

0
(0%)

6
(11%)

7
(13%)

26
(46%)

17
(30%)

56
(100%)

Selling Skills

0
(0%)

3
(5%)

10
(18%)

19
(34%)

24
(43%)

56
(100%)

INTERPRETATION:
75% respondents rate their product knowledge above average.
75% respondents rate their process knowledge above average.
76% respondents rate their competitor knowledge above average and 11% rate
themselves below average.
77% respondents rate their product knowledge above average.
35 | P a g e

Q Have you ever faced any difficulty in meeting the customer because of your
ID card
IDENTIFICATION PROBLEM

36%
NO

64%

YES

Figure 18: Identification Problem

INTERPRETATION:
64% respondents have faced identification problem while meeting customer
because of their Adecco ID cards.
Q How would you like to receive the reward for the contest?
CONTEST REWARD
24%

22%

23%
31%

GIFT VOUCHER

GIFT CARD

ADDED TO SALARY

IN KIND

Figure 19: Contest Rewards

INTERPRETATION:
31% respondents want to get the rewards of the contest to be added to their
salary & 24% want to get the reward in kind.
Only 22 % want to get the reward as gift voucher.
36 | P a g e

Hypothesis 1
H0: There is no relationship between sales force experience and sales
Ha: There is relationship between sales force experience and sales

SPSS OUTPUT:
Correlations
Months on
Job
Months on
Job

Pearson
Correlation

Sig. (2-tailed)
N
Monthly
Sales

Pearson
Correlation

Monthly
Sales
.329**
.001

101

101

.329**

Sig. (2-tailed)

.001

101

101

**. Correlation is significant at the 0.01 level (2-tailed).

INTERPRETATION

p=0.001 i.e. p < 0.05, a significant difference does exist.

So, null hypothesis is rejected.
There is positive relationship between sales force experience and sales.
r = 0.329, which shows there is weak to moderate correlation between them.

37 | P a g e

3.5 FORECASTING PSF PRODUCTIVITY (Using Multiple Linear Regression)

FORWARD METHOD
Model Summary
Model
1
2
3
4
5

R Square
.373a
.500b
.576c
.606d
.631e

.139
.250
.332
.368
.398

Adjusted R Square
.131
.236
.313
.344
.370

Std. Error of the Estimate

115.59226
108.37026
102.74230
100.41447
98.43395

a. Predictors: (Constant), satisfaction score

b. Predictors: (Constant), satisfaction score, months on job
c. Predictors: (Constant), satisfaction score, months on job, work experience
d. Predictors: (Constant), satisfaction score, months on job, work experience, Tier
e. Predictors: (Constant), satisfaction score, months on job, work experience, Tier , leads

ANOVAa
Sum of Squares
df
Mean Square
F
Regression
604020.441
1
604020.441
130.845
Residual
249281.334
54
4616.321
Total
853301.776
55
2
Regression
642964.512
2
321482.256
81.006
Residual
210337.263
53
3968.628
Total
853301.776
55
3
Regression
663283.454
3
221094.485
60.504
Residual
190018.322
52
3654.199
Total
853301.776
55
4
Regression
681935.462
4
170483.865
50.737
Residual
171366.314
51
3360.124
Total
853301.776
55
a. Dependent Variable: average sales
b. Predictors: (Constant), leads
c. Predictors: (Constant), leads, satisfaction score
d. Predictors: (Constant), leads, satisfaction score, months on job
e. Predictors: (Constant), leads, satisfaction score, months on job, work experience
Model
1

Sig.
.000b

.000c

.000d

.000e

38 | P a g e

Coefficientsa
Standardized
Coefficients

Unstandardized Coefficients
Model
1

B
(Constant)
satisfaction score

(Constant)

Beta

58.294

7.770

1.846

t
.373

Sig.
-2.702

.008

4.210

.000

-214.482

56.461

-3.799

.000

satisfaction score

7.862

1.730

.377

4.543

.000

months on job

6.604

1.643

.333

4.019

.000

-333.943

62.776

-5.320

.000

satisfaction score

8.210

1.643

.394

4.996

.000

months on job

7.360

1.572

.372

4.683

.000

72.631

19.939

.289

3.643

.000

(Constant)

work experience
4

Std. Error

-157.502

(Constant)

-407.005

68.150

-5.972

.000

satisfaction score

8.414

1.608

.403

5.232

.000

months on job

7.633

1.540

.385

4.956

.000

work experience

62.178

19.944

.248

3.118

.002

Tier

49.302

20.019

.195

2.463

.015

-471.191

72.341

-6.513

.000

satisfaction score

9.182

1.611

.440

5.699

.000

months on job

7.716

1.510

.390

5.110

.000

work experience

54.502

19.831

.217

2.748

.007

Tier

49.853

19.625

.197

2.540

.013

1.273

.550

.181

2.313

.023

(Constant)

leads
a. Dependent Variable: average sales

Excluded Variablesa

Model
1

Beta In
t
Sig.
Partial Correlation
months on job
.333b
4.019
.000
.359
Tier
.212b
2.447
.016
.228
Educational Qualification
-.203b
-2.340
.021
-.219
work experience
.240b
2.794
.006
.259
Age
-.080b
-.898
.371
-.086
leads
.207b
2.334
.021
.218
2
Tier
.248c
3.078
.003
.284
Educational Qualification
-.126c
-1.477
.143
-.141
work experience
.289c
3.643
.000
.331
Age
-.060c
-.723
.471
-.069
leads
.223c
2.700
.008
.251
3
Tier
.195d
2.463
.015
.232
Educational Qualification
-.089d
-1.082
.282
-.104
Age
.024d
.289
.773
.028
leads
.179d
2.226
.028
.210
4
Educational Qualification
-.098e
-1.227
.222
-.118
Age
.024e
.296
.768
.029
leads
.181e
2.313
.023
.219
5
Educational Qualification
-.097f
-1.231
.221
-.119
Age
.072f
.881
.380
.086
a. Dependent Variable: average sales
b. Predictors in the Model: (Constant), satisfaction score
c. Predictors in the Model: (Constant), satisfaction score, months on job
d. Predictors in the Model: (Constant), satisfaction score, months on job, work experience
e. Predictors in the Model: (Constant), satisfaction score, months on job, work experience, Tier

Collinearity
Statistics
Tolerance
1.000
.996
1.000
.997
.996
.955
.987
.934
.979
.992
.953
.942
.918
.911
.926
.916
.911
.926
.916
.859

39 | P a g e

f. Predictors in the Model: (Constant), satisfaction score, months on job, work experience, Tier , leads

INTERPRETATION:
R is the value of multiple correlation coefficient between the predictors and
the outcome, here R=0.631
R2 is a measure of how much of the variability in the outcome is accounted
for by the predictors, here R2 =0.398
From the 2nd table of ANOVA we observe that the f values for all 4 models
are high and are significant at 0.000 which validates the goodness of fit.
we find that satisfaction and months on job are the most important variable
having a significance value of 0.000 followed by work experience, tier and
leads having a significance of 0.046 while the variables educational
qualification and age having a significance of 0.221 and 0.380 > p=0.05 are
excluded from the model since they are statistically insignificant.
The regression equation is as under:
Sales= 9.182*satisfaction score + 7.716*months on job + 54.502*work
experience + 49.853*tier + 1.273*leads - 471.191

40 | P a g e

CHAPTER 4: FINDINGS OF THE DATA

TRAINING
PSF are not provided with any off the job training, Only on the job training is
given, it usually takes 2 months (if the PSF is fresher) and 1 month (if
experienced) to get required knowledge.
PROBLEM FACED BY PSF
45% respondents are not satisfied with their shifting from BASS to
ADECCO. 48% of dissatisfied respondents are unhappy because of they feel
that ADECCO service is not good.
64 % respondents have faced identification problem because of their ID
cards and visiting cards as there is no Bajaj Finserv logo on it, which is a
considerable issue.
41% respondents face the problem of leads, 24% respondents feel they are
insufficiently trained, 16% feel they get their incentives late & 15% feel
they are not able to use SFDC.
It has been a month that they are being shifted from BASS to ADECCO and
PSF have not got their ID cards and visiting cards
PSF PERFORMANCE
In Tier 1 Pune, Bangalore, Mumbai are the top three locations with high PSF
Productivity and Delhi, Chennai & Jaipur are the bottom three locations with
low PSF Productivity.
In Tier 2 Baroda, Trichur, Nasik are top three locations with high PSF
Productivity and Udaipur, Ludhiana, Vizag, Trichy are the bottom four
locations with low PSF Productivity.
INCENTIVES
Business incentive paid to PSF depends on PF they collect while other banks
pay business incentive to their PSF irrespective of the PF they collect.
Approx. 0.40% of the disbursal amount is the incentive structure of the other
banks while in SEHL 0.15% is the highest business incentive a PSF can get.
So, the high performing PSFs will leave the organization.
41 | P a g e

 In the month of May, only 7.9% files have fallen in the incentive slab of
0.15%, 45% of the files falls under 0.08% incentive slab & 18% files have not
been given any incentive because PF collected is less than 0.35%.
Average incentive received by PSF is Rs 8540 and 42% PSFs have received
more than average salary.
COA (not including salary) is 0.075% and COA (including Salary) is 0.26%.
PSFs have this major concern that they do not know their incentive
breakdown i.e. how much is Business incentive, Insurance incentive &VAS
incentive and they also have this perception that BFL does not calculate the
incentive correctly.
Many a times PSF do not get incentive on time (e.g. October fest incentive
are paid in the month of June).
REWARDS
Every month contests are organized for PSF to increase their productivity,
rewards for the contests are given in form of gift vouchers (flipkart/shoppers
stop)
31% respondents want to get the rewards of the contest to be added to their
salary & 24% want to get the reward in kind. Moreover, least no. of
respondents want gift vouchers as prize)

ATTRITION
Monthly Attrition Rate is 8.94%.
50% of attrited PSF have left the job in 3-5 months.
There is involuntary turnover of 21% and voluntary turnover of 79

42 | P a g e

PSF PRODUCTIVITY FORECASTING

Regression Equation
Sales= 9.182*satisfaction score + 7.716*months on job + 54.502*work
experience + 49.853*tier + 1.273*leads - 471.191
Sales productivity of the PSF depends on their job satisfaction, months on job,
prior work experience, the city they are working( Tier I or Tier II) and the no.
of leads they are allocated.
Sales productivity of the PSF does not depends on their educartional
qualification and age.

Low
Performance
Organisation

HIgh
Performance
Individuals

Low
Performance
Individuals

Loss of
Talent

HIGH CAPACITY TO RECRUIT

LOW CAPACITY TO RECRUIT

HIGH CAPACITY TO DEVELOP

LOW CAPACITY TO DEVELOP

From all the above findings, SEHL department lies in Low performance
Individuals as SEHL has low capacity to recruit and low capacity to develop.

43 | P a g e

CHAPTER 5: RECOMMENDATIONS
BAJAJ FINSERV Logo on ID card and Visiting Card
Put a BAJAJ FINSERV logo on the ID card and Visiting Card or at least provide a
document stating they are representatives of BFL as it will give some authentication
and trustworthiness to our PSF and they will also feel associated with BFL.
Moreover, they will not face problems while meeting the customers.
CHANGE IN INCENTIVE STRUCTURE
As there is low COA (including salary) of 0.26%. BFL can increase the incentive
structure as when indirect channel (DSAs) followed, COA was 0.8% and above.
Suggested Structure I
PF collected

Incentive %

1% and above

0.25%

0.75% - 0.99%

0.20%

0.50%-0.74%

0.15%

0.35%-0.49%

0.10%

0.01%-0.34%

0.05%

COA will be 0.32% which is still far less than COA of DSAs.
Suggested Structure II
Some fixed amount K for a file irrespective of the PF they collect and then
calculate incentive as per the present policy.
TRAINING FRAMEWORK FOR THEM
For newly joined PSFs,
A module consisting of documents regarding Product, Process & SFDC
training should be shared with them, as it will help them to learn quickly
while their on the job training.
A document should be shared with SM/ASM/RSM regarding what all should
be taught to PSF, so that any SM/ASM/RSM does not miss any point while
training them.
Apart from above, Grooming knowledge & Communication skills
should also be imparted, as they are BFL representative, they need to dress
well and should also know how to talk
44 | P a g e

For all PSFs-CLUSTER TRAINING

2 day Workshop should be organized for all the PSFs quarterly or half
yearly in which Cluster training should be given to them.
Cluster training will consist of 7 locations:
Delhi
Kolkata
Pune
Chennai
Jaipur
Hyderabad
Bangalore
All the new policies or changes in policies (e.g. 0-1 MOB, Green channel etc.)
will be briefed to them.
An external vendor can be hired for conducting a selling skill workshop for
them.
Moreover, after conducting the workshop, a written test should be conducted
for PSFs to find out whether the workshop was successful or not.

SUGGESTION REGARDING HIRING

As there is no structured way of Hiring, PSFs are hired as per the requirement
or replacement which becomes one of the reasons why BFL cannot organize
off the job training for the PSFs.
Following can be done by BFL to solve this problem:
o PSF can be hired only Quarterly i.e. in the first week of January, April,
July and October.
o Moreover, it will help in retention as his reporting manager i.e.
SM/ASM will try to retain the PSF, as he will be knowing that he cannot
hire any other PSF in between.
MERITS
Organized hiring so organized off the job training
High Retention rate

45 | P a g e

REWARDS
Rewards for the contest should be added to their salary if possible.
Recommended form of reward is that it should be given in kind (eg. Mobile,
Bags) as others PSF will also be motivated by seeing the reward. These in
kind rewards can be given via placing an order from any Ecommerce website
and putting the branch location as address.
Another suggestion is not to give rewards in form of gift voucher rather it
should be given in form of Gift Cards as they can spend the amount in the way
they would like to.
Salesman of the Month should be declared & awarded every month.
INCENTIVE VIEW
The problem which all the PSFs are facing that they dont know how much is
business incentive and insurance incentive and how much is cancellation
penalty.
iConnect is solution to that which the product team was unaware of.
Access Management needs to give access of iConnect to the PSFs where they
can log in to their account and click on My Incentive.

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MERITS:
They can know the incentive breakup as well the cancellation penalty.
They can inform the product team in case the incentive received is wrong.
DEMERIT:
It shows the incentive after it has been credited in their account, so if there is
any wrong calculation it will be difficult to correct it.
Moreover, it doesnt show the how the incentive (business as well as
insurance) is calculated.
SUGGESTION FOR THE ABOVE MENTIONED DEMERIT
LAP (Loan against Property) team makes an excel file and email it to all the
PSFs after calculation of the incentive but before that amount is credited to
their account.
PSF just need to type their employee code and the file will show the how the
business as well as insurance incentive is calculated.
So, if any PSF feels that it is wrongly calculated , it can be corrected in case
it is wrong.
Same can be done by the SE-HL team, it will increase the satisfaction of the
PSFs and hence productivity.
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BIBLIOGRAPHY

https://www.bajajfinserv.in/finance/home-loan/self-employed-homeloan.aspx?utm_source=organic&utm_medium=website_top_navigation_for_self_e
mployed&utm_campaign=finance_HL_product_page_generic_october
https://en.wikipedia.org/wiki/Bajaj_Finserv
https://hbr.org/2006/09/the-new-science-of-sales-force-productivity
http://www.slideshare.net/PingElizabeth/using-the-employee-lifecycle-as-yourroadmap-to-employee-engagement-presentation
http://www.huffingtonpost.com/entry/5-stages-of-the-humanres_b_6833296.html?section=india
http://www.changefactory.com.au/our-thinking/articles/creating-a-humanresources-strategy-for-the-employee-lifecycle/
http://www.ats.ucla.edu/stat/spss/output/reg_spss.htm

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APPENDIX

QUESTIONNAIRE
Name:
Age:
Branch:
Educational Qualification:
Months on Job:
Q1. Do you have any prior work experience in selling
YES__
NO __
If yes, then how many months & which sector? _________________
Q2. You are requested to choose from the following options which you feel correct
in your opinion against each statement
(SD-Strongly Disagree, D-Disagree, N-Neutral, A-Agree, SA-Strongly Agree)
SD D
N
A
SA
i.

I am optimistic about my future success

with the company

ii.

I feel that BFL cares about us

iii.

I am able to balance my work life and

personal life on regular basis

iv.

Adequate facilities are provided to

attend my job

v.

BFL tries to solve my problems

vi.

I am provided with adequate training &

development programs to adopt to the

latest environment
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vii.

I feel that enough contests are organised

for us
viii.

I am satisfied with my job

Q3. Are you satisfied with your shifting from BASS to ADECCO?
YES__

NO__

If no, then why ____________________________________

Q4. From the following options choose the problems you are facing
(you can mark more than one)
Less no. of leads

Delayed/No payment of incentives

Insufficient training

Not able to use SFDC

Q5. Rate the following

(1 being the lowest and 5 being the highest)
1

i.

Product Knowledge

ii.

Process Knowledge

iii.

Competitor Knowledge

iv.

Selling skills

Q6. Have you ever faced any difficulty in meeting the customer because of your ID
card?
YES

NO

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Q7. How would you like to receive the reward for the contest?
Axis bank Gift card

Gift voucher (Flipkart/amazon)

Added to your salary

In kind (Bag, Mobile etc.)

Q8. Any suggestion or problem ____________________________

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