# THOUGHT

“ICICI Prudential-The Proud of India”.

A long journey starts with a single step…………………………..

It becomes the proud not to do the different works but same work
done differently.

One of the great pleasures of like is doing the things that others say you cannot
do.
“If your goals are realistic, you can achieve it”.

“Try to make every day a day of achievement”. What did you do yesterday
That was worth somebody remembering today.

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 # INTRODUCTION

I am submitting this summer project on “The Journey from Recruitment to

Selection” in “ICICI Prudential Life Insurance company Limited”.

Summer project is a part or of our curriculum of Master’s Degree in personnel

management.

In summer project, the emphasis is give on the recruitment and selection process
of the insurance industry like ICICI Prudential Life Insurance Co Ltd. So, that the
future personnel manager can be aware of the working of Human Resource
Department.

I hope that the information of the heads covered in the report is sufficient to know
“the recruitment and selection process of the ICICI Prudential Life Insurance Co.
Ltd. ”.

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 # HUMAN RESOURCE MOVES TO 21ST CENTURY--

The Human Resource organization in the most company is changing dramatically,

which usually translate into smaller, more centralized, with more technology
embedded service and system. In these changing times Human Resource looks
quite different in size and delivery model than it did just a few years time is
definitely going to look even different.

In the 1990’s need was felt for Human Resource to become more strategic, to
align the Human Resource business. Companies thus improved there efficiency
and efficacy of myriad services and products and strengthens their credibility a
viable contributor to bottom line.

The continuing development and use of web and self service information
technology in bringing the HR function into 21st century .the structure and the HR
organization have been slowly moving in most fortune 500 companies, towards a
more management oriented and business strategy driven function. The HR
organization in many fortune 500 companies has used proven information
technology for many years. But in most cases the technology was used in isolated
part of the HR function such as benefice’s administrations. More recently, HR has
begun to employ ERP’s browser based portals, which now enables the HR
organization to transfer how it supports the entire organization.

The year 2000 saw many HR organizations moves from outmoded legacy
mainframe system and initiated the gradual use of more advanced information
technologies. The continued pressure on cost reduction and process improvement
to take big steps into manager and employee self-service and to move rapidly into
web based hr portals.

The information system is also making global system more of a reality than were
through possible just a couple of years ago. In the recent survey of HRIS practices
and cost, the average coverage worldwide workforce was 66 % in the ERP and
81% through the HR portals. The average coverage of the workforce of the same
survey was 97% for both the ERP and HR portal, which is a substantial
improvement in just few years ,when most companies where still expecting the
use of non integrated local of regional Hr system.

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For those companies who have the most success in making this transformation of
the HR organization a few key points stand out:-

• The company has articulated in the business goals and strategies clearly,
and has stated the expectation for HR to align its business with these goals
and strategies.

• The HR organization has a vision for where it wants to be five years from
now in terms of scope, cost and approach to service delivery in all its
functional area.

• It has the developed the business case to justify the resource and
approach , recognizing both hard and soft credit.

• Human Resource has developed a strong collaborative relationship with

IT and Finance to plan implements.

• The intent was communicated to HR organization and it has developed

the “Scoreboard” measures to be use to judge the progress.

• Senior executives sponsorship for transformation was obtained.

• One learned from the problems and mistakes and adjusted the plans
accordingly to kept progressing.

• The transformation was managed as a project, complete with subject

matter and stake holder involvement, budget, accountabilities and
deadlines. The key functional area and benchmark for world-class process
were identified and the overall effort sort underway.

There is plenty of evidence to assert that information technology coupled with

aggressive HRIS leadership will transform the HR organization and bring it to in
the 21st century. Base on the case studies by the some of the fortune 500
companies , success does come by communicating and collaborating with the
stake holders , deliberately discontinuing and/or automating HR programs and
practices , getting feedback , evaluating progress and redirecting the plan and also
by getting the HR organization in shape. Getting HR’s operation efficient and
effective should permit a greater role for HR influencing and contributing to
business goals and strategies.

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 # EXECUTIVE SUMMARY

In today’s business scenario, it is very much imperative that a good management

profession must be well versed with practical application of theories and
principles of management learned during management course pursuing during
summer training.

The project gives the needed beneficial, practical knowledge and helps the
management profession in understanding the nature of markets, people and
organization.

The project report is made on the basis of analysis done on past year’s recruited
employees and the basis of recruitment and selection. The data was collected
through company’s MIS and the papers that contain joining of the employees.

In the beginning of the report, the introduction is given about the Insurance
Industry and ICICI Prudential. It is then followed by the details of the problem
dealt with. It contains analysis and findings in the form of graphs and pie-charts
along with suggestions and limitations.

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 # OBJECTIVES

This project is about the recruitment and selection process .the primary objective
behind this , is to get knowledge of recruitment and selection procedure, to have
an information about firm’s policies and programe, to maintain employee relation.
Secondary objective is to gather about how employees bring positive attitude of
employees etc.

The research was done mostly in technical area. In technical area recruitment was
done in both lower and middle level where employees are directly involved in
production department. In managerial area recruitment are in top level
management.

The research was done through Internal Source and External source. From 350
employees, 100 were chosen as sample. Information were collected through
questionnaire, interview, discussion etc.

The second important objective of organization is focused on suitable recruitment

process and selection of efficient employees so that separation should be low.

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 As the objectives are :

a) The various aspects of recruitment and selection related to procurement,

development, compensation and motivation of the personnel.

b) Recruitment and selection have became a specialized task and so in

trusted to the person who is well conserving with the problems and techniques
of Human Resource Department.

c) Human Resource Department is also responsible for training and

development of the employees and also evaluates the performance of the
employees for future use.

d) Determining the wages and salaries of the employees after better

recruitment and selection.

As the Project means:

P – PLANNING / PURPOSE
R – RESOURCE / RESEARCH
O – OBJECTIVES
J – JOINT EFFORTS
E – EFFICIENCY
C – COMMUNICATION / CONCISE
T – TECHNIQUE OR TOOLS

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 # INDUSTRY PROFILE

INSURANCE INDUSTRY IN INDIA

An thriving industry sector is of vital to every modern economy . first, because it

encourages the saving habit, second because it provides a safety net to rural and
urban enterprises and productive individual. And perhaps most importantly it
generates long term investible funds for infrastructure building. The nature of the
insurance business is such that the cash inflow of insurance companies is constant
while the payout is deferred.

This characteristics of their business makes insurance companies the biggest

investor in the long-gestation infrastructure development project in all developed
and aspiring nations. This is the most compelling reason to that why private
sector (and foreign) companies which will spread the insurance habit in the
society and consumer interest are urgently required in this vital sector.

With the nation infrastructure in the state of imminent collapse, India couldn’t
have afforded to be lumbered with sub-optimally performing monopoly insurance
companies and therefore the passage of the Insurance Regulatory and
Development Bill on December 2, 1999 heralds an era of caution optimism where
stakes are high for all parties concerned. For the Government of India, investment
must start yielding returns and for the domestic insurance industry their market
penetration should remain intact.

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Bill provides for the establishment of an authority to protect the interests of the
holders of insurance policies, to regulate and insure orderly growth of the
insurance industry and amend the Insurance Act, 1938 , The Life Insurance Act,
1956 and The General Insurance Business Act, 1972, the bill allows foreign
equity stake in domestic private insurance companies to maximum of 26% of the
total paid-up capital and seeks to provide statutory statues to the insurance
regulator.

The insurance business pegged at $6.6 billion where as industry leaders feel
privatization will increase it to $40 billion with in next 3-5 years.

India with a population of billion 1 offers great potential and opportunity for the
insurance industry. Currently, 2 states owned monoliths-life insurance corporation

and general insurance corporation, run the insurance sector along with its fully
owned subsidiaries wiz. National Insurance company, New India Assurance
Company , Oriental Insurance Company and United India Insurance Company.

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 # ICICI PRUDENTIAL LIFE INSURANCE COMPANY
LIMITED --- AN OVERVIEW

“We cover you. At every step in life”

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,
a premier powerhouse and prudential plc, a leading international financial
services group headquartered in the united kingdom. ICICI Prudential was
amongst the first private sector insurance companies to begin operation in
December 2000 after receiving approval from Insurance regulatory Development
authority (IRDA).

ICICI Prudential’s equity base standards at Rs.6.75 billion with ICICI Bank and
prudential plc holding 74% stake respectively. In the year ended March 31, 2004,
the company had issued over 4,30,000 policies, for a total sum assured of over
Rs. 8,000 crore. The company has a network about 30,000 advisors, as well as 12
bank assurance tie-ups. Today the company is the # 1 private life insurer in the
country.

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 #ICICI PRUDENTIAL LIFE INSURANCE COMPANY
LIMITED – AN INSIGHT

VISSION

Commitment to “SUCCESS”

MISSION

ICICI Prudential aimed at building on trust by world-class people and services

by;

 Understanding the needs of the customers and offering them superior products
and services.

 Leveraging technology to services customers quickly, efficiently and

conveniently.

 Providing an enabling environment to foster growth and learning for our

employees.

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 And above all, building transparencies in all our dealing.

The success of the company will be founded in its unflinching commitment to 5

core values-

 Integrity

 Customer first

 Boundary less

 Ownership

 Passion

Each of the value describe what the company stands for, the qualities of our
people and the way we work.

ICICI and Prudential came together in 1993 to from Prudential ICICI asset
Management Company, which has today emerged as one of the leading mutual
funds in India. The companies bring together two of the strongest financial
services and long term commitment know for their professionalism, excellent
quality of services and long term commitment to you. Riding on the success of
this relationship, the two companies joined hands once more in 2000, to from
ICICI Prudential Life Insurance, with a commitment to provide leading-edge life
insurance solution.

ICICI bank has 74% stake in the company, and prudential Plc has 26%.

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 #INTRODUCTION OF IRDA

Insurance Regulatory and Development Authority (IRDA) Act 1999, was formed
with the objective of monitoring of the performance of the nationalized insurance
companies, framing of rules and regulations in respect of service conditions of
employees of nationalized insurance companies; framing of rules in respect of
terms and conditions of services of the Chairpersons and Members of IRDA, co-
ordination of vigilance matters in the nationalized insurance industry; and
appointment of Chief Executives and Directors on the Boards of Nationalized
insurance companies.

Duties, Powers and Functions of IRDA:-

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 1. Subject to the provision of this Act and any other law for the time being in
force, the authority shall have the duty to regulate, promote and ensure
orderly growth of the insurance business and re-insurance business.
2. Without prejudice to the generality of the provision contained in sub-section
The power and function of the authority shall include,-

a.) Issue to the applicant a certificate of registration, renew, modify, and

withdraw, suspend or cancel such registration;
b.) Protection of the interest of the policy holders in matters concerning assigning
of policy, nomination by policy holders, insurable interest, settlement of
insurance claims, surrender value of policy and other terms and conditions of
contracts of insurance;
c.) Specifying requisite qualification, code of conduct and practical training
for intermediaries or insurance intermediaries and agents;
d.) Specifying the code of conduct for surveyors and loss assessors;
e.) Promotion efficiency in the conduct of insurance business;
f.) Promoting and regulating professional organizations connected with the
insurance and re-insurance business;
g.) Levying fees and other charges for carrying out the purposes of this Act;
h.) Calling for information from, undertaking inspection of, conducting enquiries
and investigations including audit of the insurers, intermediaries, insurance
intermediaries and other organizations connected with the insurance business;
i.) Control and regulation of the rates, advantages, terms and conditions that may
be offered by insurers in respect of general insurance business not so
controlled and regulated by Tariff Advisory Committee under section 64C of
the insurance Act 1938 (4 of 1938);
j.) Specifying the form and manner in which books of account shall be
maintained and statement of accounts shall be rendered by insurers and other
intermediaries;
k.) Regulating investment of funds by insurance companies;
l.) Regulating maintenance of margin of solvency;

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m.)Adjudication of disputes between insurers and intermediaries or insurance
intermediaries;
n.) Supervising the functioning of the Tariff Advisory Committee
o.) Specifying the percentage of premium income of the insurers to finance
schemes for promoting and regulating professional organizations;
p.) Specifying the percentage of life insurance business and general insurance
business to be undertaken by the insurer in the rural or social sector;

q.) Exercising such other powers as may be prescribed.

IRDA has the responsibility of protecting the interest of insurance

policyholders. Towards achieving this objective, the Authority has taken the
following steps:-

 IRDA has notified Protection of Policyholders Interest Regulations 2001 to

provide for: policy proposal documents in easily understandable language;
claim procedure in both life and non-life; setting up grievances redressal
machinery; speedy settlement of claims; and policyholders’ servicing; the
regulation also provides for payment of interest by insurers for the delay in
settlement of claim.
 The insurers are required to maintain solvency margin so that they are in
position to meet their obligations towards policyholders with regard to
payment of claims.
 It is obligatory on the part of the insurance companies to disclose clearly the
benefits, term and conditions under the policy. The Advertisement issued by
the insurers should not mislead the insuring.
 All insurers are required to set up proper grievances redress machinery in
their head office and at their other offices.

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The Authority takes up with the insurers any complaint received from the
policyholders in connection with services provided by them under the insurance
contract.

Aundh,Pun
e

LOCATION OF ICICI PRUDENTIAL LIFE INSURANCE CO

LTD, AUNDH,PUNE

Address of Company:
ICICI Prudential Life Insurance Company Limited

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 Stellar Enclave, 4th Floor, Opp. Convergies Technology, Aundh,
Pune- 411 007

# ICICI PRUDENTIAL LIFE INSURANCE COMPANY

LIMITED– SURROUNDED BY……..

The company properly is located on a building which the prime commercial area
of Pune (Aundh). It’s prime location gives the company a definitive competitive
advantage over any existing or new Company since land is very scarce and
expensive in Pune.
The Company offers so centrally air – conditioned cabins and glass rooms.

The state of Maharashtra has a number of historical sites of supreme interest to

Maratha from all over the world. The city of Pune is visited by a large number of
travelers, both domestic & international.
ICICI Prudential is the best private insurance industry to attract all the majority of
the people, mainly to top level persons. It is located on prime property in the heart
of commercial Pune, giving it a definitive locational advantage over any current
or future competitors. Not only that, the commitment to continuous enhancement
in service levels remains forever high. It is a constant endeavor on part of
management of company and their core team, to benchmark quality standards
against the best in the industry.

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 #ICICI PRUDENTIAL LIFE INSURANCE COMPANY
LIMITED – A CHARM

The charm of ICICI Prudential life insurance company are its product.
These are :-

INSURANCE SOLUTION FOR INDIVIDUALS:

ICICI Prudential Life Insurance offers a range of innovative, customers centric

products that needs of customers at very life stage, its 17 products can be
enhanced with up to 6 riders to create customized solution for each policyholder.

SAVING SOLUTION:

 Secure is a transparent and featured- packed saving plan that offers 3 levels of
products as well as liquidity options.

 Cashplus is a transparent, featured- packed savings plan that offers 3 levels of

products as well as liquidity options.

 Save N Product is a traditional endowment savings plan that offers life

protection along with adequate returns.

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 Cashback is an anticipated endowment policy ideal for meeting milestone
expenses like a child marriage, expenses of higher education or purchase of an
asset.

PROTECTION SOLUTION:

LifeGuard is a protection plan, which offers life cover at very low cost. It is a
available in 3 options-level term assurance, level term assurance with return of
premium and single premium.

CHILD SOLUTIONS:

Smart kid child plans provide guaranteed educational profits to a child along with
life insurance cover for the parent who purchase the policy. The policy is
designed to provide money at important milestones in the child life.

MARKET-LINKED SOLUTION:

 LIFE LINK 11 is a single premium market Linked Insurance Plan which

combines life insurance cover with the opportunity to stay invested in the
stock market.

 Life Time 11 offers customers the flexibility and control to customized the
policy to meet the changing needs at different life stages. It offers 3
investment options Growth plan, Income Plan and Balanced Plan.

RETIREMENT SOLUTIONS:

 Forever Life ia a retirement products targeted at individuals in their

thirties.

 Secureplus Pension 11 is a flexible pension plan that allows one to

select between 3 levels of cover market- Linked retirement products.
 Life time pension 11 is a regular premium market-linked pension plan.

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  Life link pension 11 is a single premium market-linked pension
plan.ICICI Prudential also launched “Salaam Zindagi” , a social sector
group policy targeted at the economically underprivileged sections of the
society.

GROUP INSURANCE SOLUTIONS:

 Group Gratuity Plan

ICICI Prudential’s group gratuity plan helps employers fund their statutory
gratuity obligation in a scientific manner. The plan can also be customized to
structure schemes that can provide benefits beyond the statutory obligation.
Group superannuation scheme to provide retirement kitty for each member of the
group. Employees have a option of choosing from various annuity options or
opting for a partial communication of the annuity at the time of retirement.

 Group Term Plan

ICICI’s flexible group term solution helps provide affordable cover to members
group. The cover uniform or based on designation/rank or a multiple of salary.

FLEXIBLE RIDER OPTIONS:

 Accident and disability benefit

If death occurs as a result of an accident during the term of the policy, the
beneficiary receives an additional amount equal to the sum.

 Assured under the policy

If the death occurs while traveling in an authorized as mass stransport vehicle, the
beneficiary will be entitled to twice the sum assured as additional benefit

 Accident benefit

This rider option pays the sum assured under the rider on death due to accident.

 Critical illness benefit

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This protects the insured against the financial loss in the event of 9 specified
critical illness. Benefits are payable to the insured for illness expenses prior to
death.

 Major surgical assistance benefits

Provides financial support in the event of medical emergencies incurred for

surgical procedure. Cover is offered against 43 different surgical procedures.

 Income benefit

This rider pays the 10% of the sum assured to the nominee every year, till
maturity, in the event of the death of the life assured. It is available on smartkid,
secureplus and cashplus.

 Waiver of premium

In case of the and permanent disability due to an accident, the premiums are
waived till maturity. The rider is available with secure plus and cash plus.

21
#ICICI PRUDENTIAL LIFE INSURANCE COMPANY
LIMITED- A FASCINATION

Kotak
2.9% AMP Sanmar
ING Vysya 1.5%
2.1% MetLife
Aviva
MNYL 4.5% 1.2% ICICI Prudential
5.1% 31.8%
Tata AIG
7.3%

HDFC Std. Life

7.7%

SBI Life Birla Sunlife

10.2% Bajaj Allianz 14.4%
11.5%

22
16 Private players in the market today:

6 Bank owned insurers- HDFC Standard Life, ICICI Prudential, ING
Vysya, Metlife, OM Kotak, SBI Life, Shriram Life, Sahara Life

6 Independent Insurers- Aviva, AMP Sanmar, Birla Sun Life, Bajaj
Allianz, Max New York Life, Tata AIG, Reliance Life

82% market share still held by LIC

#ICICI PRUDENTIAL LIFE INSURANCE COMPANY

LIMITED- A CHAIN

ICICI BANK

ICICI BANKis India’s second largest bank with as asset base of Rs.106812 crore.
ICICI Bank provides abroad spectrum of financial services to individuals and
companies. This is included by mortgages, car and personal loan, credit and debit
card, corporate and agriculture finance. The Bank services a growing customer
base of more than 7 million customer accounts and 5 million bond holder
accounts through a multi-channel access network. This is included by about 450
branches and extension counters, 1675 ATMs, call centers and internet banking.
ICICI Bank posted a net profit of Rs. 1,206 crore for the year ended March 31,
2003. ICICI Bank is the only Indian company to be awarded an investment grade
international credit rating. The Bank enjoys the highest AAA rating from all
leading Indian agencies.

PRUDENTIAL PLC

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Established in 1848, Prudential plc is a leading international financial services
company limited in the US $250 billion funds under management, and more than
1 million customers worldwide. Prudential has bought to market an integrated
range of financial services products that now including life assurance, pension,
mutual funds, banking investment management and general insurance, in asia
Prudential is UK’s largest life insurance company with vast network of 22 life and
mutual fund operations in 12 countries- Taiwan, Thailand and Veitnam.

Since 1923, Prudential has championed customer-centric products and services

supported by over 60,000 staffs and agent across the region.

DISTRIBUTION:

ICICI Prudential has one of the largest distribution network amongst private life
insurers in India, having commenced operation in 58 cities and towns in India.
These are: Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Aurangabad, Banglore,
Bhatinda, Bhopal, Bhubhaneshwar, Calicut, Chandigarh, Chennai, Coimbatore,
Dehradun, Goa, Guntur, Gurgaon, Hyderabad, Hubli, Indore, Jaipur, Jalandhar,
Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Kochi, Kolkata, Kota,
Kolhapur, Kottayam, Lucknow, Ludhiana, Madurai, Mangalore, Meerut,
Mumbai, nagpur, Nashik, Noida, Delhi, Patiala, Pune, Raipur, Ranchi, Surat,
Udaipur, etc.

The company has 11 bank assurance tie-ups having agreements with ICICI Bank,
South Indian Bank, Federal Bank, Bank of India, Lord Krishna bank, Punjab and
Maharashtra Co-operative Bank, Manipal state co-operative Bank, etc.
ICICI Prudential has recruited and Trained over 32,000 insurance advisors to
interface with and advice customers. Further, it leverages its state-art IT
infrastructure to provide superior quality of services to customers.

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#ICICI PRUDENTIAL LIFE INSURANCE COMPANY
LIMITED---WITH OTHER ICICI SUBSIDIARY

ICICI SECURITIES

25
 ICICI PRUDENTIAL
LIFE INSURANC ICICI
COMPANY LIMITED LOMBARD
ICICI BANK
LIMITED

ICICI
DIRECT
ICICI VENTURES

#ICICI PRUDENTIAL LIFE INSURANCE COMPANY

LIMITED --- THE DESTINATION

Job opportunities are likely to increase manifold. The number of people working
in the insurance sector in India roughly the same as in the UK with a population
that is 1/7 India’s thus with a population of ¼ the size of India has nearly 4 times
the number. In the emerging markets, the picture is no less encouraging. In S.

26
Korea the number of full time employees more than doubled over a ten year
period.

The liberalization of the insurance sector promises several new jobs opportunities
for those employed in the finance sector who are equipped with degrees in
finance. Finance professional who had a witnessed a slump in the job market
would a much relieved lot to hear about THE privatization of insurance sectors.

Let us look into the type of jobs that will be created once the private come on the
sense. Certainly, it wont be far different from the traditional steams in any other
industry. There will be demand for marketing specialist, finance experts, human
resource professional, engineers from diverse streams. Apart from this there will
be high demand for professional in the streams like Underwriting and claims
management and Acturial sciences. There could be huge inflow of funds into the
country. Given the industry’s huge requirement of start-up capital the initial years
after opening up are bound to see a strong inflow of foreign capital.

Moreover, given that the break-even, typically, comes much later than in the case
of other sectors, odds are that the first remittance of dividend will not happen
before a good 10- 15 years.

A part from pure re-insurance activities, which is providing insurance protection,

a revolution will come in service related fields like training, seminars, transfer,
workshops, regarding risk management and risk inspection, risk management, and
devising new policy advertising, brand building.

Substantial shift in the distribution of insurance in India is likely to take place.

Many of these changes will echo international trends. Worldwide, insurance
products more along a continuum from pure service product to pure commodity
product, Initially insurance is seen as a complex product with a high advice and
service component. Buyers prefer face to face interaction and a place a high
premium on brand names.

As products become simpler and awareness increases, they become of-the self ,
commodity products. Seller move to remote channels such as telephone direct
mail, Various intermediaries , not necessarily insurance companies, sell
insurance. Brand loyalty shift from insurer to seller.

In the market, notably Europe, this has resulted in bank assurance.: bank entering
the insurance business. In India to, banks hope to maximize expensive existing
networks by selling a range of products. Various seminars and conferences bank
assurance are taken place and many bankers have clearly shown their inclination.

27
To enter insurance market by leveraging their strengths in the areas of 1 mage,
distribution network, face contact with the client and telemarketing coupled with
advanced information systems.

Insurance in India also explore distribution through non-financial organization,

e.g, insurance for consumer items such as refrigerators can be offered at the point
of sale. With increasing competition, they are wooing customers with various
incentives of which insurance can be one. Another potential; channel that reduces
the need for their owned distribution network is worksite marketing. Insurers will
be able to market pensions, health insurance and even other general covers
through employers to their employees.

Finally, some potential Indian entrants into insurance hope to rider their existing
distribution networks and customer bases. For example, financial organization
like ICICI, HDFC or Kotak Mahindra intend to tap the thousands of customers
who already buy their deposits, customer loans or housing finance. Other hopeful
entrants anticipate specific alliances such as with hospitals to provide health
cover.

#ICICI PRUDENTIAL LIFE INSURANCE COMPANY

LIMITED---SWOT ANALYSIS

STRENGTHS:

 Innovative and Flexible products

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  Enthusiastic Team
 Leader in the Market

WEAKNESSES:

 Huge Attrition Rate

 Unawareness of the products

OPPORTUNITIES:

 Huge Untapped Market

 Insurance, a Growing Segment

THREATS:

 Growing Competition
 Existing Players
 Other Investment avenues Like mutual Funds, NSC, Infrastructure Bonds,
etc.

#RECRUITMENT

RECRUITMENT: is the process concerned with the identification of sources

from where the personnel can be employed.

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 Recruitment is the process of finding and attracting the capable applicants for
employment. The process begins when new recruits are sought and ends when
their applications are submitted. The result is a pool of applicants from which
new employees are selected.

Recruitment is the process consisting of various activities, through which

search of prospective personnel- both in quality and quantity- as indicated by
human resource planning and job description and job specification is made. This
process includes recruitment planning, identification of recruitment sources,
contract in those sources, and receiving applications from prospective employees.

The human resources are the most important assets of an organization. The
success and failure of an organization is largely dependent on the caliber of the
people, organization cannot progress and prosper. In order to achieve the goals or
the activities of an organization , therefore, we need to recruit people with the
requisite skills, qualifications and experience. While doing so, we have to keep
the presents as well as the future requirements of the organization in mind.

Recruitment is a ‘linking function’ – joining together those with jobs to fill and
those linking jobs. It is a ‘joining process’ in that it tries to bring together job
seekers and employers with a view to encourages the, former to apply for the job
with the employer.

The basic purpose of recruiting is to develop a group of potentially qualified

people. This end, the organization must communicate the position in such a way
that job seekers respond. To be cost effective, the recruitment process should
attract qualified applicants and provide enough information for unqualified
persons to self-act themselves out.

#PURPOSE AND IMPORTANCE OF RECRUITMENT

Recruitment represents the first contact that a company make with the personnel
having potential to be employed. From the point of view of potential candidates,

30
 recruitment is the process through which they come to know about the company
and the nature of jobs that are being offered. Therefore, if recruitment process is
carried on successfully, it serves the following purpose:

 Recruitment determines the present and the future Human resource

requirements of the organization.

 It helps to increase the pool of the potential personnel and the organization has
a number of options to choose from.

 It helps in increasing the success rate of the selection process by filtering the
number of under qualified or overqualified job applicants.

 It reduces the probability that applicants, once selected and made available to
the organization, leave it after a short period of time.

 It helps in evaluating the effectiveness of various recruitment techniques and

source s of recruitment.

 It helps to meet the organization’s legal and social obligations regarding

composition of its workforce.

#RECRUITMENT PROCESS

31
 Recruitment
Planning

Searching activation

Selection
Process

Contacting Sources

Application
Pool

To Selection
Process

RECRUITMENT PLANNING:

Recruitment process starts with it planning which involves the determination of

number of applications to be contacted.

 NUMBER OF CONTACTS:

32
 Generally plan to attract the more applications than what they intend to
select as they wish to have option in the selection of right candidates.

 TYPE OF CONTACTS:

This refers to the type of personnel to be informed about the job

opening based on the job description and job specifications. This determines how
the prospective personnel may be communicated about the job opening.

FOR EXAMPLE:

If an organization requires workers, mere putting the requirement notice on the

factory gate may be sufficient, but if requires qualified and experienced manager,
perhaps it may go for advertisement in national newspaper.

SOURCES OF RECRUITMENT:

After finalizing of the recruitment plan indicating the number and type of
prospective personnels, they must be attracted to offer themselves for
consideration to their employment. Thid necessitates the identification of sources
from which these candidates can be attracted.
There are two types of sources of manpower:

INTERNAL AND EXTERNAL SOURCES

Professional Associations

33
 Present Employees
Advertisements

Employment Exchanges
Employees Referrals

Campus Recruitment

Former Employees
Walk-ins and write-ins

Consultants
Previous Applicants

Contractors

Displaced Persons

Radio and television

Acquisitions and Mergers

Competitors

Internal Sources:
E-Recruiting

An organization can look for filling the vacancies through its internal
sources. These sources may be of two types:

34
Present personnel and Referrals of these personnel.

External Sources:

External sources constitute all those avenues through which an organization

makes contact with candidates, other than its own internal candidates, either
directly or indirectly. Such a contact may be made in different modes such as
directly contacting candidates like educational campus recruitment, contacting
them indirectly through advertisement or through some agencies such as
employment exchange, consultants, etc.

CONTACTING SOURCES:

Method of contacting prospective candidates:

 Advertisement

 Internet

 Walk-ins

 Campus recruitment

 Job fairs

 Consultancy firms

 Personal contacts

 Poaching and raiding

 Public employment exchange

 Labor unions

 Employee referrals

 Gate hiring

 Labor contractors

35
APPLICATION POOL:

Whatever the method is adopted, the ultimate objective is to attract as many

candidates as possible so as to have flexibility in selection. When the sources of
the recruitment are contacted, the organization receives applications from
prospective candidates. The number of applications depends on the type of
organization, the type of jobs, and the conditions in the specific human resource
market.

TO SELECTION PROCESS:

The journey from recruitment to selection.

RECRUITMENT COST

36
 These includes:

(I) Pre – recruitment –costs

(a) preparation or review of specialization for both the jobs to be done and the
person to be recruited
(b) briefing of personnel officer ( and advertising staff) with like managers;
(c) Preparation of recruitment programme.

(II) search : (a) all indirect promotional / advertising efforts directed at further
recruitment ;

(b) all direct promotional / advertising efforts directed at furthering

recruitment including job advertising, stationery, postage,
documentation of recruitment, record and related administration
costs.
(c) Head – hunting costs.

(III) candidate evaluation : (a) including traveling;

(b) brought in selection costs—briefing –advertising –preliminary

Selection –complete selection

(c) Selection test either brought or created +

subsequent administrative
Costs.
(IV) Induction : (a) Inducement to move;

(b) Medical examination prior to establishment procedure;

(c) Orientation

37
 #SELECTION

Selection is the most crucial stage in the process of acquiring human resources in
an organization. After building the application pool through the process of
recruitment, the next step is the selection of the personnel who can fit the overall
job requirement, and job specification.

Selection is the process of differentiating between the applicants in order to

identify(and hire) those with a greater likelihood of success in a job.

Recruitment and selection differs in terms of :

Objective,

Process,

Techniques, and

Outcome.

A selection process involves a number of steps- screening of applications forms,

selection tests, selection interview, checking of references, physical examination,
approval by appropriate authority, and handling over the selected candidates to
orientation and placement section. The basic idea in a selection process is to
solicit maximum possible information about the candidate to ascertain their
suitability for the employment. Since there are various factor which affects the
seeking of such information, the same type of selection process cannot be applied
in all types of selection.
Various steps are involved in a selection process depend on the type of personnel
to be selected. For example, more information is required for the selection of
managerial personnel as compared to workers therefore selection process for
managerial personnel has to be made comprehensive as compared to that for
workers.

Selection process depends on the sources of recruitment and the method that is
adopted for making contact with the prospective candidates.

Selection process depends on the number of candidates that are available for
selection, if the number is large enough, there is a need for creating various
filtering points and reducing the number of applicants at each successive point
vice versa.

The size of the labor market, the image of the company, the place of posting, the
nature of job, the compensation package, and a host of the factors influence the
manner the job aspirants are likely to respond to the recruiting efforts of a
company . Through the process of recruitment a company tries to locate

38
prospective employees and encourages them to apply for vacancies at various
levels. Recruiting, thus, provides a pool of applicants for selection etc.

To select means to choose. Selection is the process of picking individuals who

have relevant qualification to fill jobs in the organizations. The basic purpose is to
choose the individual who can most successfully perform the job from the pool of
qualified candidates.

The purpose of the selection is to pick up the most suitable candidate who would
meet their requirements of the jobs and the organization best, to find out which
job applicant will be successful, if hired. To meet this goal, the company obtains
and assesses information about the applicants in terms of age, qualifications,
skills, experience, etc. the needs of the job are matched with the profile of
candidates. The most suitable person is then picked up after eliminating the
unsuitable applicants through successive stages of selection procedure. How well
an employee is matched to a job is very important because it directly affects the
amount and quality of employee’s work. Any mismatch in this regard can cost an
organization a great deal of money, time and trouble, especially, in terms of
training and operating costs. In course of time the employee may find the job
distasteful and leave in frustration. He may even circulate ‘hot news’ and juicy bit
of negative information about the company, causing incalculable harm in the long
run. Effective selection, therefore, demands constant monitoring of the “fit”
between people and the job.

39
SELECTIONPROCESS
External Environment

Internal Environment

Preliminary Interview

Selection Test

Employment Interview

Reference and background

Analysis

Selection Decison

Physical Examination

Job Offer

Employment Contract

Evaluation

40
 SELECTION TESTING:

In this section let’s examine selection tests or employment tests that attempt to
assess intelligence, abilities, personality trait, performance simulation tests
including work sampling and the tests administered at assessment centers
followed by a discussion about polygraph tests, graphology and integrity tests.

A test is a standardized, objective measures of a person’s behavior, performance

or attitude. It is standardized because the way the test is carried out, the
environment in which the test is administered and the ways the individual scores
are calculated are uniformly applied. It is objective in that it tries to measure
individual differences in a scientific way, giving very little room for individual
bias and interpretation. Over the years, employment tests have not only gained
importance but also a certain amount of inevitability in employment decisions.
Since they try to objectively determine how well an applicant meets job
requirements, most companies do not hesitate to invest their time and money in
selection testing in a big way. Some of the commonly used employment tests are:

 Intelligence test

 Aptitude test

 Personality test

 Achievement test

 Miscellaneous test such as polygraph, graphology and honesty test

(a) Intelligence tests:

These are mental ability tests. They measure the incumbent’s learning ability and
also the ability to understand instructions and make judgments. The basic
objective of intelligence tests is to pick up employees who are alert and quick at
learning things so that they can be offered adequate training to improve their
skills for the benefits of the organization. Intelligence tests measure not a single
trait, but rather several abilities such as memory, vocabulary, verbal fluency,
numerical ability, perception, spatial visualization, etc. Stanford- Binet tests,
Binet-Simon tests, The Wechsler Adult Intelligence Scale are examples of
standard intelligence tests. Some of the tests are increasingly used in competitive
examinations while recruiting graduates and post-graduates at entry-level

41
management positions in Banking, Insurance and other Financial Services
Sectors.

(b) Aptitude tests:

Aptitude tests measure an individual’s potential to learn certain skills – clerical,

mechanical, mathematical, etc. these tests indicate whether or not an individual
has the ability to learn a given job quickly and efficiently. In order to recruit
efficient office staff, aptitude tests are necessary. Clerical tests, for example. May
measure the incumbent’s ability to take notes, perceive things correctly and
quickly locate things, ensure proper movement of files, etc. aptitude tests,
unfortunately’ do not measure on-the-job motivation. That is why the aptitude
test is administered in combination with other tests like, intelligence and
personality tests.

(c) Personality tests:

Of all the tests required for selection, personality tests have generated lot of heat
and controversy. The definitions of personality, methods of measuring personality
factors and the relationship between personality and personality factors and actual
job criteria have been the subject of much discussion. Researchers have also
questioned whether applicants answer all the items truthfully or whether they try
to respond in a socially manner. Regardless of these objections, many people still
consider personality as an important component of job success.

Personality tests are used to measure basic aspects of an applicant’s personality

such as motivation, emotional balance, self-confidence, interpersonal behavior,
introversion, etc. the most frequently used tests are the Minnesota multiphase
Personality Inventory (MMPI) , the California Psychological Inventory , the
Manifest Anxiety Scale , Edwards Personal Performance Schedule , etc. some of
the items in personality inventory run thus:

True False
 Evil spirits possess me at times ------- ----------
 I believe I am being followed ------- ----------
 I am fascinated by fire ------- ---------
 I am a special agent of God ------- ----------
 I daydream very little ------- ----------

Selection Interview:

Interview is the oral examination of candidates for employment. This is the most
essential process in the selection process. In this step the interview matches the
information obtained but the candidate through various means to the job

42
 requirements and to the information gained through his own observations during
the interview. Interview gives the recruiter an opportunity:-

 To size up the candidate personally

 To ask questions those are not covered in tests
 To make judgments on candidate’s enthusiasm and intelligence
 To assess subjective aspects of the candidates’ facial- expression,
appearance, nervousness and so forth.
 To give facts to the candidate regarding the company, its policies,
programmes etc. and promote goodwill towards the company.

Medical Examination:

Certain jobs require certain physical qualities like clear vision, perfect hearing,
unusual stamina, tolerance of hard working conditions, clear tone, etc. Medical
examination reveals whether or not a candidate possesses these qualities. Medical
examination can give the following information:

(i) whether the applicant is medically suitable for the specific job or not;

(ii) whether the applicant has health problems or psychological attitudes likely
to interface with work efficiency or future attendance;

(iii) whether the applicant-suffers from bad health which should be corrected
before he can work satisfactorily (such as need for spectacles);

(iv) whether the applicant’s physical measurement are in accordance with job
requirements or not.
REFERENCE CHECKS:

Once the interview and references may from the individuals who are familiar with
the candidate’s academic achievements or from the applicant’s previous
employer, who is well versed with the applicant’s job performance and sometimes
from co-workers. In case the reference check is from previous employer,
information in the following areas may be obtained. They are;

Job title, job description, period of employment, pay and allowances, gross
emoluments, benefits provided, rate of absence, willingness of the previous

43
employer to employ the candidate again, etc. further, information regarding
candidates regularity of work, character, progress, etc., can be obtained. Often a
telephone call is much quicker. The method of mail query provides detailed
information about the candidates performance, character and behavior. However,
a personal visit is superior to the mail and telephone methods and is used where it
is highly essential to get detailed, first-hand information, which can also be
secured by observation. Reference checks are taken as a matter of routine and
treated casually or omitted entirely in many organization. But a good reference
check, when used sincerely will fetch useful and reliable information to the
organization.

44
 # RECRUITMENT IN ICICI PRUDENTIAL
LIFEINSURANCE COMPANY LIMITED

OBJECTIVE

The objective of the policy is to renounce the best talent through internal and
external sources of recruitment to achieve the business objectives.

APPLICABILITY

These guidelines are applicable to all the regular employees of the ICICI
prudential.

RESPONSIBILITY

Line Managers and Human Resource.

EXCEPTIONS

Any exceptions to the guidelines need the approval of the department

head/Human Resource.

RECRUITMENT & EMPLOYMENT

 Every employee except a casual employee on appointment is issued on

appointment letter by the appointing authority. In case of new employment, the
appointment shall be subject to the production of a medical certificate of fitness
from the medical officer of the company.

45
 The acceptance of the employment by a candidate includes acceptance of an
agreement to abide the provisions of the standing – orders including rules &
regulation made there under.

 The age of any employee other than casual is recorded at the time of his
employment. The matriculation or school leaving certificate is deemed to be
proof of the age of the candidate.

 In the matter of 1st employment in the service of the hotel, other things being
equal performance is given to the following class of candidates in the order
below:

a) Ex-employer with good records

b) Near relatives of employee.

c) People of the locality, &

d) People of the state of Pune and Mumbai.

CAMPUS RECRUITMENT

 Only student from management colleges and scoring aggregate marks of 60%
and above would qualify.

46
 # RECRUITMENT SYSTEM IN ICICI PRUDENTIAL
LIFE INSURANCE COMPANY LIMITED

ANNUAL MANPOWER PLAN BY CORP.

HR

Job Vacancy

Recruitment of
the advisors

IN PRINCIPLE APPROVAL OF J.T MD

IF AVILABLE CHECKING AVAILABILITY

WITHIN THE GROUP

IF NOT AVAILABLE
TRANSFER
ADVERTISEMENT CAMPUS

Tele
SHORTLISTTING calling

47
 # SELECTION IN HOTEL ICICI PRUDENTIAL LIFE
INSURANCE COMPANY LIMITED

OBJECTIVE

To fill the vacancy with right employees.

APPLICABILITY

It is applicable to all the employee of the ICICI prudential.

RESPONSIBILITY

Middle Level Manager

GUIDELINES

Management of the company is at a liberty to send any of it’s staff / employees to

the other branch of ICICI Prudential of Pune/Mumbai for selection.

48
#SELECTION SYSTEM IN ICICI PRUDENTIAL LIFE
INSURANCE COMPANY LIMITED

Accumulating the applications and targeting those

candidates

Fixing the appointments with them

Checking eligibility criteria

Taking interview

Medical examination

Reference checking

Suitable Not suitable

Select Reject

49
 FIVE POINTS ESSENTIAL TO BE THE ADVISOR

 Age Above 25 years

 Married

 Graduate

 Living in the same city for more than 5 years

 Household income above 2 lakhs

Among these 5 points , candidates must have any 3 points to be the Advisor of the
ICICI Prudential.

50
 # ORGANISATIONAL HIERARCHY OF ICICI
PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Authority under which Financial Advisor (who were recruited)has to

work:

Area Manager

Branch Manager

Sales Manager

Unit Manager

Financial Advisor

51
 # RESEARCH METHODOLOGY

Research means scientific and systematic research for pertinent information on

specific topic.

According to Clifford woody “research comprises of defining problems,

formulating hypothesis, or suggest solutions, collective organization and
evaluating data, searching conclusion and act carefully, testing the conclusion to
determine whether they set the formulating hypothesis”.

52
 # OBJECTIVES OF RESEARCH

 To gain familiarity with phenomenon or to achieve new insight into it.

 To portray accurately characteristics of a particular individual situation

or group.

 To determine the frequency of with which something occurs or with

which it is associated with something else.

 To test a hypothesis of a relationship between variables.

53
 # DATA COLLECTIONS

After a research problem has been defined and research is checked out, data is
collected through different sources. Basically data collection is of two types :--

PRIMARY DATA

• Questionnaire
• Observations
• Personal interview
• Schedules
• Depth interview

SECONDARY DATA

Secondary data are second hand data by which researcher takes information in
readymade form. Secondary data includes life history, letters, diaries, memories,
autobiography, journals, magazines, radio, newspapers etc.

54
 # DATA COLLECTION TECHNIQUES USED

For this project I have used both data i.e. Primary as well as secondary data.

Primary Data:

I have first hand information with the help of questionnaire from employees as
well as interview with Rishi Kapoor (Sr. General Manager, HRD) plus primary
information through my personal observation.

Secondary data:

I have collected secondary data through organization papers, newspapers and

magazines etc.

For collecting data, I this project there is the use of random sampling Method. In
this sampling each employees of universe has been known and equal chance of
being selected. The tools used for selection are random numbers. To 100
employees, questionnaire are given and due which got correct and accurate
information without any bias.

55
 #MODE OF DATA SELECTION

PRIMARY DATA:

Questionnaire, Personal Observation and Interview with HRD.

SAMPLING PLAN FOR SURVEY:

Sampling Size:- 300

Sampling Area:- Pune and Mumbai

Sampling time frame:- 2 months

SECONDARY DATA:

The analysis has been done on the basis of data collecting through companies
papers, joining and selection papers. The result have been interpreted with the
help of bar graphs and diagrams.

56
 AGE

AGE(IN YEARS) No. out of 300

BELOW 18 YEARS 29
18-25 YEARS 50
25-35 YEARS 75
35-45 YEARS 81
ABOVE 45 YEARS 65

AGE

22% 10%
17% < 18 yrs.
18-25 yrs.
25-35 yrs.
35-45 yrs.
> 45 yrs.
26%
25%

INFERENCE:

I found that majority of the respondents were in the age group of 35 – 45

years as between 35-45 is 26% and below 18 years is only 10%. This age

57
group people can proof more beneficial as they have more social; contacts
and maturity.

GENDER

GENDER NO. OUT OF 300

Male 138
Female 162

GENDER

46%
male
female
54%

INFERENCE:

I found that majority of the respondents were female as female was 54% and
male only 46%. They have good contact with their neighbors and can work better
in their local market.

58
 EDUCATIONAL QUALIFICATION

Qualification Number

SSC 36
HSC 96
GRADUATION 129
POST GRADUATION 39

EDUCATIONAL QUALIFICATION

13% 12%

SSC
HSC
GRAD
32% POST GRAD
43%

INFERENCE:

I found that majority of the respondents have done graduation and post
graduation and they can generate better business for the company as graduates
were of 43% and SSCs only 12%.

59
 CURRENT OCCUPATION

OCCUPATION NUMBER
SALARIED 60
SELF EMPLOYED 120
STUDENT 48
HOUSEWIFE 72

OCCUPATION

SALARIED
SELF EMPLOYED
STUDENT
HOUSEWIFE

INFERENCE:

I found that majority of the respondents are self employed having an already
generated market and can proof beneficial for the company as self employed I got
are 120 in number and salaried are 60 .

60
ANY SALES RELATED EXPERIENCE

RESPONSE NUMBER

Yes 96
No 204

PREVIOUS SALES EXPERIENCE

32%

yes
no

68%

INFERENCE:

61
 I found that majority of the respondents doesn’t have any sales related experience
and if trained they can be converted into elite advisors as 68% having sales
experiences and 32% not.

ANY EXPERIENCE IN SELLING FINANCIAL

PRODUCTS

RESPONDENTS NUMBER

YES 66
NO 234

EXPERIENCE IN SELLING PRODUCTS

22%

yes
no

78%

INFERENCE:

62
In this project I found that majority of the respondents doesn’t have any
experience in selling financial products as 78% having selling product
experiences and 22% not.

CURRENTLY HAVE AN AGENCY FOR LIFE

INSURANCE COMPANY

RESPONSE NUMBER

YES 54
NO 246

HAVE AN Y PREVIOUS LIFE INSURANCE AGENCY

18%

yes
no

82%

63
 INFERENCE:

I found that majority of the respondents doesn’t have agency for the Life
Insurance Company but are interested to join ICICI Prudential as Financial
Advisor as 82% having previous life insurance agency and 18% not.

INTERESTED IN KNOWING MORE ABOUT

BECOMING FINANCIAL ADVISOR

RESPONSE NUMBER

YES 93
NO 207

Interested In Knowing More About Becoming A

Financial Advisor

31%

yes
no

69%

64
 INFERENCE:

I found that majority of the respondents were not interested in knowing more
about becoming a Financial Advisor as 69% were interested in knowing more
about becoming a financial advisor and 31% not.

SIZE OF SOCIAL CONTACT

SOCIAL CONTACT NUMBER

RELATIVES 132
FRIENDS 168

Relatives
44%

friends
56%

65
 INFERENCE:

I found that majority of the respondents have good social contact with friends
and they can generate good business as 56% of the size of friends and 44% is of
relatives .

For the recruitment of new Financial Advisor the sample size selected was 300
has been selected from PCMC area. There are most of the people from middle
class family and they can use their time with ICICI Prudential Life Insurance
Company. I found the reputation of the company is good in the market. The
following were obtained.

INTEREST TO BECOME A FINANCIAL ADVISOR WITH US

RESPONSE NUMBER

YES 84
NO 216

66
 BECOME AN ADVISOR WITH US

YES
NO

INFERENCE:

I found that majority of the respondents were not interested in becoming

financial advisor with us. It is not hard to convince them and I got positive of my
effort as 216 for not interested and only 84 for interested.

ANNUAL INCOME?

ANNUAL INCOME NO. OUT OF 300

BELOW 1 LAKH 98
1-3 LAKH 81
3-5 LAKH 72
ABOVE 5 LAKH 14

67
 ANNUAL INCOME

5%

27% 37%
< 1 LAKH
1-3 LAKH
3 - 5 LAKH
> 5 LAKH

31%

INFERENCE:
In my project I found that majority of the respondents were in the annual income
group of less than 1 lakh so they are more interested to join as an advisor to
increase their income as persons having below 1 lakh is 37% and above 5 lakhs is
only 5%.

AWARENESS OF INSURANCE?

RESPONSE NO. OUT OF 300

Yes 171
No 129

68
 AWARE IN INSURANCE?

43%
YES
NO
57%

INFERENCE:

In my project I found that majority of respondents are aware of insurance and

thus less effort is required to convince them as 57% were aware of insurance and
43% not.

ANY INSURANCE POLICY OF ANY COMPANY?

RESPONSE NO. OF OUT 300

YES 114
NO 186

69
 PREVIOUS INSURANCE

38%

YES
NO

62%

INFERENCE:

I found that majority of respondents doesn’t have any Insurance Policy of any
company as 62% were not having any insurance policy and 38% were not .

JOB SATISFACTION?

70
 no can't say
10% 5%

can't say
yes
no

yes
85%

85% said that they were satisfied with their job.

10% said that they were not satisfied with their job.

5% said that they cannot comment.

• Job satisfaction level is very high in the organization.

RECRUITMENT

71
 INTERNAL
BOTH
EXTERNAL

INTERNAL, EXTERNAL, BOTH

15% said Internal Recruitment is better

25% said both are good

While 60% said External Recruitment is better

• So majority of employee said that External recruitment is better for the

organization.

IS THIS RECRUITMENT POLICY SATISFACTORY?

72
 no
yes
can't say

25% said that they were not satisfied with Recruitment Policy

60% said that they were satisfied with the Recruitment Policy

15% said that they could not comment on it

• So I can say that majority said they were satisfied rather than no satisfied.

WHAT ARE THE FACTORS CONSIDERED FOR

INTERNAL RECRUITMENT?

73
 RESPONSE PERCENTAGE

Qualification 20%
Performance 35%
Experience 45%

45%

45%
40% 35%

35%
30%
qualification
25% 20%
performance
20% experience
15%
10%
5%
0%
1

INFERENCE:
I found, majority of respondents say that Internal Recruitment is done on the
basis of Experience than Qualification as 45% of the employees were recruited on
the basis of their experience and only 20% were on qualification.

WHO IS GIVEN PREFERENCE WHILE

RECRUITMENT?

74
 MBA
ENGINEERS 20%
30%

MBA+BE
50%

20% said that MBA’s are given more preference.

30% said that Engineers are given more preference.

50% said that MBA+ Engineers are given more preference.

• According to this information majority of employee said that MBA+

Engineers are given more preference.

75
ORGANIZATION SHOULD ADOPT PROVISION FOR
CAMPUS RECRUITMENT?

yes
no

OPTION GIVEN NO OF ANSWER PERCENTAGE

RECIEVED
YES 6 30%
NO 14 70%
TOTAL 20 100%

INFERENCE:

• Majority of interview feel that campus Recruitment should not be adopted.

May be they are not aware of campus Recruitment as 70% said, it should
not be adopted and only 30% said ,yes.

76
 FINDINGS

RECRUITMENT

Organization’s Recruitment chart of 4 years on the basis of Qualification ,Skills ,

Experience and Fresher.

70

60

50
Qualification
40
Skills
Experience
30
Fresher
20

10

0
2002-03 2003-04 2004-05 2005-06

It has been found that recruitment is done through qualifications, skills,

experience etc as qualification got 60 which is the highest one and freshers only
5.

Recruitment is done that when there is need of right person at right place at right
time as per companies policies and procedures.

For recruitment company follows certain procedure like screening of application,

interview reference , educational background , test like intelligence test, aptitude
test etc.So that they get proper manpower in the company.

77
 IS THERE ANY JOB EVALUATION OR JOB ANALYSIS
PROCEDURE ADOPTED?

RESPONSE PERCENTAGE

Yes 85%
no 15%

85%

90%
80%
70%
60%
yes
50%
no
40%
30% 15%

20%
10%
0%
1

INFERENCE:

I found, majority of respondents feel that job procedure is adopted as 85% said
yes and only 15% said no.

78
 IS INTERVIEW IS CONDUCTED IN A SPECIAL
ROOM?

RESPONSE PERCENTAGE
yes 95%
no 5%

95%

100%
90%
80%
70%
60% yes
50% no
40%
30%
5%
20%
10%
0%
1
INFERENCE:

I found, majority of respondents say interview is conducted in a special room as

95% said, yes and only 5% said, no.

79
 WHETHER ORGANIZATION CONDUCTS WRITTEN
TEST/VERBAL TEST/BOTH?

RESPONSE PERCENTAGE

Both 85%
verbal 15%

85%

90%
80%
70%
60%
Both
50%
Verbal
40%
30% 15%

20%
10%
0%
1

INFERENCE:

I found, majority of respondents say organization conducts both written and

verbal tests as 85% of chance to be both and only 15% of to be verbal .

80
 IS THE INDUCTION PROGRAMME BEING
CONDUCTED?

RESPONSE PERCENTAGE

yes 80%
no 20%

80%

80%
70%
60%
50% yes
40% no
20%
30%
20%
10%
0%
1

INFERENCE:

I found, majority of respondents say that Induction programme is being

conducted as 80% said ,it is conducted and 20% said no.

81
 IS PROPER PLACEMENT OFFERED TO THE
CANDIDATE?

RESPONSE PERCENTAGE

yes 85%
no 15%

85%

90%
80%
70%
60%
yes
50% no
40%
15%
30%
20%
10%
0%
1

INFERENCE:

I found, majority of respondents say that proper placement is offered as 85% said
it is offered and only 15% said , no it is not.

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 SHOULD THE PROBATIONARY PERIOD BE
EXTENDED?

70%

60%

50%

40%

30%

20%

10%

0%
YES NO CANT' SAY

20% said that the problem period should be extended while.

70% disagree and said it should not be extended.

10% did not comment.

• Majority of people is against Extending the Probationary Period.

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IS THERE ANY PROMOTION FACILITY PROVIDED
TO THE EMPLOYEES IN THE ORGANIZATION?

RESPONSE PERCENTAGE

Yes 95%
no 5%

95%

100%
90%
80%
70%
60% yes
50% no
40%
30%
5%
20%
10%
0%
1

INFERENCE:

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 I found, majority of respondents say that promotion facility is provided to the
employees in the organization as 95% said it is provided and only 5% said , no it
is not.

WHAT SHOULD BE CONSIDERED FOR

PROMOTION?

45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Seniority Qualification Performance

35% people said that seniority can basic for promotion.

20% said that Qualification are considered whereas;

45% said Performance should be a basic for promotion.

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• Majority feels that basic of promotion should be Performance and not the
seniority.

IS SELECTION PROCESS IS FOLLOWED

ACCURATELY?

RESPONSE PERCENTAGE

Yes 65%
no 35%

65%

70%

60%

50% 35%
yes
40%
no
30%

20%

10%

0%
1

INFERENCE:

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 I found, majority of respondents say that selection process is followed accurately
as 65% said , it is followed accurately and only 35% said in against .

WHICH AREA IS PREFERRED IN SELECTION

PROCEDURE?

RESPONSE PERCENTAGE

House wife 55%

CA 10%
Doctor 2%
Broker 15%
Postal Staffs 15%
Others 3%

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 60% 55%

50%
house wife
40% CA
doctor
30%
broker

20% 15% 15% postal staffs

10% others
10%
2% 3%

0%
1

INFERENCE:

In my project I found, majority of respondents say that house wives are preferred
most in selection procedure as 55% of the candidates selected were house wives,
10% were CA, 2% were doctor, 15% were broker,155 were postal staffs and 2%
others.

# OBSERVATIONS AND FINDINGS

 During my summer project with ICICI Prudential Life Insurance Company

Limited, I found recruitment and selection policies are compare to any other
insurance industries in India. ICICI Prudential policies about manpower planning,
recruitment, selection, are well-defined and scientific.

 The most of the employees of company are satisfied and they are secured about
the further career development with ICICI Prudential. So overall Recruitment and
Selection functions in ICICI Prudential has significant value.

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 #VALUE ADDITION TO THE COMPANY:

Apart from profit many value addition to the company, such as:
1. Increasing the business of the company. Means I have recruited 11 advisors.

Those adviser selling insurance policies i.e. generate the business to the company.

2. Increasing the customer of the company.

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3. Enlarging the dimension of the company. By this project we would be

enlarging the ICICI Prudential family by recruiting channel partner.

4. Widening the scope insurance in the Indian society. By recruiting channel

partner for ICICI Prudential we would be broadening the scope of insurance. And

also creating need of insurance sector as a medium of service and employment.

5. Propaganda and publicity of the company.

#VALUE ADDITION TO THE SIP INTERN/STUDENT:

1. Get exposure

2. It gives the team working, organization culture and team dynamics.

3. Knowing about complexities in achieving desire results.

4. It is learning experience to us and be aggressive in achieving the desire results.

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5. It provides good scope for developing necessary managerial skill and positive

attitude.

#ACHIEVEMENTS /TASKS:

Week no. Tasks assign Achievements

1st week Training Getting a training
2nd week Training Getting a training
3rd week to recruit one adviser recruited one adviser
4th week to recruit one adviser recruited two advisers
5th week to recruit one adviser recruited three adviser
6th week to recruit one adviser recruited two adviser

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7th week to recruit one adviser recruited three adviser
8th week Training for taking the Getting training
interviews

#ADVISORS RECRUITED DURING MY PROJECT:

NAME ADDRESS CONTACT NO

 SURAJ INDALKAR SANGAVI 09890400329

 SAJID ANSARI CHINCHWAD 09890601382
 SANTOSH CHINCHWAD 09960543276
 SANTOSH POLEYE BHOSARI 09960564329
 DEEPAK SALVY SANGAVI 09371907845
 SUDASHAN KADAM BHOSARI 09960685230

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  INDU GEORGE BHOSARI 09890675439
 KHUSBU JAIN PIMPRI 09890476700
 K V DESAI BHOSARI 09960878798
 G J SAKORE BHOSARI 09970989800
 ARUN SHARMA PIMPRI 09823590207

# SUGGESTIONS FOR IMPROVEMENT:

 Company has to provide fair opportunity for career development and

growth.

 There must be friendly working conditions.

 Equal opportunities must be provided to each and every employees of

company.

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 #RECOMMENDATION:

• ICICI PRUDENTIAL should go for a brand ambassador who can really

put across the message of insurance across the message of insurance
across to the customer and according to me Rahul Dravid would be the
ideal brand ambassador as he has a place in the mind of Indian people
as a reliable and a man for a crisis situation. Rahul Dravid could put
across the message of consistent returns and trustworthy products of
ICICI PRUDENTIAL.

• To sell a PSP needs great efforts here the client is a corporate and its
could be difficult for alone to handle such a uphill task hence help in

94
 client presentations from experienced sales managers would be of great
help in getting big corporate into the PSP fold.

• Attrition rate of most of the companies were too high but the PSP
does not have what is to be done in case of employee leaving the
organization should be included in the PSP.

• ICICI PRUDENTIAL needs more publicity as most of the people the

researcher met are not aware that ICICI bank and ICICI PRUDENTIAL
life insurance are too different identities with main focus at the crowded
places

• ICICI PRUDENTIAL should focus more on young and low aged people
that is between 25-35 because they are more energetic and money
oriented.

# LIMITATIONS

LIMITATION OF STUDY

During my project, I also came across certain factors. These factors are :-

 Time was the most relevant factor to make a handle to complete proper
survey.

 The employees were busy in their work.

 It was difficult to get complete feedback from all the employees.

 The sample size are probably inadequate.

95
 LIMITATION IN THE COMPANY

 The policies for the promotion, transfer, and increment after selection are
ambiguous.

 Most of the employees are not able to understand the policies.

 The applicants are generally procrastinating for the appointments ,

because they were busy in their jobs.

# CONCLUSION

• Promotion activities and publicity campaigns of ICICI PRUDENTIAL

are not up to the mark.

• Telephonic appointment fixing and then meeting the client seems to

be the best way to get some valuable time out of the corporates.

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 • High risk cover of employees seems to be the priority of most of
the corporates followed by tax benefit.

• The first and foremost objective was to identify people who can
take up the financial consultant with ICICI PRUDENTIAL , so the
main focus was to identify the locations where we can meet a good
number of people in time . As per researcher it is mainly the
crowded place like shopping malls , BSNL office , and corporates.

• As the entire exercise was mainly limited to identify financial

consultant, the specific guidelines laid by the company where mainly
sex , age , qualification , profile and social contacts.

Lastly, since the researcher used to meet a lot of people it was quite
evident that everybody’s profile won’t match the desired qualification for
becoming a financial consultant. This prompted as to identify at least some
prospects that can take various plans available with the company.

# BIBLIOGRAPHY

PERSONNEL MANAGEMENT

 ASWATHAPPA K

PERSONNEL MANAGEMENT

 MAMORIA .C.B

HUMAN RESOURCE MANAGEMENT

97
  LEWIS AND STRAUSS

HUMAN RESOURCE MANAGEMENT

 CHHABRA

HUMAN RESOURCE MANAGEMENT

 GARRY DESSLER

HUMANRESOURCE MANAGEMENT

 IAN BEADUELL & HOLDEN LEN

HOUSE JOURNALS

 ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

WEBSITES:
• www.google.com.
• www.iciciprulife.com

#ANNEXURE

Questionnaire to candidates:--

1) Name?

2) Age?
Below 18 years
18-25 years
25-35 years
35-45 years
Above 45 years

3) Sex?

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 Male
female

4) Educational qualification?
SSC
HSC
Graduation
Post graduation

5) Current occupation?
Salaried
Self employed
Student
Housewife

6) Any sales related experiences?

Yes
no

7) Any experiences in selling financial products?

Yes
No

8) Currently have an agency for Life Insurance Company?

Yes
no

9) Interested in knowing more about becoming a financial

advisor?
Yes
No

10) Size of social contact?

Relatives
Friends

11) Interest to become the financial advisor with us?

Yes
No

12) Annual income?

Below 1 lakh
1-3 lakh
3-5 lakh

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 Above 5 lakh

13) Awareness of insurance?

yes
no
14) Any insurance policy of any company?
Yes
No

15) Are you satisfied in your job?

Yes
No

16) if not, kindly give reasons for your answer in brief.

RECRUITMENT:

1) How the personnel are recruited?

Through external source
Through internal source
Or the both source

2) Are you satisfied with the existing recruitment policy of

the existing recruitment policy of the organization?

Yes
No

3) If no, please give answer briefly.

4) What are the factors considered for internal

Recruitment?
Qualification
Performance
Experience

5) Who is given preference while recruitment?

MBA
Engineers
MBA+BE

6) Organization should adopt provision for Campus

Recruitment?
Yes

100
 No

7) Recruitment on what basis during previous years?

Qualification
Skills
Fresher
Experience

8) Is there any job analysis or job evaluation procedure

adopted?
Yes
No

SELECTION

1) While the selection procedure is going on:

i. Is the interview conducted in a special room?
ii. Whether organization conducts written
test/verbal test/both in general?

2) After selection the candidate:

i. Is the induction programme being
conducted?
Yes
No

ii. Is proper placement offered to the

candidate?
Yes
No

3) Should the probation period extended?

Yes
No

4) Is there any promotional facility provided to

employees in your organization?
Yes
No

5) What should be considered for promotion?

Seniority
Qualification
Performance

101
6) Is selection process followed accurately?
Yes
No

7) Which area is preferred in selection?

House wife
CA
Doctor
Broker
Postal staffs
Others

102