PROJECT REPORT

On

Recruitment and Selection

Process
 CERTIFICATE

This is to certify that this Project Report entitled ‘Recruitment & Selection Process
of ICICI Life Insurance Company Ltd.’ is the result of research work carried out by
Miss. Shalu under the guidance and supervision of Professor
_______________________.

Signature of Supervisor
 TABLE OF CONTENTS
TOPICS

INTRODUCTION OF THE COMPANY

INTRODUCTION TO THE TOPIC

PRESENT SCENARIO

LIFE INCURANCE MARKET

PROTECTION OF THE INTERESTS OF

POLICYHOLDERS

COMPANY PROFILE

DISTRIBUTION

GROUP INSURANCE SOLUTIONS

VISION AND MISSION

ACTIVITY FLOW

SOURCING OF SUITABLE CANDIDATES

CONCLUSION

COVERAGE

LEARNINGS

BIBILOGRAPHY
 PREFACE

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

The recruitment and selection decision is of prime importance as it is the vehicle

for obtaining the best possible person-to-job fit that will, contribute significantly
towards the Company's effectiveness. It is also becoming increasingly important,
as the Company evolves and changes, that new recruits show a willingness to
learn, adaptability and ability to work as part of a team. The Recruitment &
Selection procedure ensures that these criteria are addressed

In this project I have studied Recruitment and Selection process of ICICI Prudential
Life Insurance and attempted to provide some ways so as to make recruitment
more effective and to reduce the cost of hiring an employee.

I am privileged to be one of the students who got an opportunity to do my

training with ICICI Prudential Life Insurance. My involvement in the project has
been very challenging and has provided me a platform to leverage my potential in
the most constructive way.
ICICI Prudential Life insurance is one of India's leading financial institutions
offering complete financial solutions that encompass every sphere of life. In a
short span of time,ICICI has set an example by having a steady and confident
journey to growth and success.

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

This project however is an attempt to share as best as possible my experience in

corporate world with all my colleagues and my faculty.

I would be delighted to receive reader’s comments which maybe valuable lessons

for my future projects
 EXECUTIVE SUMMARY

In today’s rapidly changing business environment, organizations have to respond

quickly to requirements for people. The Financial market has been witnessing
growth which is manifold for last few years. Many private players have entered
the economy thereby increasing the level of competition. In the competitive
scenario it has become a challenge for each company to adopt practices that
would help the organization stand out in the market. The competitiveness of a
company of an organization is measured through the quality of products and
services offered to customers that are unique from others. Thus the best services
offered to the consumers are result of the genius brains working behind them.
Human Resource in this regard has become an important function in any
organization. All practices of marketing and finances can be easily emulated but
the capability, the skills and talent of a person cannot be emulated. Hence, it is
important to have a well-defined recruitment policy in place, which can be
executed effectively to get the best fits for the vacant positions. Selecting the
wrong candidate or rejecting the right candidate could turn out to be costly
mistakes for the organization. Therefore a recruitment practice in an organization
must be effective and efficient in attracting the best manpower.
 Coverage –The extent and limitation

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

Like in the case of BPO’s, Insurance sector too faces the problem of attrition.
Thus, recruitment is an ongoing process carried through out the year. The project
is based on the study of recruitment process. The various recommendations
suggested have been the result of the study. The idea is to generate ways of
dealing with high attrition and making hiring process manageable and efficient.
 Bibilography

There were mainly two sources of data collection

Ø Primary data:
Ø Survey method
Ø Personal interview with candidates
Ø In depth conversation with the placement agency
v Secondary data:
Ø Study of recruitment policy
Ø Websites
Ø Published articles
Research methodology used
v Study of recruitment and selection at ICICI Prudential Life Insurance by the
manual provided by the HR department;
v Web sites
v Journals
v Magazines
v Books
 Findings
v Recruitment is done throughout the year more during the months of May-
June and Oct-Nov

v Huge investment of time;

v Huge recruitment cost;

To pursue these, I would be going through the recruitment policies of the

company. By active participation in the recruitment process, the areas where
improvement can be bought about can be identified.

Thus the whole research would be done under the guidance of external guide. It
will also involve recruitment and selection processes, reading the material
provide internally by the organization, information from the new employees.
 Introduction
1.1 Introduction Of The Insurance Industry

Overview

The story of insurance is probably as old as the story of mankind. The same
instinct that prompts modern businessmen today to secure themselves against
loss and disaster existed in primitive men also. They too sought to avert the evil
consequences of fire and flood and loss of life and were willing to make some sort
of sacrifice in order to achieve security. Though the concept of insurance is largely
a development of the recent past, particularly after the industrial era – past few
centuries – yet its beginnings date back almost 6000 years.

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

Some of the important milestones in the life insurance business in India are:

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

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance
company started its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.

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

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

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

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

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

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

1957: General Insurance Council, a wing of the Insurance Association of India,

frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the

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

With largest number of life insurance policies in force in the world, Insurance
happens to be a mega opportunity in India. It’s a business growing at the rate of
15-20 per cent annually and presently is of the order of Rs 450 billion. Together
with banking services, it adds about 7 per cent to the country’s GDP. Gross
premium collection is nearly 2 per cent of GDP and funds available with LIC for
investments are 8 per cent of GDP.

Yet, nearly 80 per cent of Indian population is without life insurance cover while
health insurance and non-life insurance continues to be below international
standards. And this part of the population is also subject to weak social security
and pension systems with hardly any old age income security. This itself is an
indicator that growth potential for the insurance sector is immense

A well-developed and evolved insurance sector is needed for economic

development as it provides long term funds for infrastructure development and at
the same time strengthens the risk taking ability. It is estimated that over the
nextten years India would require investments of the order of one trillion US
dollar. The Insurance sector, to some extent, can enable investments in
infrastructure development to sustain economic growth of the country.

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

The Government of India liberalized the insurance sector in March 2000 with the
passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting
all entry restrictions for private players and allowing foreign players to enter the
market with some limits on direct foreign ownership.
The opening up of the sector is likely to lead to greater spread and deepening of
insurance in India and this may also include restructuring and revitalizing of the
public sector companies. In the private sector 14 life insurance and 8 general
insurance companies have been registered. A host of private Insurance companies
operating in both life and non-life segments have started selling their insurance
policies..

Life Insurance Market

The Life Insurance market in India is an underdeveloped market that was only
tapped by the state owned LIC till the entry of private insurers. The penetration of
life insurance products was 19 percent of the total 400 million of the insurable
population. The state owned LIC sold insurance as a tax instrument, not as a
product giving protection. Most customers were under- insured with no flexibility
or transparency in the products. With the entry of the private insurers the rules of
the game have changed.
The 12 private insurers in the life insurance market have already grabbed nearly 9
percent of the market in terms of premium income. The new business premiums
of the 12 private players has tripled to Rs 1000 crore in 2002- 03 over last year.
Innovative products, smart marketing and aggressive distribution. That's the triple
whammy combination that has enabled fledgling private insurance companies to
sign up Indian customers faster than anyone ever expected. Indians, who have
always seen life insurance as a tax saving device, are now suddenly turning to the
private sector and snapping up the new innovative products on offer.

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

Major Insurance Players

Licenses have been issued for the following companies

Ø ICICI Prudential Life Insurance Limited

Ø ICICI Prudential Life Insurance Company Limited

Ø HDFC Standard Life Insurance Company Limited

Ø Birla Sun Life Insurance Company Limited

Ø TATA AIG Life Insurance Company Limited

Ø Max New York Life Insurance Company Limited

Ø SBI – Cardiff Life Insurance Company Limited

Ø ING Vysya Life Insurance Company Limited

Ø Bajaj Allianz Life Insurance Company Limited

Ø MetLife Life Insurance Company Limited

Ø Aviva Life Insurance Company Limited

Ø AMP Sanmar Life Insurance Company Limited

Ø Sahara India Life Insurance Limited

Ø Sri Ram Life Insurance Limited

Protection of the interests of

policyholders:
IRDA has the responsibility of protecting the interest of insurance policyholders.
Towards achieving this objective, the Authority has taken the following steps:

v IRDA has notified Protection of Policyholders Interest Regulations 2001 to

provide for: policy proposal documents in easily understandable language; claims
procedure in both life and non-life; setting up of grievance 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.
v The insurers are required to maintain solvency margins so that they are in a
position to meet their obligations towards policyholders with regard to payment
of claims.

v It is obligatory on the part of the insurance companies to disclose clearly the

benefits, terms and conditions under the policy. The advertisements issued by the
insurers should not mislead the insuring public.

v All insurers are required to set up proper grievance redress machinery in their
head office and at their other offices.

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

1.2 COMPANY PROFILE

ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse and Prudential plc, a leading international financial
services group headquartered in the United Kingdom.
ICICI was established in 1955 to lend money for industrial development. Today, it
has diversified into retail banking and is the largest private bank in the country.
Prudential plc was established in 1848 and is presently the largest life insurance
company in UK.

ICICI Prudential is currently the No. 1 private life insurer in the country. For the
financial year ended March 31, 2005, the company garnered Rs 1584 crore of new
business premium for a total sum assured of Rs 13,780 crore and wrote nearly
615,000 policies.

The Company recognizes that the driving force for gaining sustainable competitive
advantage in this business is superior customer experience and investment
behind the brand. The Company aims to achieve this by striving to provide world
class service levels through constant innovation in products, distribution channels
and technology based delivery. The Company has already taken significant steps
to achieve this goal.

India's Number One private life insurer, ICICI Prudential Life Insurance Company is
a joint venture between ICICI Bank-one of India's foremost financial services
companies-and Prudential plc- a leading international financial services group
headquartered in the United Kingdom. Total capital infusion stands at Rs. 23.72
billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.
ICICI Prudential was the first life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row,
ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The
Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we
grow our distribution, product range and customer base, we continue to tirelessly
uphold our commitment to deliver world-class financial solutions to customers all
over India.

FACT SHEET
THE COMPANY

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

ICICI Prudential's capital stands at Rs. 23.72 billion with ICICI Bank and Prudential
plc holding 74% and 26% stake respectively. For the first quarter ended June 30,
2007, the company garnered Rs. 987 crore of weighted retail + group new
business premiums and wrote over 450,000 retail policies in the period. The
company has assets held to the tune of over Rs. 18,400 crore.

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

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

Distribution

ICICI Prudential has one of the largest distribution networks amongst private life
insurers in India. It has a strong presence across India with over 680 branches and
over 235,000 advisors.

The company has over 23 bancassurnace partners, having tie-ups with ICICI Bank,
Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, Idukki District
Co-operative Bank, Jalgaon Peoples Co-operative Bank, Shamrao Vithal Co-op
Bank, Ernakulam Bank, 9 Bank of India sponsored Regional Rural Banks (RRBs),
Sangli Urban Co-operative Bank, Baramati Co-operative Bank, Ballia Kshetriya
Gramin Bank, The Haryana State Co-operative Bank and Imphal Urban
Cooperative Bank Limited.\
 Products Insurance Solutions For
Individuals

ICICI Prudential Life Insurance offers a range of innovative, customer-centric

products that meet the needs of customers at every life stage. Its products can be
enhanced with up to 4 riders, to create a customized solution for each policy
holder.

Savings Solutions

Save’n’Protect is a traditional endowment savings plan that offers life protection

along with adequate returns.

CashBak is an anticipated endowment policy ideal for meeting milestone

expenses like a child’s marriage, expenses for a child’s higher education or
purchase of an asset.
LifeTimeSuper offer customers the flexibility and control to customize the policy
to meet the changing needs at different life stages. Each offer 4 fund options —
Preserver, Protector, Balancer and Maximiser.

LifeLink Super is a single premium Unit Linked Insurance Plan which combines life
insurance cover with the opportunity to stay invested in the stock market.

Premier Life Gold is a limited premium paying plan that offers customers life
insurance cover till the age of 75.

InvestShield Life New is a unit linked plan that provides premium guarantee on
the invested premiums and ensures that the customer receives only the benefits
of fund appreciation without any of the risks of depreciation.

· InvestShield Cashbak is a unit linked plan that provides premium guarantee

on the invested premiums along with flexible liquidity options.

Protection Solutions

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

HomeAssure is a mortgage reducing term assurance plan designed specifically to

help customers cover their home loans in a simple and cost-effective manner.

Child Plans
· SmartKid education plans provide guaranteed educational benefits to a child
along with life insurance cover for the parent who purchases the policy. The
policy is designed to provide money at important milestones in the child’s life.
SmartKid plans are also available in unit-linked form – both single premium and
regular premium.

Education Insurance Plans

· Education insurance under the SmartKid brand provides guaranteed

educational benefits to a child along with life insurance cover for the parent
who purchases the policy. The policy is designed to provide money at important
milestones in the child's life. SmartKid plans are also available in unit-linked form -
both single premium and regular premium

Retirement Solutions

ForeverLife is a retirement product targeted at individuals in their thirties.

Market-linked retirement products

LifeTime Super Pension is a regular premium market-linked pension plan.

Golden Years: is a limited premium paying retirement solution that offers tax
benefits up to Rs 100,000 u/s 80C, with flexibility in both the accumulation and
payout stages.
Health Solution

Health Assure and Health Assure Plus: Health Assure is a regular premium plan
which provides long term cover against 6 critical illnesses by providing
policyholder with financial assistance, irrespective of the actual medical expenses.
Health Assure Plus offers the added advantage of an equivalent life insurance
cover

· Cancer Care: is a regular premium plan that pays cash benefit on the
diagnosis as well as at different stages in the treatment of various cancer
conditions.

· Diabetes Care and Diabetes Care Plus*: 1st ever critical illness insurance
cover for diabetics.

· Hospital Care*: Hospital Care offers a Cashless hospitalization facility in more

then 3000 network hospitals

· Crisis Cover : is a 360-degree product that will provide long-term coverage

against 35 critical illnesses, total and permanent disability, and death

Note (*) products Re-launched on 1st July 2006

 Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies seeking to
enhance benefits to their employees.

ICICI Pru Group Gratuity Plan: ICICI Pru’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
obligations.

ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined
contribution superannuation scheme to provide a retirement kitty for each
member of the group. Employees have the option of choosing from various
annuity options or opting for a partial commutation of the annuity at the time of
retirement.

ICICI Pru Group Term Plan: ICICI Pru’s flexible group term solution helps provide
affordable cover to members of a group. The cover could be uniform or based on
designation/rank or a multiple of salary. The benefit under the policy is paid to
the beneficiary nominated by the member on his/her death.
 Flexible Rider Options

ICICI Pru Life offers flexible riders, which can be added to the basic policy at a
marginal cost, depending on the specific needs of the customer.

1. Accident Benefit: If death occurs as the result of an accident during the term
of the policy, the beneficiary receives an additional amount equal to the rider sum
assured under the policy. If the death occurs while traveling in an authorized mass
transport vehicle, the beneficiary will be entitled to twice the sum assured as
additional benefit.

2. Accident & Disability Benefit: This rider option pays 10% the sum assured
under the rider every year till next 10 years on Accidental Permanent Disability of
2 Organs.

3. Critical Illness Benefit: protects the insured against financial loss in the event
of 9 specified critical illnesses. Benefits are payable to the insured for medical
expenses prior to death.
4. 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 SmarKid, SecurePlus and CashPlus

5. Waiver of Premium: In case of total and permanent disability due to an

accident, the premiums are waived till maturity. This rider is available with
SecurePlus and CashPlus.

Choice of Six Investment Options :-

ICICI prudential offers you the opportunity of selecting between investment

options to match your investment priorities.

1) Protector:-

An Investment Option with investment indebt and money market

instruments.

2) Maximiser :-

An investment option with investment in equity and equity related

instruments.

3) Balancer :-

An investment option with investment in a mix of equity and debt oriented

instruments.

4) Preserver :-

An investment option with investment in low-risk instruments like cash and call
money markets.
5) Flexi Growth:-
New Fund (NFO) launched in March 2007, Long term returns from an equity
portfolio lare,mid and small cap companies.

6) Flexi balanced:-

Balance of capital appreciation and stable returns from an equity (large,mid &
small cap companies) & debt portfolio.
 Vision and Mission

Their vision is to make ICICI Prudential Life Insurance Company the dominant new
insurer in the life insurance industry. This they hope to achieve through their
commitment to excellence, focus on service, speed and innovation, and
leveraging our technological expertise.

The success of the organization will be founded on its strong focus on values and
clarity of purpose. These include:

· Understanding the needs of customers and offering them superior products

and service

· Building long lasting relationships with their partners

· Providing an enabling environment to foster growth and learning for their

employees

And above all building transparency in all our dealings.

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

DISTRIBUTION

ICICI Prudential has one of the largest distribution networks amongst private life
insurers in India, having commenced operations in 150 cities and towns in India,
stretching from Bhuj in the west to Guwahati in the east, and Jammu in the north
to Trivandrum in the south.

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

ICICI Prudential has recruited and trained more than 1, 90,000 insurance advisors
to interface with and advise customers. Further, it leverages its state-of-the-art IT
infrastructure to provide superior quality of service to customers
 ICICI Prudential Life Insurance opens office in Dubai

In a move to consolidate its position in the Gulf region, ICICI Prudential Life
Insurance (ICICI Prudential), India's No. 1 private life insurance company, today
opened its representative office in Dubai, becoming the first private life insurer
from India to open an office in the Emirate.

At ICICI Prudential we offer pragmatic, world-class solutions. Put simply, solutions

with a lot of common sense. Solutions that take care of your four basic financial
needs - Earning, Saving, Investing and Spending. So you live your life to the fullest,
sans worries.
 RECRUITMENT AND SELECTION

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

Recruitment is the process by which organizations locate and attract individuals to

fill job vacancies. Most organizations have a continuing need to recruit new
employees to replace those who leave or are promoted in order to acquire new
skills and promote organizational growth.

Recruitment follows HR planning and goes hand in hand with selection process by
which organizations evaluate the suitability of candidates. With successful
recruiting to create a sizeable pool of candidates, even the most accurate
selection system is of little use

Recruiting begins when a vacancy occurs and the recruiter receives authorization
to fill it. The next step is careful examination of the job and enumeration of skills,
abilities and experience needed to perform the job successfully. Other steps
follow:

v Creating an applicant pool using internal or external methods

v Evaluate candidates via selection
v Convince the candidate
v And finally make an offer
Scope: To define the process and flow of activities while recruiting, selecting and
appointing personnel on the permanent rolls of an organization.

Authorization:
[Link].

Authorized Signatory1

Head- Human resource2

Managing director

Amendments and deviations:

Any amendments to and deviations from this policy can only be authorized by the
Head-human Resources and the Managing Director.
 ACTIVITY FLOW

The organization philosophy should be kept in mind while formulating the

recruitment procedure.

The HR department would set the recruitment norms for the organization.
However, the onus of effective implementation and compliance with the process
rests with the heads of the respective functions and departments who are
involved in the recruitment and selection process.

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

performed by different persons involved in the process of recruitment, the checks
and control measures to be adopted and information that has to be captured.
 Recruitment and Selection is conducted by:

v HR & Branch Manager

v Functional Head

RECRUITMENT PLANNING

Recruitment planning on the basis of budget

The manpower planning process for the year would commence with the
company’s budgeting activity. The respective Functional heads would submit the
manpower requirements of their respective functions/ departments to the board
of Directors as part of the annual business plan after detailed discussion with the
head of human Resource Function along with detailed notes in support of the
projected numbers assumptions regarding the direct and indirect salary costs for
each position.
A copy of the duly approved manpower plan would be forwarded by the HR
department for their further actions during the course of the year. The annual
budget would specify the manpower requirement of the entire organization, at
different levels, in various functions/departments, at different geographical
locations and the timing of the individual requirements. It would also specify the
requirement budget, which is the cost allotted towards the recruitment of the
budgeted staff and the replacement of the existing employees. The manpower
plan would also clearly indicate the exact time at which the incumbent should be
on board in such a way that the Regional HR has adequate notice for the time
lapses involved in sourcing any other activities.

The Regional HR’s would undertake the planning activity and necessary
preparations in advance of the anticipated requirements, as monthly and
quarterly activities on the basis of the approved budget, estimated separations
and replacements therefore.

The vacancies sought to be filled or being filled shall always be within the
approved annual manpower budget and no recruitment process shall be initiated
without the formal concurrence of the Head of the Regional HR under any
circumstance. Head of the Regional HR shall also have the responsibility to
monitor the appointments being considered at any point of time with specific
respect to the duly approved manpower budgets.
 Review of Manpower Plans and Additional Manpower

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

event of any new position or any deviations to the original plans, details of the
positions maybe forwarded to the VP-HR along with the adequate supporting
information. The recommendations would normally require a formal approval of
the Managing Director. Alternately, VP-HR may record the summary of his
discussion with the Managing Director and the MD’s approval on the
recommendations, to signify the final decision taken regarding the
recommendations.
 SOURCING OF SUITABLE CANDIDATES
Selection of Sources

Regional HR would tap various sources/channels for getting the right candidate.
Depending on the nature of the position/grade, volumes of recruitment and any
other relevant factors, the Regional HR would use any one multiple sources such
as:

v Existing database (active application data bank);

v Employee referral as per any company scheme that may be approved from
time to time;

v Advertisement in the internet/newspapers/magazines/company’s sites/job

sites or any other media;

v Placement Agencies (particularly for positions of Managers and above);

v Headhunting firms particularly for senior positions, specialist positions and

critical positions;

v Direct recruitment from campuses/academic institutes;

v Job websites and

v Any other appropriate sources.

The norms for using any of the sources are not water tight. Number of positions,
criticality of positions and the urgency of the positions, confidentiality
requirements, relative efficacy and cost considerations would play a role in the
choice of the appropriate sourcing mechanism.

Strengths

Brand equity of Kotak Mahindra Bank.

Rigorous Pre-Hiring assessment tests to understand aptitude and personality of

candidates.

Proper reference checks to ensure that only bonafide candidates are appointed.

Adequate number of channel partners to generate footfalls for each location.

Footfall MIS being maintained at each branch locally by Admin.

 Weaknesses

Pre assessment tests are costly.

Conversion of footfalls is low.

Lengthy pre-offer formalities.

Huge employee turnover.

 Opportunities

Campus recruitments have huge potential for fulfilling manpower requirements

cost effectively.

Tie up with recruitment agencies on supplying fixed number of footfalls week on

week.

Develop exclusive contract with channel partners to meet the manpower

requirements.

Make blue form brief and to the point.

Reduce turn around time of making an offer.

 Threats

Increasing number of private players in insurance sector creates ample choices,

frequent and easy mobility for employees.

Same channel partners are handling all insurance companies. This leads to same
pool of candidates being circulated to all [Link] spill over as a
candidate has more than one offer at the time of making a job shift.

As the insurance industry is small, senior level candidates hesitate to meet HR of

other companies for the fear of grapevine.

RECOMMENDATIONS & SUGGESTIONS

Compress the "white space" in your hiring process.

White Spaces are delays in hiring process that are unproductive, waste time, and
virtually assure you'll lose talented candidates. Often the longest delays occur
between critical selection events. For example, a recruiter may need several
weeks to screen a few hundred resumes from the Web job boards, or candidates
who make it through screening may wait weeks to interview with a hiring
manager.
Here at ICICI Prudential Life Insurance, the delays occur when the outstation
candidates are called for interviews at Regional branches like Delhi and Mumbai.
Sometimes, because of busy schedule of senior managers and sometimes because
of tight schedule of candidate, the interview has to be postponed. This delay
could be minimized by scheduling interviews in the regional locations. It is
recommended to reduce the turnaround time for the recruitment and selection
process. It must be made mandatory for the candidates to take the test, filling up
forms etc within the stipulated time, this will make sure that the candidates do
not hold casual attitude and take the recruitment process more seriously.
Additionally it can send across a positive image about the company. White space
in recruitment can be compressed by the use of IT also. Technology (such as
automated or Web-based tracking) is ideal for eliminating unnecessary steps and
reducing delays.

Tie up with more & more consultants from multiple segments

Since the limited placement agencies are sourcing candidates to all insurance
companies, there often comes the problem of duplication of data. Therefore it is
recommended that more and more consultants should be tied up from multiple
segments to attract large pool of new and fresh talent.

Know what you're looking for in candidates.

It is observed that the candidates sourced by placement agencies and send for
further rounds of interviews are rarely found suitable by the hiring managers.
Therefore, in case there is need to utilize the service of a placement agency, then
it is recommended that these placement agencies be given a well drafted job
description and job specification. This can also be circulated to internal employees
under the employee referral scheme. This will help people to get a clearer picture
and provide for most suitable candidates. Thus making efficient utilization of the
existing resources.

Reduce the pre offer formalities:

Pre-offer documentation includes filling of a lengthy Blue form which includes all
personal, educational and professional details of candidate. This is very time
consuming and even after taking these details from candidate its not sure that
offer will be made or not. This also becomes frustrating for the candidate
sometimes. So, it is recommended that unnecessary details should not be asked
before we make the final offer to the candidate. Blue form should be made
consise.

One size doesn’t fits all

An effort must be made to study local condition, education levels. Since applying
common test for all candidates across entire country can overshadow a
candidates capabilities. This factor must be given importance since Indian society
is divided on various parameters such as education, language, infrastructure etc.
A test with high level of English and complicated sentence structure can be a
hurdle in areas where language itself is barrier. An option is to have different tests
for different regions.

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

Web-based technology lets you increase hiring speed and quality while reducing
costs. Currently, job boards constitute the biggest use of the Web, offering access
to thousands of resumes within hours. But the Web can also be a powerful tool
for screening and qualifying that flood of resumes. Companies have begun to use
the Web to collect and instantly match data on candidate skills, motivations, and
experiences against job criteria. Other uses of Web-based technology include
online interviewing, candidate assessment and testing, applicant self-scheduling,
and tracking. Work the Web wisely and you save time for recruiters and hiring
managers and nab top candidates before your competitors can.

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

devised to check for person-organization fit. A person-organization helps to assess
how well a candidate is suited the organization. Whether the attitude he/she
carries will promote both organizational as well personal goals. This takes a great
importance especially when attrition is high. It will help the organization to retain
its employees for a longer period of time and less burden on recruitment staff.

Build and manage your candidate pool as a precious resource.

A "candidate pool" is a group of individuals who have shown interest in working
for your company and are qualified for and ready to fill certain positions. Rather
than undertaking the time-consuming process of filling one job at a time, you
draw on the candidate pool and fill jobs as they become available. How do you
keep a pool active? Some companies send their newsletters to pool candidates,
give them product coupons, and keep in touch through e-mail. Pool management
is not easy in a tight labor market --good candidates often go elsewhere. But
many organizations, especially those with a reputation as a great place to work,
are able to fill positions quickly using the pool concept.

Create winning impression even on those who are not selected

Its very important to create a favorable impression of your organization on all

those who come for interview. Those who are not selected in the first round of
personal interview should also carry this impression that they have missed the
opportunity to work in a great company. For this, there must a proper
coordination of the interview of the candidate and greater degree of
professionalism. A candidate when invited for a interview must be attended as
soon as possible and should be made to wait for hours together. Interviews
conducted on a scheduled time leave a good impression on the candidate. Even if
he is not selected, a good impression about the will make him recommend the
name to his people.
 CONCLUSION

Insurance is confronted with high attrition rate. Therefore it makes recruitment a

critical function in the organization. In order to grow and sustain in the
competitive environment it is important for an organization to continuously
develop and bring out innovations in all it activities. It is only when organization is
recognized for its quality that it can build a stability with its customers. Thus an
organization must be able to stand out in the crowd.

The first step in this direction is to ensure competitive people come in the
organization. Therefore recruitment in this regard becomes an important
function. The organization must constantly improvise in its recruitment process so
that it is able to attract best in the industry in order to serve the best. Thus the
organization must look out for methods that can enable it to adopt best
recruitment practices.
 LEARNINGS
Every endeavor undertaken to accomplish challenging goals, can only be
successful under the experienced and encouraging guidance. I am privileged to
have undergone training at ICICI Prudential Life Insurance. As learning never
stops, my learning at Kotak has come from a lot of exposure, on the job training
and close interaction with the corporate. In brief my learning and achievements
can be summarized as under:

Understanding of person and profile fit.

Convince people about the job profile and to sell the job to the prospective
candidate;

Following up with the candidates during the entire selection process;

Learned to convince candidates about the offer rolled out and making them
accept the offer through effective communication;
 Learning about salary fitments.
Communicating with the corporate;
Performance appraisals, its various types, implications and significance;
Handling queries received from various quarters;
Managing HR department in the absence of HR manager;
Reply to official mails;
Prioritize issues according to their importance;
Field work exposure to tap candidates that further strengthened the learning.

A
 TRAINING REPORT
ON
RECRUITMENT & SELECTION PROCESS
AT
ICICI PRUDENTIAL LIFE INSURANCE COMPANY
PANIPAT
Submitted to

Kurukshetra University, Kurukshetra

Submitted in partial fulfillment for the
Award of Bachelor degree in Business administration
Session: 2012-2013

Submitted
By:
Sandeep
Roll No.-7863
Uni. Roll No

I.B(P.G) COLLEGE
PANIPAT-132103
KURUKSHETRA UNIVERSITY KURUKSHETRA