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HR PROJECT REPORTON

RECRUITMENT & SELECTIONPROCESS IN HDFC STANDARD LIFEINSAURANCE

Submitted to:Mrs. Deeksha Ganguly

Submitted by:Amardeep Kaur 1491563908

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ACKNOWLEDGEMENT

In compiling this project report, I have been fortunate enough to get

active and kind cooperation from many people without whom my

endeavors wouldn’t have been a success. I hereby take this

opportunity to express my gratitude to people who have helped to

accomplish this task.

In particular I would like to thank Ms. Deeksha Ganguly for

providing with this opportunity and her support and guidance all

through.

I would also like to thank Mrs. Vandana Singh, HR Manager,

HDFC, Gurgaon who has provided with all the relevant data.

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EXECUTIVE

SUMMARY

The human resources are the most important assets of anorganization. The success or failure of an organization is largelydependent on the caliber of the people working therein. Without

positive and creative contributions from people, organizations

cannot progress and prosper.

In order to achieve the goals or the activities of an organization,therefore, they need to recruit people with requisite skills,qualifications and experience. While doing so, they have to keepthe present as well as the future requirements of the organization inmind. The process of matching the right candidate to the right jobis what we call as “Recruitment”.

This project aims at recognizing the various recruitment practices prevalent in various organizations and analyzing in deep therecruitment and selection policy of HDFC.

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RECRUITMENT

MEANING

According to Flippo, “Recruitment is the process of searching for perspective employees and stimulating and encouraging them toapply for jobs in an organization.”

In the words of Yoder, “Recruitment is a process to discover thesources of manpower to meet the requirements of the staffingschedule and to employ effective measures for attracting thatmanpower in adequate numbers to facilitate effective selection of efficient working force.”

Recruitment needs are of three types – planned, anticipated andunexpected. Planned needs arise from changes in organization andretirement policy. Resignations, deaths, accidents and illness givesrise to unexpected needs. Anticipated needs refer to thosemovements in human resource which an organization can predict

by studying the internal and external environment.

An analysis of these definitions reveals the following beingfeatures of recruitment:

• Recruitment is a process or a series of activities rather than asingle act or event. The activities in this process are describedunder the next headings.

• Recruitment is a linking activity as it brings together thosewith jobs (employer) and those seeking jobs (prospectiveemployees).

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• Recruitment is a positive function as it seeks to develop a pool of eligible persons from which most suitable ones can be selected.

• The basic purpose of recruitment is to locate the sources of people required to meet job requirements and attracting such people to offer them for employment in the organization.

• Recruitment is an important function as it makes it possibleto acquire the number and type of persons necessary for

continued functioning of the organization. Carefulrecruitment of employees is particularly important in India because the chances of mismatching the job and person aregreater. Due to widespread unemployment, the job seeker trend to accept any job irrespective of his suitability.

• Recruitment is a persuasive function as all organizations

engage in recruiting activity. But the volume and nature of recruitment varies with the size, nature and environment of the particular organization.

• Recruitment is a two way process. It takes a recruiter and arecruitee. Just as the recruiter has a choice whon to recrit or not, similarly the prospective employee can choose for whichorganization to apply for a job.

• Recruitment is a complex job because too many factors affectit e.g. image of the organization, nature of jobs offered,organizational policies, working conditions andcompensation levels in the organization, rate of groeth of theorganization, past recruitment record, employment conditions

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in the community, trade union attitudes, labour laws, cultureand environment, government policies. Most of these factorsserve as constraints restricting the freedom of management inrecruitment.

Recruitment represents the first contact that a company makes with potential employees. It is through recruitment that manyindividuals will come to know a company, and eventually decide

whether they wish to work for it. A well-planned and well-managed recruiting effort will result in high-quality applicants,whereas, a haphazard and piecemeal effort will result in mediocreones.

High-quality employees cannot be selected when better candidatesdo not know of job openings, are not interested in working for thecompany and do not apply. The recruitment process should inform

qualified individuals about employment opportunities, create a positive image of the company, provide enough information aboutthe jobs so that applicants can make comparisons with their qualifications and interests, and generate enthusiasm among the

best candidates so that they will apply for the vacant positions.

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PURPOSE AND IMPORTANCE OF RECRUITMENT

Attract and encourage more and more candidates to apply in the organization.

Create a talent pool of candidates to enable the selection of best candidates for the organization.

Determine present and future requirements of the organization in conjunction with its personnel planning and job analysis activities.

Recruitment is the process which links the employers with the employees.

Increase the pool of job candidates at minimum cost.

Help increase the success rate of selection process by decreasing number of visibly under qualified or overqualified job applicants.

Help reduce the probability that job applicants once recruited and selected will leave the organization only after a short period of time.

Meet the organizations legal and social obligations regarding the

composition of its workforce.Begin identifying and preparing potential job applicants who will be

appropriate candidates.

Increase organization and individual effectiveness of various recruiting techniques and sources for all types of job applicants

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PROCESS OF RECRUITMENT

The process consists of the following steps:

• Recruitment generally begins when the human resourcesdepartment receives requisitions for recruitment from anydepartment of the company. The human resource requisitionscontain details about the position to be filled, number of

persons to be recruited, the duties to be performed,qualifications required from the candidate, terms andconditions of employment and the time by which the person

should be available for appointment etc.

• Locating and developing the sources of required number andtype of employees.

• Identifying the prospective employees with requiredcharacteristics.

• Communicating the information about the organization, the job and the terms and conditions of service.

• Encouraging the identified candidates to apply for jobs in theorganization. Candidates to apply for apply for jobs in theorganization.

• Evaluating the effectiveness of recruitment process.

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SOURCES OF RECRUITMENT

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The sources of recruitment may be broadly divided into two categories:internal sources and external sources. Both have their own merits and

demerits.

Internal Sources:-

Persons who are already working in an organization constitute the ‘internalsources’. Retrenched employees, retired employees, dependents of deceasedemployees may also constitute the internal sources. Whenever any vacancyarises, someone from within the organization is upgraded, transferred,

promoted or even demoted.

External Sources:-

External sources lie outside an organization. Here the organization can havethe services of:(a) Employees working in other organizations;(b) Jobs aspirants registered with employment exchanges;

(c) Students from reputed educational institutions;(d) Candidates referred by unions, friends, relatives and existing employees;(e) Candidates forwarded by search firms and contractors;(f) Candidates responding to the advertisements, issued by the organization;(g) Unsolicited applications/ walk-ins.

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MERITS AND DEMERITS OF

INTERNAL SOURCES OF RECRUITMENT

Merits Demerits

1) Economical: The cost of recruiting internal candidates isminimal. No expenses areincurred on advertising.

2) Suitable: The organization can pick the right candidates havingthe requisite skills. The candidatecan choose a right vacancy wheretheir talents can be fully utilized.

3) Reliable: The organization hasthe knowledge about suitability of a candidate for a position.‘Known devils are better thanunknown angels!’

4) Satisfying: A policy of preferring people from within

offers regular promotionalavenues for employees. Itmotivates them to work hard andearn promotions. They will work with loyalty commitment andenthusiasm.

1) Limited Choice: Theorganization is forced to selectcandidates from a limited pool. Itmay have to sacrifice quality andsettle down for less qualifiedcandidates.

2) Inbreeding: It discourages entryfor talented people, availableoutside an organization. Existingemployees may fail to behave ininnovative ways and injectnecessary dynamism to enterpriseactivities.

3) Inefficiency: Promotions basedon length of service rather thanmerit, may prove to be a blessingfor inefficient candidate. They donot work hard and prove their worth.

4) Bone of contention:

Recruitment from within maylead to infighting amongemployees aspiring for limited,higher level positions in an

organization. As years roll by,the race for premium positionsmay end up in a bitter race.

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MERITS AND DEMERITS OF

EXTERNAL SOURCES OF RECRUITMENT

Merits Demerits

Wide Choice: The organization hasthe freedom to select candidates froma large pool. Persons with requisitequalifications could be picked up.

Infection of fresh blood: Peoplewith special skills and knowledgecould be hired to stir up the existing

employees and pave the way for innovative ways of working.

Motivational force: It helps inmotivating internal employees towork hard and compete with externalcandidates while seeking career growth. Such a competitiveatmosphere would help an employee

to work to the best of his abilities.Long term benefits: Talented

people could join the ranks, newideas could find meaningfulexpression, a competitiveatmosphere would compel people togive out their best and earn rewards,etc.

Expenses: Hiring costs could go upsubstantially. Tapping multifarioussources of recruitment is not an easytask either.

Time consuming: It takes time toadvertise, screen, to test and test andto select suitable employees. Where

suitable ones are not available, the process has to be repeated.

De-motivating: Existing employeeswho have put in considerable servicemay resist the process of filling upvacancies from outside. The feelingthat their services have not beenrecognized by the organization,

forces then to work with lessenthusiasm and motivation.

Uncertainty: There is no guaranteethat the organization ultimately will

be able to hire the services of suitable candidates. It may end uphiring someone who does not fit andwho may not be able to adjust in thenew setup.

SELECTION

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The size of the labour market, the image of the company, the place of posting, the nature of job, the compensation package and a host of other

factors influence the manner of aspirants are likely to respond to therecruiting efforts of the company. Through the process of recruitment thecompany tries to locate prospective employees and encourages them toapply for vacancies at various levels. Recruiting, thus, provides a pool of applicants for selection.

To select means to choose. Selection is the process of picking individualswho have relevant qualifications to fill jobs in an organisation. The basic

purpose is to choose the individual who can most successfully perform the

job from the pool of qualified candidates.

The purpose of selection is to pick up the most suitable candidate whowould meet the requirements of the job in an organisation best, to find outwhich job applicant will be successful, if hired. To meet this goal, thecompany obtains and assesses information about the applicants in terms of age, qualifications, skills, experience, etc. the needs of the job are matchedwith the profile of candidates.

The most suitable person is then picked up after eliminating the unsuitableapplicants through successive stages of selection process. How well anemployee is matched to a job is very important because it is directly affectsthe amount and quality of employee’s work. Any mismatched in this regardcan cost an organisation a great deal of money, time and trouble, especially,in terms of training and operating costs. In course of time, the employee mayfind the job distasteful and leave in frustration.

SELECTION PROCESS

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Selection is usually a series of hurdles or steps. Each one must besuccessfully cleared before the applicant proceeds to the next one. The timeand emphasis place on each step will definitely vary from one organisationto another and indeed, from job to job within the same organisation. Thesequence of steps may also vary from job to job and organisation toorganisation. For example some organisations may give more importance totesting while others give more emphasis to interviews and reference checks.Similarly a single brief selection interview might be enough for applicantsfor lower level positions, while applicants for managerial jobs might beinterviewed by a number of people.

Steps in Selecting Process

Reception

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A company is known by the people it employs. In order to attract peoplewith talents, skills and experience a company has to create a favourableimpression on the applicants’ right from the stage of reception. Whoever meets the applicant initially should be tactful and able to extend help in afriendly and courteous way. Employment possibilities must be presentedhonestly and clearly. If no jobs are available at that point of time, theapplicant may be asked to call back the personnel department after sometime.

Screening Interview

A preliminary interview is generally planned by large organisations to cutthe cost of selection by allowing only eligible candidates to go through thefurther stages in selection. A junior executive from the Personnel

Department may elicit responses from the applicants on important itemsdetermining the suitability of an applicant for a job such as age, education,experience, pay expectations, aptitude, location, choice etc. this ‘courtesyinterview’ as it is often called helps the department screen out obviousmisfits. If the department finds the candidate suitable, a prescribedapplication form is given to the applicants to fill and submit.

Application Blank

Application blank or form is one of the most common methods used tocollect information on the various aspects of the applicants’ academic,social, demographic, work related background and references. It is a brief history sheet of employee’s background, usually containing the followingthings:• Personal data (address, sex, telephone number)• Marital data• Educational data• Employment Experience• Extra-curricular activities• References and Recommendations

Usefulness of Application Blank or Form

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Application blank is highly useful selection tool, in that way it serves threeimportant purposes:

1. It introduces the candidate to the company in a formal way.2. It helps the company to have a cross-comparison of the applicants; the

company can screen and reject candidates if they fail to meet theeligibility criteria at this stage itself.

3. It can serve as a basis to initiate a dialogue in the interview.

Selection Testing

The selection tests or the employment tests attempts to asses intelligence,abilities, personality trait, performance simulation tests including work sampling and the tests administered at assessment centres- followed by adiscussion about the polygraph test, graphology and integrity test.

A test is a standardized, objective measure of a person’s behaviour, performance or attitude. It is standardised because the way the tests iscarried out, the environment in which the test is administered and the waythe individual scores are calculated- are uniformly applied. It is objective inthat it tries to measure individual differences in a scientific way giving verylittle room for individual bias and interpretation. Over the years employmenttests have not only gained importance but also a certain amount of inevitability in employment decisions. Since they try to objectivelydetermine how well an applicant meets the job requirement, most companies

do not hesitate to invest their time and money in selection testing in a bigway. Some of the commonly used employment tests are:• Intelligence tests• Aptitude tests• Personality tests• Achievement tests• Miscellaneous tests such as graphology, polygraphy and honesty tests.

1. Intelligence Tests: These are mental ability tests. They measure theincumbent’s learning ability and the ability to understand instructions andmake judgements. The basic objective of such test is to pick upemployees who are alert and quick at learning things so that they can beoffered adequate training to improve their skills for the benefit of theorganization. These tests measure several abilities such as memory,vocabulary, verbal fluency, numerical ability, perception etc.

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2. Aptitude Test: Aptitude test measure an individual’s potential to learncertain skills- clerical, mechanical, mathematical, etc. These tests indicatewhether or not an individual has the capabilities to learn a given jobquickly and efficiently. In order to recruit efficient office staff, aptitudetests are necessary. An aptitude tests is always administered incombination with other tests like intelligence and personality tests as itdoes not measure on-the-job-motivation

3. Personality Test: Of all test required for selection the personality testshave generated a lot of heat and controversy. The definition of

personality, methods of measuring personality factors and therelationship between personality factors and actual job criteria has been

the subject of much discussion. Researchers have also questionedwhether applicants answer all the items truthfully or whether they try torespond in a socially desirable manner. Regardless of these objections,many people still consider personality as an important component of jobsuccess.

4. Achievement Tests: These are designed to measure what the applicantcan do on the job currently, i.e., whether the testee actually knows what

he or she claims to know. A typing test tests shows the typing proficiency, a short hand tests measures the testee ability to take dictationand transcribe, etc. Such proficiency tests are also known as work sampling test.

5. Simulation Tests: Simulation exercise is a tests which duplicate many of the activities and problems an employee faces while at work. Suchexercises are commonly used while hiring managers at various levels inan organisation. To asses the potential of a candidate for managerial

positions assessment centres are commonly used.

6. Assessment Centre: An assessment centre is an extended work sample.It uses procedures that incorporate group and individual exercises. Theseexercises are designed to stimulate the type of work which the candidatewill be expected to do. Initially a small batch of applicants comes to the

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assessment centre (a separate room). Their performance in the situationalexercise is observed and evaluated by a team of 6-8 assessors. Theassessors’ judgement on each exercise are complied and combined tohave a summary rating for each candidate being assessed.

7. Graphology Test: Graphology involves using a trained evaluator toexamine the lines, loops, hooks, stokes, curves and flourishes in a

person’s handwriting to assess the person’s personality and emotionalmake-up. The recruiting company, may, for example, ask the applicantsto complete the application forms and write about why they want a job.These samples may be finally sent to graphologist for analysis and theresult may be put use while selecting a person. The use of graphology,however, is dependent on the training and expertise of the person doing

the analysis. In the actual practice, questions of validity and just plainskepticism have limited in use.

8. Integrity Test: These are designed to measure employee’s honestly to predict those who are more likely to steal from an employer or otherwiseact in a manner unacceptable to the organization. The applicants whotake these tests are expected to answer several ‘yes’ or ‘no’ typequestions such as:

Typical Integrity QuestionsTypical Integrity Questions Yes No

• Have you ever told a lie?• Do you report to your boss if you know

of another employee stealing from thestore?

• Do you carry office stationary back toyour home for occasional use?

• Do you mark attendance for your colleagues also?

SELECTION INTERVIEW:

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Interview is the oral examination of candidates for employment. This is themost essential step in the selection process. In this step the interviewer matches the information obtained about the candidates through variousmeans to the job requirements and to the information obtained through hisown observations during the interview. Interview gives the recruiter anopportunity – → To size up the candidate personally;→ To ask question that are not covered in the tests;→ To make judgments on candidates enthusiasm and intelligence;→ To assess subjective aspects of the candidate – facial expressions,

appearance, nervousness and so forth;→ To give facts to the candidates regarding the company, its policies,

etc. and promote goodwill towards the company.

Types of interviews:

Several types of interviews are commonly used depending on the nature andimportance of the position to be filled within an organization:

• In a NON-DIRECTIVE INTERVIEW the recruiter asks questionsas they come to mind. There is no specific format to be followed.

• In a PATTERNED INTERVIEW, the employer follows a pre-determined sequence of questions. Here the interviewee is given a

special form containing questions regarding his technical competence, personality traits, attitudes, motivation, etc.• In a STRUCTURED OR SITUATIONAL INTERVIEW, there are

fixed job related questions that are presented to each applicant.• In a PANEL INTERVIEW several interviewers question and seek

answers from one applicant. The panel members can ask new andincisive questions based on their expertise and experience and elicitdeeper and more meaningful expertise from candidates.

• Interviews can also be designed to create a difficult environmentwhere the applicant’s confidence level and the ability to stand erect indifficult situations are put to test. These are referred to as theSTRESS INTERVIEW. This is basically an interview in which theapplicant is made uncomfortable by a series of, often, rude, annoyingor embarrassing questions.

STEPS IN INTERVIEW PROCESS:

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Interview is an art. It demands a positive frame of mind on part of theinterviewers. Interviewers must be treated properly so as to leave a goodimpression about the company in their minds. HR experts have identifiedcertain steps to be followed while conducting interviews:

PREPARATION:

Establishing the objective of the interviewReceiving the candidates application and resumeKeeping tests score ready, along with interview assessment formsSelecting the interview method to be followedChoosing the panel of experts who would interview the candidatesIdentifying proper room for environment

RECEPTION:

The candidate should be properly received and led into the interview room.Start the interview on time.

INFORMATION EXCHANGE:

State the purpose of the interview, how the qualifications are going to bematched with skills needed to handle the job.

Begin with open ended questions where the candidate gets enough freedomto express himself.Focus on the applicant’s education, training, work experience, etc. Findunexplained gaps in applicants past work or college record and elicit factsthat are not mentioned in the resume.

EVALUATION:

Evaluation is done on basis of answers and justification given by the

applicant in the interview.

PHYSICAL EXAMINATION:

After the selection decision and before the job offer is made, the candidate isrequired to undergo a physical fitness test. A job offer is often contingentupon the candidate being declared fit after the physical examination.

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MEDICAL EXAMINATION:

Certain jobs require 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 thesequalities.

REFERENCE CHECKS

Candidates are required to give the names of 2 or 3 references in their application forms. These references may be from the individuals who arefamiliar with the candidate’s academic achievements or from the applicant’s

previous employer, who is well versed with the applicant’s job performanceand sometimes from the co-workers. In case the reference check is from the

previous employer, information in the following areas may be obtained.

HIRING DECISION:

The HR manager has to make the final decision now – whether to select or reject a candidate after soliciting the required information. The manager hasto take adequate care in taking the final decision because of economic,

behavioral and social implications of the selection decisions.

After taking the final decision, the organization has to intimate this decisionto the successful as well as unsuccessful candidates. The organization sendsthe appointment order to the successful candidates either immediately or after sometime depending upon its time schedule.

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HDFC

STANDARD LIFE

INSAURANCE

INTRODUCTION TO THE COMPANY

COMPANY PROFILE OF HDFC STANDARD LIFE

INSURANCE Co LTD

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ABOUT HDFC STANDARD LIFE INSURANCE

HDFC Standard Life Insurance Company Ltd. is one of India's leading private insurance

companies, which offers a range of individual and group insurance solutions. It is a joint

venture between Housing Development Finance Corporation Limited (HDFC Ltd.),

India's leading housing finance institution and a Group Company of the Standard Life,

UK. HDFC as on December 31, 2007 holds 72.38 per cent of equity in the joint venture.

HDFC STANDARD LIFE INSURANCE PARENTAGE

HDFC Limited.

HDFC is India leading housing finance institution and has helped build more than

23, 00,000 houses since its incorporation in 1977.

In Financial Year 2003-04 its assets under management crossed Rs. 36,000 Cr.

As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The

depositor base now stands at around 1 million depositors.

Rated AAA by CRISIL and ICRA for the 10th consecutive year

Stable and experienced management

High service standards

Awarded The Economic Times Corporate Citizen of the year Award for its

long-standing commitment to community development.

Presented the Dream Homeâ award for the best housing finance provider in 2004

at the third Annual Outlook Money Awards.

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Standard Life Group (Standard Life plc and its subsidiaries)

Standard Life Group (Standard Life plc and its subsidiaries)

The Standard Life group has been looking after the financial needs of customers

for over 180 years

It currently has a customer base of around 7 million people who rely on the

company for their insurance, pension, investment, banking and health-care needs

Its investment manager currently administers Â£125 billion in assets

It is a leading pensions provider in the UK, and is rated by Standard & Poor's as

'strong' with a rating of A+ and as 'good' with a rating of A1 by Moody's

Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and 2006 at

the Money Marketing Awards, and it was voted a 5 star life and pensions provider

at the Financial Adviser Service Awards for the last 10 years running. The '5

Star' accolade has also been awarded to Standard Life Investments for the last

10 years, and to Standard Life Bank since its inception in 1998. Standard Life

Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage

Magazine Awards in 2006

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HISTORY

HDFC Standard Life Insurance Co. Ltd was incorporated on 14th august 2000. It is a

joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.)

India and UK based Standard Life Company. Both the joint venture partners being one of

the leaders in their respective areas came together in this 81.4:18.6 joint

Venture to form HDFC standard life insurance company limited.

The MD and CEO of HDFC Standard Life Mr. Deepak Satwalekar, has given the

company new directions and has helped the company achieve the status it currently

enjoys. HDFC Standard Life brings to you a whole range of insurance solutions be it

group or individual or NAV services for corporations; they can be easily customized as per specific needs.

HDFC Standard Life Insurance India boasts of covering around 8.7 lakh lives by

March'2007. The gross incomes standing at a whopping Rs. 2, 856 crores, HDFC

Standard Life Insurance Corporation is sure to become one of the leaders and the first

preference for any life insurance customer.

The Bank assurance partners of HDFC Standard Life Insurance Co Ltd are HDFC, HDFC

Bank India Limited, Union Bank of India, Indian Bank, Bank of Baroda,

Sarawat Bank and Bajaj Capital.

The premium payment options available to the customers vary from online payment to

direct desk payments at the HDFC Standard Life Branches, by courier services or in drop

boxes provided. You can also pay by ECS or Automatic Debit System or credit cards or

standing instruction mandate. HDFC Standard Life Insurance Company is a customer

oriented corporation and aim at complete customer satisfaction.

The lapsation and renewal policy of HDFC Standard Life are clearly defined on the

official website. Online renewal forms are also available. For any change in personal

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details like the contact details or the nominee of the policy or policy benefits, online

servicing is also available. Even the claim procedure has been simplified since affect of

the loss life is irreparable and is thus fully understandable at HDFC Standard Life. A

completely hassle-free process has been formulated to provide maximum convenience.

HDFC Standard Life first came together for a possible joint venture, to enter the Life

Insurance market, in January 1995. It was clear from the outset that both companies

shared similar values and beliefs and a strong relationship quickly formed. In October

1995 the companies signed a 3 year joint venture agreement.

Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the

relationship.

The next three years were filled with uncertainty, due to changes in government and

ongoing delays in getting the IRDA (Insurance Regulatory and Development authority)

Act passed in parliament. Despite this both companies remained firmly committed to the

venture.

In October 1998, the joint venture agreement was renewed and additional resource made

available. Around this time Standard Life purchased 2% of Infrastructure Development

Finance Company Ltd. (IDFC). Standard Life also started to use the services of the

HDFC Treasury department to advise them upon their investments in India.

Towards the end of 1999, the opening of the market looked very promising and both

companies agreed the time was right to move the operation to the next level. Therefore,

in January 2000 an expert team from the UK joined a hand picked team from HDFC to

form the core project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in

HDFC Bank.

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In a further development Standard Life agreed to participate in the Asset Management

Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was

Launched on 20th July 2000.

Incorporation of HDFC Standard Life Insurance Company Limited:

The company was incorporated on 14th August 2000 under the name of HDFC

Standard life insurance Company limited.

Their ambition from the beginning was to be the first private company to re-enter the life

insurance market in India. On the 23rd of October 2000, this ambition was realized when

HDFC Standard Life was the first life company to be granted a certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard

Life owns 18.6%. Given Standard Life's existing investment in the HDFC Group, this is

the maximum investment allowed under current regulations.

HDFC and Standard Life have a long and close relationship built upon shared values and

trust. The ambition of HDFC Standard Life is to mirror the success of the parent

companies and be the yardstick by which all other insurance companies in India are

measured.

HDFC Standard Life Insurance Company Limited is one of India's leading private life

insurance companies offering a range of individual and group insurance solutions. It is a

joint venture between Housing Development Finance Corporation Limited (HDFC Ltd),

India's leading housing finance institution and Standard Life plc, the leading providers of

financial services in the United Kingdom.

HDFC Ltd. as on December 31, 2007 holds 72.38 per cent of equity in the joint venture.

HDFC Standard Life's Product portfolio comprises solutions, which meet various

customer needs such as Protection, Pension, Savings, and Investment. Customers have

the added advantage of customizing the Plans, by adding optional benefits called riders,

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at a nominal price. The company currently has 21 retail and 6 group products in its

portfolio.

HDFC Standard Life maintains very high professional standards during product offerings

by providing sound financial advice, efficient post-sale service, and immaculate financial

security. Ongoing training for conventional products, and specialized training, for unit-

linked products, for its financial consultants, has also helped its customers choose the

product, best suited for their needs.

HDFC Standard Life operates across more than 726 cities and towns of the country

supported by its strong network of more than 1,45,000 Financial Consultants. HDFC

Standard Life also has more than 383 corporate agents and other sales intermediariesincluding banks for distribution of insurance products.

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AWARDS AND ACCOLADES

May, 2008

Received PC Quest Best IT Implementation Award 2008

HDFC Standard Life received the PC Quest Best IT Implementation Award 2008 for Consultant Corner, the applications for its financial consultants, providing centralized

control over a vast geographical spread for key business units such as inventory, training,

licensing, etc. Read more about the ‘Consultant Corner’ tool in the ‘HDFC SL in news’

section.

HDFC Standard Life has won the PC Quest Best IT Implementation Award for two years

consequently. Last year, the company received the award for Wonders, its path-breaking

implementation of an enterprise-wide workflow system.

Silver Abby at Goafest, March, 2008

HDFC Standard Life's radio spot for Pension Plans won a Silver Abby in the radio

writing craft category at the Goafest 2008 organized by the Advertising Agencies

Association of India (AAAI). The radio commercial ‘Pata nahin chala’ touched several

changes in life in the blink of an eye through an old man’s perspective. The objective was

drive awareness and ask people to invest in a pension plan to live life to the fullest evenafter retirement, without compromising on one’s self-respect.

Laadli Media Award 2007

HDFC Standard Life received Laadli Media Award 2007 for its 'Big car' TV commercial.

It showed how a daughter wants to be more responsible towards her family and asks her

dad to upgrade to a bigger car by offering him the extra money required to buy the car.

HDFC Standard Life received this award for two years consecutively. In 2006, it won for

the 'Papa' TV commercial, which challenged the stereotype parents saving only for their

son's education or daughter's wedding. The company took a bold step by showing parents

saving for their daughter's education abroad, demonstrating

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Progressive thinking.

Laadli Media Awards, instituted in 2007, by Population First, an NGO working on

women's rights and social development, is given to professionals in print and electronic

media and ad makers for gender sensitive news reports, articles, print, TV ads, and films.

February, 2008

Deepak M Satwalekar Awarded QIMPRO Gold Standard Award 2007

Mr Deepak M Satwalekar, Managing Director and CEO, HDFC Standard Life, received

the QIMPRO Gold Standard Award 2007 in the business category at the 18th annual

Qimpro Awards function. The award celebrates excellence in individual performance and

highlights the quality achievements of extraordinary individuals in an era of globalcompetition and expectations.

January, 2008

Sar Utha Ke Jiyo Among India’s 60 Glorious Advertising Moments

HDFC Standard Life’s advertising slogan honoured as one of ‘60 Glorious Advertising

& Marketing Moments' over the last 60 years in India,’ by 4Ps Business and

Marketing magazine. The magazine said that HDFC Standard Life is one of the first

private insurers to break the ice using the idea of self respect (Sar Utha Ke Jiyo) instead

of 'death' to convey its brand proposition. This was then, followed by others including

ICCI Prudential, thus giving HDFC Standard Life the credit of bringing up one such

glorious advertising and marketing moment in the last 60 years.

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RECRUITMENT POLICY OF THE

COMPANY

In today’s rapidly changing business environment, a well defined recruitment policy isnecessary for every organization so as to respond to its human resource requirementsin time. HDFC SLI thus believes that it is important to have a clear and conciserecruitment policy in place, which can be executed effectively to recruit the besttalent pool for the selection of the right candidate at the right place quickly.

Recruitment policy of any organization is derived from the personnel policy of the same

organization. In other words the former is a part of the latter. However, recruitment policy by itself should take into consideration the government’s reservation policy, policyregarding sons of soil, etc., personnel policies of other organizations regarding merit,internal sources, social responsibility in absorbing minority sections, women, etc.Recruitment policy should commit itself to the organisation’s personnel policy likeenriching the organisation’s human resources or servicing the community by absorbingthe retrenched or laid-off employees or casual/temporary employees or dependents of present/former employees, etc.

A clear and concise recruitment policy helps ensure a sound recruitment process. Itspecifies the objectives of recruitment and provides a framework for implementationof recruitment program. It may involve organizational system to be developed for implementing recruitment program and procedures by filling up vacancies with bestqualified people.

HDFC SLI has formulated its recruitment policy giving consideration to the

following factors:

• Organizational objectives• Personnel policies of the organization and its competitors.• Government policies on reservations.• Preferred sources of recruitment.• Recruitment costs and financial implications

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SALIENT FEATURES OF THE RECRUITMENT

AND SELECTION PROCESS OF HDFC

STANDARD LIFE INSAURANCE

FORM OF RECRUITMENT

The recruitment process of an organization can be centralized or decentralized in nature.

CENTRALIZED RECRUITMENTThe recruitment practices of an organization are centralized when the HR /recruitment department at the head office performs all functions of

recruitment. Recruitment decisions for all the business verticals anddepartments of an organization are carried out by the one central HR (or recruitment) department. Centralized from of recruitment is commonly seenin government organizations.

Benefits of the centralized form of recruitment are:• Reduces administration costs• Better utilization of specialists• Uniformity in recruitment

• Interchangeability of staff • Reduces favoritism• Every department sends requisitions for recruitment to their central

office

DECENTRALIZED RECRUITMENTDecentralized recruitment practices are most commonly seen in the case of conglomerates operating in different and diverse business areas. Withdiverse and geographically spread business areas and offices, it becomesimportant to understand the needs of each department and frame therecruitment policies and procedures accordingly. Each department carriesout its own recruitment. Choice between the two will depend uponmanagement philosophy and needs of particular organization.

HDFC SLI follows a Centralized mode of Recruitment as it offers

various benefits as indicated above.

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Every organization has the option of choosing the candidates for its

recruitment processes from two kinds of sources: internal and externalsources. The sources within the organization itself (like transfer of employees from one department to other, promotions) to fill a position areknown as the internal sources of recruitment. Recruitment candidates fromall the other sources (like outsourcing agencies etc.) are known as theexternal sources of recruitment.

HDFC SLI Ltd accomplishes most of its recruitment needs via externalsources. These involve the following:

EDUCATIONAL INSTITUTESVarious management institutes, engineering colleges, medical Colleges etc.are a good source of recruiting well qualified executives, engineers, medicalstaff etc. They provide facilities for campus interviews and placements. Thissource is known as Campus Recruitment.

HDFC SLI recruits almost 65 % of its workforce via campus placements.Students are selected from various universities and college and are trained tomeet the job requirements.

EXECUTIVE SEARCH AGENCIES, PLACEMENT AGENTS OR HEADHUNTERS

HDFC has contracts with several third-party recruiters who seek outcandidates for the company. Headhunters are generally considered moreaggressive than in-house recruiters or may have preexisting industryexperience and contacts. HDFC has contracts with Marvell Associates, A J

Placement Consultants, ABC Consultants etc.

E-RECRUITMENTAlso known as “Online recruitment”, it is the use of technology or the web

based tools to assist the recruitment process. Job website like naukri.com,Monster. Com, timesjob.com are made use of. HDFC SLI makes wide use of

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the Internet as a source of recruitment. The Co advertises job vacanciesthrough worldwide web. The job seekers send their applications or curriculum vitae (CV) through an e-mail using the Internet. Alternatively jobseekers place their CV’s in worldwide web, which can be drawn by

prospective employees depending upon their requirements.

The internet penetration in India is increasing and has tremendous potential.There are more than 18 million resume floating online across the world.

Job sites provide a 24*7 access to the database of the resumes to theemployees facilitating the just-in-time hiring by the organizations. Also, the

jobs can be posted on the site almost immediately and is also cheaper thanadvertising in the employment newspapers. Sometimes companies can get

valuable references through the “passers-by” applicants. Online recruitmenthelps the organizations to automate the recruitment process, save their timeand costs on recruitments.

PRESS ADVERTISEMENTS:Advertisements of the vacancy in newspapers and journals are a widely usedsource of recruitment. The main advantage of this method is that it has awide reach. One advertisement in a leading daily can cover millions of

person throughout the country. Cost per person is very low. This method isused in HDFC SLI for advertising for clerical, managerial and technical

jobs.

EMPLOYEE REFERRALS / RECOMMENDATIONS:Many organizations have structured system where the current employees of the organization can refer their friends and relatives for some position intheir organization. Also, the office bearers of trade unions are often aware of the suitability of candidates. Management can inquire these leaders for suitable jobs. In some organizations these are formal agreements to give

priority in recruitment to the candidates recommended by the trade union.

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RECRUITMENT PROCESS IN HDFC SLI

The job evaluation of the vacancy is done so as to understand to understandthe skills required in the candidate. Recruitment when done via external

sources generally follows the following process in HDFC SLI:

1. CV Submission

Information regarding the vacancies and required eligibility criteria is published in the newspapers, websites, employment magazines etc. Potentialcandidates interested in joining the Co are required to send their completecurriculum vitae. An acknowledgement of receipt is sent for all submittedapplications to the candidate's email.

2. Application Evaluation

The Human Resources department evaluates all incoming applications,against prerequisite abilities and skills set for all current openings. Allapplications are kept based on strengths and specialization, for futurereference.

3. Ability Tests

Potential candidates will be invited to participate in aptitude tests i.e.numerical, verbal, English and psychometric, when deemed necessary.

4. Capability Based Interviews

To ensure that our recruitment process is fair and consistent, all candidateswho are successful at the exams are invited for a capability based interview.Interviews are based against capabilities, required for each position for which the candidate is interviewed for. A capability or competency is an

ability described in terms of skills & behaviors that are essential toeffectively perform within a job.

Apart from the educational and academic capability, the chief attributes

HDFC SLI looks out for in a candidate are as follows:

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We look out for a candidate who values Integrity

Has a zeal for Excellence

Is focused on Results

Is Self driven and Enthusiastic

Is a good Learner and Team Player

Is dedicated to Customer Satisfaction

5. Reply Letters

At all stages of the process candidates are kept informed of the status of their application

with an email reply letter.

6. Job Offer

If a candidate successfully reaches the final stage, a position offering is made inconjunction with a competitive reward package.

http://www.hsbc.gr/1/2/en/hsbc-group/career-opportunities/benefits-rewards

http://www.hsbc.gr/1/2/en/hsbc-group/career-opportunities/benefits-rewards

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FACTS ANDFINDINGS

HDFC SLI‘s recruitment policy is well structured and provides the company

with a competitive edge due to the following reasons:

• The recruitment policy focuses on recruiting the best potential people.• It ensures that every applicant and employee is treated equally with

dignity and respect.• It is an unbiased policy.• It aids and encourages employees in realizing their full potential.• IT allows transparent, task oriented and merit based selection.• It abides by relevant public policy and legislation on hiring and

employment relationship.• It Integrates employee needs with the organizational needs.

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CONCLUSION

The human resources are the most important assets of an organization.The success or failure of an organization is largely dependent on thecaliber of the people working therein. THE RECRITMENT POLICY of an organization should be well planned and thus should be such so that it:

• Reduces administration costs• Provides employees with job security• Encourage responsible trade unions• Provide suitable employment to handicapped, women and minority

group• Be flexible enough to meet the changing needs of the organization• Works towards the growth and prosperity of the organization.

Documents

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