Project Report on Birla Sun Life Insurance

7/27/2019 Project Report on Birla Sun Life Insurance

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DECLARATION

I, student of hereby declare that the Summer Training Report on Recruitment and

Selection process submitted to Chitkara University, Rajpura in partial fulfillment of

Degree of Bachelor of Business Administration is the original work conducted by me. The

information and data given in the report is authentic to the best of my knowledge. This

Study report is not being submitted to any other University for award of any other Degree,

Diploma or Fellowship.


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Acknowledgement

On the completion of this project I would like to take this opportunity as a platform

to thank all the people who helped me in this work and who made this project a

success I express my sincere thanks to BIRLA SUNLIFE INSURANCE,

CHANDIGRH for giving me an opportunity to work on this summer project.

Gracious help from various sources has contributed tremendously to the completionof this project work.

I express my sincere appreciation for the advice, guidance, and great support of Mr.

YASH MANCHANDA (Branch Manager) his extremely helping attitude always

encourage me to consult him whenever I had any problem and also with the help of

Mrs. SWATI VASHISHTHA who trained us Without his support this project

would not have been possible

.


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PERFACE

B.B.A program is one of the most reputed professional courses in the field of

Management. There is a study project as an integral part of B.B.A As a

complementary to that everyone has to submit a report on the work conducted in

the industry.

As we know that todays business dynamics is very fast; environment is changing.

To understand the changing market behavior the organization has to do a systematic

study. A project work is a scientific and systematic study intended to catch the

nerves of the problem or issue with the application of management concept and

skills. This report has been complied preliminary in partial fulfillment of the

requirement for the award of the degree of management studies programmer.

Apart from theoretical concept of the topic, we have included the findings and

suggestions.

This report is thus prepared for the study project done at BIRLA SUNLIFE

INSURANCE COMPANY.


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TABLE OF CONTENTS

S. No. CONTENTS Page No.

DECLARATION

ACKNOWLEDGEMENT

PREFACE

Chapter-1 INTRODUCTION

Chapter-2 COMPANY PROFILE

Chapter-3 RESEARCH METHODLOGY

Chapter-4 DATA ANALYSIS AND

INTERPRETATION

Chapter-5 FINDINGS AND SUGGESTIONS

CONCLUSION

ANNEXURE

BIBLIOGRAPHY


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INTRODUCTION

Introduction To Project

All organizations are basically human organizations. They need people to carry out the

organizational mission, goals and objectives. Every organization needs to recruit people.

The recruitment policy should, therefore, address itself to the key question; what are the

personnel/human resource requirements of the organization in terms of number, skills,


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levels etc to meet present and future needs of production and technical and other changes

planned or anticipated in the next years.

Recruitment: -

Recruitment is the process of searching for prospective employees and stimulating them to

apply for jobs in the organization. To recruit means to enlist, replenish or reinforce. It

refers to the process of bringing together prospective employees and employer with a view

to stimulate and encourage the former to apply for a job with the latter. The primary

purpose of recruitment and selection is to achieve one desired aim i.e. picking the right

person for the right jobs.

The recruitment process begins when an employee is to be transferred or promoted toanother post, notice of resignation or dismissal is given or retirement is planned. The five

keyways to develop top quality people:

Recruitment-getting the right people in the right job

Developing people-through training & development.

Monitoring-to ensures long-term development and performance.

Developing Managers-ensuring that these key people are delivering what the

organization requires.

Managing for performance- techniques that ensure top quality performance.

Recruiting is the process of discovering potential candidates for actual or

anticipated organizational vacancies.

Definitions

A process to discover the sources of man power to meet the requirements of the

staffing schedule and the employ effective measures for attracting that man power in

adequate numbers to facilitate effective selection of an efficient work force.

Yoder


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The process of searching for prospective employees and stimulating them to apply

for jobs in the organization.

Edwin B. Flippo

Recruitment is the development and maintenance of adequate manpower resources.It involves the creation of a pool of available labour upon whom the organization can

draw when it needs additional employees .Recruitment refers to the attempts of

getting interested applicant and creating a pool of prospective employee so that the

management can select the right person for the job from this pool. Recruitment is

positive process as its attracts suitable applicants to apply for available jobs.

Importance of Recruitment

To determine the present and future of the firm in conjunction with itspersonnel planning na job analysis activities.

To increase the pool of candidates at minimum cost.

To help t increase the success rate of the selection process by reducing the

number of visibly underqualified or overqualified job applicants.

To help to reduce the probability that job applicants once selected leave the

organisation after a short period of time.

To meet the organization social and legal obligation regarding the

composition of workforce

To begin identifying and preparing potential job applicants who will be

appropriate candidates.

To increase organizational and individual effectiveness in short term and

long term

Job

Anal sis Human

Employee


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Application

000 Pools

Screening

Potential Hires job select

Application

Population

Recruitment Process

Recruitment Process

Job Analysis

Determination of human resource or manpower requirement is one of the most

important problems in human resource or manpower planning. Manpower is

concerned with the determination of requirements of manpower for the organization

both in terms of quantity and quality. The quantitative aspect deals with determining

the total amount of work to be done in a particular period of time and the total

number of people required to do the work. But the type of people to be employed fordoing the work comes under qualitative aspect of manpower requirements. The

process by which qualitative requirement are determined is known as Job Analysis.

Job Analysis is a detailed and systematic study of job to known the nature and

characteristics of people to be employed for each job .It is a process of discovering

Job

vacancies

Recruitment

Searching --source

Activation

Evaluation

Control

Strategic

Development


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and identifying the pertinent information relating to the nature of specific job .It is te

determination of the tasks which comprise the job and of the skills, knowledge,

abilities and attitude required of the worker for successful performance of the job.

Human Resource : Job Analysis represents the qualitative aspect of human

resource requirement since it determines the demand of a job in terms of

responsibilities and duties and then translates these demands in terms of

skills,qualities and other human attributes. It helps in determining the numbers and

kinds of jobs and qualifications needed to fill these jobs. Its is job analysis which

reveals what an average person can do on a Job in a day.It facilitates the division of

work into different jobs which is an essential element of efective manpower panning.

Human Resource Planning is the process by which an organization ensures that

it has the right number and kind of people, at the right place ,at the right time,

capable of effective and efficiently completing those tasks that will help the

organization achieve its overall objective.

Recruitment planning

First step is translation of job in terms of-

Number of employees

Type of employees

This may vary according to requirement of the concern. Organizations plan

to attract more applicants than they will hire. some of those contacted will be

uninterested , un qualified or both. Each time a recruitment programmed is

contemplated, one task is to estimate the number of applicants necessary to fill all

vacancies with qualified people.

Type of applicants means the qualifications and experience expected. These

details are available through job description and job specification.

Strategy Development It includes the decision regarding the following things.


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Make or Buy It means whether to hire the less skilled persons and to

invest on training and education programmes, or they can hire the skilled labour and

professionals.

Technlogical Sophistication(techonology to be used) -> it means which

method of recruitment and selection to be used. The decision is influenced by

vailable technology.

Geographical distribution(where to look) -> it refers to wheter to hire

people locally, from national market or internationally.

Sources of recruitment (sources of recruitment) -> as there are two types of

sources internal and external sources. This depend on the need of the organisation.

Sequence of activities (when to look) -> this refer to when to look for

candidate . this is basically depended on the time required to hire the competent

employees for organisation

Searching-It includes the two steps- (i) Source activation, (ii) selling. Source

activation means the issuance of requisition by the head of department to HR

department about the requirement of personnel in that very department.

Selling is a second issue to be addressed in the searching process

concerns communications. Employment advertisement is given to candidates

through different media.

Screening- The purpose of screening is to remove from the recruitment process

those applicants who are visibly unqualified for the job Effective screening can save

a great deal of time and money.

Evaluation and controlIt is necessary a considerable costs are incurred on the

recruitment process. It helps to know whether the recruitment methods used are valid

and whether the recruitment process itself is effective.

Evaluation is considered to be important as the following costs are involved in the

recruitment Process :-

Salaries for recruiter.


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Management and professional time spent on preparing job description, job

specifications, advertisement, agency liason and so forth.

Cost of advertisements or other recruitment methods, i.e agency fees.

Cost of producing supporting literature.

Recruitment overheads and administrative expenses.

Costs of overtime and outsourcing while the vacancies remain unfilled.

Cost of recruiting suitable candidates for the selection process.

Forms of Recruitment

The organisations differ in terms of their size, business, processes and practices. A

few decisions by the recruitment professionals can affect nature of the productivity

and efficiency of the organization. Organisations adopt different forms of

recruitment practices according to the specific needs of the organization. The

organisations can choose either centralized or decentralized forms of recruitment,

which is explained below:

Centralized Recruitment

The 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 and departments of an

organization are carried out by the one central HR (or recruitment) department. (i.e

HR deptt) Centralized from of recruitment is commonly seen in government

organisations.

Benefits of the centralized form of recruitment are:

Reduces administration costs

Better utilization of specialists

Uniformity in recruitment

Interchangeability of staff

Reduces favoritism


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Every department sends requisitions for recruitment to their central

office

Decentralized Recruitment

Decentralized recruitment practices are most commonly seen in the case ofconglomerates operating in different and diverse business areas. With diverse and

geographically spread business areas and offices, it becomes important to understand

the needs of each department and frame the recruitment policies and procedures

accordingly. Each department carries out its own recruitment. Choice between the

two will depend upon management philosophy and needs of particular organization.

In some cases combination of both is used. Lower level staffs as well as top level

executives are recruited in a decentralized manner.

SOURCES OF RECRUITMENT

InternalSources

ExternalSources

Transfer

Promotion

Advertisement

Employee Referral

Campus Recruitment

Labor Contractor


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Internal sources

1.Transfer-The employees are transferred from one department to another

according to their efficiency and experience to fill the vacant position the

organization. It involves the Shifting of an Employee from one job to another job.One department to another or from one shift to another. Transfer is a good source of

filling vacancies with employee from overstaffed department or shifts

2.Promotions-The employees are promoted from one department to another with

more benefits and great responsibility based on efficiency and experience. Its leads

Educational Institute

Employment exchange

Unsolicited Application

E-Recruitment

Consultant

Walk-In

Retired or Retrenched

Employee

Dependant of Present


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to Shifting an employee to a higher position, Carrying higher responsibilities,

facilities, Status and pay many companies follow the practice of filling higher jobs

by promoting employees who are considered fit for the such positions. Filling

vacancies in higher jobs from within the organization has the benefit of motivating

the existing employees.

3.Employee Referrals- Employee referrals are the candidates/applicants

recommended by the current employees. Current employees recommend those

candidates whose performance and behavior are known to them as well as suitable to

the job and organizational needs. This helps the organization to get high quality

applicants.

4. Retired and Retrenched Employees- may also be recruited once again in

case of shortage of qualified personnel or increase in load of work. Recruitment such

people save time and costs of the organizations, as the people are already aware of

the organizational culture and the policies

5. Dependents of Deceased, Disabled and Present Employee- some

organization With a view to developing the commitment and loyalty of not only the

employee but also his family member and to build up the image provide employment

to the dependent(s) of deceased, Disabled and present employees.Such organization

find this source as an effective source of recruitment.

External Sources

1. Advertisements - Advertisements of the vacancy in newspapers and

journals are generally used when qualified and experienced personnel are not

available from other sources. Most of the senior position in industry as well as

commerce are filled by this method.

2. Campus Recruitment- Different type of organisation like industry,

business firm, service organization, social or religious organization can get

inexperienced candidates of different types from various educational institutions like

colleges and universities imparting education in Science, Commerce, Arts, Medicine,


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Management Studies etc, are trained candidates in different disciplines like

vocational, engineering, medicine from the training institutes for Engineers etc.

Organisations seeking to recruit the candidates from this source can directly contact

the institutes either in person or by Post and stimulate the candidate to apply for the

jobs.

3. Employment Exchanges - Government establishes public employment

exchanges throughout the country. These exchanges provide job information to job

seekers and help employers in identifying suitable candidates. Employment

Exchange run by the Government are regarded as a good source of recruitment for

unskilled, semiskilled and skilled operative jobs

4. Labour Contractors Labour contractors are an important source of

recruitment in some industries in India. Workers are recruited through labour

contractors who are themselves employees of the organization. The disadvantage of

this system is that if the contractor leaves the organization, all the workers employed

through him will also leave.

5. Unsolicited Applicants - Many job seekers visit the office of well-

known companies on their own. Such callers are considered nuisance to the daily

work routine of the enterprise. But can help in creating the talent pool or the

database of the probable candidates for the organization.

6. Recruitment At Factory Gate - Unskilled workers may be recruited

at the factory gate these may be employed whenever a permanent worker is absent.

More efficient among these may be recruited to fill permanent vacancies. It is direct

recruitment by placing a notice on the notice board of the enterprise specifying the

details of the jobs available.

7. Consultant- Manage consultancy firms help the organization to recruit,

technical ,professional and managerial personnel .They specialize in middle level

and top level executive placements. they maintain data bank of persons with

different Qualifications and skills and even advertise the jobs on behalf their client to

receuit right type of personnel.


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8. E-Recruitment- Many big organization use internet as a source of

recruitment. They advartise the job vacancies through the world wide web

(www).The job seekers send their applications or curriculam vitae, i.e, CV, through

e-mail using the internet.9. Walk-In- The busy organizations and the rapid changing companies do

not find time to perform various function of recruitment. Therefore, they advise the

potential candidates to attend for an interview directly and without a prior

application on a specified date, time and at a specified place. The suitable candidate

from among the interviewees will be selected for appointment after screening. The

candidates through tests and interviews.

SelectionSelection is the process of picking individual (out of pool of job

applicants) with the requisite qualifications and competence to fill jobs in the

organization. Selection refers to differentiating between employees in order to

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

Selection as a Source of Competitive Advantage

The role of selection in an organizations effectiveness is crucial for at

least two reason

Work performance depends on individuals. The best way to improve

performance is to hire people who have the competence ad the willingness to work.

Cost incurred in recruiting and hiring personnel speaks the volumes about

the role of selection. Wrong selection means wastage of financial resources of the

organization.

Organization For Selection

Selection process is carried out by the Human resource department because of

following reasons: -


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It easier for applicants to send applications to centralized department.

It facilitates contact with applicants because issues pertaining to

employment can be cleared through one central location.

It helps operating managers to concentrate on their operating

responsibilities.

It can provide better selection because specialist does hiring.

The applicant is better assured of consideration for a greater variety of jobs.

Hiring costs may be cut because duplication of effort is minimized.

With increased regulation on the selection process, it is important that

people who know about these rules handle a major part of the selection process.

Selection Process

Application Blank

Employment Tests

Selection Interview

Preliminary Interview

R

E

J

E

C

T

I

O

N


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SELECTION PROCEDEURE

The selection procedure is concerned with securing relevant information about an

applicant. This information is secured in a number of steps and stages. The objective of

selection process is to determine whether an applicant needs the qualification for a specific

job and to choose the applicant who is most likely to perform in that job.

The hiring procedures not a single acts but it is essentially a series of methods or steps

or stages by which additional information is secured about the applicant. At each stage,

facts may come to light, which lead to the rejection of the applicant. A procedure may be

considered to a series of successive hurdles or barriers, which an applicant must cross.

These are indented as screens and they are designed to eliminate an unqualified

applicant at any point in this process. That technique is known as the successive hurdle

technique. Not all selection process includes all these hurdles. The complexity of process

usually increases with the level and responsibility of the position to be fulfilled.

A well-organized selection procedure should be designed to select sustainable

candidates for various jobs. Each step in the selection process should help in getting more

and more information about the candidate. There is no idle selection procedure appropriate

for all cases.

Steps in the selection process:

Preliminary Screening

Medical or Physical Examination

Checking Reference

Final Selection


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Application Blank

Employment Tests

Selection Interview

Medical or Physical Examination

Checking Reference

Final Approval

Preliminary Screening:

This is essentially to check whether the candidate fulfills the minimum qualification. The

preliminary interview is generally quite brief. Its aim is to eliminate the unsuitable

candidate. The job seekers are received at the reception counter of the company. The

receptionists or other official interviews the candidates to determine whether he is

worthwhile or the candidate to fill up the application blank. Candidates processing the

minimum qualification and having some chances of being selected are given the prescribed

application form known as application blank.

Application Blank:

The candidates are required to give full information about their age, qualification,

experience, family background, aptitude and interests act in the application blank. The

application blank provides a written record about the candidate. The application form

should be designed to obtain all relevant information about the candidates. All applications

received from the candidates are carefully scrutinized. After the scrutiny more suitable

candidates among the applicants are short-listed for written tests and others are rejected.

Employment Tests:

Candidates are asked to appear for written or other tests. Tests have become popular

screening devices. These tests are based on the assumption that human traits and work

behaviors can be predicted by sampling, however tests are not fully reliable and they also

involve time and money. Test is more useful in identifying and eliminating unsuitable


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candidates therefore should be used only as supplements rather than an independent

technique of selection. The main types of tests are:

Intelligence tests

Aptitude Test

Interest Test

Personality Test

Dexterity Test

Selection Interview:

It involves a face-to-face conversation between the employer and the candidate; the

selector asks a job related and general questions. The way in which a candidate responds to

the question is evaluated. The objectives of the interview are as following:

To find out the candidates overall suitability for the job.

To cross-check the information obtained through application blank and tests, and

To give an accurate picture of the job and the company.

Interview is the most widely used step in employee selection. However, interview suffers

from several drawbacks:

Firstly, it is a time consuming and expensive device. Secondly, it can test only the

personality of the candidate and not his skill for the job. Thirdly, the interviewer may not

be an expert and may fill to extract all relevant information from the candidate. Fourthly,

the personal judgment or bias of the interviewer may make the result of the interviews

inaccurate.

Interview should be properly conducted in a proper physical environment. The interview

room should be free from noise and interruptions. The environment should be confident

and quite. People generally talk freely and frankly when there is privacy and comfort.

Therefore, candidates should be put at ease. The interviewer should pay full attention to

what the candidates have to say.


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Medical or Physical Examination:

Candidates who are found suitable after interview are called for physical examination. A

Panel of doctors to insure that they are healthy and physically fit for the job does a medical

check-up of such candidates. A proper medical examination will also ensure that the

candidates selected do not suffer from any serious desirous which may create problems in

future.

Checking Reference:

Generally, every candidate if required to state in the application form, the name and

address of at least two responsible persons who know him. The reference may not give

their Frank opinion unless promises made that in all information will be kept strictly

confidential. Moreover the information given by them may be biased in the form of

candidate.

Final Approval:

The candidates who are found suitable after the medical check-up and background

investigation are formally appointed by issuing appointment letter to them. They are asked

to join duty by the specified date. No selection procedure is foolproof and the best way

judge a person is by observing him working on the job. Candidate who gives satisfactory

during the probationary period are made permanent.

Barriers To Effective Selection

Perception

Our inability to understand other accurately is probably the most fundamental

barrier to selecting the right candidate.

Fairness


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Fairness in selection requires that no individual should be discriminated against on

the basis of religion, region, race or gender. But the low numbers of women and

other less privileged sections of the society often face discrimination.

Validity

Validity is a test that helps predict job performance of an incumbent. A test that has

been validated can differentiate between the employees who can perform well and

those who will not. A validated test does not predict job success accurately.

Reliability

A reliable method is one, which will produce consistent results when repeated in

similar situations. Like a validated test, a reliable test may fail to predict job

performance with precision.

Pressure

Pressure is brought on the selectors by politicians, bureaucrats, relatives friends and

peers o select particular candidates.

Recruitment A challenging Task

The major challenges faced by the HR in recruitment are:

Finding the best Source for Recruitment- This is the most

important step of recruitment process and even a challenging task for the recruiter as

number of sources available he has to find the best one which can help him to find

the best talent for his organization at cheapest rate.

Matching Job Description to Resumes- This is also a challenge for

recruiter to shunt the resume and select only those which matches with jobdescription. If he fails to it he is never going to obtain the best talent for the

organization.

Find the best one- this is the most crucial challenge for the recruiter.

When number of person with same qualification and ability appears before recruiter


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he has to make right decision which to select or not. Right candidate selection

becomes difficult due to organizational differences, cultural differences and attitude

of person. He has to find the best one who can perform the job in perfect manner.

Adaptability to GlobalizationThe HR professionals are expectedand required to keep in tune with the changing times, i.e. the changes taking place

across the globe. HR should maintain the timeliness of the process

Lack of Motivation Recruitment is considered to be a thankless job.

Even if the organization is achieving results, HR department or professionals are not

thanked for recruiting the right employees and performers.

Process Analysis The immediacy and speed of the recruitment

process are the main concerns of the HR in recruitment. The process should beflexible, adaptive and responsive to the immediate requirements. The recruitment

process should also be cost effective.

Strategic Prioritization The emerging new systems are both an

opportunity as well as a challenge for the HR professionals. Therefore, reviewing

staffing needs and prioritizing the tasks to meet the changes in the market has

become a challenge for the recruitment professionals.

Hurdles in way of Recruitment there are many factors, which actas hurdles in the way of recruiter. Recruiter has to be more conscious in order to

identify them. These hurdles may be in the form of fake profile, dropouts, face-to-

face interview, and telephonic interview sometime not able to get the required

results. Some people we feel competent for the organization do not want to join the

organization.

Technological Sophistication with the passage of time new

technologies are coming. This is the era of technology. Technology helps the

recruiter in doing their work more easily and in cost effective manner. But this is

also a challenge for the recruiter to keep in touch with those technologies, as it is not

easier to learn about the all-new technologies.

Overcoming Recruitment Difficulties


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. Some of the solution to overcome recruitment difficulties are as follows-

Appointing people who have potential to grow but dont currently have all

thats required.

Taking account of a broader range of qualities, such as personal skills

instead of qualifications, when considering candidates.

Redefining the job (for example, responsibilities, grade)

Increasing starting salaries or benefits package

Bounty payments to staff for introducing candidates

Offering flexible working

Using the employer brand as a recruitment tool

Providing additional training to allow internal staff to fill posts

Changing the way work is organized (for example, into teams)

Attracting and recruiting boomerang hires (where employees return having

left the organization)

Providing a realistic job preview

Recruiting in foreign countries and bringing staff here

Giving golden hellos (providing an incentive to take the job)

Recent Trends in Recruitment and Selection

1) Bigger Paychecks -> as with a change in time now employers are ready

to pay more to required talent for the organization as now they have understood the

relevance of employees in the organization. So now employer are ready to pay

higher to make the job more attractive and to hire the best one.

2) Flexible Work Arrangements -> flexible Work arrangement often

called flexi timings are on the rise. Now employers offer flexible work plans

usually alternative schedules (shifted start and quit times), condensed workweeks or

telecommuting. By doing this they are able to attract people who are already

working and cannot spend the whole day in one organization.


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3) Online Candidate Screening -> This is expected that online

candidate screening will grow in the near future, and not only the use of qualifying

pre-application questions, but full-blown searching of social networking sites and

search engine checks. As now every professional is becoming computer literate. Sothere is more chance of increase in this kind of activity.

4) Retiree Rehiring -> Now the time has changes and companies are

showing interest in rehiring those who are retired Because of companies remain

pressured from the loss of more experienced workers. As the trend of hiring former

employees increasing companies are getting benefit from that and even retired

person getting employment. So its going to be useful for the both parties. Some

employers are even planning to increase the retiring age of employees in the

organization so that competent employees can stay long in the organization.

5) Rec ruiting Diversity Workers -> Now the employers have no

problem in hiring diversity workers. They are ready hire new pass out from the

universities/ colleges, hiring retired person, and women. Instead of hiring one special

category of employees employers are interested in hiring diversity workers this is

showing that these days employers are more interested in hiring competent

employees despite that they have to manage diversity in the organization.

6) Freelance or Contract Hiring -> As the cost of recruitment is on

rise employers are trying to find more and more suitable source to there

organization. It is found that the trend of freelance and contract hiring will be on rise

in near future. That is going to help the recruiter to find more competent employees

at lesser cost.

7) Perks and Benefits -> Perks and Benefits will receive more attention

from companies wanting to remain competitive in attracting and keeping workers. In

light of rising healthcare costs companies plan to offer more comprehensive or better

health benefits to employees in 2008. Some companies are planning to enhance or

add perks such as bonuses, discounts, company cars, stock options, free childcare,

educational reimbursement, transit passes and wellness programs. The main reason

behind these increases as now it is becoming difficult to attract more competent


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employees towards your organization. Only giving more and more attractive package

to the employees can help the recruiter to hire the best one for their organizations.

8) More Promotions and Career Advancement Opportunities

-Now days each candidate want more promotions and career advancement

opportunities. Nobody wants to stick with one position for his or her whole work

life. Keeping in mind this now companies are ready to provide more promotions

and career advancement opportunities in 2008. More than half of workers stated

that a companys ability to offer career advancement is more important than salary,

so employers are taking action to carve out career paths for employees.

The biggest challenge for a recruiter is not to hire the best one for the

organization but to retain that best one in organization. So he has to provide suchgrowth and promotion opportunity to employees as this factor effect to satisfaction

level of employees at most.

9)Training Program for the Employees -> these days recruiter has realized

that cost and time required for the recruitment is increased even there is always fear

of failure of recruitment process. So recruiters are emphasizing on the training

programs for the existing employees so they can occupy different position the

organization and handle different kind of responsibilities. By small spending on

training programs recruiter can save the cost of recruitment and induction.

10) Campus Recruitment -> these days campus recruitment is becoming very

popular among recruitment. As recruiter are showing more interest in the new

comers. The difference between new comers and experienced one is decreasing.

Now fresher are taken equally competent as experienced one. Many multi national

companies are hiring new pass out. As they feel young talent can help them to reach

new height. Where experience can complement the young talent.

11) Outsourcing ->In India, the HR processes is being outsourced from more

than a decade now. A company may draw required personnel from outsourcing

firms. The outsourcing firms help the organization by the initial screening of the

candidates according to the needs of the organization and creating a suitable pool of


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talent for the final selection by the organization. Outsourcing firms develop their

human resource pool by employing people for them and make available personnel to

various companies as per their needs. In turn, the outsourcing firms or the

intermediaries charge the organizations for their services.

Advantages of Outsourcing are:

1. Company need not plan for human resources much in advance.

2. Value creation, operational flexibility and competitive advantage

3. Turning the management's focus to strategic level processes of HRM

4. Company is free from salary negotiations, weeding the unsuitable

resumes/candidates.

12) Poaching/Raiding ->Buying talent (rather than developing it) is the latestmantra being followed by the organisations today. Poaching means employing a

competent and experienced person already working with another reputed company in

the same or different industry; the organisation might be a competitor in the industry.

A company can attract talent from another firm by offering attractive pay packages

and other terms and conditions, better than the current employer of the candidate.

But it is seen as an unethical practice and not openly talked about. Indian software

and the retail sector are the sectors facing the most severe brunt of poaching today. It

has become a challenge for human resource managers to face and tackle poaching, as

it weakens the competitive strength of the firm.

13) E-Recruitment ->Many big organizations uses Internet as a source of

recruitment. E- recruitment is the use of technology to assist the recruitment process.

They advertise job vacancies through worldwide web. The job seekers send their

applications or curriculum vitae i.e. CV through e-mail using the Internet.

Alternatively job seekers place their CVs in worldwide web,

which can be drawn by propective employee requirement pending upon their re

Advantages of recruitment are:

o Low cost.

o No intermediaries

o Reduction in time for recruitment.


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o Recruitment of right type of people.

o Efficiency of recruitment process

14). Head Hunting-> Headhunting refers to the approach of finding and

attracting the best-experienced person with the required skill set. Headhunting

involves convincing the person to join your organization. Headhunters are third-

party recruiters often retained when normal recruitment efforts have failed.

Headhunters are generally more aggressive than in-house recruiters. They may use

advanced sales techniques, such as initially posing as clients to gather employee

contacts, as well as visiting candidate offices. They may also purchase expensive

lists of names and job titles, but more often will generate their own lists. They mayprepare a candidate for the interview, help negotiate the salary, and conduct closure

to the search. They are frequently members in good standing of industry trade groups

and associations. Headhunters will often attend trade shows and other meetings

nationally or even internationally that may be attended by potential candidates and

hiring managers.

Some Recruitment Tips

Finding the best possible people who can fit within your culture and contribute

within your organization is a challenge and an opportunity. Keeping the best people,

once you find them, is easy if you do the right things right. These specific actions

will help you with recruiting and retaining all the talent you need.

Improve Your Candidate Pool When Recruiting Employees

Companies that select new employees from the candidates who walk in their door or

answer an ad in the paper or online are missing the best candidates. They're usually

working for someone else and they may not even be looking for a new position. Here

are steps to take to improve your candidate pool.

Invest time in developing relationships with university placement offices,

recruiters and executive search firms.


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Enable current staff members to actively participate in industry

professional associations and conferences where they are likely to meet candidates

you may successfully woo.

Watch the online job boards for potential candidates who may haveresumes online even if they're not currently looking.

Use professional association Web sites and magazines to advertise for

professional staff.

The key is to build your candidate pool before you need it.

Hire the Sure Thing When Recruiting Employees

Bruce N. Pfau and Ira T. Kay, authors ofThe Human Capital Edge are convinced

that you should hire a person who has done this "exact job, in this exact industry, in

this particular business climate, from a company with a very similar culture."

They believe that "past behavior is the best predictor of future behavior" and suggest

that this is the strategy that will enable you to hire winners. They say that you must

hire the candidates whom you believe can hit the ground running in your company.

You can't afford the time to train a possibly successful candidate.

Look First at In-House CandidatesProviding promotional and lateral opportunities for current employees positively

boosts morale and makes your current staff members feel their talents, capabilities,

and accomplishments are appreciated. Always post positions internally first. Give

potential candidates an interview. It's a chance for you to know them better. They

learn more about the goals and needs of the organization. Sometimes, a good fit is

found between your needs and theirs.

Be Known as a Great Employer

Paul and Kay make a strong case for not just being a great employer, but letting

people know that you are a great employer. Take a look at your employee practices

for retention, motivation, accountability, reward, recognition, and flexibility in work-

life balance, promotion, and involvement. These are your key areas for becoming an


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employer of choice. You want your employees bragging that your organization is a

great place to work. People will believe the employees before they believe the

corporate literature.

Involve Your Employees in the Hiring Process

You have three opportunities to involve your employees in the hiring process.

Your employees can recommend excellent candidates to your firm.

They can assist you to review resumes and qualifications of potential

candidates.

They can help you interview people to assess their potential "fit" within

your company.

Organizations that fail to use employees to assess potential employees are

underutilizing one of their most important assets. People who participate in the

selection process are committed to helping the new employee succeed. It can't get

any better than that for you and the new employee.

Pay Better Than Your Competition

Yes, you do get what you pay for in the job market. Survey your local job market

and take a hard look at the compensation people in your industry attract. You want to

pay better than average to attract and keep the best candidates.

It's not. Employers are always interested in getting employees cheaply. It's a bad

practice. Did I say, "You do get what you pay for in the job market?" Sure, you canluck out and attract a person who has golden handcuffs because they are following

their spouse to a new community or need your benefits.

But, they will resent their pay scale, feel unappreciated, and leave you for their first

good job offer. Employee-replacement costs that range from two to three times the


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person's annual salary. It is like you do get what you are willing to pay for in the job

market?

Use Your Benefits to Your Advantage In Recruiting Employees

Keep your benefits above industry standard and add new benefits as you can afford

them. You also need to educate employees about the cost and value of their benefits

so they appreciate how well you are looking out for their needs.

Treasured currently by employees are flexibility and the opportunity to balance workwith other life responsibilities, interests, and issues. You can't be an employer of

choice without a good benefits package that includes standard benefits such as

medical insurance, retirement, and dental insurance.

Employees are increasingly looking for cafeteria-style benefit plans in which they

can balance their choices with those of a working spouse or partner. Pfau and Kay

recommend stock and ownership opportunities for every level of employees in your

organization. I like profit sharing plans and bonuses that pay the employee for

measurable achievements and contributions.

Hire the Smartest Person You Can Find

In their recent book, First Break All the Rules: What the World's Greatest

Managers Do Differently, Marcus Buckingham and Curt Coffman recommend

that great managers hire for talent. They believe that successful managers believe:

"People don't change that much. Don't waste time trying to put in what was left out.

Try to draw out what was left in. That is hard enough."

If you're looking for someone who will work well with people, you need to hire an

individual who has the talent of working well with people. You're unlikely to train

missing talents into the person later. You can try, but then, you are not building on

the employee's strengths, which 80,000 managers, via Gallup's research, highly

recommend.


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The recommendation? Hire for strengths; don't expect to develop weak areas of

performance, habits, and talents. Build on what is great about your new employee in

the first place.

Use Your Web Site for Recruiting

Your Web site portrays your vision, mission, values, goals, and products. It is also

effective for recruiting employees who experience a resonance with what you state

on your site. Do create an employment section, which describes your available

positions and contains information about you and why an interested person might

want to contact your company. A recruiting Web site is your opportunity to shine

and a highly effective way to attract candidates today.

Check References When Recruiting Employees

The purpose of this section is to keep you out of trouble with the candidates you are

seeking and selecting and the employees you currently employ. You really need to

check references carefully and do background checks.

In the litigious society in which we live (don't even ask me what percentage of the

world's lawyers reside in the United States of America) you need to pursue every

avenue to assure that the people you hire can do the job, contribute to your growthand development, and have no past transgressions, which might endanger your

current workforce. In fact, you might be liable if you failed to do a background

check on a person who then attacked another in your workplace.

Conclusion: Start With These Recommendations

Each organization has to start somewhere to improve recruiting, hiring, and retention

of valued employees. These ideas can help your organization succeed and grow; they

create a workplace that will meet both your needs and the needs of your potential

and current employees.


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BIRLA SUNLIFE

INSURANCE

INTRODUCTION:

BRIEF HISTORY OF UNIT- LINKED INSURANCE: The unit linked life insurance

policy as it is understood and practiced in the west was introduced in our country only in

2000 when LIC brought in to the market a policy called BIMA PLUS. As a data, expect

two or three new companies all the companies are selling the unit linked life insurance

policies. The term unit in our country is somehow identified only with the units sold by

UNIT TRUST OF INDIA. This product is also called EQUITY LINKED POLICY or

MARKET LINKED POLICY to indicate that the returns under these plans are linked to

the market returns of the equities or shares.

The credit of introducing the first unit linked plan goes to UTI when they brought out the

Unit linked life insurance (ULIP) in 1971,In 1989 LIC Mutual Fund introduced the

DhanRaksha Plan identified to the ULIP. The term of the policy in either 10 or 15 years.

With the effect from 1-7-02 the target amount under these two schemes has been

introduced to Rs. 2 lakhs from Rs.75, 000.it works like this: f target amount. a free

accident cover is also given for Rs.50,000. From April 2000 this plan is made NAV driven

and UTI has made several beneficial changes. In fact, these plans are considered to be the

cheapest insurance with good returns! As life insurance people are not making these plans,

they are not very popular in large numbers.
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BRIEF HISTORY OF BIRLA SUN LIFE INSURANCE COMPANY LTD.:

A joint venture between the Aditya Birla Group and Sun life Financial, Birla sun life

insurance forayed into the life insurance and retirement planning business by pioneering

the unique unit-linked solutions in India. In just over 2 years of its launch, the company

has catapulted to second position in new business premium in the highly competitive

private life insurance industry based on its strategy of unit-linked plans.

THE ADITYA BIRLA GROUP: Aditya Birla, a name that evokes all that is positive

in business and life. It typifies integrity, quality, performance, innovation, perfection and

above all, character.

In operation for over 50 years now, the Aditya Birla Group is one of Indias largest

business houses. A highly respected and admired group, rooted in performance ethics

based on value creation for its multiple stakeholders.

Being one of the largest corporate houses in India, and Aditya Birla Group enjoys a

dominant position in all the sectors in which it operates. It is the worlds largest producer

of viscose staple fibre, largest single location aluminum plant and the largest single
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location refiner of palm oil. Whats more, it is the second largest producer of insulators

and the fifth largest producer of carbon black in the world.

In India, the group is the single largest producer of viscose filament yarn, aluminum,

white cement and the third largest in grey cement. Not to mention, the recognition of being

the market leader in the ready to wear branded apparel segment with brands like Allen

solly, Louis Phillip, van heusen and peter England.

The mission of the Aditya Birla Group is creation of value for its customers,

shareholders, employees and the society at large.

SUN LIFE FINANCIAL: Sun life financial is a leading international financial services

organization. With a history that dates back to 1871, Sun life financial has evolved from a

single mutual life insurance to one of the most highly rated insurance and wealth

management institution in the world. Sun life financial knows its value lies in more than

assets and history.

In March of 2000, Sun life financial services of Canada, inc, Sun life financiers parent

company, listed its shares on stock markets in Toronto, New York, London, and

Philippines. This new access to shareholders equity provides Sun life financial with even

greater opportunities to grow around the world.

The Sun life financial group of companies around the world, offer innovative and

practical financial solutions to individuals and corporations:

Life, Health and Disability

Pension Funds and Plans

Investment Management

Annuities and Savings

Trust, Brokerage and Banking


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VISION: To be a world-class of financial security to individuals and corporate and to be

amongst the top three private sector life insurance companies in India.

MISSION: To be the first preference of our customers by providing innovative need

based life insurance and retirement solutions to individual as well as corporate. Well

trained professionals through a multi channel distribution network and superior technology

will make these solutions available.

OUR VALUES:

INTEGRITY

TRANSPERENCY

CUSTOMER FOCUS

EXCELLENCE

INNOVATION

MERITOCRACY

RESPECT FOR THE INDIVIDUAL

OUR FEATURES: Our unit-linked flexi products are based on universal life platform,

catering to the customers twin needs of insurance and investment. Our customers have

appreciated these products, which have the beneficial features of life insurance, mutual

funds and banks. Some of these features are described below:

PROSPECTS FOR GROWTH WITH UNDERLYING GURANTEES: According to

their risk appetite, the customers can choose out of three investment options, viz, protector

(Representing a low risk portfolio), Builder (Medium risk portfolio) or Enhancer (High

risk portfolio) with guaranteed returns fund, at present ranging from 3%-6%. The

flexibility of changing the investment option initially availed by them is also available.


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GUARANTEES PROVIDE SAFETY NET: The policyholders enjoy the upside returns

provided by the portfolios in all the investment options. As on 31st December 2002, the

annualized returns since inception under protector, builder and enhancer options were

9.75%, 11.12% and 14.74% respectively, which is above the minimum level guaranteed.

CONVENIENCE IN PAYMENT OF PREMIUMS: The customer has the option of

paying any amount of premium, any number of times (within a policy year) irrespective of

the mode. Traditional products available in the market do not offer such a facility.

BUILT-IN GUARD AGAINST UNITENDED LAPSATION: These products provide

continuity of risk coverage for a long time even if the premiums remain unpaid. The

continuity of risk is ensured with the help of monthly recovery of cost of insurance and

automatic premium advance facility. A policy can lapse if and only if the policy fund

pertaining to the individual policy becomes negative.

RISK COVER DOES NOT DECRESE DURING THE TERM OF THE POLICY:

Unlike traditional life insurance policies, where the sum at risk (Sum assured paid up

value) actually goes on decreasing, in our flexi policies, death benefit is sacrosanct and and

remains uniform throughout the tenure of the policy. In case of death, the face amount as

well as the policy fund representing the saving portion in the premium is payable.

ACCELERATED PAYMENT OF PREMIUM POSSIBLE: Depending on ones

financial situation a shorter premium-paying period can be selected, with the advantage of

greater accumulation resulting into higher death/surrender/withdrawals/ maturity benefits.

LIQUIDITY ON TAP: Traditionally, insurance products have been know to be illiquid.

Policy loans are at a cost and surrenders defeat the very purpose of insurance. In such an

environment, the facility of withdrawals without affecting the risk cover is one of our

unique features.


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NO PENALTY FOR SURRENDER: Unlike in traditional type of life insurance policies

where the policy holders have to suffer a financial loss on surrender of their policies, our

products do not provide any surrender charge after the first four years.

CUSTOMERS CAN SEE THEIR MONEY PERFORM: Our policyholders are

provided with an access code to know the policy values online. Besides, the investment

performance of the various options is published every quarter and the policyholders

receive a yearly statement reflecting the status of the policy fund.

ORGANISATION STRUCTURE: two guides Biral sun life insurance business

operations if its core values, namely integrity and transparency. BSLI complies with a all

regulations governing the life insurance business. A high degree of transparency is

followed in al the business practiced and procedures and all employees are governed by an

internal code of conduct.

BSLI abides by the corporate governance framework in accordance with the

Kumar Managalam Birla committee as applicable to the life insurance business, as well as

the provisions of the insurance act, 1938, the companies act, 1956 and the IRDA

regulations.

The various committees overseeing the business are:

BOARD OF DIRECTORS

Mr. Donald Stewart- chairman

Mr. Kumar Mangalam Birla

Mr. Gary M. Come ford

Mr. Douglas C. Hence

Mr. S.K. Mitra


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Mr. B.N.Purankmalka

Hish Highless Maharaja G.Singh

Mr. S.N. Talwar

Mr. G.P. Gupta

AUDIT COMMITEE

Mr. B.N. Puranmalka

Mr. S.K. Mitra

Mr. D.C. Henck

Mr. G.M. Cmerford

INVESTMENT COMMITEE

Mr. S.k. mitra

Mr. B.N. Puranmalka

Mr. P.J. Akers

Mrs.K.Gupta

Mr. A. Fenn

Mr. N.B. Javeri

Mr. S.Shah

EXECUTIVE COMMITTEE

Mr. G.M. Comeford Mr. D.C. Heck

Mr. S.K.Mitra

Mr. B.N. Puranmalka


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BRIEF PROFILE OF SEVICES OF ORGANISATION:

Pioneered by Birla sun life insurance, Unit- linked solutions bring together the best of life

insurance and investment, together. A unique combination of security from life insurance

and returns from investment. Introduced in line with the latest global trends, the unit-

linked plans put you in total control of your money. They are simple transparent and

flexible. Whats more, they offer 3% minimum guaranteed overall returns on the premium.

INDIVIDUAL LIFE PLANS: Birla sun life insurance offers number of individual

life plans, which can be given below-

FLEXI SECURELIFE RETIREMENT PLAN: This is a unit-linked

retirement plan to give you efficient returns in the long term so as to build a sufficiently

large corpus of savings on retirement. The planes built in tow phases: the accumulation

phases and annuity phase.

FLEXI LIFE LINE PLAN: This plan offers a life insurance cover till the age of

100 years thus providing you with a lifetime of security. It is an investment for your future

in which you accumulate large savings through the benefits of compounding. The plan
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gives you the flexibility of making tax-free withdrawals and can be customized as tax

efficient pension during your working years while the plan continues for a lifetime.

FLEXI SAVE PLUS ENDOWMENT P LAN: It is a flexible life insurance

plan, which offers the dual benefit of a life insurance cover as well as large tax-free

savings in the long term. The plan is taken for a specified period and the benefits are

payable in the events of death during the tenure of the plan or at maturity.

FLEXI CAH FLOW MONEY BACK PLAN: It is a flexible life insurance plan,

which offers a life insurance cover and gives lump sum payment at periodic intervals.

These periodic payments intervals. These periodic payments help you meet your various

financial obligations at crucial junctures such as education or marriage of your child.

BIRLA SUN LIFE TERM PLAN: The plan offers large life insurance cover for

very low costs for a specified term. It is a low premium, pure risk coverage plan, which

takes care of ones financial commitments toward his/her depending should anything

unfortunate happen to line policyholder.

BIRLA SUN LIFE PREMIUM BACK TERM PLAN: The plan offers you a

life insurance cover for a specified term. Unlike other term plans this plan refunds the

entire amount of premium that you pay over a period of time. There are two options of

maturity benefits to choose from and what is m ore it is a low cost life insurance plan.

GROUP PLANS:Birla sun life insurance Company offers number of group plans,

which can be, described below-

GROUP GRATUITY SOLUTIONS: It works for your future group gratuity

addresses the need of prudent financial management for a progressive corporate house.The unique benefit being it provides market-linked returns that present an opportunity for

capital appreciation in the long term. Besides when the fund yields better returns, it

decreases the contribution to the fund in the years.


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GROUP SUPERANNUATION PLAN: Retire in comfort- Birla sun life insurance

offers group superannuating plan as a retirement solution for employees. The plan has

benefits that empower both the employer and employee. The contribution is invested in

unit-linked funds yielding market-linked returns to meet your future needs efficiently.Additionally original / principal contribution is guaranteed against market fluctuation.

GROUP PROTECTION PLAN: Birla sun life insurance provides group

protection plan for a homogenous group. Under this plan, life insurance cover is

provided at an affordable cost. Renewed every year, it helps fulfill the insurance needs of

employees as well as provide financial security to their families. In the event of death of

the member, the beneficiary (family) of the member gets the benefit. The plan has 6

additional riders and two options.

AREAS OF EXCELLENCE:

Drawing from the strength of the joint venture partners. The aditya Birla group and sun life

financial inc. the team of Birla sun life insurance has crossed several milestones of

excellence.

Leadership in unit-linked plans- 95% of sales come through unit-linked plans. The

company is one of the largest sellers of unit-linked plans in one of the fastest growing life

insurance markets in the world.

The company is a p pioneer in introducing unique product features like a free look

period and best sales practices such as the use of sales illustrations. The regulator has
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now introduced the free look period as an industry norm. The mandatory use of a sales

illustration within BSLI set up a standard of transparency in the industry.

A high persistency ratio of 95.46% by premium.

BSLI has consistently recorded the highest average sum assured of Rs.3, 26,000 andaverage premium of Rs.19,500 per policy in the industry with a unit-linked product range.

A very efficient utilization of capital.

Low claims ratio of 0.06% of total policies.

The first advisor to qualify to the top of the table (TOT) amongst all private life

insurance companies.

GROWTH OF BIRALA SUN LIFE IN UNIT-LINKED LIFE INSURANCE:

Another successful financial year came to an end. The company reported an annualizednew business income of Rs.478 crore during the year 2003-04 an increase of 222% over

the premium income lat year. The company of the year-end had an agency force of around

10,250 agents, and 89 ban assurance & corporate partners. All three sales channels came

out with flying colors. During the year 2003-04 the company has launched two new groups

and one individual fund.

During the year 2003-04, the BSE sensex has gone up by 81% but the first quarter of year

2004 was not very exciting for the market except for a huge supply of PSU IPOs. In March

2004, the markets have been choppy and combined with the upcoming elections. This has

caused some amount of investor uncertainty. After a continuous rise between may 2003

and January 2004, the quarter saw a correction in the market. The BSE sensex went up to

an all time high in January 2004 and the quarter closed at 5590.60 down almost 4% from

December 2003 level. There was a large supply of IPOs by PSUs, which met with a good

response. The fundamentals remained good and foreign institutional investors (FIIS)

continued buying even though the markets declined. The GDP growth numbers has also

been encouraging at 10.4% in October December 2003 quarter.

The interest rates remained range bound in the quarter with some amount of volatility. The

10- year benchmark G-sec closed at 5.15% at the end of the quarter.

DISTRIBUTION NETWORK


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BIRLA SUN LIFE INSURANCE COMPANY LTD, distribution strategy is aimed at

creating a national presence through a scaleable model, which would achieve convenience,

accessibility and quality service for the customers.

DIRECT SALES FORCE: Through this channel, the company sets up brick and

mortar branches on a standardizes template, across the country selling life insurance

though trained career agents called insurance advisor. The team of agency managers and

advisors are geared for productivity enhancement national presence in 44branches and

9development centers.

ALTERNATE CHANNELS: The experience in various countries for selling

life insurance through banks, corporate agents, brokers, call center, Internet and these

distribution alternatives will be pursed by the organization from the inception stage. While

in India there was no precedent for selling life insurance though these alternate modes, a

philosophy of piloting and stabilizing the model was adopted.

OUP INSURANCE: The selling of insurance to corporate and affinity groups is

developed though dedicated relationship managers. The business focus is on the Aditya

birla group companies and the top corporate in India.
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DISTRIBUTION IN TUNE WITH TECHNOLOGY: Technology plays the

crucial role, when distribution spans across more than 50 locations .the IT strategy

revolves around selecting and implementing critical business applications to support

contemporary products like universal life and aligning process to provide world-class

customer services. The systems are web enabled and equipped to provide consistent

information across all touch points (branches, callcenters website etc.). A high quality

wide area network (WAN) was set up to interconnect all branches and the headquarters at

mumbai.

TRANNING TO SUPPORT DISTRIBUTION: In keeping with support

throughout the country. Birla sun life insurances mission of providing life insurance

solutions though well trained professionals, our tanning team has geared up to meet the

challenge. We have a team of qualified professionals to provide the crucial support

throughout the country.

PRICING POLICY OF THE COMPANY:


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KEEP TRACK OF YOUR POLICY FUND: Birla sun life insurance sends you an

annual policy statement on every policy anniversary to keep you completely informed on

the performance of our various funds based on the unit price will be available on our

website.

ELECTRONIC CLEARING SERVICE (ECS): The ECS is a convenient and hassle-

free method of paying premiums through an electronic debit to your bank account.

FEES AND CHARGES: The policy loading fee* is an up-front charge and varies as per

the premium payment mode and the policy year

CHARGES:

Charges towards the cost of insurance will be deducted by cancellation of units at the

prevailing unit price on a monthly basis. The annual insurance charges per thousand-face

amount for sample ages for healthy lives

FUND SWITICHING CHARGES:

In a year, one switch between investment fund options is free.

For every additional switch, a charge of Rs.100 will be levied.

SURRENDER CHARGES: The surrender charges is levied in the first four years and

varies based on the year in which the policy is surrender. During the first 24 months of the

policy, the charge will be an amount equal to the annulled premium payable for this policy
http://www.google.co.in/imgres?q=pictures+of+insurance+bsli&start=280&hl=en&client=firefox-a&hs=tBk&sa=X&rls=org.mozilla:en-US:official&channel=np&biw=1366&bih=660&tbm=isch&prmd=imvns&tbnid=ZTD-Y8wKtlLgCM:&imgrefurl=http://apnaplan.com/birla-sun-life-recurring-savings-plan-review/&docid=ZAyRgbqCyxKFHM&imgurl=http://apnaplan.com/wp-content/uploads/2012/07/birla-sunlife-recurring-saving-plan-1024x784.png&w=1024&h=784&ei=SYdRULXAGMm4rAe284CIAQ&zoom=1http://www.google.co.in/imgres?q=pictures+of+insurance+bsli&start=280&hl=en&client=firefox-a&hs=tBk&sa=X&rls=org.mozilla:en-US:official&channel=np&biw=1366&bih=660&tbm=isch&prmd=imvns&tbnid=ZTD-Y8wKtlLgCM:&imgrefurl=http://apnaplan.com/birla-sun-life-recurring-savings-plan-review/&docid=ZAyRgbqCyxKFHM&imgurl=http://apnaplan.com/wp-content/uploads/2012/07/birla-sunlife-recurring-saving-plan-1024x784.png&w=1024&h=784&ei=SYdRULXAGMm4rAe284CIAQ&zoom=1


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.for the purpose of surrender charge only, annualilsed premium is defined as the amount

that is payable if the coverage paying period is equal to the coverage benefit period. In the

25th month, the surrender charge is 24 percent of the annualized premium. The surrender

charge percent reduces by one for e very month thereafter. If the policy is surrendered at

any time after the 49th month, the surrender charge is zero.

WITHDRAWAL CHARGES:

In a year tow withdrawals are free of charge

For every additional withdrawal, a charge of Rs.100 will be levied.

FEES AND CHARGES: The policy loading fee* is an up-front charge and varies as per

the premium payment mode and the policy year .

AWARDS AND ACHIEVEMENT

Birla Sun Life Insurance Company Ltd. (BSLI) won the prestigious Good

Corporate Citizen Award from Bombay Chamber of Commerce and Industry

for the year 2009-10 under the category of Banking and Financial

Institutions.


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ICAI Awards for Excellence in Financial Reporting, Awarded a Silver Shield

in the Insurance category by the Institute of Chartered Accountants of India

(ICAI) for the financial year ended 31st March, 2009

Recruiting and Staffing Best in Class Awards.

Outlook Money Awards 2004 BSLI - Best Life Insurer (Runner Up) 2004

TROPHY.

Outlook Money Awards 2004 BSLI - Best Life Insurer (Runner Up) 2004

CERTIFICATE.

The 8th Asia Insurance Industry Awards 2004 - Birla Sun Life Insurance was

among the top five nominees in the category.


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The Indo-Canadian Business Chamber- BSLI awarded for its 'Successful

Performance' for 4 years April 2005.

Birla Sun Life Insurance was presented 'The Hewitt Best Employers In India

Awards 2004' Trophy.

.


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RESEARCH

METHODLOGY

1 Objectives of Project

The main objective of project is

To study the various aspect of recruitment and selection process.

To study the recruitment process followed by the SAIL

To study the various challenges faced by the recruiters in todays world and

to find the various ways to overcome those challenges and increase the success rate

of recruitment process.


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To analysis the various recent trends in industries regarding recruitment and selection project.

3.2 RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the problem. It may be

understood has a science of studying how research is done scientifically. In it we

study the various steps that all generally adopted by a researcher in studying his

research problem along with the logic behind them.

RESEARCH DESIGN

A framework or blueprint for conducting the research project. It specifies

the details of the procedures necessary for obtaining the information needed to

structure and/or solve research problems. A good research design lays the foundation

for conducting the project. A good research design will ensure that the research

project is conducted effectively and efficiently. Typically, a research design involves

the following components, or tasks:

Define the information needed.

Design the research.

Specify the measurement and scaling procedures.

Construct and present a questionnaire or an appropriate form for data

collection.

Specify the sampling process and sampling size.

Develop a plan of data analysis.

DATA COLLECTION

The task of data collection is begins after a research problem has been defined andresearch designed/ plan chalked out. Data collection is to gather the data from the

population. The data can be collected of two types:

Primary Data


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Secondary Data

Primary Data

The Primary Data are those, which are collected afresh and for the first time, and

thus happened to be original in character.

Personal Interviews.

Telephonic interviews.

Questionnaires.

Observation

Secondary Data

The Secondary Data are those which have already been collected by

someone else and which have already been passed through the statistical

tool. Methods of collection of Secondary data

Newspapers.

Magazines

Journals

Internet

Libraries

Old records.

Both the method of data collection were used for collection of data.

PRIMARY DATA THROUGH QUESTIONNARE

SECONDARY DATA THROUGH INTERNET

SAMPLE DESIGN

A sample design is a definite plan for obtaining a sample from a given population. It

refers to the technique or the procedure and the researcher would adopt in selecting


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items of sample. Sample design may as well lay down the number of items to be

included in the sample i.e. the size of the sample. Sample design is determined

before data are collected. Before going trough sampling design, let us learn some

terms.

Population: The aggregate of all the elements, sharing some common set of

characteristics, that comprises the universe for the purpose of the research problem.

Sample: A subgroup of the elements of the population selected for

participation in the study.

In this project sample size is 100 employees

Sampling Unit: The basic unit containing the elements of the population to

be sampled.

In this project sampling unit is SAIL

Sampling Technique Used in Survey---

Nonprobability Sampling Techniques.

Convenience Sampling. And Judgemental Sampling

Nonprobability sampling techniques do not use chance selection procedures. Rather,

they rely on the personal judgment of the researcher where as probability sampling

procedure each element of the population has fixed probabilistic chance of being

selected for the sample.

In this survey, I have used nonprobabilty sampling technique


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DATA ANALYSIS

ANDINTERPETATION

1.To know about sources used for recruitment by company

Sources Campus Emp.

Ref

consultant walk-

in

Existing

Data Base

Adv. Job

Fairs

Portal Website

%age 11.8 17.6 11.8 11.8 11.8 7.8 2 15.6 9.8

TABLE 4.1


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Figure 4.1

Interpretation:

The following graph shows that majority of recruiters use employee referrals and

portals. 18% of employer rely on employee referrals, where 16% uses portals, 12%

prefer campus, consultants, walk-ins, existing database etc, very few percentage

employers use job fairs for recruitment purpose.

2.Which sources do you prefer the most for hiring the employees .

Sources Internal Sources External Sources Both

Percentage 27 9 64

No of

Respondent

27 9 64

TABLE 4.2


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i

27%

9%64%

Internal Sources

External Sources

Both

Figure 4.2

Interpretation:

Fig 4.2 shows the recruiter find it more suitable to both the sources as combination.

As majority of recruiter means 64% find it suitable to use both sources. And 27%

use internal sources where only 9% prefer to use external sources.

3. To know about the sources for recruitment of employees.

Source Campus Emp

Ref

Consulant Walk

in

Adv. Existing

Database

Job

fairs

Portal Web

site

No. of

emp.

14 22 23 5 9 5 0 13 9

%age 14 22 23 5 9 5 0 13 9

TABLE 4.3


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0

5

10

15

20

25

No. of Emp13

%age

Figure 4.3

Interpretation

Fig 4.3 depicts that majority of employer rely on employee referrals and

consultants for recruitment for middle level management employees. As 23% use

referrals and 23% use consultants, 14% use campus recruitment, 14% portals, very

few percentage like 5% use walk-ins, 5% use existing database and websites etc. call

backs and job fairs are generally not preferred for managerial jobs.

4. To know about the suitable ways to contact the candidates

TABLE 4.4

Methods Telephone

call

Email Post Other Total

Percentage 80 10 10 0 100

Respondent 80 10 10 0 100


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FIGURE 4.4

Interpretation:

Fig 4.4 depicts that majority of recruiters find it suitable to use telephone to

personally contact the candidates. Because sometime this act as preliminary

interview to reject employees on initial stages. As 80% recruiter use telephone calls,

10% use email and 10% use post.

5. To know whether referral policy is used by the company or not

Particulars Yes No Total

Percentage 72.7 27.3 100

Respondent 73 27 100

TABLE 4.5


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Figure 4.5

Interpretation:

Fig 4.5 depicts that majority of employers find it suitable to referral policy

in the organization and 73% employers prefer to use it and 27% not find it much

suitable.

6.Is e-recruitment suitable or not ?

Particulars Yes No Total

Percentage 65% 35% 100

Respondent 65 35 100

TABLE 4.6


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Figure 4.6

Interpretation:

Fig 4.6 depicts that majority of recruiter find it suitable to use e-recruiting, as

65% find it useful and 35%of employers not find it much suitable to use e-recruiting

in the organization for selection of middle level management employees.

7.To know the average time taken to get adequate pool of candidates.

Time period one Month TwoMonths ThreeMonth More

Percentage 81 9 9 1

TABLE 4.7


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Figure 4.7

Interpretation

Fig 4.7 shows that majority of employers take one month to get adequate pool of

candidates, as 82% take one month, 9 % spend two months and 9% spend three

months

Documents

Project Report on Birla Sun Life Insurance