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A
SUMMER TRAINING PROJECT ON
RECRUITMENT&SELECTION OF BSLI(Refrences to )
BIRLA SUN LIFE INSURANCE
SUBMITTED IN PARTIAL FULFILLMENT OF THE
REQUIREMENT OF THE DEGREE OF BACHELOR OF BUSINESS
ADMINISTRATION (BBA), KURUKSHETRA UNIVERSITY,
KURUKSHETRA
SESSION: 2010 -2013
UNDER THE SUPERVISION OF: SUBMITTED BY:
Mrs.Archana Jain Mrs. prateek mishra
Senior Agency Manager BBA5thSem
GURU NANAK INSTITUTE OF MANAGEMENT(MULLANA)
DECLARATION
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I, PRATEEK MISHRA student of BBA 5th Semester Guru nanak institution of
Management hereby declare that the Summer Training Report on Recruitment and
Selection process submitted to Kurukshetra University, kurukshetra in partial fulfillment
of Degree of Bechlour 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.
PRATEEK MISHRA
Acknowledgement
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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, AMBALA
CANTT for giving me an opportunity to work on this summer project. Gracioushelp from various sources has contributed tremendously to the completion of this
project work.
I express my sincere appreciation for the advice, guidance, and great support of Mr.
TARUN GOEL(Branch Manager) his extremely helping attitude always encourage
me to consult him whenever I had any problem and also with the help of Mrs.
ARCHNA JAIN who trained us Without his support this project would not have
been possible.
PERFACE
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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.
TABLE OF CONTENTS
S. No. CONTENTS Page No.
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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,
levels etc to meet present and future needs of production and technical and other changes
planned or anticipated in the next years.
Recruitment: -
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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 to
another 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
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
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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 its
personnel 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
Application
000 Pools
Job
AnalysisHuma
n
Employee
Requirem
Job
vacancies
Recruitme
nt
Searching --
source
Activation
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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 for
doing 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
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
Evaluation
Control
Strategic
Development
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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.
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.
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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.
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
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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
Every department sends requisitions for recruitment to their central
office
Decentralized Recruitment
Decentralized recruitment practices are most commonly seen in the case of
conglomerates 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.
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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
E
t
l S
Transfer
Promotion
Advertisement
Employee Referral
Campus Recruitment
Labor Contractor
Educational Institute
Employment exchange
Unsolicited Application
E-Recruitment
Retired or Retrenched
Employee
Dependant of Present
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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 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.
Consultant
Walk-In
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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 Sources1. 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,
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
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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.
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.
Selection
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Selection 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: -
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.
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Selection Process
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
Application Blank
Employment Tests
Selection Interview
Medical or Physical Examination
Checking Reference
Final Selection
Preliminary Interview
R
E
J
E
C
T
I
O
N
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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
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
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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
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.
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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.
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
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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
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.
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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 job
description. 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
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 Globalization The HR professionals are expected
and 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
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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 processare the main concerns of the HR in recruitment. The process should be flexible,
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 act
as 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
. 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)
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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.
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. So
there is more chance of increase in this kind of activity.
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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) Recruiting 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
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
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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 such
growth 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 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
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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.
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.
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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 may
prepare 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.
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 have resumes
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
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Bruce N. Pfau and Ira T. Kay, authors of The 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 Candidates
Providing 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
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.
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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" withinyour 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 CompetitionYes, 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 can
luck 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
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.
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Treasured currently by employees are flexibility and the opportunity to balance work
with 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.
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
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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 areseeking 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 growth
and 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.
BIRLA SUNLIFE
INSURANCE
INTRODUCTION:
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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.
BRIEF HISTORY OF BIRLA SUN LIFE INSURANCE COMPANY LTD.:
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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
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
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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
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
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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.
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.
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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.
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
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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
Mr. B.N.Purankmalka
Hish Highless Maharaja G.Singh
Mr. S.N. Talwar
Mr. G.P. Gupta
AUDIT COMMITEE
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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.GuptaMr. 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 gives
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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. Theunique 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 and
average 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 annualized new
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 alsobeen 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 andmortar 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
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policy .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 49 th 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 Birla Sun Life Insurance.
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 and
research designed/ plan chalked out. Data collection is to gather the data from the
population. The data can be collected of two types:
Primary Data
Secondary Data
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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 DataThe 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
items of sample. Sample design may as well lay down the number of items to be
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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
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AND
INTERPETATION
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 1TABLE 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 to get adequate pool of candidates
8.To know about the criteria used for selection of middle level management employees.
Criteria Qualification Experience Communication Leadership
Quality
Technical
Skills
Avg Out of5 2.18 2.45 3.18 3 4.18
Table 4.8
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Figure 4.8
Interpretation:
Fig 4.8 shows that majority of employers prefer other criteria that
qualification, experience, communication and leadership which is technical skills, as
average score of technical skills is 4.18 out of 5, where communication comes at
number two with 3.18 score, after it leadership with 3,experience with 2.45 and then
comes qualification with 2.18 score
9.What is the type of interview conducted for the selection?
TABLE 4.9
Type of
Interview
One to one Sequential Panel
Interview
Percentage 36.4 0 63.6
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Figure 4.9
Interpretation:
Fig 4.9depicts that majority of employers prefer to use panel interview for
final selection of middle level management employees. As 64% conduct panel
interview and 36% conduct one to one interview for final selection.
10.what are the tests conducted for the appointment of employees
Type of
Test
Psychometric Aptitude
Test
Interest
Test
Technical
Test
Percentage 30 20 20 30
TABLE 4.10
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Figure 4.10
Interpretation:
Fig 4.10 shows that majority of employers use psychometric test and technical
test (relating to field). As 30% employers use psychometric test, 30 technical test,
20% aptitude test and 20% uses interest test for selection of employees for the
organization.