icici life insurance

CHAPTER 1

EXECUTIVE SUMMARY

The project titled – “ A study on understanding current sources and

identifying the best source of recruitment in ICICI Prudential.” Is a result of close

association with the company for the span of three months. It was a great experience

working in a company which is professionally managed and driven by the policies

framed by the corporate office which is in Mumbai.

Company’s vision is to make ICICI Prudential Life Insurance Company the

dominant new insurer in the life insurance industry. This is believed to be achieved

through the commitment to excellence, focus on service, speed and innovation.

The success of the organization will be founded on its strong focus on values

and clarity of purpose. These include;

Understanding the needs of customers and offering them superior products

and service.

Leveraging technology to service customers quickly, efficiently and

conveniently.

Developing and implementing superior risk management and investment

strategies to offer stable returns to the policy holders.

Levering technology to service customers quickly, efficiently and

conveniently.

Directorate of Distance Education 1

Developing and implementing superior risk management and investment

strategies to offer returns to the policyholders.

Providing an enabling environment to faster growth and learning for the

employees and above all building transparency in all the dealings.

Company also believe that it is on the threshold of an exciting new

opportunity, where it can play a significant role in redefining and reshaping are

sector. Given the quality of percentage and quality and the commitment of the team,

there are no limits to the growth.

During the project work it was noticed that the success pillars on which the

company is standing at and has attained the number one position among the private

players are:

1. Customer First

• Own the customer, deliver the promise

• Listen actively, stretch continually to add value to customers and channel

partners

• RICE: Respect Internal Customer Expectations

• Seek and empower decision making for superior service delivery.

• Live Quality

2. Boundaryless

• Never say ‘it’s not my job’, go beyond the call of duty

• Experiment, believe any thing is possible

• Seek new ideas regardless of source

• Share ideas and thoughts freely across levels & functions.


3. Ownership

• If it is to be, it is up to me

• Bias for action

• Own mistakes, learn from failures

• Confront hard facts, pursue goals relentlessly

• Accountable for team performance.

4. Passion

• Winning Instinct: Transmit boundless energy and enthusiasm to drive results

• Stand up and make a difference, challenge status quo & drive change

• Demonstrate speed for competitive advantage

• Passionately nurture and reward excellence

5. Integrity

• Walk the talk, live the values

• Stand u honestly and fearlessly for what I truly care about

• Always act in a consistent and equitable manner.

• Do not compromise the future to pay for the present


The objectives of the study were:

To select the Best Source of Recruitment for ICICI Prudential.

To assess the different Sources of Recruitment of the Company

To understand the candidate and the Job Profile of the Managerial Level.

To suggest measures which can add value to the Operations of the HR

Department.

Study was based on the above mentioned objectives and eventually the

findings and suggestions were given to the company, particularly to the HR

Department. It was found that the consultants were the best source of recruitment in

ICICI Prudential. Few suggestions were given to the company which will surely help

the company to get good candidates from the consultants. Apart from the

suggestions based on the objectives other suggestions were also given which will

help the HR Department to add value to its daily operations.


CHAPTER 2

INTRODUCTION

THEORITICAL BACKGROUND

“Manpower” or “Human Resource” may be thought of as “the total

knowledge, skills, creative abilities, talents and aptitudes of an organization’s work

force, as well as the values, attitudes and beliefs of an individual involved….It is the

sum total of inherent abilities, acquired knowledge and skills represented by the

talents and aptitudes of the employed persons.”

Human Resource Management includes all activities used to attract & retain

employees and to ensure they perform at a high level in meeting organizational goals.

It means employing people, developing their resources, utilizing, maintaining and

compensating their services in tune with the job and organizational requirements.

These activities are made up of:

1. Recruitment & selection.

2. Training and development.

3. Performance appraisal and feedback.

4. Pay and benefits.

5. Labour relations.


Components of a HRM System


Recruitment &

SelectionSelection

LabourRelations

Training &Development

Pay &Rewards

Performance Appraisal &

Feedback

Recruitment: -

It is the process of searching for prospective employees and stimulating them

to apply for jobs in the organization.

Selection: -

The selection procedure is the system of functions and devices adopted in a

given company, to ascertain whether the candidates’ specifications are matched with

the job specifications and requirements or not.

Training: -

It refers to the teaching and learning activities carried on for the primary

purpose of helping members of an organization, to acquire and apply the knowledge,

skills, abilities and attitudes needed by a particular job and organization.

Development: -

Development: - Development is a systematic process of building workers

skills to enable them to take on new duties.

Performance Appraisal and Feedback: -

Performance appraisal is ;the system of measuring both qualitatively and

quantitatively, an individual’s capacity and attitudes in relation to the job.

Pay and Rewards: -

These can be anything that attracts an employee’s attention and stimulates

him to work.


Labour Relations: -

Considers all activities managers perform to ensure there is a good relationship with labour unions.

RECRUITMENT

Recruitment is “a process to discover the sources of manpower to meet the

requirements of the staffing schedule and to employ effective measures for attracting

that manpower in adequate numbers to facilitate effective selection of an efficient

workforce”.

Recruitment of good employees is a key survival issue in business today.

Executive and Managerial recruitment is even a more challenging and vital task, as

they are the decision makers of the organization. Hence, the sources of recruitment

should be selected very carefully and the formulation of the recruitment policy and

procedures should be carried out after thorough job analysis, in line with the

organization’s objectives, the existing competitive environment and the changing

trends.

Objectives of Recruitment:

To attract people with multi-dimensional skills and experiences that suit the present

and future organizational strategies,

To induct outsiders with a new perspective to lead the company,

To infuse fresh blood at all levels of the organization,

To develop an organizational culture that attracts competent people to the company,

To search or head hunt/head pouch people whose skills fit the company’s values,

To devise methodologies for assessing psychological traits,

To seek out non-conventional development grounds of talent,

To search for talent globally and not just within the company,

To design entry pay that competes on quality but not on quantum.


FACTORS AFFECTING RECRUITMENT


INTERNALEXTERNAL

Company’s Pay PackageSocio-Economic Factors

Quality of Work Life

Organizational Culture

Career Planning & Growth Opportunities

Company’s Size

Company’s Product/services

Geographical Spread of the Company’s

Operations

Company’s Growth Rate

Role of Trade Union

Cost of Recruitment

Company’s Name & Fame

Supply & Demand Factors (for Human

Resources)

Employment Rate/Employment

Opportunities

Labour Market conditions

Political, Legal and Governmental Factors like

Reservations for SC/CT/BC & Sons-of-the-soil

Information Systems like Employment Exchanges of Tele-

recruiting like Internet

Methods or Techniques of Recruitment:

FOR INTERNAL CANDIDATES:

Promotions: - It is the transfer of an employee to a job which pays more money or

one that carries some preferred status.

Transfers: - Employees will be stimulated to work in the new sections or places if

management wishes to transfer them to the places of their choice.

FOR EXTERNAL CANDIDATES:

Present Employees: - Candidates can be recruited, through recommendations made

by the present employees of the organization.

Scouting: - Scouting means sending the representative of the organizations to

various sources of recruitment with a view to persuade or stimulate the candidates to

apply for jobs.

Advertising: - It includes different media like newspapers, magazines of all kinds,

radio, television, etc.


MODERN TECHNIQUES:

Walk-in: - As per this technique, the potential candidates are required to attend for

an interview directly and without a prior application on a specified date, time and at a

specified place.

Consult-in: - The busy and dynamic companies encourage the potential job seekers

to approach them personally and consult them regarding the jobs.

Head-hunting: - These are also known as search consultants. The companies

request the professional organizations to search for the best candidates particularly

for the senior executive positions.

Body Shopping: - Professional organizations and the hi-tech training institutes

develop the pool of human resources for the possible employment. The prospective

employers contact these organizations to recruit the candidates. These professional

and training institutions are called body shoppers and these activities are known as

body shopping.

Business Alliances: - Business alliances like acquisitions, mergers and take-over

help in getting human resources. The company with surplus human resources offers

the services of their employees to other needy organizations.

Tele-Recruitment: - This technique involves the use of the Internet, to advertise job

vacancies and also for the candidates to apply online.


SOURCES OF RECRUITMENT

Recruitment is more likely to achieve its objective if recruiting sources reflect

the type or position to be filled. Certain recruiting sources are more effective than

others for filling certain types of jobs. There are mainly two sources of recruitment

and they are:

INTERNAL SOURCES: - Most large organizations will attempt to develop their

own employees for positions beyond the lowest level.

EXTERNAL SOURCES; - These sources lie outside the organization. They

usually include new entrants, the unemployed, etc.

INTERVIEW:

An interview is an attempt to secure maximum amount of information from

the candidate concerning his suitability for the job under consideration. It can be said

to be a formal meeting in person, especially one arranged for the assessment of the

qualifications of an applicant.

There are several different ways to structure and conduct valid selection

interviews and it is important to select the one that best meets your needs, both in

terms of the major job requirements that you have decided to measure as well as the

time frame you have established to get a new person on board. Hence, the different

types of interviews are:


Types of Interview


Patterned or Structured interview

Non-directive or Free

Interview

Depth or Action

Interview

Group Discussion Interview

Panel Or Board Of Interview

Stress Interview

Interview via the Internet

Tele-Interview

TYPES OR METHODS OF INTERVIEW

Patterned or Structured Interview: This is the most common method of

interview. The whole process of interview, from the kind of questions to be asked to

the close of the interview is well structured and planned. Such interviews are also

called standardized interviews for they are pre-planned to a high degree of accuracy

and precision.

Non-directive or Free Interview: This type of interview is unstructured and is

relatively non-planned as to format.

Depth or Action Interview: It is semi-structured in nature and utilizes

questions in keys areas, which have been studied in advance by the interviewer. This

type of interview demands more mature understanding of human behavior and

development and, therefore, more careful selection of the interviewee.

Group Discussion Interview: In this type of interview, groups rather than

individuals are interviewed. The object of conducting such an interview is to see

how well individuals perform on a particular task or in a particular situation.

Panel or Board Interview: In case of such types of interviews, a candidate is

interviewed by a number of interviewers. Questions may be asked in turn or asked in

random order as they arise on the topic.

Stress Interview: In the stress interview, the interviewer assumes a hostile role

toward the applicant. He deliberately puts him on the defensive by trying to annoy,

embarrass or frustrate him. The purpose is to find out how a candidate behaves in a

stress situation.


Tele-Interview: This is one of the modern methods of interviewing. In such

cases, interviews are conducted over the telephone.

Interview Via the Internet: In recent times, as candidates come from different

places and due too constraint of time, many times interviews are conducted online

through various ways, like e-mails, online chats, video conferencing, etc.


INDUSTRY PROFILE

Insurance in India has been under public sector for over four decades. The

Life Insurance Corporation (LIC) was nationalized in 1956 by merging 245 private

insurance companies, and the General Insurance Corporation was formed.

A number of foreign insurance companies have set up representative office in

India and have also tied up with asset management companies.

When insurance is sold, a promise is sold. A promise from the insurance

company to compensate for losses, if and when the event insured against occurs. The

event insured against is a tragic one that causes damage and loss to the policyholder.

The insurance helps to relieve the impact of the tragedy partly, thus performing an

intrinsically satisfying service. Hence the market for general insurance is unlimited.

Any person who owns an asset of economic value and is engaged in economic

activity needs insurance. This market is very big one, geographically and otherwise,

and the risks to be insured against are varied, from cattle to pump sets to hi-tech

satellites and oil wells.

The present government has gone ahead to announce the liberalization of this

sector. In effect, liberalization means that private and foreign investors can

participate in the Indian insurance sector. But, there are certain rules governing the

Indian and Foreign companies.


Rules Governing Indian Companies

• Minimum paid up capital of Rs.1 Billion

• To invest policy holders’ fund only in India

• International companies holding restricted to 26%

• Indian promoters to dilute their equity holding to 26% over 10 year period.

• No company allowed to deal in life and non-life insurance on as a single entity

• New players to deal in 15-18 months

• Domestic player cannot be a subsidiary of a foreign company

• 3% of gross premium income to be kept in RBI deposits

Rules Governing Foreign Companies

• 26% equity participation

• Cannot appoint majority directors on the board

• Cannot have say in the day to day workings of the company

• Can affect only special resolutions


Insurance tie – ups in India

S.No. Foreign PartnerFirms

Country Indian Partner

Sector

1 Prudential Life UK ICICI Life

2 Allianz AG Germany Bajaj Auto Ltd Non-Life

3American

InternationalUSA

The TATA Group

Non-Life

4American

InternationalUSA

The TATA

GroupLife

5 CGU Life UK Dabur Life

6 Sun Life CanadaThe Aditya Birla Group

Life

7 Chubb Group USA ----------- Non-Life

8 ING Group Netherlands Vysya Bank Life

9 Standard Life UK HDFC Life

10 CIGNA USA ------------ Health

11 AMP Australia Sanmar Life

12 Guarian AXA France ------------ Non-Life

13 Zurich Switzerland Hero Group Non-Life

14 Metlife US J&K Bank Life

15 Legal and General Australia ----------- Non – Life

16Royal and Sun

AllianceUK

Sundaram Finance

Non – Life


17 Yasuda Fire Japan ---------- Non-Life

18Tokyo Fire and

MarineJapan IFFCO Non-Life

19 Aegon NV Natherlands IL&FS Life

20 Mitusui Marine Japan ---------- Non-Life

21 GE Capital USA ---------- Non-Life

22NEW York Life

InternationalUSA Max India Ltd. Life

23 Old Mutual South Africa

Kotak

Mahindra

Finance Ltd.

Life

24 Aetna US ----------- Life

25 BUPA UK Piramal Health Care

26 ----------- ------------

Reliance

General Ins

Co. Ltd.

Non-Life

27 ----------- ------------Reliance Life

Insurance Co.Life

28 Cardiff FranceState Bank of

IndiaLife


General challenges to the insurance sector

How to identify specific need for insurance cover, and develop a suitable

product accordingly Actuary (one who specialize in the mathematics of insurance).

Actuary science and deciding of a specific premium is the biggest problem on which

basis business model is based.

Training and development of insurance agents who will act as sales representatives.

India is a vast country with a population of one billion, with predominant

problems of poverty, unemployment, illiteracy etc. Insurance sector has to face the

challenge of how to make insurance buying a priority in the lower and middle income

class.

Like any other service sector, Insurance will also face challenges of branding,

packaging, product-price-place-promotion and revenue model. Challenges of

organizational structure: From public sector to private sector, with predominance of

joint ventures, how a new organizational format will emerge is another management

challenge the insurance sector will have to manage.


COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank, a premier financial powerhouse and Prudential plc, a leading international

financial services group headquartered in the United Kingdom. ICICI Prudential was

amongst the private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA).

ICICI Prudential’s equity base stands at Rs.5.25 billion with ICICI Bank and

Prudential plc holding 74% and 26% stake respectively. As of September 30, 2004,

the company had issued over 450,000 policies, with a sum assured exceeding

Rs.11,000 crore and premium income of nearly Rs.800 crore. The company has a

network of over 25000 advisors; as well as 11 Bancassurance tie-ups. Today the

company is the #1 private life insurer in the country.

ICICI and Prudential came together in 1993 to form Prudential ICICI Asset

Management Company, which has today emerged as one of the leading mutual funds

in India. The two companies bring together two of the strongest financial service

brands in Asia, known for their professionalism, excellent quality of service and long

term commitment to you. Riding on the success of this relationship, the two

companies joined hands once more in 2000, to form ICICI Prudential Life Insurance,

with a commitment to provide leading-edge life insurance solutions.

ICICI Bank has 74% stake in the company, and Prudential plc has 26%


ICICI Bank

ICICI Bank (NYSE:IBN) is India’s second largest bank with an asset base of

Rs.106812 Croce. ICICI Bank provides a broad spectrum of financial service to

individuals and companies. This includes mortgages, car and personal loans, credit

and debit cards, corporate and agricultural finance. The bank service a growing

customer base of more than 7 million customer accounts and 5 million bondholders

accounts through a multi-channel access network. This includes about 450 branches

and extension counters, 1675 ATMs, call centers and Internet Banking

(www.icicibank.com). ICICI Bank posed a net profit of Rs.1,206 Crore for the year

ended March 31, 2004.’ ICICI Bank is the only Indian company7 to be rated above

the country rating by the international rating agency Moody’s and the only Indian

company to be awarded an investment grade international credit rating. The Bank

enjoys the highest AAA (or equivalent) rating from all leading Indian rating

agencies.

Prudential plc

Established in 1848, Prudential plc is a leading international financial services

company in the UK, with around US$250 billion funds under management, and more

than 16 million customers worldwide. Prudential has brought to market an integrated

range of financial services products that now includes life assurance, pensions,

mutual funds, banking, investment management and general insurance. In Asia,

Prudential is UK’s largest life insurance company with a vast network of 22 life and

mutual funds operations in twelve countries – China, Hong Kong, India, Indonesia,

Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan , Thailand and Vietnam.

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

supported by over 60,000 staff and agents across the region.


http://www.icicibank.com/

Board of directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed

people from the finance industry both from India and abroad.

Mr. K.V. Kamath, Chariman

Mr. Mark Tucker

Mrs. Lalitha D. Gupte

Mr. Danny Bardin

Mrs. Kalpana Morparia

Mrs. Chanda Kochhar

Mr. M.P. Modi

Mr. R. Narayanan

Mr. S.P. Subhedar, (Alternate Director to Mr. Danny bardin)

Mr. Derek Stott, (Alternate Director to Mr. Mark Tucker)

Ms. Shikha Sharma, Managing Director

Management Team

Ms. Shikha Sharma, Managing Director

Ms. Anita Pai, Chief – Operations & Underwriting

Mr. Bill Lisle, Chief Agency Officer

Mr. Sandeep Batra, Chief Financial Officer & Company

Mr. Saugata Gupta, Chier – Marketing

Mr. Shubro J. Mitra, Chief – Human Fesources

Mr. V. Rajagopalan, Appointed Actuary

Mr. Anil Tikoo, Head – Information Technology


THE COMPANY

ICICI Prudential Life Insurance Company is a joint venture between ICICI, a

premier financial powerhouse and Prudential plc, a leading international financial

services group headquartered in the United Kingdom. ICICI Prudential was amongst

the first private sector insurance companies to begin operations in December 2000

after receiving approval from Insurance Regulatory Development Authority (IRDA).

ICICI Prudential’s equity base stands at Rs.525 crore with ICICI Bank and

Prudential plc holding 74% and 26% stake respectively. As of September 30, 2004,

the company had issued over 450,000 policies, with a sum assured exceeding

Rs.11,000 crore and premium income of nearly Rs.800 crore. Today the company is

the #1 private life insurer in the country.

HR Policies & Procedures

The policies and procedures laid down here promote the philosophy of the

Company with regard to standards of excellence; terms of employment; employee

development; and employee services. The objective of this section is to inform you

of the Policies related to Travel, Compensation, Mediclaim, Transfers etc.

Performance Management

ICICI Pru is committed to creating a performance driven culture through

effective management of performance of all staff members in a way that is mutually

beneficial. It drives the same by linking individual performance objective to business

objectives and evaluating performance consistently and fairly.


Training & Capability Development Programs

The focus of our Training & Capability Development Programs is to develop

key competencies and skills among staff members so as to facilitate attainment of full

people potential.

Pace

The peoplesoft initiative P.A.CE is an enabler for our People Processes. It is

Personalized, Accessible, Convenient and Easy and a key stepping-stone in providing

a platform for HR processes that are truly world standard.

Financial Growth of the company

ICICI Prudential clocks growth of 170% in H1 of Fy04

ICICI Prudential Life Insurance, the leading private life insurer in the

country, has maintained the fast pace of growth during the first half of the current

year ended September 2004. the company has garnered Rs.184 crore of premium (in

terms of WAPI) IN THE PERIOD OF April – September 2004, clocking a growth of

170% over premium income of Rs.68 crore in the corresponding period of the

previous year ( Apr – Sept 2003). ICICI Prudential issued nearly 114,000 policies

during the period, compared to 77,183 policies during the same period last year.

The company has also shown an impressive sequential growth of 65 percent

in Q2 (Jul-Sept ’04) over Q1 (Apr-Jun ’04). It gathered Rs.114 crore of premium in

Q2 and Rs.69 crore in Q1 (in WAPI terms).


‘We believe that scale in terms of reach, product portfolio, and channels is

extremely critical to the success of the life insurance business. At the same time, we

have ensured that this growth is built on a foundation of a strong brand, sound

processes, positive customer experience and robust risk and investment

management’, said Ms. Shikha Sharma, CEO & MD, ICICI Prudential Life

Insurance.

The company has grown to 41 locations in the past quarter, recently adding

Bhubhaneshwar, Goa, Guntur, Jalandhar, Jodhpur, Kanpur, Karnal, Kottayam,

Thrissur, Vijayawada and Vizag to its distribution network. It has also tied up with 4

co-operative banks in the past 2 months, and has launched three new savings and

investment products. The company has implemented a 6 Sigma quality programme

to ensure consistent service delivery to the widening customer base, and has a sound

risk and investment management systems to ensure the long-term health of the

business.

The greatest growth has come from the increased pick up and sale of unit-

linked plans. These plans, in all their forms – retirement, child, savings and

investment-contribute over 75% new business in Q2. In the past quarter, the

company also launched two new Smart Kid unit-linked child plans; one a regular

premium option, the other a single premium option.


Annualized Returns on the company’s unit-linked funds for period September

30, 2003 – September 30, 2004 are as below.

ICICI Pru Fund Return%

Protector 14.2

Balancer 33.6

Maxi miser 65.6

Protector Pension 14.0

Balancer Pension 34.2

Maxi miser Pension 66.5

Marketing

Marketing at ICICI Pru covers an array of activities – advertising, branding,

market development, channel support, direct and alliance marketing and corporate

communications. The people in each of these sub-functions perform a unique job, of

which you can learn more through this section. The advertising and branding section

has the schedules of advertising campaigns and a detailing on what ICICI

Prudential’s corporate identity stands for, why its important to be consistent and the

guidelines that must be adhered to. This sections also details the branding across

training, advisor and advertising collaterals with references.

Market development has lucid presentations about the products and how they

compare to those of competition. It also gives recent updates on the recent

happening in the life and pension sector.

Channel marketing aims to streamline the design and development of

collaterals across distribution channels. You will find examples of posters, flyers,

banners, danglers, sales tools, etc developed for tied agents, bancassurance and

corporate agents, as well as for product launches and campaigns.


Direct channels comprise direct marketing and alliance marketing. Direct

marketing taps databases to generate high quality leads for profitable business.

Under direct marketing you will find creative of recent campaigns, as well as details

such as database list, target audience. Alliance marketing seeks to tie up with

channel partners that have synergies with ICICI Prudential and develop programs

that benefit the customer, ICICI Prudential and the channel partner.

Corporate communications handles media relations and is responsible for

some of the news clips regarding ICICI Prudential that we see in the press.

What is Life Insurance in India?

Life Insurance made its debut in India well over 100 years ago. Life

Insurance is a contract providing for payment of a sum of money to the person

assured on the happening of the event insured against. Usually the contract provides

for the payment of an amount on the date of maturity or at specified dates at periodic

intervals or on the death of the assured if it occurs earlier. Among other things, the

contract also provides for the payment of premium usually periodically to the insurer

by the assured. Life Insurance is superior to other forms of savings since its

advantages are in the form of ‘protection’, ‘Aid to Thrift’, ‘Protection against

Creditors’, ‘Liquidity’, ‘Tax relief’, ‘Cash Estate and ‘Money when you need it’.

These advantages overweigh the ones available in other kinds of savings such

as Bank deposits, Unit Trust of India, Public Provident Fund, Post Office Savings

etc. Unlike other saving plans, it affords full protection against risk of death. In cases

of death, full sum assured is made available under the Life Insurance Policy whereas

under other saving schemes, the total accumulated savings along will be available.


LIFE INSURANCE CONTRACT

A Contract of Insurance is a contract of utmost goof faith, technically known

as ‘ Uberrima Fides’. The doctrine of disclosing material facts is embodied in this

important principle, which applies to all forms of presumed to have means of

knowledge, which are not accessible to the Insurer, who is the other party to the

contract. Therefore the proposer is bound to tell the insurer, everything effecting the

judgment of the insurer no matter how so ever unimportant it may seem to him. In all

contracts of insurance, the proposer is bound to make full disclosure of material facts.

Misrepresentation, non-disclosure of fraud in any document leading to acceptance of

the risk automatically discharges the insurer from all liabilities under the contract.

For issue of Life Insurance Policy the following requirements have to be

fulfilled:

1. The proposer has to make a proposal with consideration of payment of first

premium in the form of deposit.

2. The insurer has to accept the proposal mentioning the precise terms on which

the proposal has been accepted.

3. The proposer has to carry out the terms of the acceptance letter where after

alone the policy can be issued.

The financial aspect of Life Insurance is based on the Actuarial principles which

are the most important and the complicated ones.

Insurance has been described as the institution which eliminates risk and

substitutes certainty for uncertainty.’

How is Life Insurance different from other forms of Insurance?

One important difference between Life Insurance and other forms of

Insurance is that:


In other forms of Insurance, namely fire, marine, miscellaneous, the contract

is for a short period usually for one year and is renewable at the end of the that

period. On the other hand, in Life Insurance, it is usually for a long period extending

over a number of years as the contingency insured against namely, hazard of death is

bound to happen, the uncertainty only being as to when it will happen.

The risk of death, further, increases with the age of the life insured if

therefore, the life insurance contract were to run for one year only and were to renew

year after year by mutual consent, the insurer will have to re-assess the risk and

charge a higher premium commensurate with the increased risk due to higher age.

Thus, as the need for Life Insurance would increase with age, so would the cost; and

the latter would become prohibitive at advanced ages when the need for insurance

would be the greatest.

To overcome this difficulty life insurance contracts run for a long period and

a uniform or level annual premium is charged to cover an increasing risk.


STATEMENT OF THE PROBLEM, NEED & THE

IMPORTANCE OF THE STUDY AND OBJECTIVES OF THE

RESEARCH

Introduction:

Recruitment is the process of finding and attracting capable applicants for

employment. The process begins when new recruits are sought and ends when their

applications are submitted. The result is a pool of applicants from which new

employees are selected.

Selection is the process of differentiating between applicants in order to

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

and selection of good employees is a key survival issue in business today. Executive

and Managerial recruitment is even a more challenging and vital task, as they are the

decision makers of the organization. Hence, the sources of recruitment should be

selected very carefully and the formulation of the recruitment policy and procedures

should be carried out after thorough job analysis, in line with the organization’s

objectives, the existing competitive environment and the changing trends.

1. STATEMENT OF THE PROBLEM:

In the age of globalization, an organization can raise physical resources

(property, asset and financial resources) but the growth, development and

performance of an organization is mainly the hard work of its employees i.e. the

human capital. Organizations must therefore focus on their employees to produce, to

expand, to meet the challenges of the global economy. An employee is now a key

asset, who can play a crucial role in the growth and development of the organization.


Realizing this, the HR policies and procedures have been framed and are

effectively being used in ICICI Prudential. A high performing organization, to

maintain its position, needs to be always vibrant and forward-looking. That is why

the management in ICICI Prudential has felt a need of recruiting young and

enthusiastic executives and Managers on a continuous basis, so as to keep it live and

thriving. While the existing experienced executives are the present strength of the

company, the possibilities of identifying the best source of recruitment for pumping

in fresh blood with new ideas, outlook, vision and insight has been explored through

the study.

2. NEED AND IMPORTANCE OF THE STUDY:

ICICI Prudential is India’s number one Life Insurance Company where

recruitment for sales personnel is always on. Company has got five sources from

where it gets the candidate to fill up the positions vacant. The resources are

Consultants, Campus Recruitments, Employee Referral, Advertisements and direct

walk-ins. This study was aimed to have a detail insight on the Recruitment process

followed in the company and to identify the best source of Recruitment so that more

efforts can be taken to streamline the Recruitment process of ICICI Prudential. The

Study is also important because the respondents who were contracted are from

managerial level and hence it also helps to understand the take of managers about the

recruitment policies followed in the company.

The study is also important as its objective also include giving suggestions to

the HR Department so that it can improve its operational functioning and can build a

good rapport through out the region for which it has look into matters beyond

recruitment and training. HR Department is more in to operations which includes

processing papers for offer letter generation after taking telecom of the candidates

outside Bangalore and sending their papers to the corporate office, which is in

Mumbai from where all the activities are controlled. This study is important as an


attempt is made to suggest the company to look beyond recruitment and other

operational activities are controlled. This study is important as an attempt is made to

suggest the company to look beyond recruitment and other operational activities. It

was a challenge to work on this project as the whole region, which includes five

states Karnataka, Kerala, Andhra Pradesh, Tamilnadu and Goa, all the recruitment

activities of these states are managed by the Bangalore Office. This project work was

carried on with a belief that it will help to streamline the recruitment activities and a

best source of Recruitment out of the ones which are already in use so that the

company can concentrate more on that particular source.

3. OBJECTIVES OF THE RESEARCH:

The Objectives of this project has been divided into two:

PRIMARY OBJECTIVE

To Select the Best Source of Recruitment for ICICI Prudential.

SECONDARY OBJECTIVES

A. To assess the different Sources of Recruitment of the Company.

B. To understand the candidate and the job profile of the Managerial Level.

C. To Suggest measures which can add value to the Operations of the HR

Department.


CHAPTER-3

REVIEW OF LITERATURE

Research work follows the vast reading of literature, which is already available

about the topic, which helps to form a clear idea before the research starts. Before

starting the project “A Study on understanding the sources and identifying the best

source of Recruitment in ICICI Prudential references were done to collect the

information about the topic which helped immensely while doing the study. The

details of which are discussed under the following heads namely-

1.Purpose

2.Methodology

3.Conclusion

1. Purpose:

The first step of the research is literature survey. In literature survey the specific

areas and issues upon which data has to be collected is decided based on the

objectives of the study.

To know the recent happenings and trends in the field of Recruitment.

To get more information from the previous studies.

2. Methodology

This project is done by adopting descriptive research method. For this both

primary and secondary data are collected. Primary data is collected by using

questionnaire and personal interviews. Secondary data is collected from the

brouchers of the agency, magazines, books and websites. The information was

collected from the book “ Essentials of Human Resource Management and Industrial

Relations”- P.Subba Rao. The information regarding the basic concepts of


recruitment was taken from the book “Human Resource and Personnel Management”

– Aswathappa. Other sources of collecting information was suffering the net and

information were particularly gathered from websites www.google.com,

www.iciciprulife.com, humanresources.about.com, www.humancapitalonline.com.

Maximum part of this study is based on primary data.

3. Conclusion

After making survey of the literature it could be concluded that lots of books

have talked about Recruitment, Sources of Recruitment and related topics but with

ICICI Prudential’s perspective to find the best source of Recruitment which was the

primary objective was something which nobody has tried to find before. Therefore

this should be considered as a work about which nothing has been done before.


http://www.humancapitalonline.com/

http://www.iciciprulife.com/

http://www.google.com/

CHAPTER 4

REAEARCH METHODOLOGY

Type of Research:

The research is done by using the descriptive research method. In a

descriptive research the main aim will be to provide an accurate snapshot. A

descriptive study was undertaken and data has been collected using both primary and

secondary sources of data. Under the primary source, data has been collected

through questionnaire and interview method. Under the secondary source, data has

been collected through company database, records, manuals, articles and websites.

Sampling Technique:

25 respondents were selected from the managerial level on random basis.

Sample Size:

The universe consisted of 25 personnel at the management cadre of the

Company. A census study of this universe was conducted.

Sample Description:

Sample constitutes 25 people from the managerial level in ICICI Prudential,

Residency Road branch, Bangalore. Sample included people from all departments

namely – Sales, HR, Operations, Administration and Training Department.

Instrumentation Techniques:

Questionnaires have been used to collect data from 25 personnel from the

management cadre. It included open-ended questions and many other questions

having multiple options, as answers. The data collected was classified and tabulated

for the purpose of analysis. Simple statistical tools were used for anlaysis.

Percentages were calculated for the purpose of generalization. Charts, graphs and Directorate of Distance Education 36

diagrams have also been drawn, based on the tabulation. Inferences were drawn and

conclusions made. Data has also been collected from the organization’s Human

Resource (HR) Manual, website and journals.

Actual collection of data:

The sources of data for this research study are mainly through two sources:

A) Primary Data

B) Secondary Data

Primary Data

The primary data are those, which are collected afresh, and for the first time,

thus it happens to be original in character. Primary data have been used to study and

select the best source of Recruitment in ICICI Prudential. The questionnaires have

been prepared to study it and the sample size was 25.

Secondary Data

The secondary data are those, which have been already collected by someone

else. Secondary data also has been used to get the information. Various books on

Recruitment, journals, magazines etc were referred to gather the information.

Software used for data analysis:

For the data analysis, and the subsequent interpretation advanced version of

MS-EXCEL 2000 has been used. This application software has helped to construct

the frequency table, various kinds of graphs and to find out the average responses

from the sample. By the automated data analysis it has minimized the time constraint

and reduced human errors and also accurate outlay of information.


Limitations of the study:

1. Study is restricted to the respondents who are from residency road branch of ICICI

Prudential so the results could not be applicable to other branches of ICICI Prudential

unless changes are made and opinions are taken from the managers of the respective

branches.

2. It is limited only to the executive and managerial cadre.

3. Confidential matters were not easily revealed.

4. Time constraint is another limitation of the study.

5. Sample size is restricted to 25 respondents only.


Educational Qualification of the Respondents – Que No. 06

Table No.1

Educational Qualification of the Respondents

Directorate of Distance Education

Educational Qualification No. Of Managers % of Managers

Graduate 5 20 %

Post Graduate 18 72 %

Any Other 2 8 %

Total 25 100 %

39

CHART-1

Inference:

It can be clearly made from the above graph that more than 70 % of the

respondents are post graduates and hence the opinion of theirs should be given high

importance. Inference can be drawn that the sample size is of high quality.


Chart Showing the Educational Qualification of the Managers

20%

72%

8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Educational Qualification

% o

f M

an

ag

ers

Graduate

PostGraduate

Any Other

How many years of experience did you have, prior to joining this organization? – Que. No. 08

Table No. 2

Experience of Manager in years


Years of Experience No. Of Managers % of Managers

0 to 1 4 16 %

1 to 3 6 24 %

3 to 5 13 52 %

5 to 7 2 8 %

Total 25 100 %

41

CHART-2

Inference:

The graph shows the experience of the managers before joining ICICI

Prudential. Inference can be drawn that the majority of the managers have

experience between 3 to 5 years, which also means that apart from having quality

education they also are very experienced and hence the views given by them are of

high importance.


Chart Showing Experience of the Managers

16%

24%

52%

8%

0%

10%

20%

30%

40%

50%

60%

Experience in Years

% o

f M

an

ag

ers

0 to 1

1 to 3

3 to 5

5 to 7

How many years you have been working in this

organization ? – Que. No. 10

Table No. 3

Association of managers with the company


Years of Experience No. Of Managers % of Managers

0 to 1 7 28 %

1 to 3 13 52 %

Recently Joined 5 20 %

Total 25 100 %

43

CHART-3

Inference:

The graph shows the association of the respondents with the Company. ICICI

Prudential is only 3 years old and 50% of the respondents were there from the

starting itself, which means employed, retention is high in ICICI Prudential, which is

a good sign for any company.


Chart Indicating Association Of Managers with the Company

28%

52%

20%

0%

10%

20%

30%

40%

50%

60%

Association with the Company in Years

% o

f M

an

ag

ers

0 to 1

1 to 3

RecentlyJoined

How did you come to know about the job vacancy in this

company?– Que. No. 11

Table No. 4

How did you come to know about the job vacancy?


Job vacancy No. Of Managers % of Managers

Internal Reference 3 12 %

Advertisement 5 20 %

Consultancy 12 48 %

Casual Application 2 8 %

Campus Recruitment 3 12 %

Total 25 100 %

45

CHART-4

Inference:

This Chart shows the source from where the present employees came to know

about the vacancy and it is found that the Consultancy as a source is the highest

because 48% of the employees came through Consultancy. Inference can be drawn

that the Consultancy is a good Source of Recruitment in ICICI Prudential.


Chart Indication source of knowing the job vacancy

12%

20%

48%

8%12%

0%

10%

20%

30%

40%

50%

60%

% o

f M

an

ag

ers

Internal Reference Advertisement Consultancy

Casual Application Campus Recruitment

What attracted you to apply for this present job? – Que. No. 12

Table No. 5

Reasons for attraction towards the job


Attraction towards the job No. Of Respondents % of Respondents

Vision of the Company 2 8 %

Good Working Environment 2 8 %

Organizations Reputation 10 40 %

Growth Opportunities 3 12 %

Pay Package 8 32 %

Total 25 100 %

47

CHART-5

Inference:

The Chart Shows the reasons for attracting towards the present job of the

respondents and an inference can be drawn that the ICICI Prudential has got a good

brand name which attracts majority of the people to join the organization. People are

also happy with the salary and perks, which is given to them in this company.


Chart indicating the reasons for attraction towards the present Job

8% 8%

40%

12%

32%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

% o

f M

an

ag

ers

Vision of the Comapany Good Working Environment

Organizations Reputation Growth Opportunities

Pay Package

Do you agree that the four rounds of interview are very tiring

for a candidate ? – Que. No. 13

Table No. 6

Are four rounds of interview tiring?


Are four rounds of

interview tiring? No. Of Managers % of Managers

Yes 4 16 %

No 9 36 %

Appropriate 12 48 %

Total 25 100 %

49

CHART-6

Inference:

The graph shows the opinion of the respondents who joined the Company

after Four rounds of Interview, which is still practiced. Four rounds being Group

discussion, Written Test, HR Interview and Final Interview and nearly 50% of them

think that the rounds are appropriate but its being suggested to them company after

the project was completed that they should make candidates for a long time when

they come for interview.


Chart Showing whether the four rounds of interview are very tiring for a candidate

16%

36%

48%

0%

10%

20%

30%

40%

50%

60%

% o

f M

an

ag

ers

Yes

No

Appropriate

What is your opinion about the interview that had been

conducted? – Que. No. 14

Table No. 7

Opinion about the Interview


Opinion about the Interview No. Of Respondents % of Respondents

Very Good 2 8 %

Good 7 28 %

Satisfactory 15 60 %

Poor 1 4 %

Total 25 100 %

51

CHART-7

Inference:

The Inference can be drawn after seeing the above chart that the majority of

the people opine that the rounds of interview were satisfactory and only few said that

it was very good which means room for improvement is there and Company should

work for that.


Chart Showing the opinion about the interview

8%

28%

60%

4%

0%

10%

20%

30%

40%

50%

60%

70%

% o

f R

es

po

nd

en

ts

Very Good Good Satisfactory Poor

How do you rate the Recruitment Process followed by the

Company? – Que. No. 18

Table No. 8

Recruitment Process of the Company


Recruitment Process

of the Company No. Of Managers % of Managers

Good 8 32 %

Excellent 4 16 %

Average 10 40 %

Poor 3 12 %

Total 25 100 %

53

CHART-8

Inference:

Manager’s view about the Recruitment Process followed by the Company is

not that great, which means company especially the HR Department, should strive

hard to build good rapport among the departments.


Chart Indicating the Managers view about the recruitment process of the Company

32%

16%

40%

12%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

% o

f M

an

ag

ers

Good Excellent Average Poor

Which Sectors should company aim to get good candidate ? – Que. No. 19

Table No. 9

Sectors to look at to get good candidates


Sectors No. Of Managers % of Managers

IT 5 20 %

Pharmaceuticals 8 32 %

Banking 9 36 %

Others 3 12 %

Total 25 100 %

55

CHART-9

Inference:

The most significant question was to ask the managers for their ideas as to

which other sectors the Company look at to get good candidates and inference can be

drawn that the IT AND pharmaceutical should be the good sectors for ICICI

Prudential to be on.


Chart Showing the sectors to get good candidates

20%

32%

36%

12%

0%

5%

10%

15%

20%

25%

30%

35%

40%

% o

f M

an

ag

ers

IT Pharmaceuticals Banking Others

The Two forms of job advertisement (Newspaper &

Internet) which are used by the company – do you think its

effective? – Que. No. 24

Table No. 10

Are Advertisements Effective?


Are Advertisements

Effective? No. Of Managers % of Managers

Effective 15 60 %

Not Effective 2 8 %

Should be more presentable 8 32 %

Total 25 100 %

57

CHART-10

Inference:

The Chart shows the opinion of managers on the effectiveness of the job

advertisement given by the company and inference can be drawn that the company

should be more creative and should come out with advertisements which are more

appealing and effective.


Chart Indicating Mangers view on effectiveness of Advertisement

60%

8%

32%

0%

10%

20%

30%

40%

50%

60%

70%

% o

f M

an

ag

ers

Effective Not Effective Should be more Presentable

Should Company go for other means of job advertising also ? – Que. No. 25

Table No. 11

Other means of Advertising


Other means of Advertising No. Of Managers % of Managers

Magazines 9 36 %

Trade Journals 16 64 %

Any Other - -

Total 25 100 %

59

CHART-11

Inference:

Inference can be drawn from the above chart that the company should find

new means of job advertising. Magazines and Trade Journals would be good means

to try on apart from the usual Newspaper Advertisement.


Chart Indicating other means of job advertisement

36%

64%

0%0%

10%

20%

30%

40%

50%

60%

70%

% o

f M

an

ag

ers

Magazines Trade Journals Any Other

Do you agree that the consultants are doing a good job for ICICI Prudential ? – Que. No. 26

Table No. 12

Are Consultants doing a good job for ICICI Prudential?


Are Consultants doing

a good job? No. Of Managers % of Managers

Yes 17 68 %

No 2 8 %

Reasonable 6 24 %

Total 25 100 %

61

CHART-12

Inference:

The Chart shows the respondents view when asked whether consultants were

doing good job for ICICI Prudential. Inference can be drawn that the Consultants are

doing good job for the company.


Are Consultants doing good job for ICICI Prudential?

68%

8%

24%

0%

10%

20%

30%

40%

50%

60%

70%

80%

% o

f M

an

ag

ers

Yes No Reasonable

What do you think is the best Consultant associated with ICICI Prudential ? – Que. No. 28

Table No. 13

Best Consultant associated with ICICI Prudential


Best Consultant No. Of Managers % Of Managers

Corporate Buddha 10 40 %

Reach 8 32 %

Pearl 5 20 %

Resource Link 2 8 %

Total 25 100 %

63

CHART-13

Inference:

The Chart shows the top four Consultants associated with ICICI Prudential in

which majority of the Respondents feel that Corporate Buddha is the number one

Consultancy.


Chart Showing the Best Consultancy

40%

32%

20%

8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

% o

f M

an

ag

ers

Corporate Budha Reach Pearl Resource Link

Which Source of Recruitment should be given more priority ? – Que. No. 30(B)

Table No. 14

Which Source of Recruitment should be given more priority ?


Priority to which source No. Of Managers % Of Managers

Consultants 4 44 %


Employee Referral 13 12 %

Direct - -


Total 25 100 %

65

CHART-14

Inference:

Above chart shows the percentage of respondents voting for streamlining of

different Sources of Recruitment. Inference can be drawn that there I more scope for

improvement and that can be done by coming up with more incentive plans for

Consultants.


Chart indicating the source of recruitment which should be given more priority

44%

32%

12%

0%

12%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

% o

f M

anag

ers

Consultants Advertisement Employee Referral

Direct Campus Recruitment

According to you which is the best source of Recruitment ? – Que. No. 31

Table No. 15

Best Source of Recruitment


Best Source of Recruitment No. Of Managers % Of Managers

Consultant 17 68 %


Employee Reference 2 8 %


Direct 1 4 %

Total 25 100 %

67

CHART-15

Inference:

Primary Objective of the Project was to identify the best Source of

Recruitment in ICICI Prudential and from the above Chart the inference can be

drawn that the Consultants are the best Source of Recruitment and reliability to get

good candidates is more.


Chart showing the best source of Recruitment

68%

16%

8%4% 4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

% o

f M

an

ag

ers

Consultant AdvertisementEmployee Reference Campus RecruitmentDirect

CHAPTER 6

SUMMARY OF FINDINGS, CONCLUSION AND SUGGESTIONS

With the change in the work-scenario brought about through globalization the

service sector also has attracted the attention of many. With this as the background

the study was undertaken for Insurance Company with an emphasis on the sources of

Recruitment.

The objectives of the study were:

To Select the Best Source of Recruitment for ICICI Prudential.

To assess the different Sources of Recruitment of the Company.

To understand the candidate and the Job Profile of the Managerial Level.

To suggest measures which can add value to the Operations of the HR

Department.

SUMMARY OF FINDINGS

Based on the analysis of the collected data and with reference to the objectives,

the significant findings are summarized, conclusions drawn and suggestions given.

1. 72% of the Managers presently working with the company are post graduates

and very few are there who are only graduates, which means educational

qualification is given importance in the company.

2. Majority of the managers possessed work experience of 3-5 years before

joining ICICI Prudential. Point to be noted is that even people with 0-1 yr of

experience are also there in the manager cadre, which is very important to


strike a balance between experienced people and very talented people. The

company has the right kind of work force.

3. ICICI Prudential, after the sector was privatized started the operations in

Bangalore at 2001. It was founded that most of the managers have stayed

with the company since then which means company is good at employee

retention. It should be further noted that those who have joined newly has

come as part of expansion of the staff and not because the earlier employees

resigned.

4. Respondents when joined the organization came to know about the job

vacancy through different sources in which consultancy as a source is the

highest which means consultancy’s association with the company is moving

steady since inception.

5. Most of the respondents who applied for their present managerial level jobs

were attracted by the organization’s reputation, while the pay package offered

was secondary. Hence, it is seen that an organization’s reputation carries a lot

of weight in attracting employees.

6. Overall opinions about the rounds of interview, which are conducted in ICICI

Prudential, say that the rounds are appropriate and not very tiring. But it is

advised that the time taken for the whole process can be cut down so that

candidates don’t get weird waiting to go for their next round of interview.

7. It is observed that the respondents don’t have a great opinion about the

interview, which they had undergone. Which means steps has to be taken so

that the quality of interview can be uplifted.

8. 40% of the respondents opine that the recruitment process followed in ICICI

Prudential is average and only 16% consider it as excellent. So HR


Department should take steps to match the expectations of the people who

take the rounds of interview as not very great.

9. Company should aim at Banking and Pharmaceutical companies to get good

candidates. It is advised that the HR Department should start aggressive head

hunting directly without relying completely on the consultants to get good

candidates.

10. It is observed that a good number of people feel that the job advertisements

made by the company are not very effective. Therefore company should try

to make the job advertisements more presentable so that it can attract lot

many candidates to come for interview.

11. Further to that majority of the respondents feel that the company should try

new means of advertisement in which trade journal is the idea which attracted

majority of the votes from the managers. People requirement in the sales

department is on throughout the year so it will not be a bad idea to advertise

in any trade journal or any business magazine which would attract more

people to take up the job hence giving a wide range of quality of candidates to

the company.

12. There is no doubt in the minds of 68% of the people that the consultants

associated with ICICI Prudential are doing a good job for the company.

Majority of the respondents admit that consultants are the candidate getters

for the company.

13. 40% of the respondents voted Corporate Buddha as the Best consultancy

among Reach consultancy, Pearl Consultancy and Resource Link. It is noted

while working with the company that Corporate Buddha is very

professionally managed group.


14. Out of the various sources of recruitment, consultant as a source of

recruitment should be given most importance. It is advised that the company

should hold frequent meetings with all the consultancies at a regular interval,

which will help to have a good relationship between the company and its

consultant.

15. 68% of the respondents believe that the consultants are the best source of

recruitment. The primary objective of the project was to identify the best

source of recruitment and it was founded that the consultants are the best

source of recruitment.


CONCLUSION

The main focus of the study was to have an in-depth appreciation of the

Recruitment policies, procedures and practices vis-à-vis evaluate their effectiveness n

hiring the right persons and being able to tap their potentials to gel with the

Company’s mission, objectives and goals. Though the Company’s recruitment policy

and procedures had professionalism and were methodically planned out, yet in reality

it was observed that there were few contradictions in carrying out the policy.

The study-revelations are interesting and thought provoking in certain areas.

The study has also afforded an opportunity to the respondents to express their views

on the prevalent recruitment procedures and give their independent suggestions,

which have been enlisted in the analysis and findings for the management to ponder

upon in the interest of employees.

The whole recruitment process is appreciated by most of the recruited

management personnel, as it is not too lengthy and cumbersome.

The Company’s reputation was a feature that most attracted personnel to seek

employment in it. The fact that the procedure was effective can be seen from the

satisfaction levels of the personnel and low personnel turnover. Thus, it can be

concluded that to attract and retain the best in the industry, the employing

organization should maintain high standards in all services provided to their

employees and also keep track of the changing trends of customer tastes and methods

to appease the same with outstanding people and good HR practices.


Conclusion of the study undertaken with perspective to the objectives specifically chosen for the purpose of the study:

1. After the study was completed it was found that the best source of recruitment

in ICICI Prudential was Consultant among other sources like advertisement,

employee referral, direct walk-in and campus recruitment.

2. Assessment of the sources of recruitment was done by coordinating in all the

interviews which took place in the span of three months because of which it

can be concluded that among all the sources of recruitment consultancy as a

source of recruitment is very fruitful as candidates who come for interview in

ICICI Prudential through consultants are clear about the job profile and are

clear as to what is expected out of them by the company.

3. The opportunity provided by the company to be among the employees for

three months also helped to understand the job profile and the candidate

profile at the managerial level and it was found that only best of the

candidates are hired and the parameters of selecting the candidates, which are

standard for all the interviews, are strictly followed.

4. Attempt is made to give some suggestions to the company which can add

value to the daily operations done by the HR Department. Suggestions can be

read in the following page.


SUGGESTIONS

The Insurance Industry in India has attained global standards and is home to

both reputed National and International group of Companies. Particularly in

Bangalore, there is a very good growth potential, as Bangalore is known as the ‘IT

Capital of India.’

Thus, to have a competitive edge, Companies have to strive to recruit and

build a strong team of the best executives, managers and staff and be able to retain

them as any complacency could mar the organizational growth and development

process.

Based on the study conducted on understanding current sources and

identifying the best source of recruitment in ICICI Prudential, Bangalore and

considering the findings of this study, a few suggestions are made which are as

follows:

1. Company should modify the scheme of payment made to consultants when

any candidate is hired from their side. Company should differentiate

consultants depending on their performance. Company should pay more to

consultants who are doing exceptionally good work for the company than

paying them the standard fees, which is applicable for all the consultants.

2. Company should frequently conduct meetings with the consultants, which

will help both consultant and the company to understand each other better.

3. Steps should be taken to fasten the process of pending payments of the

consultants so that they get the payment in time and they time is not wasted

doing follow ups.


4. The four rounds of interview, which is standard for all the jobs, are

appropriate but time, which is taken, is lengthy. So managers should make

themselves free on the day of interview to take the final interview so that the

candidate doesn’t wait for long.

5. HR Department should make a checklist and follow that before sending the

candidates profile for offer letter generation to corporate office which is in

Mumbai, so that there are no mistakes of name and CTC once candidates gets

his/her offer letter.

6. One sad thing, which was noticed, is that on employee’s birthday and special

occasion as such, no official wishes are given from HR Department. A

bouquet or a greeting card should be sent from the HR Department to the

employees on their birthday.

7. HR Department should be more involved in welfare activities of it employees.

8. Company can also think of having an in house Canteen for its employees.


QUESTIONNAIRE

Note: - It is important that you complete every question.

Dear Sir/Madam,

I, S.A. Naresh Kumar, student of I.R & P.M, Directorate of Distance

Education, batch of 2004-05, am conducting this study to understand and identify

the best source of Recruitment in ICICI Prudential, Bangalore. Kindly spare a few

minutes to answer the following questions:

1. Name: _______________________________

2. Age: _____________

3. Designation: _________________________

4. Department: __________________________

5. Sex:

Male Female

6. Educational Qualification

Graduate P.G

Any other. Please Specify ______________________________

7. If previous job held, what was your designation?

______________________________________________________________


8. How many years of experience did you have, prior to joining this

organization?

0 – 1 yrs

3 – 5 yrs

7 yrs and more

1 – 3 yrs

5-7 yrs

9. Are you aware of the different sources of Recruitment of the company?

YesNoNot very clear

10. How many years have you been working in this organization?

0-1 yr

Recently

joined

1-3 yrs

11. How did you come to know about the job vacancy in this Company?

Internal Reference

Advertisements in Media/Internet/Website

Human Resource Recruiting Consultancy

By Casual Application

Campus Recruitment

12. What attracted you to apply for this job?

Vision of the Company

Good Working Environment

Organization’s Reputation

Job itself


Growth Opportunities

Pay Package

13. Do you agree that the four rounds of interview are very tiring for a

candidate?

Yes

No

Appropriate

14. What is your opinion about the interview that had been conducted?

Very Good

Good

Satisfactory

Poor

15. Do you view the HR interview that had been conducted?

Formality

Necessity

16. Does the offer or appointment letter give sufficient information on the

service conditions relating to your appointment?

Yes

No

17. Are the joining formalities time-consuming and procedural?


Yes

No

18. How do you rate the Recruitment Process followed by the company?

Excellent

Average

Good

Poor

19. Which sectors should company aim at to get good candidate?

IT

Pharmaceuticals

Banking

Please mention others

20. In you earlier organization, was the recruitment procedure better than

the one in ICICI Prudential, Bangalore?

Yes

No

Similar

21. Are you aware of the talent@hunt Scheme run by the company?

Yes

No

22. Have you referred any candidate under Talent@hunt scheme?

Yes


mailto:Talent@hunt

mailto:talent@hunt

No

23. Do you think the amount which is given under the Talent@hunt

Scheme is appropriate?

Appropriate

Should be reduced

Should be increased

24. The Two forms of job advertisement (Newspaper & Internet), which

are used by the company-do, you think its effective?

Yes

No

Should be more presentable

25. Should Company goes for other means of job advertising also?

Magazines

Trade Journals

Any other

26. Do you agree that the consultants are doing a good job for ICICI

Prudential?

Yes

No

Reasonable


mailto:Talent@hunt

27. Should company invite consultants to work with?

Yes

No

Can’t Say

28. Who do you think is the best consultant associated with ICICI

Prudential?

Pearl

Corporate Buddha

Resource Link

Reach

Specify Others

29. Do you think company should adopt a different rating policy for

different consultants based on their performance?

Yes

No

30. Do you think company should put extra effort in streamlining any

particular source of recruitment?

Yes

No

Can’t Say


B. If yes, according to you which source should be given more priority?

Consultant

Advertisement

Direct

Employee Referral

Campus

31. According to you, which is the best source of Recruitment?

Consultant

Advertisement

Employee Referral

Direct

Campus

Thank you.


BIBLIOGRAPHY

Author: P. Subba Rao.

Book Name: Essentials of Human Resource Management and Industrial

Relations.

Edition: 2003.

Name of Publisher: Himalaya Publishing House.

Author: K. Aswathappa.

Book Name: Human Resource and Personnel Management.

Edition: 3rd Edition.

Name of Publisher: Tata McGraw Hill.

Magazine: HRM REVIEW

WEBSITES

http:// humnresources.about.com/

http:// www.humancapitalonline.com

www.iciciprulife.com

www.google.com


http://www.google.com/

http://www.iciciprulife.com/

http://www.humancapitalonline.com/