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This document provides an introduction and overview of a research project on the recruitment and selection process of ICICI Life Insurance. The objectives are to understand ICICI's internal recruitment process, identify areas for improvement, and provide recommendations. The methodology will involve studying ICICI's recruitment procedures and comparing to best practices. It includes an introduction on the importance of recruitment and selection for organizations. A literature review covers past research on improving these processes. The document also provides background on ICICI Life Insurance and rationale for the study.
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- 1. 1 DEVI AHILYA VISHWAVIDYALAYA,INDORE Synopsis MAJOR RESEARCH PROJECT on A Study Of Recruitment and Selection Process of ICICI Life Insurance pvt Ltd. A Research Synopsis submitted as partial fulfillment for the award of the Degree of Masters of Business Administration (2012-2014) GUIDED BY: SUBMITTED BY: Prof. Neha Somani Nesar Ahmad MBA 2012-1 Enrollment No. DX1235936
- 2. 2 Table of Content S.NO.Content Page No. 1 1.Introduction 1.1 ......... 1.2......... 3-5 2 Review of Literature 6-7 3 Rationale of the Study 8 4 Objectives of Study 9 5 Research Methodology 10-11 6 References 12
- 3. 3 1. INTRODUCTION:- People areintegral part of any organization today. No organization can run without its human resources. In today’s highly complex and competitive situation, choice of right person at the right place has far reaching implications for an organization’s functioning. Employee well selected and well placed would not only contribute to the efficient running of the organization but offer significant potential for future replacement. This hiring is an important function. The process of hiring begins with human resource planning (HRP) which helps to determine the number and type of people on organization needs. Job analysis and job design enables to specify the task and duties of hobs and qualification expected from prospective job HRP, job analysis, hob design helps to identify the kind of people required in an organization and hence hiring. It should be noted that hiring is an ongoing process and not confined to formative stages of an organization. Employees leave the organization in search of greener pastures, some retire and some die in the saddle. More importantly an enterprises grows, diversifies, take over the other units all necessitating hiring of new men and women. In fact the hiring function stops only when the organization ceases to exist. Hiring involves two board activities:- i) Recruitment ii) Selection
- 4. 4 RECRUITMENT:- The word ‘recruitment’has many meaning and plays an important role. Employees leave the organization in search of greener pastures- some retire some die in saddle. The most important thing is that enterprise grows, diversifies, and takes over other units-all necessitating hiring of new men and women. In fact recruitment functions stop only when the organization ceases to exist. To understand recruitment in simple terms it is understood as process of searching for obtaining applications of job from among from whom the right people can be selected. To define recruitment we can define it formally as it is a process of finding and attracting capable applicants for employment. The process begins when new recruit are sought and ends when their application are submitted. The result is a pool of applicants from which new employees are selected. Theoretically, recruitment process is said to end with receipt of application in practice the activity extends to the screening applicants as to eliminate those who are not qualified for job. PHILOSOPHIES OF RECRUITMENT The traditional philosophy of recruiting has been to get as many people to apply for a job as possible. A large number of jobseekers waiting in queues would make the final selection difficult, often resulting in wrong selection. Job dissatisfaction and employee turnover are the consequence of this. A persuasive agreement can be made that matching the needs of the organization to the needs of the applicants will enhance the effectiveness of the recruitment process. The result will be a workforce which is likely to stay with the organization longer and performs at a higher level of effectiveness. Two approaches are available to bring about match. They are: DEFINATION: “ It is the process of differentiating between applicants in order to identify (and here) those with a greater likelihood of success in a job.’’
- 5. 5 2 ROLE OFSELECTION The role of selection in an organization’s effectiveness is crucial for at least, two reasons; first, work performance depends on individuals. The best way to improve performance is to hire people who have the competence and the willingness to work. Arguing from the employee’s viewpoint, poor or inappropriate choice can be demoralizing to the individual concerned (who finds himself or herself in the wrong job) and de-motivating to the rest of the workforce. Effective selection, therefore, assumes greater relevance. Second, cost incurred in recruiting and hiring personnel speaks about volumes of the selection. Costs of wrong selection are greater. STEPS IN SELECTION PROCESS
- 6. 6 LITERATURE REVIEW REVIEW OFRECRUITMENT AND SELECTION Most employers recognize the fact that their staff is their greatest asset, and the right recruitment and induction processes are vital in ensuring that the new employee becomes effective in the shortest time. The success of an organization depends on having the right number of staff, with the right skills and abilities. Organizations’ may have a dedicated personnel/human resource function overseeing this process, or they may devolve these responsibilities to line managers and supervisors. Many people may be involved, and all should be aware of the principles of good practice. Even it is essential to involve others in the task of recruitment and induction. Ms. Ambika Verma(2009) in their survey research on the use of technologies in recruiting, screening, and selection processes for job candidates conducted in Dimension group found that most organizations implemented technology based recruitment and selection tools to improve efficiency, reduce costs, and expand the applicant pool. The meta-analysis of the research conducted by chapman, uggersler, carroll, piasentin& Jones (2005) concluded that timely responses from HR managers were linked to greater applicant attraction to a job with an organization. According to Robins, in his study revealed that, “The ideal recruitment effort will attract a large number of qualified applicants who will take the job if it is offered. So recruiting is a process of discovering the potential candidates for actual organizational vacancies”. Robert (2005), in his study titled, “Strategic HR Review, 2004”, states that successful recruitment and selection can improve organization performance”. Bowen, et al(1991), in his study examined “that integrated recruitment and selection process helps recruiters to choose the candidates to fit the characteristics of an organization culture” Beardwell, et al(2003) in his study examined that, “Selection is carried out by organizations as a means of candidates potential and actual performance and the intake of employees will make the most appropriate contribution to organization-now and in future”.
- 7. 7 COMPANY PROFILE ICICI PrudentialLife Insurance ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI was established in 1955 to lend money for industrial development. Today, it has diversified into retail banking and is the largest private bank in the country. Prudential plc was established in 1848 and is presently the largest life insurance company in UK. ICICI Prudential is currently the No. 1 private life insurer in the country. For the financial year ended March 31, 2005, the company garnered Rs 1584 crore of new business premium for a total sum assured of Rs 13,780 crore and wrote nearly 615,000 policies. The Company recognizes that the driving force for gaining sustainable competitive advantage in this business is superior customer experience and investment behind the brand. The Company aims to achieve this by striving to provide world class service levels through constant innovation in products, distribution channels and technology based delivery. The Company has already taken significant steps to achieve this goal. India's Number One private life insurer, ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank-one of India's foremost financial services companies-and Prudential plc- a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 23.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer base, we continue to tirelessly
- 8. 8 uphold our commitmentto deliver world-class financial solutions to customers all over India. Rational of the study The benefit to the study for the researcher that it helps to gain knowledge and experience and also provide the opportunity to study and understand the prevent recruitment and selection procedures. The key point of research study : 1. To study the pact about the icici pvt ltd as group, 2. To understand and analysis various HR factor`s including recruitment and selection procedure at icici ltd. 3. To suggest any measure/ recommendation for the improvement of the recruitment procedures.
- 9. 9 OBJECTIVES OF THEPROJECT Every task is undertaken with an objective. Without any objective a task is rendered meaningless. The main objectives for undertaking this project are: To understand the internal Recruitment process at ICICI Prudential Life Insurance To identify areas where there can be scope for improvement To give suitable recommendation to streamline the hiring process
- 10. 10 RESEARCH METHODOLOGY The insurancesector is marked with a high level of attrition and therefore recruitment process becomes a crucial function of the organization. At ICICI Prudential Life Insurance, recruitment is all time high during May- June and Oct-Nov. The attrition is high among the sales managers, unit mangers mostly in the sales profile. The recruitment is high during these months due to the fact that March and September are half year closing and business is high during Jan-Mar. Thus it is only after March that people move out of the companies. Since my summer training was in the months of May-June, it gave me the opportunity of involving myself directly with the recruitment process and analyzing the process so that suitable recommendations can be given. This project is centered on identifying best hiring practices in the insurance industries. It therefore requires great amount of research work. The methodology adopted was planned in advance so as to collect data in the most organized way.
- 11. 11 Source of data Primary:- Through Questionnaires Secondary :- Through Internet, Journals, News papers and Misc. Data Collection Procedure :- Survey Research Instrument :- Structured Questionnaire. Sample Size : - 80 Sample Area : - work done in INDORE Sample procedure :- Random sampling. PROJECT SCHEDULE :- First 1 week :-Training program from the company. Second week :-Collecting the primary and secondary data. Third Fourth week :- Study Recruitment & Selection Process Fifth week :-Designing the questionnaire . Sixth week :-Conducting the survey in RO.
- 12. 12 Seventh week :-Analysisof Data Collection. Eighth week :-Final Report preparation and presentation. References: 1. Books of Human Resource. 2. Manual from ICICI Life Insurance. 3. www.icici life insurance.