DEFINITION OF HUMAN RESOURCE MANAGEMENT:

According to D. Yoder and others

“It is the phase of management which deals with the effective control and use of

manpower as distinguished from other sources of power.”

“The management of human resource is viewed as a system in which participants seek

to attain both individual and group goals.”

“Its objective is to understand what has happened and is happening and to be prepared

for what will happen in the area of the working relationships between the managers and

the managed.”

HUMAN RESOURCE MANAGEMENT: AN OVERVIEW

HRM may be defined as the organized function of planning for human resource need

and recruitment, selection, development, compensation and evaluation of performances

to fill those needs. The HRM process is an on going function that aims to keep the

organization supplied with the right person, in the right position, in the right time. The

HRM process includes 5 basic activities:

 Human resource planning.

 Staffing.

 Training and development.

 Performance appraisal.

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 Compensation.

Human resource activities like selection, promotion and placement come into focus

when there is high demand for the supply of man power in the organization.

Consecutively, efforts are made to match the available man power with organizations

needs. When the supply of human resource is low and the demand is high, a different

emphasis is required.

The company can go in for internal promotions and should place special emphasis

on training and development to enlarge and improve the internal pool of man power.

However, this takes time and planning. Recruitment is another option. When there is

high demand for man power within the enterprise, it is likely that there is high demand

for such man power in external environment as well. Therefore, it is essential that the

compensation offered be competitive. This is very important for retaining individuals

already employed by the enterprise, and also for recruiting new man power.

Managers are responsible for optimizing of the resource available to them like

material, capital and human when it comes to managing people, however, all managers

must be concerned to some degree with the following 5 activities:

 Staffing.

 Retention.

 Development.

 Adjustment.

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 Managing change.

However these activities can be carried out by the individuals, work team, or large

organizational unit level. Sometimes they are initiated by the organization and

sometimes they are initiated by the individuals or work team whatever the case, the

responsibilities for carrying out these activities are highly inter related. Together these

activities constitute the HRM system.

OBJECTIVES OF HUMAN RESOURCE:

The objective of human resource is to maximize the return on investment from the

organization human capital and minimize financial risk. It is the responsibility of

human resource manager to conduct these activities in an effective, legal, fair and

consistence manner. HRM serves these key functions:

1. Recruitment strategy planning

2. Hiring process.

3. Performance evaluation and management.

4. Promotion.

5. Redundancy.

6. Industrial and employee relations.

7. Record keeping of all personal data.

8. Compensation, pension, bonuses, etc in liaison with payroll.

9. Confidential advice to internal ‘customers’ in relation to work.

3
RECRUITMENT

To recruit means to enlist, replenish or reinforce. It refers to the process of

bringing together prospective employees and employers with view to stimulate and

encourage the former to apply for a job with the later. The purpose of recruitment is to

prepare an inventory of people who meet the criteria laid down in the job specifications

so that the organization may choose those who are found most suitable for the positions

vacant.

RECRUITMENT PROCESS:

The process involves inter connected steps:

 Job analysis.

 Sourcing.

 Screening and selection.

 On boarding.

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Job analysis

The proper start to a recruitment effort is to perform a job analysis, to document

the actual or intended requirement of the job to be performed. This information is

captured in a job description and provides the recruitment effort with the boundaries

and objectives of the search. Many times a company will have job descriptions that

represent a historical collection of tasks performed in the past. These job descriptions

need to be reviewed or updated prior to a recruitment effort to reflect present day

requirements. Starting recruitment with an accurate job analysis and job description

insures the recruitment effort starts off on a proper track for success.

Sourcing

1) Advertising, a common part of the recruiting process, often encompassing multiple

media, such as the Internet, general newspapers, job ad newspapers, professional

publications, window advertisements, job centers, and campus graduate recruitment

programs; and

2) Recruiting research, which is the proactive identification of relevant talent who may

not respond to job postings and other recruitment advertising methods done in #1. This

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initial research for so-called passive prospects, also called name-generation, results in a

list of prospects who can then be contacted to solicit interest, obtain a resume/CV and

be screened.

Screening and selection

Suitability for a job is typically assessed by looking for skills, e.g.

communication, typing, and computer skills. Qualifications may be shown through

resumes, job applications, interviews, educational or professional experience, the

testimony of references, or in-house testing, such as for software knowledge, typing

skills, numeracy, and literacy, through psychological tests or employment testing.

Other resume screening criteria may include length of service, job titles and length of

time at a job. In some countries, employers are legally mandated to provide equal

opportunity in hiring. Business management software is used by many recruitment

agencies to automate the testing process. Many recruiters and agencies are using an

applicant tracking system to perform many of the filtering tasks, along with software

tools for psychometric testing.

On boarding: "On boarding" is a term which describes the process of helping new

employees become productive members of an organization. A well-planned

introduction helps new employees become fully operational quickly and is often

integrated with a new company and environment. On boarding is included in the

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recruitment process for retention purposes. Many companies have on boarding

campaigns in hopes to retain top talent that is new to the company, campaigns may last

anywhere from 1 week to 6 months.

ELEMENTS IN RECRUITMENT PROCESS:

1. Recruitment policy.

2. Recruitment organization.

3. Manpower forecasting.

4. Sources of recruitment.

5. Techniques to utilize these resources.

1. RECRUITMENT POLICY:

It contains aspect such as:

• Organizational objectives.

• Identification of the recruitment needs.

• Preferred sources of recruitment.

• Criterion of selection and preferences.

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 • The cost of recruitment and financial implementations of the same.

FEATURES OF RECRUITMENT POLICY:

• It should be well within the general framework of the personnel policies.

• It should be flexible to meet the changing needs.

• It should be capable of developing employees and ensure employment

opportunities on a long term basis.

• RP should provide for matching jobs with employee talents.

• It should highlight the necessity of establishing job analysis.

2. RECRUITMENT ORGANISATION:

Recruitment organization or generally called recruitment office should be well

furnished and have good ambience. It should have facilities to store employee data in

electronic form and retrieve at any wanted time. The functions of this office are:

• Establishing employment standards.

• Contacting prospective employees.

• Testing.

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 • Conducting physical examination.

• Conducting final interviews.

• Record keeping.

• Introducing the employee to his superior.

• Following up of the employee.

3. MANPOWER FORECASTING:

• Receiving employee indent from line staff which contains vacant positions,

tenure of employment, salary offered etc.

• Checking the indent against the allotted posts of each department.

• Financial implications for proposed recruitment.

• To find out whether it is within the budgetary sanctions of the concerned

departments.

• Finally, authorizing the proposed recruitment with job specifications and salary

details.

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4. SOURCES OF RECRUITMENT:

INTERNAL SOURCE:

• Present permanent employee.

• Present temporary/ casual employee.

• Retrenched or retired employee &

• Dependence of deceased, disabled, retired and present employees.

Advantages:

• Morale of the employee improves.

• Develops loyalty amongst workers.

• Training cost and cost will be less.

• Relationship will be good.

• Cheaper and quicker to recruit.

• People already familiar with the business and how it operates.

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• Provides opportunities for promotion within the business can be motivated.

• Business already knows the strengths and weaknesses of the candidates.

Disadvantages:

• Inbreeding.

• Non-availability of required personnel for innovative and diversified activities.

• Talented persons might not get the opportunity as seniority is considered for

promotion.

• Limits the number of potential applicants.

• No new ideas can be introduced from outside the business.

• May cause resentment amongst candidates not appointed.

• Creates another vacancy which needs to be filled.

EXTERNAL SOURCE:

• Campus recruitment.

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• Private employment agencies/ consultants.

• Public employment exchanges.

• Professional associations.

• Data bank.

• Casual applicants.

• Similar organization.

• Trade unions.

• Walk-in

• Consult-in.

Advantages:

• Outside people bring in new ideas.

• Larger pool of workers from which to find the best candidate.

• People have a wider range of experience.

• Provides right type of people having required skills and ability.

• This will be economical in long run as potential people will be placed in the

jobs.

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 Disadvantages:

• Longer process.

• More expensive due to advertisements and interviews required.

• Selection process may not be effective enough to reveal the best candidates.

RECRUITMENT METHODS:

1. Job centers:

These are paid for by the government and are responsible for helping the

unemployed find jobs or get training. They also provide a service for businesses

needing to advertise a vacancy and are generally free to use.

2. Job advertisements:

Advertisements are the most common form of external recruitment.

They can be found in many places (local and national newspapers, notice

boards, recruitment fairs) and should include some important information

relating to the job (job title, pay package, location, job description, how to

apply-either by CV or application form). Where a business chooses to advertise

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 will depend on the cost of advertising and the coverage needed (i.e. how far

away people will consider applying for the job.

3. Recruitment agency:

Provides employers with details of suitable candidates for a vacancy and

can sometimes be referred to as ‘head-hunters’. They work for a fee and often

specialise in particular employment areas e.g. nursing, financial services,

teacher recruitment

4. Personal recommendation:

Often referred to as ‘word of mouth’ and can be a recommendation

from a colleague at work. A full assessment of the candidate is still needed

however but potentially it saves on advertising cost.

5. Campus method:

Campus is the location of a university, college, or school’s main

buildings. This method is based on recruitment at university, colleges…

6. Job centers:

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 Job centers often specialize in recruitment for specific sectors. They

usually provide a shortlist of candidates based on the people registered with the

agency. They also supply temporary or interim employees.

7. Head hunting:

Head hunting are recruitment agents who provide a more specialized

approach to the recruitment of key employees and/or senior management.

8. Advertisements:

They can be found in many places such as:

•Newspaper

•Job posting on job sites

• Ads on websites related to positions recruited.

9. Database search on job sites:

Company can buy data from job websites for a week or a month to

search candidates.

10. Employee referral:

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 This method often refers to as ‘word of mouth’ and can be a

recommendation from a colleague at work.

11. Contract staffing:

Company can buy staffing contract from HR outsourcing.

12. Word-of-mouth recruitment

OBJECTIVES OF RECRUITMENT:

 To attract people with multi-dimensional skills and experience thus suits the

present and future organizational strategy.

 To induct outsiders with the new perspective to lead the company.

 To infuse fresh blood at all levels of the organization.

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  To develop an organizational culture that attracts competent people of the

company.

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

values.

 To device methodologies for accessing 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 in quantum.

TITLE: “A study on Recruitment of financial consultants in HDFC Standard Life

Insurance.”

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STATEMENT OF PROBLEM: At HDFC Standard Life Insurance, the topic as

“Recruitment of Financial Consultant or Recruitment consultant” for my project work.

The selection of the topic was in order to know how do these companies generates

business through THE FINANCIAL CONSULTANTS and to know what is the criteria

candidates have to face.

Some criteria:

• He/she should have good personal contacts.

• He/she should have good communication.

• He/she should have patience and convincing power.

• He/she should be above 18 years.

SCOPE OF THE STUDY: Financial Consultants are those sources of a

company who have their own relations and personal contacts among common

public that they use to generate business through. Company has certain criteria to

recruit these Financial Consultants.

This is a good business opportunity offered by HDFC Standard Life to become a

business partner and earn a good amount of money.

CONCEPTUAL DEFINITIONS:

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GENERAL INSURANCE:

A contract in which one party agrees to pay for another part’s financial loss

resulting from a specific event (for example, a collision, theft, or storm damage). Lease

agreement generally requires that you maintain vehicle collision and comprehensive

insurance as well as liability insurance for bodily injury and property damage.

LIFE INSURANCE:

A system of protection against loss in which a number of Individuals agree to pay

certain sums of money, called premiums, to create a pool of money which will

guarantee that the individuals will be compensated for losses caused by events such as

fire, accident, illness, or death.

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Benefits of Insurance:

Insurance is the instrument of security, savings and peace of mind. It

provides several benefits by paying a small amount of premium to an insurance

company as: -

 Safeguard oneself and one’s family for future requirements.

 Peace of mind-in-case of financial loss.

 Encourage savings.

 Tax rebate.

 Protection from the claim by creditors.

 Security against a personal loan or other type of loan.

 Provide a protection cover to industries, agriculture, women

and child.

 Provide good returns on

investments.

STATEMENT OF RESEARCH OBJECTIVES:

• Recruitment procedure of HDFCSL.

• To study the various method of recruitment done in our company.

• To study the different products provided.

• To study about the needs and requirement of the company.

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• To offer suggestions based on findings.

ADVANTAGES:

 Join HDFC Standard Life Insurance as a Financial Consultant and earn

a rewarding career

 Flexible work timings – You can work whenever you like. You can

work full-time or part-time, depending on your convenience. However,

the time you invest will determine your success

 Anyone can join - Young graduates, Housewives, Retired Personnel,

Self-employed or Working Professionals.

 Zero Investment - There is no start-up capital required. Be your own

boss with flexible working environment, unlimited earning potential and

opportunities to be part of a world class sales team.

 Attractive Remuneration - Company offers excellent commissions,

award and rewards for the performers.

 You have unlimited earning potential. Commission structure is pretty

handsome and is 15-40% and renewal commission of 5% second year

onwards till the policy is in force.

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  Certificate by IRDA- You will get world class training free of cost and

certification by Insurance Regulatory Development Authority.

RESEARCH DESIGN AND METHODOLOGY:

The study is based on survey technique. The study consists of analysis of recruitment

procedure of HDFC standard life. For the purpose of the study 50 candidates were

picked up and their views were solicited on different parameters.

Personal interviews of the candidates to ascertain the different method procedure of

recruitment of FC’s in HDFC standard life . Further applying simple statistical

techniques have processed the data collected.

SOURCES OF DATA:

• Primary data: Questionnaire

• Secondary data: Published materials such as periodicals, books and website.

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SAMPLING PLAN:

Since it is not possible to study whole universe, it becomes necessary to take sample

from the universe to know about its characteristics.

• Sampling Units: trainees, interns, employees.

• Sample Technique: Random Sampling.

• Research Instrument: Structured Questionnaire.

• Contact Method: Personal Interview.

 Sampling size: A sample of 50candidates of HDFC standard life was chosen for

the purpose of the study. Sample considers of student, regular employee and job

seekers.

 Sampling Methods: Probability sampling requires complete knowledge about all

sampling units in the universe. Since due to time constraint non-probability

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 sampling was chosen for the study.

 Sampling procedure: From large number of candidates of HDFC standard life

candidates were randomly picked up.

 Field Study: the respondents were directly approached.

LIMITATIONS

Every work has its own limitation. Limitations are extent to which the process should

not exceed. Limitations of this project are:-

 The project was constrained by time limit of two months.

 Mindset of people may vary depending upon their age, gender, income etc.

 Getting appointment from the concern person was very difficult.

 People mind set about the survey was an obstacle in acquiring complete

information & positive interaction.

 Respondents were very busy in their schedule. So it was very time taken in

every

Questionnaire response by them.

24
OVERVIEW OF THE CHAPTER SCHEME

CHAPTER 1: INTRODUCTION

Definition of HRM, HRM overview, objectives. Recruitment process( job analysis,

sourcing, screening & selection, on boarding), elements of Recruitment, Recruitment

methods, objectives.

CHAPTER 2: RESEARCH DESIGN

Title, statement of problem, scope of study, conceptual definitions, statement of

research objectives, advantages, research design & methodology, sources of data,

sampling plan, limitations.

CHAPTER 3: COMPANY PROFILE

25
Origin of the organization, business objectives, life insurance, incorporation of

HDFCSLIC, visions & values, product profile.

CHAPTER 4: ANALYSIS & INTERPRETATION

Tables, analysis, graphs and interpretations.

CHAPTER 5: SUMMARY OF FINDINGS

CHAPTER 6: SUGGESTIONS AND CONCLUSIONS

CHAPTER 7: ANNEXURES AND QUESTIONNAIRE

CHAPTER 8: BIBLIOGRAPHY

26
ORIGIN OF THE ORGANISATION: HDFC was incorporated in1977

with the primary objective of meeting a social need- that of promoting

home ownership by providing long-term finance to households for their

housing needs. HDFC was promoted with an initial share capital of Rs. 100

million.

ABOUT HDFC:

• HDFC is India’s leading housing finance institution and has helped build more

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

• Rated ‘AAA’ by CRISIL and ICRA for the 10th consecutive year.

27
 • Stable and experienced management.

• High service standards.

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

long-standing commitment to community development.

• Presented the ‘Dream Home’ award for the best housing

finance provider in 2004 at the third Annual Outlook Money

Awards.

• It entered into various sectors and offering services like

banking, mutual funds etc, and with the privatization in

insurance sector, it also entered into insurance mark.

Business objectives:

 To enhance residential housing in the country through the provision of housing

finance in a systematic and professional manner.

 To promote house ownership.

 To increase the flow of resources to the housing sector by integrating the

housing finance sector with the overall domestic financial markets.

GROUP COMPANIES:

o Housing Development Finance Corporation Limited.

28
 o HDFC Bank.

o HDFC Mutual fund.

o HDFC Securities.

o HDFC Chubb General Insurance Company Limited.

HDFC STANDARD LIFE INSURANCE: HDFC Standard Life Insurance

Company Ltd. is one of India's leading private insurance companies, which offers a

range of individual and group insurance solutions. It is a joint venture between Housing

Development Finance Corporation Limited (HDFC Ltd.), India's leading housing

finance institution and a Group Company of the Standard Life, UK. HDFC as on

March 31, 2007 holds 81.9 per cent of equity in the joint venture.

ABOUT LIFE INSURANCE:

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

customers for over 180 years

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

the company for their insurance, pension, investment,

banking and health-care needs

• Its investment manager currently administers £125

billion in assets

29
• It is a leading pensions provider in the UK, and is rated by Standard &

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

Moody's

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

2006 at the Money Marketing Awards, and it was voted a 5 star life and

pension’s provider at the Financial Adviser Service Awards for the last 10 years

running. The '5 Star' accolade has also been awarded to Standard Life

Investments for the last 10 years, and to Standard Life Bank since its inception in

1998. Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at

the Mortgage Magazine Awards in 2006

• Its business operates within six areas: UK Life & pensions, Bank,

Healthcare, Investments, Canada and International.

THE PARTNERSHIP:

HDFC and standard life insurance first came together for a possible joint

venture, to enter life insurance market, in January 1995. It was clear from the

outset both companies shared values and beliefs and a strong relationship quickly

formed. In October 1995 the companies signed a 3-year joint venture agreement.

30
 Around this time standard life purchased a 5% stake in HDF, further

strengthening the relationship.

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

government and ongoing delays in getting the IRDA (Insurance Regulatory and

Development Authority) Act passed in parliament. Despite this both companies

remained firmly committed to the venture.

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

resource made available. Around this time standard life purchased 2%of

Infrastructure Development Finance Company Ltd. (IDFC) standard Life also

started to use the services of the HDFC Treasury department to advise them upon

their investment in India.

Towards the end of 1999, the opening of the market looked very

promising and both companies agreed the time was right to moves the operation

to the next level. Therefore in January 2000 an export team from the UK joined

pocked team from HDFC to r\from the core project team, based in Mumbai.

Around this time standard life purchased a further 5% stake in HDFC and 5%

stake in HDFC Bank.

31
 In a further development standard life agreed to participates in the Asset

Management Company promoted by HDFC to enter the mutual fund market. The

mutual fund was launched on 20th July 2000.

Incorporation of HDFC Standard Life Insurance Company Limited:

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

HDFC Standard Life Insurance Company Limited. Company’s ambition from as

far back as October 1995, was to be first private company to re-enter the life

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

realized when HDFC Standard Life Insurance was the only life company to be

granted a certificate of registration.

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

standard Life owns 18.6% Given Standard Life’s existing investment in the

HDFC Group, this is the maximum investment under current regulations.

HDFC and standard life have a long and relationship built upon shared

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

the parent companies and be the yardstick by which all other insurance

companies in India are measured.

HDFC Standard Life Insurance Company Limited. is one of India's

leading private insurance companies, which offers a range of individual and

32
group insurance solutions. It is a joint venture between Housing Development

Finance Corporation Limited (HDFC Limited), India's leading housing finance

institution and a Group Company of the Standard Life Plc, UK. As on February

28, 2009 HDFC Ltd. Holds 72.43% and Standard Life (Mauritius Holding) 2006,

Ltd. holds 26.00% of equity in the joint venture, while the rest is held by others.

KEY STRENGTHS:

 Financial Expertise: As a joint venture of leading financial services

groups, HDFC Standard Life has the financial expertise required to manage your

long-term investments safely and efficiently.

 Range of Solutions: We have a range of individual and group

solutions, which can be easily customized to specific needs. Our group solutions

have been designed to offer you complete flexibility combined with a low

charging structure.

OUR VISION & VALUES:

Our Vision: 'The most successful and admired life insurance company,

which means that we are the most trusted company, the easiest to deal with, offer

the best value for money, and set the standards in the industry'.

'The most obvious choice for all'.

33
Our Values while we work:

 Integrity

 Innovation

 Customer centric

 People Care “One for all and all for one”

 Team –work

 Joy and Simplicity

PRODUCTPROFILE:

HDFC offers products as per the life stages of the customers and their respective

needs.

34
 Your insurance need will change as your life does, from starting to work to

enjoying your golden years and all the stages in between. Each one of these stages may

pose a different insurance need/cover for you. In this section, we have drawn up the

basic life stages and help you analyze various insurance needs accordingly.

35
INDIVIDUAL PRODUCT:

We at HDFC Standard Life realize that not everyone has the same kind of

needs. Keeping this in mind, we have a varied range of Products that you can

choose from to suit all your needs. These will help secure your future as well as

the future of your family.

PROTECTION PLANS:

You can protect your family against the loss of your income or the burden

of a loan in the event of your unfortunate demise, disability or sickness. These

plans offer valuable peace of mind at a small price.

• Term Assurance Plan

• Loan Cover Term

• Assurance Plan

INVESTMENT PLANS:

Our investment products are well suited to meet your long-term needs.

• Single Premium Whole Life Plan

36
PENSION PLANS:

Our Pension Plans help you secure your financial independence even after

retirement.

• Personal Pension Plan

• Unit Linked Pension Plan

• Unit Linked Pension Plus

Our Immediate Annuity plan will aid you in receiving income post retirement and

securing you financial independence.

SAVINGS PLAN:

Our Savings Plans offer you flexible options to build savings for your future

needs such as buying a dream home or fulfilling your children’s immediate and

future needs. Our Savings range includes

37
• Endowment Assurance Plan

• Unit Linked Endowment

• Unit Linked Endowment Plus

• Money Back Plan

• Children's Plan

• Unit Linked Young star

• Unit Linked Young star Plus

HEALTH PLANS:

Our health plans provides you with timely support in case of any health related

emergencies and helps you and your family to remain financially independent in

difficult times

• Critical care plan

• Surqi care plan

GROUP PRODUCTS:

One-stop shop for employee-benefit solutions

38
HDFC Standard Life has the most comprehensive list of products for progressive

employers who wish to provide the best and most innovative employee benefit

solutions to their employees. We offer different products for different needs of

employers ranging from term insurance plans for pure protection to voluntary

plans such as superannuation and leave encashment.

We now offer the following group products to our esteemed corporate clients

• Group Term Insurance

• Group Variable Term Insurance

• Group Unit-Linked Plan

SOCIAL PRODUCT:

Development Insurance plan is an insurance plan which provides life cover to

members of a Development Agency for a term of one year. On the death of any

member of the group insured during the year of cover, a lump sum is paid to that

member’s beneficiaries to help meet some of the immediate financial needs

following their loss.

OTHER PRODUCTS:

39
• Rural products

• Tax benefits

PRODUCT ANALYSIS:

Endowment Assurance Plan:

You have given your family the very best. And there is no reason why

they shouldn't get the very best in the future too. As a judicious family man, your

priority is to secure the well-being of those who depend on you. Not just for

today, but also in the long term. More importantly, you have to guard your loved

ones against any eventuality. How will they sustain their way of life, so lovingly

built by you, in your absence?

With our HDFC Endowment Assurance Plan, you can ensure that your

family remains financially independent, even if you are not around. You can

ensure that they live a life of respect and dignity always.

The HDFC Endowment Assurance Plan gives you:

• An ideal way to secure your long-term financial goals

40
• Valuable protection to your family by way of lump sum payment in case

of your unfortunate demise within policy term

• Lump sum payment (basic Sum Assured plus any bonus additions) on

survival up to maturity date

• Very flexible benefit options and payment options

Unit linked endowment assurance:

In this policy, the investment risk in investment portfolio is borne by the

policy-holder. You have given your family the very best. And there is no reason

why they should not get the very best in the future too. With HDFC Unit Linked

Endowment plus II, you can ensure that your family remains financially

independent, even if you are not around. You can ensure that they live a life of

respect and dignity, Always.

The HDFC Unit Linked Endowment plus II gives:

• Valuable protection to your family in case you are not around

• An outstanding investment opportunity by providing a choice of

thoroughly researched and selected investments

• Regular Loyalty Units to boost your fund value every year

• Flexible benefit combinations and premium payment options

• Flexible additional benefit options such as critical illness cover

41
Children’s plan:

As a parent, your priority is your child's future and being able to meet

your child's dreams and aspirations.

Today, providing a good education, establishing a professional career or

even a modest wedding is expensive. Costs are increasing fast. Just imagine how

much you'll need when your child takes these important steps in life!

Plan today to ensure a bright future for your child. Start building savings

today with our HDFC Children's Plan.

So that your child is able to lead a life of respect and dignity with a

secured financial future

The HDFC Children's Plan gives you:

• Invaluable financial support to your child

• A choice to customize an ideal plan for your child

• Multiple options for multiple benefits

42
Unit linked young star plan:

As a parent, your priority is your children’s future and being able to meet

their dreams and aspirations. Today, providing a good education, establishing a

professional career or even a modest wedding is expensive. Costs are increasing

fast. Just imagine how much you will need when your children take these

important steps in life.

Plan today to ensure a bright future for your children. Start building

savings today with our HDFC Unit Linked Young Star Champion so that your

child is able to lead a life of respect and dignity with a secured financial future.

The HDFC Unit Linked Young Star Champion gives:

• Valuable protection to your child in case you are not around

• An outstanding investment opportunity by providing a choice of

thoroughly researched and selected investments

• Bumper Addition to the fund value at maturity

• Flexible premium payment options

• No need to go for medicals. Just filling a Short Medical Questionnaire

will do!

43
Money Back Plan:

You have always believed in living life on your own terms. So why let the

changing realities of everyday life overwhelm you and make your aspirations

take a back seat? You can plan now to ensure that you have the necessary funds

to meet your future financial needs.

The HDFC Money Back Plan is a ‘With Profit’ Plan that gives you:

• A proportion of the basic Sum Assured as Cash lump sums at regular 5-

year intervals within the policy term (see the table given below) an ideal

way to secure your long- term as well as short-term financial goals.

• A lump sum payment on survival up to maturity date.

• Valuable protection to your family by way of lump sum payment in case

of your unfortunate death within the policy term

Single premium whole life insurance plan:

The well-informed rightly said and proves how important investments are

in today’s date and age. The question that we all fear is – What about the risks

attached?

HDFC Standard Life Insurance brings to you a safe investment plan that

would take care of your savings and nurture your earnings.

44
HDFC Single Premium Whole of Life Insurance Plan is a tailor-made plan well

suited to meet your long-term investment needs. This participating plan offers

you the following benefits:

• Whole of life plan aimed at providing long-term real growth of your

money

• Single premium investment plan

• In case of your unfortunate demise during the policy term, this

participating (‘With Profits’) insurance plan will pay your family the Sum

Assured and compound Reversionary Bonuses, which are usually added

annually. An additional Terminal Bonus may be paid depending on the

performance of the underlying investments

• During Guaranteed Surrender Periods you get the Sum

Assured and all bonuses vested as at the date of surrender

Term assurance plan:

The HDFC Term Assurance Plan is an insurance policy that is designed to

help secure your family's financial needs. The plan does this by providing a lump

sum to the family of the life assured in case of death or critical illness (if option is

chosen) of the life assured during the term of the contract. One can choose the

lump sum that would replace the income lost to one's family in the unfortunate

event of one's death

45
Loan Cover Term Assurance Plan:

This Plan provides a lump sum on the unfortunate death of the life

assured within the policy term. If you are taking a loan to buy a house for your

family, this plan can help you ensure that life's uncertainties do not affect their

shelter. It is an affordable plan that has been designed to help your family repay

the outstanding loan in case of your unfortunate death.

Future:

HDFC has always been market-oriented and dynamic with respect to

resource mobilization as wall its lending programmed. This renders it more than

capable to meet the new challenges that have emerged. Over the years, HDFC has

developed a vast client base of borrowers, depositors, shareholders and agents, it

hopes of capitalize on this loyal and satisfied client base for future growth.

Internal systems have been development to be robust and agile, to account

changes in the volatile external environment.

HDFC has developed a network of institutional through partnerships with

some of the best institutions in the world, for providing specialized financial

services. Each institution is being fine and service.

46
TABLE 1:

Table showing Age group of the respondents.

Sl no. Category No. of respondents Percentage

1. 18 - 24 30 60%

2. 25 - 35 10 20%

3. 35 - 40 5 10%

4. 40 & above 5 10%

Total 50 100%

ANALYSIS:

Out of 50 respondents 60% are aged between 18 - 24 years, 20% between 25 – 35

years, 10% are aged between 35 – 40 and 10% are of 40 years and above.

47
GRAPH 1:

Graph showing age group of the respondents.

INTERPRETATION:

From the above table and graph it’s understood that majority, i.e. 60%, are between

18 – 24 years and very less respondents, i.e. 10% of them are between 35-40 years &

10% are above 40 years.

48
TABLE 2:

Table showing the Gender of the respondents.

Sl no Category No of respondents Percentage

1. Female 20 40%

2. Male 30 60%

Total 50 100%

ANALYSIS:

Out of 50 respondents 40% were females and 60% were male.

49
GRAPH 2:

Graph showing the gender of the respondents.

INTERPRETATION:

From the above table and graph it can be understood that majority of respondents are

male.

50
TABLE 3:

Table showing the Qualification of the respondents.

Sl no. Category No. of respondents Percentage

1. 2nd PUC 25 50%

2. Graduation 10 20%

3. PG 5 10%

4. Others(including 2nd PUC) 10 20%

Total 50 100%

ANALYSIS:

Out of 50 respondents 50% of them are qualified with 2nd PUC, 20% are graduates,

10% are post graduates and 20% are qualified with others including 2nd PUC.

51
GRAPH 3:

Graph showing the Qualification of the respondents.

INTERPRETATION:

From the above table and graph it can be understood that majority are qualified with 2 nd

PUC and very less respondents are post graduates.

52
TABLE 4

Table showing background of the respondents.

Sl no Category No of respondents percentage

1. Student 25 50%

2. Professional/agent 15 30%

3. Housewife 5 10%

4. Retired 5 10%

Total 50 100%

ANALYSIS:

Out of 50 respondents 50% of them are students, 30% are professional/ agents, 10% are

housewives and 10% are retired.

53
GRAPH 4:

Graph showing background of the respondents.

INTERPRETATION:

From the above table and graph it can be understood that majority of the respondents,

i.e. 50% are students and housewives and retired respondents form less and equal

percentage, i.e. 10% each.

54
TABLE 5:

Table showing the number of respondents pursuing other course/program.

Sl no. Category No of respondents Percentage

1. Yes 25 50%

2. No 25 50%

Total 50 100%

ANALYSIS:

Out of 50 respondents 50% of them are pursuing additional course and 50% of them

are not pursuing any other course.

55
GRAPH 5:

Graph showing the number of respondents pursuing other course/program.

INTERPRETATION:

From the above table and graph 50% of the respondents are pursuing other courses/

programs.

56
TABLE 6

Table showing the respondents knowing earlier about HDFC SLIC.

Sl. no Category No of respondents Percentage

1. Yes 35 70%

2. No 15 30%

Total 50 100%

ANALYSIS:

Out of 50 respondents 70% of them knew about HDFCSLIC and 30% of them dint

know about HDFCSLIC.

57
GRAPH 6:

Graph showing the respondents knowing about HDFC SLIC.

INTERPRETATION:

From the above table and graph majority, i.e. 70% of the respondents knew about

HDFCSLIC.

58
TABLE 7:

Table showing how the respondents got to know about the job in HDFC SLIC.

Sl no Category No of respondents Percentage

1. Ads in newspaper 5 10%

2. Internet 10 20%

3. Agency 5 10%

4. others 30 60%

Total 50 100%

ANALYSIS:

Out of 50 respondents 10% of the respondents got to know about HDFC SLIC through

ads in news paper, 20% through internet, 10% through agency and 60% through other

sources.

59
GRAPH 7:

Graph showing how the respondents got to know about the job in HDFC SLIC.

INTERPRETATION:

From the above table and graph majority, i.e. 60% of the respondents got to know

about HDFCSLIC through other sources and 10% each trough agency and ads in

newspaper.

60
TABLE 8:

Table showing the Perception of respondents about insurance sector.

Sl no Category No of respondents Percentage

1. Hard & lucrative 10 20%

2. Hard but not rewarding 15 30%

3. Smooth & rewarding 5 10%

4. No idea 20 40%

Total 50 100%

ANALYSIS:

Out of 50 respondents 20% think insurance sector is hard and lucrative, 30% think it is

hard but not rewarding, 10% think it is smooth and rewarding and 40% have no idea

about the sector.

61
GRAPH 8:

Graph showing the Perception of respondents about insurance sector.

INTERPRETATION:

From the above table and graph majority, i.e. 40% of them have no idea about the

insurance sector and only 10% think it is smooth and rewarding.

62
TABLE 9

Table showing the respondents holding license from other company.

Sl no Category No of respondents Percentage

1. Yes 5 10%

2. No 45 90%

Total 50 100%

ANALYSIS:

Out of 50 respondents 10% of them hold license from other company and 90% of them

don’t hold license from other company.

63
GRAPH 9:

Graph showing the respondents holding license from other company.

INTERPRETATION:

From the above table and graph majority, i.e. 90% of the respondents do not hold

license from other companies.

64
TABLE 10:

Table showing reason why the respondents selected HDFC SLIC.

Sl no Category No of respondents Percentage

1. Pay scale 5 10%

2. Location 10 20%

3. Working hours 20 40%

4. others 15 30%

total 50 100%

ANALYSIS:

Out of 50 respondents 10% of them chose HDFCSLIC for its pay scale, 20% for its

location, 40% for working hours and 30% for other reasons.

65
GRAPH 10:

Graph showing reason why the respondents selected HDFC SLIC.

INTERPRETATION:

From the above table and graph majority, i.e. 40% of the respondents chose

HDFCSLIC for its working hours and only 10% of them chose for its pay scale.

66
TABLE 11:

Table showing the respondents’ job preference.

Sl no Category No of respondents Percentage

1. Part time job 40 80%

2. Full time job 10 20%

Total 50 100%

ANALYSIS:

Out of 50 respondents 80% of them prefer part time job and 20% of them prefer full

time job.

67
GRAPH 11:

Graph showing the respondents’ job preference.

INTERPRETATION:

From the above table and graph it is understood that majority of the respondents, i.e.

80% prefer part time job.

68
TABLE 12:

Table showing the respondents’ reasons for preferring part time job.

Sl no Category No of respondents Percentage

1. Working elsewhere 4 10%

2. Studying/ plan to pursue other course 16 40%

3. For more income 8 20%

4. Others 12 30%

Total 40 100%

ANALYSIS:

Out of 40 part time job seekers 10% prefer part time as they are working elsewhere,

40% as they are studying or planning to pursue other course, 20% for more income and

30% for other reasons.

69
GRAPH 12:

Graph showing the respondents’ reasons for preferring part time job.

INTERPRETATION:

From the above table and graph majority, i.e. 40% prefer part time job as they are

studying or wanting to pursue other course and very less respondents are working

elsewhere.

70
TABLE 13:

Table showing type of training preferred by the respondents.

Sl no Category No of respondents Percentage

1. Online 35 70%

2. Offline 15 30%

Total 50 100%

ANALYSIS:

Out of 50 respondents 70% of them prefer online training and 30% of them prefer

offline training.

71
GRAPH 13:

Graph showing type of training preferred by the respondents.

INTERPRETATION:

From the above table and graph it is understood that majority, i.e. 70% of the

respondents prefer online training.

72
TABLE 14:

Table showing the respondents’ Opinion about recruitment process.

Sl no Category No of respondents Percentage

1. Excellent 10 20%

2. Good 25 50%

3. Average 15 30%

4. Below average 0 0%

Total 50 100%

ANALYSIS:

Out of 50 respondents 20% of them tell that the recruitment process was excellent.
73
50% of them tell it was good 30% of them tell it was average and none say it was

below average.

GRAPH 14:

Graph showing the respondents’ Opinion about recruitment process.

INTERPRETATION:

74
From the above table and graph it can be understood that majority, i.e. 50% of the

respondents say that the recruitment process was good and none of them said it was

below average.

TABLE 15:

Table showing the information that was not informed during the pre-placement talks.

Sl no Category No of respondents Percentage

1. Company profile 30 60%

2. Job profile 5 10%

3. Job salary 10 20%

4. All the above 5 10%

Total 50 100%

ANALYSIS:

75
Out of 50 respondents 60% of the respondents say that they were not informed about

the company profile, 10% say that they were not informed about the job profile, 20%

say that they were not informed about the job salary and 10% of the respondents say

that they were not informed about all the above.

GRAPH 15:

Graph showing the information that was not informed during the pre-placement talks.

76
INTERPRETATION:

From the above table and graph majority, i.e. 60% of the respondents were not

informed the company profile and 10% each about the job salary and all the above.

TABLE 16:

Table showing the respondents’ rating about the place and environment of the office

during recruitment.

Sl no Category No of respondents percentage

1. Excellent 10 20%

2. Good 35 70%

3. Average 5 10%

4. Below average 0 0

Total 50 100%

ANALYSIS:

77
Out of 50 respondents 20% of them said that the office environment was excellent

during recruitment, 70% said it was good, 10% said it was average and none said it was

below average.

GRAPH 16:

Graph showing the respondents’ rating about the place and environment of the office

during recruitment.

78
INTERPRETATION:

From the above table and graph it can be understood that majority, i.e. 70% of them

said that the office environment was good during recruitment and none said it was

below average.

TABLE 17:

Table showing the respondents’ interest areas for making their career.

Sl no Category No of respondents percentage

1. Working for Indian banks 10 20%

2. Working for MNC banks 30 60%

3. Working for investment banks 5 10%

4. Working for BPOs 5 10%

Total 50 100%

ANALYSIS:

79
Out of 50 respondents 20% of them want to make their career in Indian banks, 60% in

MNC banks, 10% in Investment banks and another 10% in BPOs.

GRAPHS 17:

Graph showing the respondents’ interest areas for making their career.

80
INTERPRETATION:

From the above table and graph it is understood that majority, i.e. 60% of the

respondents want to make their career in MNC banks and 10% each in investment

banks and BPOs.

TABLE 18:

Table showing the respondents’ opinion about making their career in HDFCSLIC.

Sl no Category No of respondents Percentage

1. Yes 40 80%

2. No 10 20%

Total 50 100%

ANALYSIS:

81
Out of 50 respondents 80% have an opinion that they can make a career in HDFCSLIC

and 20% have an opinion that they cannot make a career in HDFC SLIC.

GRAPH 18:

Graph showing the respondents’ opinion about making their career in HDFCSLIC.

82
INTERPRETATION:

From the above table and graph it is understood that majority, i.e. 80% of the

respondents have an opinion of making their careers in HDFCSLIC.

SUMMARY:

83
• Out of 50 respondents majority, i.e. 60%, are between 18 – 24 years and very

less respondents, i.e. 10% of them are between 35-40 years & 10% are above 40

years.

• Majority of them were male.

• Most of the respondents were less qualified with 2nd PUC.

• Students constitute more number compared to professionals, housewives and

retired respondents.

• Equal numbers of respondents are pursuing other courses/ programs.

• 70% of the respondents knew about HDFCSLIC.

• Majority of the respondents got to know about HDFCSLIC through other

sources and others through agency and ads in newspaper.

• Most of them, i.e. 40% have no idea about the insurance sector and only 10%

think it is smooth and rewarding.

• Majority of the respondents do not hold license from other companies.

• Out of 50 respondents majority of the respondents chose HDFCSLIC for its

working hours and only some, about 10% of them chose for its pay scale.

• Majority of the respondents prefer part time job.

84
• Out of 50 respondents majority, i.e. 40% prefer part time job as they are

studying or wanting to pursue other course and very less respondents are

working elsewhere.

• 70% of the respondents prefer online training.

• Out of 50 respondents half of them say that the recruitment process was good

and none of them said it was below average.

• Most, i.e. 60% of the respondents were not informed the company profile and

equal number of them were not informed about the job salary and all the above.

• Majority of them, i.e. 70% said that the office environment was good during

recruitment and none said it was below average.

• Most of the respondents want to make their career in MNC banks.

• Majority of the respondents have an opinion that, they can make their career in

HDFCSLIC.

85
SUGGESTIONS:

 Company can 1st of all make efforts to tell their existence.

 Company should make different slots to housewives, student and retired.

 Company should have unique profiles for married women, students and retired

considering their routine.

 Company should promise more benefits to attract more people towards the job

of financial consultants.

 Company can make people aware of the existence of financial consultant job

through:

(i) Print media

(ii) Banners

(iii) Can recruit sales promoters to explain job profile.

86
 Company can recruit people who are really efficient in making business

irrespective of their qualification.

 All financial consultants might not be good in communication skills. Hence

company can include communication session during recruitment.

 Company can place stalls in trade fares to make people aware of the

opportunities in the company.

 Company can announce more rewards and fixed monthly salary to financial

consultants who reach the target. This can bring confidence in people & attract

them towards the job.

 Company can give free life cover or discount on life cover to active financial

consultants.

 Company can avail discount rate premium for the family members of the

financial consultants.

 People get attracted when there is a word mentioned FREE. Hence company

can give free policies if certain fixed policies or plans are taken. Thus lessening

the burden for the financial consultants and encouraging people especially the

unemployed to take up the job.

87
  Company can assure a career to the people who want to make career in this

particular company by helping them reach targets.

 Company can open branches in rural areas, as there are many aspiring and

efficient candidates in rural areas.

CONCLUSION:

Human resource plays a vital role in any organization. With influence to

HDFCSLIC Recruitment of financial consultants is a very important aspect as they

contribute to the success of the business. Most of the consultants feel that the

recruitment process is satisfactory and that they prefer building their careers with

88
HDFC. Most of the consultants prefer this as a part time job. The company should try

making efforts to have these consultants in full term basis.

Dear sir/Madam,

I, Rohini. C of Sree Cauvery Management College, kindly request you to answer the

following questionnaire, this in return will help me assess the effectiveness of current

recruitment and selection system in your organization. I would be grateful if you could

please spend some time in answer the same.

89
 QUESTIONNAIRE:

Name: _________________________

Address: _________________________

Phone number: _________________________

1. Can you please tell me your age?

18-22 [ ] 23-27 [ ]

27-35 [ ] 40 & above [ ]

2. Gender?

Male [ ] Female [ ]

3. What is your qualification?

II PUC [ ] Graduation [ ]

PG [ ] Others [ ]

4. Are you a

90
 Student [ ] Professional/An agent [ ]

House wife [ ] Retired [ ]

5. Are you pursuing any additional course /program currently?

Yes [ ] No [ ]

6. Did you know about HDFC SLIC before?

Yes [ ] No [ ]

7. How did you get to know about the job in HDFC Standard Life Insurance?

Ads in Newspapers [ ] Internet [ ]

Agency [ ] Others [ ]

8. What is your perception about insurance sector?

91
 Hard and lucrative [ ]

Hard but not rewarding [ ]

Smooth and rewarding [ ]

No idea [ ]

9. Do you hold license from any other insurance company?

Yes [ ] No [ ]

10. Why did you choose HDFC Standard Life Insurance?

Pay Scale [ ] Location [ ]

Working hours [ ] Others [ ]

11. What do you prefer?

Part time job [ ] Full time job [ ]

12. If your priority is part time, please tell me the reason for this preference.

Working elsewhere [ ]

92
 Studying/ plan to pursue other course [ ]

For more income [ ]

Others [ ]

13. Can I know the training you preferred for obtaining license?

Online [ ] Offline [ ]

14. What is your opinion about the recruitment process?

Excellent [ ] Good [ ]

Average [ ] Below average [ ]

15. What of the below information was NOT informed during the pre-placement

talks?

Company profile [ ] Job profile [ ]

Job salary [ ] All the above [ ]

93
16. How would you rate the place and environment of the office during

Recruitment?

Excellent [ ] Good [ ]

Average [ ] Below average[ ]

17. Where do you want to make your career?

Working for Indian banks [ ]

Working for MNC Banks [ ]

Working for Investment banks [ ]

Working for BPOs [ ]

18. Do you think you can make a career in HDFC Standard Life Insurance ?

Yes [ ] No [ ]

94
BIBLIOGRAPY

WEBSITES:

 www.google.com

 www.hdfcinsurance.com

95
BOOKS:

 HUMAN RESOURCE MANAGEMENT

AUTHOR: Reddy & Appanaiah.

96