Recruitment and Selection Process of Insurance Companies

People are a company’s most important assets. They can make or break the fortunes of a business. In today’s highly competitive business environment placing the right people in the right position is very critical for the success of any organization. The recruitment and selection decision is of prime importance as it is the vehicle for obtaining the best possible person-to-job fit that will, contribute significantly towards the Company's effectiveness. It is also becoming increasingly important, as the Company evolves and changes, that new recruits show a willingness to learn, adaptability and ability to work as part of a team. The Recruitment & Selection procedure ensures that these criteria are addressed In this project I have studied Recruitment and Selection process of ICICI Prudential Life Insurance and attempted to provide some ways so as to make recruitment more effective and to reduce the cost of hiring an employee. I am privileged to be one of the students who got an opportunity to do my training with ICICI Prudential Life Insurance. My involvement in the project has been very challenging and has provided me a platform to leverage my potential in the most constructive way. ICICI Prudential Life insurance is one of India's leading financial institutions offering complete financial solutions that encompass every sphere of life. In a short span of time,ICICI has set an example by having a steady and confident journey to growth and success. During the training period I have studied deeply the process of hiring in ICICI Prudential Life insurance and did a SWOT analysis of ICICI Prudential Life Insurance to find out the existing shortcomings and potential threats and thereby recommended suggestions. This project however is an attempt to share as best as possible my experience in corporate world with all my colleagues and my faculty. I would be delighted to receive reader’s comments which maybe valuable lessons for my future projects.

Executive Summary
In today’s rapidly changing business environment, organizations have to respond quickly to requirements for people. The Financial market has been witnessing growth which is manifold for last few years. Many private players have entered the economy thereby increasing the level of competition. In the competitive scenario it has become a

challenge for each company to adopt practices that would help the organization stand out in the market. The competitiveness of a company of an organization is measured through the quality of products and services offered to customers that are unique from others. Thus the best services offered to the consumers are result of the genius brains working behind them. Human Resource Management in this regard has become an important function in any organization. All practices of marketing and finances can be easily emulated but the capability, the skills and talent of a person cannot be emulated. Hence, it is important to have a well-defined recruitment policy in place, which can be executed effectively to get the best fits for the vacant positions. Selecting the wrong candidate or rejecting the right candidate could turn out to be costly mistakes for the organization. Therefore a recruitment practice in an organization must be effective and efficient in attracting the best manpower. Coverage –The extent and limitation With largest number of life insurance policies in force in the world, insurance happens to be a mega opportunity in India. Its business is growing at 15-20% annually and presently is of the order of Rs. 450m. Together with banking sector it adds about 7% to the GDP. Like the case of BPO’s, Insurance sector too faces the problem of attrition. Thus, recruitment is an ongoing process carried through out the year. The project is based on the study of recruitment process. The various recommendations suggested have been the result of the study. The idea is to generate ways of dealing with high attrition and making hiring process manageable and efficient. Data Used in Project There were mainly two sources of data collection Primary data:
• • •

Survey method Personal interview with candidates In depth conversation with the placement agency

Secondary data:
• • •

Study of recruitment policy Websites Published articles

Research methodology used

Study of recruitment and selection at ICICI Prudential Life Insurance by the manual provided by the HR department;
• • • •

Web sites Journals Magazines Books

Findings
• • •

Recruitment is done throughout the year more during the months of May-June and Oct-Nov; Huge investment of time; Huge recruitment cost;

To pursue these, I would be going through the recruitment policies of the company. By active participation in the recruitment process, the areas where improvement can be bought about can be identified. Thus the whole research would be done under the guidance of external guide. It will also involve recruitment and selection processes, reading the material provide internally by the organization, information from the new employees.

Introduction Of The Insurance Industry
Overview
The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years. The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. Some of the important milestones in the life insurance business in India are:

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.

• • • • •

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Some of the important milestones in the general insurance business in India are:
• • • •

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. 1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973.

With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per cent to the country’s GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP. Yet, nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This itself is an indicator that growth potential for the insurance sector is immense. A well-developed and evolved insurance sector is needed for economic development as it provides long term funds for infrastructure development and at the same time strengthens the risk taking ability. It is estimated that over the next ten years India would require investments of the order of one trillion US dollar. The Insurance sector, to some

lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. Major Insurance Players Licenses have been issued for the following companies . The state owned LIC sold insurance as a tax instrument. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries. Indians.they are persuading people to take out bigger policies. smart marketing and aggressive distribution. can enable investments in infrastructure development to sustain economic growth of the country. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. nearly all private insurers are fast. The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also include restructuring and revitalizing of the public sector companies. Life Insurance Market The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. Buoyed by their quicker than expected success. Present Scenario The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill.extent.. With the entry of the private insurers the rules of the game have changed. Most customers were under. Innovative products. The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income.forwarding the second phase of their expansion plans.insured with no flexibility or transparency in the products. A host of private Insurance companies operating in both life and non-life segments have started selling their insurance policies. are now suddenly turning to the private sector and snapping up the new innovative products on offer. In the private sector 14 life insurance and 8 general insurance companies have been registered. India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. That's the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. The new business premiums of the 12 private players has tripled to Rs 1000 crore in year 2002.03. who have always seen life insurance as a tax saving device. The private insurers also seem to be scoring big in other ways. not as a product giving protection.

setting up of grievance redressal machinery. The insurers are required to maintain solvency margins so that they are in a position to meet their obligations towards policyholders with regard to payment of claims. it has diversified into retail banking and is the largest private bank in the . Today. Towards achieving this objective. The Regulation also provides for payment of interest by insurers for the delay in settlement of claim. the Authority has taken the following steps: • • • • IRDA has notified Protection of Policyholders Interest Regulations 2001 to provide for: policy proposal documents in easily understandable language.• • • • • • • • • • • • • • ICICI Prudential Life Insurance Limited ICICI Prudential Life Insurance Company Limited HDFC Standard Life Insurance Company Limited Birla Sun Life Insurance Company Limited TATA AIG Life Insurance Company Limited Max New York Life Insurance Company Limited SBI – Cardiff Life Insurance Company Limited ING Vysya Life Insurance Company Limited Bajaj Allianz Life Insurance Company Limited MetLife Life Insurance Company Limited Aviva Life Insurance Company Limited AMP Sanmar Life Insurance Company Limited Sahara India Life Insurance Limited Sri Ram Life Insurance Limited Protection of the interests of policyholders: IRDA has the responsibility of protecting the interest of insurance policyholders. All insurers are required to set up proper grievance redress machinery in their head office and at their other offices. It is obligatory on the part of the insurance companies to disclose clearly the benefits. ICICI was established in 1955 to lend money for industrial development. The Authority takes up with the insurers any complaint received from the policyholders in connection with services provided by them under the insurance contract. ICICI Prudential Life Insurance 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. and policyholders' servicing. The advertisements issued by the insurers should not mislead the insuring public. claims procedure in both life and non-life. terms and conditions under the policy. speedy settlement of claims.

Sangli Urban Co-operative Bank. For three years in a row. 23.000 retail policies in the period. 1 private life insurer in the country. we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank-one of India's foremost financial services companies-and Prudential plc. Shamrao Vithal Co-op Bank. 2007. The Company has already taken significant steps to achieve this goal. ICICI Prudential is currently the No. The Company aims to achieve this by striving to provide world class service levels through constant innovation in products. 18. the company garnered Rs 1584 crore of new business premium for a total sum assured of Rs 13. The company has over 23 bancassurnace partners. ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. ICICI Prudential's capital stands at Rs. For the first quarter ended June 30. Lord Krishna Bank.AC Nielsen ORG Marg survey of 'Most Trusted Brands'. The Haryana State Co-operative Bank and Imphal Urban Cooperative Bank Limited.72 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. The company has assets held to the tune of over Rs.000 advisors. Ballia Kshetriya Gramin Bank.400 crore.72 billion.780 crore and wrote nearly 615. Products Insurance Solutions For Individuals . 2005. with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. Total capital infusion stands at Rs. by The Economic Times . distribution channels and technology based delivery. Baramati Co-operative Bank. 987 crore of weighted retail + group new business premiums and wrote over 450. having tie-ups with ICICI Bank. India's Number One private life insurer. Jalgaon Peoples Co-operative Bank.a leading international financial services group headquartered in the United Kingdom.000 policies. 23. 9 Bank of India sponsored Regional Rural Banks (RRBs). Bank of India. South Indian Bank. For the financial year ended March 31. Prudential plc was established in 1848 and is presently the largest life insurance company in UK.• • • • • country. Ernakulam Bank. product range and customer base. ICICI Prudential has been voted as India's Most Trusted Private Life Insurer. Idukki District Co-operative Bank. It has a strong presence across India with over 680 branches and over 235. The Company recognizes that the driving force for gaining sustainable competitive advantage in this business is superior customer experience and investment behind the brand. Distribution • • ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. Federal Bank. As we grow our distribution. the company garnered Rs.

Savings Solutions • • • • • • • Save’n’ Protect is a traditional endowment savings plan that offers life protection along with adequate returns. InvestShield Life New is a unit linked plan that provides premium guarantee on the invested premiums and ensures that the customer receives only the benefits of fund appreciation without any of the risks of depreciation. The policy is designed to provide money at important milestones in the . Protector. Each offer 4 fund options — Preserver. · InvestShield Cashbak is a unit linked plan that provides premium guarantee on the invested premiums along with flexible liquidity options. SmartKid plans are also available in unit-linked form – both single premium and regular premium. HomeAssure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and cost-effective manner. customer-centric products that meet the needs of customers at every life stage. level term assurance with return of premium and single premium.ICICI Prudential Life Insurance offers a range of innovative. Its products can be enhanced with up to 4 riders. It is available in 3 options – level term assurance. Premier Life Gold is a limited premium paying plan that offers customers life insurance cover till the age of 75. Child Plans • SmartKid education plans provide guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. LifeLink Super is a single premium Unit Linked Insurance Plan which combines life insurance cover with the opportunity to stay invested in the stock market. which offers life cover at very low cost. expenses for a child’s higher education or purchase of an asset. CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a child’s marriage. Protection Solutions • • LifeGuard is a protection plan. Balancer and Maximiser. to create a customized solution for each policy holder. LifeTimeSuper offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. The policy is designed to provide money at important milestones in the child’s life. Education Insurance Plans • Education insurance under the SmartKid brand provides guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy.

Market-linked retirement products LifeTime Super Pension is a regular premium market-linked pension plan.000 u/s 80C.both single premium and regular premium Retirement Solutions • • • • ForeverLife is a retirement product targeted at individuals in their thirties. irrespective of the actual medical expenses.child's life. with flexibility in both the accumulation and payout stages. Health Solution • • • • • Health Assure and Health Assure Plus: Health Assure is a regular premium plan which provides long term cover against 6 critical illnesses by providing policyholder with financial assistance. SmartKid plans are also available in unit-linked form . The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined contribution superannuation scheme to provide a retirement kitty for each member of the group. The cover could be uniform or . ICICI Pru Group Term Plan: ICICI Pru’s flexible group term solution helps provide affordable cover to members of a group. Hospital Care*: Hospital Care offers a Cashless hospitalization facility in more then 3000 network hospitals Crisis Cover : is a 360-degree product that will provide long-term coverage against 35 critical illnesses. Health Assure Plus offers the added advantage of an equivalent life insurance cover Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well as at different stages in the treatment of various cancer conditions. Golden Years: is a limited premium paying retirement solution that offers tax benefits up to Rs 100. and death Note (*) products Re-launched on 1st July 2006 Group Insurance Solutions • • • • ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. Diabetes Care and Diabetes Care Plus*: 1st ever critical illness insurance cover for diabetics. total and permanent disability. Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement.

the premiums are waived till maturity. Flexible Rider Options ICICI Pru Life offers flexible riders. 2) Maximiser :An investment option with investment in equity and equity related instruments. in the event of the death of the life assured. This rider is available with SecurePlus and CashPlus.based on designation/rank or a multiple of salary. 4) Preserver :An investment option with investment in low-risk instruments like cash and call money markets. which can be added to the basic policy at a marginal cost. Critical Illness Benefit: protects the insured against financial loss in the event of 9 specified critical illnesses. 3) Balancer :An investment option with investment in a mix of equity and debt oriented instruments. the beneficiary receives an additional amount equal to the rider sum assured under the policy. depending on the specific needs of the customer. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death. till maturity. • • • • • • Accident Benefit: If death occurs as the result of an accident during the term of the policy.ICICI prudential offers you the opportunity of selecting between investment options to match your investment priorities. Benefits are payable to the insured for medical expenses prior to death. If the death occurs while traveling in an authorized mass transport vehicle. Accident & Disability Benefit: This rider option pays 10% the sum assured under the rider every year till next 10 years on Accidental Permanent Disability of 2 Organs. 5) Flexi Growth:- . 1) Protector:An Investment Option with investment indebt and money market instruments. Choice of Six Investment Options :. SecurePlus and CashPlus Waiver of Premium: In case of total and permanent disability due to an accident. the beneficiary will be entitled to twice the sum assured as additional benefit. Income Benefit: This rider pays the 10% of the sum assured to the nominee every year. It is available on SmarKid.

400 051.Tel:46554405 Delhi office : 3rd floor. . becoming the first private life insurer from India to open an office in the Emirate. 6) Flexi balanced:Balance of capital appreciation and stable returns from an equity (large. Mumbai . India's No. New Delhi110011. they feel that there will be no limits to their growth.mid and small cap companies. 1 private life insurance company. Rani Jhansi Road. also opened its representative office in Dubai. Tel: 601 3232 ICICI Prudential Life Insurance opens office in Dubai In a move to consolidate its position in the Gulf region.110055. Registered Office : ICICI Towers 9thfloor. Long term returns from an equity portfolio lare. speed and innovation. The success of the organisation will be founded on its strong focus on values and clarity of purpose. focus on service. Videocon Towers E-1. Nehru place. ICICI Prudential Life Insurance (ICICI Prudential).New Fund (NFO) launched in March 2007. Given the quality of their parentage and the commitment of their team. Bandra-Kurla Complex. and leveraging our technological expertise. They believe that they can play a significant role in redefining and reshaping the sector.mid & small cap companies) & debt portfolio. Tel: 494 3232 Regional Office : 8th floor EROS Coorporate Tower. Vision and Mission of ICICI Prudential Life Insurance Company Their vision is to make ICICI Prudential Life Insurance Company the dominant new insurer in the life insurance industry. This they hope to achieve through their commitment to excellence. New Delhi . These include: • • • Understanding the needs of customers and offering them superior products and service Building long lasting relationships with their partners Providing an enabling environment to foster growth and learning for their employees And above all building transparency in all our dealings.

Solutions that take care of your four basic financial needs Earning. recruitment is all time high during May-June and Oct-Nov. sans worries. 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 METHODOLOGY The insurance sector is marked with a high level of attrition and therefore recruitment process becomes a crucial function of the organization. Project Report Recruitment-Selection Process Insurance Companies OBJECTIVES OF THE PROJECT Every task is undertaken with an objective. So you live your life to the fullest. Investing and Spending. Saving. The recruitment is high during these months due to the fact that March and September are half . Put simply. The attrition is high among the sales managers. solutions with a lot of common sense. world-class solutions. Without any objective a task is rendered meaningless.At ICICI Prudential we offer pragmatic. At ICICI Prudential Life Insurance. unit mangers mostly in the sales profile.

I was particularly involved with the sourcing of candidates for the regions outside Delhi such as M.  The first task was to understand the various job profiles for which recruitment was to be done. This project is centered on identifying best hiring practices in the insurance industries. I was directly involved with the recruitment for candidates for the sales profile. . Thus it is only after March that people move out of the companies. The methodology adopted was planned in advance so as to collect data in the most organized way.  The next step was to explore the various job portals to search for suitable candidates for the job profile. it gave me the opportunity of involving myself directly with the recruitment process and analyzing the process so that suitable recommendations can be given.P and Rajasthan.P.year closing and business is high during Jan-Mar. we were asked to go through the HR policies of ICICI Prudential Life Insurance so that we get a better understanding of the process followed by them. candidates went through a telephonic interview to validate the information mentioned in their resume.  A candidate matching the desired profile was then lined for the first round of Face to Face interview in their respective cities. Before any task was undertaken. Since my summer training was in the months of May-June. My area of focus was the recruitment and selection particularly at ICICI Prudential Life Insurance. U.  Once the search criteria were put.  Firstly the candidate had filled up the personal data form(pdf). It therefore requires great amount of research work.

If he cleared his cut-off he was given another test.  When a candidate cleared his first round. his scores were checked. contact number. It the HR department.  I had the responsibility to make sure that candidates complete all formalities and had to regularly follow up with them.   I was involved in assigning codes and administering the test Once the candidate completed his first assessment. Database for the resumes received through mails and response of advertisement.   The external guide maintained a regular updating of the database. . location etc. he is then made to take an online aptitude test. codes to the candidates. Then the candidates INTERVIEW EVALUATION SHEET which is provided by interviewer was crosschecked by the HR team. PACE containes all the information of a candidate such as name. ICICI has their own database named as “PACE”. We created the online aptitude test. it was essential that a database be maintained to keep a track. If they think that the candidate was good to hire or not.  I was also involved in maintaining a track of test codes given.  Since we received many resumes. It was convenient method than to stock up piles of papers. which has the exclusive rights to assign test. the database for employee referrals. Understanding what kinds of database are maintained and how they help in keeping a record. I update all the records of the new joinees in that tracker. Each code was unique and could be used only once by a candidate.

Survey Research Instrument :. Sample Size : . :-Final Report preparation and presentation.Structured Questionnaire. :-Analysis of Data Collection. Data Collection Procedure :. :-Conducting the survey in RO.Random sampling. News papers and Misc. Sample procedure :.work done in Delhi regional Office. :-Collecting the primary and secondary data. . Journals.RESEARCH METHODOLOGY Date Source Primary Secondary :Through Questionnaires :- Through Internet.80 Sample Area : .Study Recruitment & Selection Process :-Designing the questionnaire . PROJECT SCHEDULE :First 1 week Second week Third Fourth week Fifth week Sixth week Seventh week Eighth week :-Training program from the company. :.

Difficulties:  Candidates were reluctant to talk at times.  Run out of database many times since most of them would have already been contacted. Task: Candidates were to be searched from the job portals and called up to be scheduled for an interview. Task: The recruitment at ICICI Prudential Life Insurance involved a lot search from the database and calling up candidates to check whether they fit the job specification. Difficulties:  A summer trainees we could not separate systems to work on.  Candidates who were scheduled for interview would not turn up.Limitations of the study Every task is undertaken with an objective and accomplishment of this objective determines our success.  At times many people had for couple of hours to work on the computer.  Candidates who were contacted were not interested in Insurance on many occasions. .

the availability of phone was limited. Most organizations have a continuing need to recruit new employees to replace those who leave or are promoted in order to acquire new skills and promote organizational growth. .  People did not disclose much about their employee details. Task: Inter company analysis through survey and questionnaire filling. Difficulties:  Did not secure cooperation easily. Topic Information RECRUITMENT AND SELECTION “The art of choosing men is not nearly so difficult as the art of enabling those one has chosen to attain their full worth”. Recruitment is the process by which organizations locate and attract individuals to fill job vacancies. Since STD calls had to be made.  People asked lot of counter question so convincing them was a major task. so there was greater coordination required with respect to its usage and maintains a time slot so that other person has a chance to use.

selecting and appointing personnel on the permanent rolls of an organization. Exclusions: .Human resource Managing director Amendments and deviations: Any amendments to and deviations from this policy can only be authorized by the Head-human Resources and the Managing Director. abilities and experience needed to perform the job successfully. The next step is careful examination of the job and enumeration of skills.Recruitment follows HR planning and goes hand in hand with selection process by which organizations evaluate the suitability of candidates. Other steps follow:  Creating an applicant pool using internal or external methods  Evaluate candidates via selection  Convince the candidate  And finally make an offer Scope: To define the process and flow of activities while recruiting. With successful recruiting to create a sizeable pool of candidates.No Authorized Signatory . even the most accurate selection system is of little use Recruiting begins when a vacancy occurs and the recruiter receives authorization to fill it. Authorization: S. 1 2 Head.

The HR department would set the recruitment norms for the organization. ACTIVITY FLOW The organization philosophy should be kept in mind while formulating the recruitment procedure. the checks and control measures to be adopted and information that has to be captured. The manpower planning process for the year would commence with the company’s budgeting activity. The process is aimed at defining the series of activities that needs to be performed by different persons involved in the process of recruitment.The policy does not cover the detailed formalities involved after the candidate joins the organization. the onus of effective implementation and compliance with the process rests with the heads of the respective functions and departments who are involved in the recruitment and selection process. Recruitment and Selection is conducted by:  HR & Branch Manager  Functional Head RECRUITMENT PLANNING Recruitment planning on the basis of budget A. The respective Functional . However.

The vacancies sought to be filled or being filled shall always be within the approved annual manpower budget and no recruitment process shall be initiated without the formal concurrence of the Head of the Regional HR under any circumstance. C. B. The Regional HR’s would undertake the planning activity and necessary preparations in advance of the anticipated requirements.heads would submit the manpower requirements of their respective functions/ departments to the board of Directors as part of the annual business plan after detailed discussion with the head of human Resource Function along with detailed notes in support of the projected numbers assumptions regarding the direct and indirect salary costs for each position. A copy of the duly approved manpower plan would be forwarded by the HR department for their further actions during the course of the year. The annual budget would specify the manpower requirement of the entire organization. estimated separations and replacements therefore. D. It would also specify the requirement budget. which is the cost allotted towards the recruitment of the budgeted staff and the replacement of the existing employees. in various functions/departments. as monthly and quarterly activities on the basis of the approved budget. at different levels. Head of the Regional HR shall also have the . at different geographical locations and the timing of the individual requirements. The manpower plan would also clearly indicate the exact time at which the incumbent should be on board in such a way that the Regional HR has adequate notice for the time lapses involved in sourcing any other activities.

Alternately.  Employee referral as per any company scheme that may be approved from time to time. SOURCING OF SUITABLE CANDIDATES Selection of Sources Regional HR would tap various sources/channels for getting the right candidate.responsibility to monitor the appointments being considered at any point of time with specific respect to the duly approved manpower budgets. Depending on the nature of the position/grade. to signify the final decision taken regarding the recommendations. details of the positions maybe forwarded to the VP-HR along with the adequate supporting information. the Regional HR would use any one multiple sources such as:  Existing database (active application data bank). . VP-HR may record the summary of his discussion with the Managing Director and the MD’s approval on the recommendations. Review of manpower budgets shall take place on a quarterly basis. volumes of recruitment and any other relevant factors. Review of Manpower Plans and Additional Manpower A. In the event of any new position or any deviations to the original plans. The recommendations would normally require a formal approval of the Managing Director.  Advertisement in the internet/newspapers/magazines/company’s sites/job sites or any other media.

 The media for releasing advertisement would depend on the level of the position being considered and the urgency of the requirements. Number of positions.  Job websites and  Any other appropriate sources.  Direct recruitment from campuses/academic institutes. ADVERTISEMENTS  All recruitment advertisements (in any form and any medium) shall always conform to the KLI compliance norms and would not be released by any department or branch without the approval of the VP-HR. Placement Agencies (particularly for positions of Managers and above). Key features of the positions as notified by the Functional Heads would normally form a part of the advertisement text. relative efficacy and cost considerations would play a role in the choice of the appropriate sourcing mechanism. Regional HR may obtain assistance from the company’s marketing department and/or any external advertising agencies for the preparation of the contents. specialist positions and critical positions. . confidentiality requirements. criticality of positions and the urgency of the positions. depending on the specifics of each position for which recruitment advertisements are to be released.  Headhunting firms particularly for senior positions. The norms for using any of the sources are not water tight.

Aptitude/attitude of the candidate. choice of the appropriate selection process and the tools thereof shall be decided by the Head of the Regional HR in consultation with the VP-HR. Personality fit of the candidate into the profile. in the requisite numbers and at the compensation/stipend amounts to be formally approved of the VP-HR. norms regarding the identification of the appropriate institutes. internet sites and business magazines. from academic institutes of appropriate standards/reputation/grade. Screening would be on the basis of the profile of the candidate and the departmental requirements. . b. Plans for such recruitment need specific special approval of VP-HR. timings of the recruitment. Screening the candidates First level screening The Candidates would be screened by the HR Manager/Branch Manager for the respective locations. The advertisement mode that could be broadly specified as newspapers (local or mainline depending on requirements). This assessment will be with respect to: a. fresher fitting different description listed above may be recruited from time to time. Placement Agencies/Headhunting Agencies  Depending upon the vacancies. number of candidates to be recruited into different positions. c. depending on the specific features of the position. The general profile of the candidate. constitution of the selection panels.

the Regional HR may take a Tele interview of the candidate for further assessment process. once such test is selected approved by the company. e. In case of need. Second Level Screening Aptitude Test If the first assessment is positive. The chart specifying the Minimum approval level for each level of recruitment is specified below: Category Branch Area Business Managing . Motives of the person to join the company and whether focus is in the short term or is a long term player. Explain the role of Sales manager to the applicant and check the acceptance of the candidate for the same. People who qualify the minimum criteria on this test will be put up on to the Functional Head (VP’s in case of HO) for functional assessment and suitability into the role. For the final selection. say numerically ability.d. g. the regional Manager (Business Heads for HO) will meet the candidates short listed by the branch manager/VP. networking ability. once such a test is finalized. The scoring. etc f. Tied Agency Sales Manager candidates short listed by the BM have will then take sales Aptitude test. Establish the annual guaranteed cash compensation of the individual and check whether the person would fit into the system. the candidates will give the aptitude test. interpretation and the generation of interview probes from that test will also be done at this time. Basic skill level on our set of requirements.

Suitably appropriate IES formats may be created for specific positions. Along with these numerical ratings. No selection will be treated as final unless the IES form is filled comprehensively. experience and other achievements. decide to meet the candidate on more than one occasion or to refer the candidate to another panel. Individual panel members have the option of appending their additional remarks/observations. soon after the interview is over. Any discrepancies noticed by the panel members regarding the authenticity of the data provided by the candidate should be . B. They may. considering for another position) shall be forwarded to the associated Recruitment Manager/ Head of Regional HR. qualitative observations about the candidate and overall decision regarding selection or otherwise (including a decision to defer the induction. at their discretion. referral to another panel. C.Manager/Chief CSE/ADVISORS BIC BM/CM SM Manager Yes Yes Yes Yes Manager/AVP/VP No Yes Yes Yes Heads No No Yes Yes Director No No No Yes General Norms regarding interview Process: A. They may insist on seeing the proof of the claims made by the candidate regarding qualifications. Ratings on various attributes of the candidates shall be recorded in the interview evaluation sheet. Interviews should consider the entire data provided by the candidate either through the formal CV or otherwise before coming to a conclusion about the candidate.

along with the interviewer’s recommendations and Reference check form should be forwarded by the recruitment managers to recruitment head. In the case of interviews taking place at the branch/regional levels. the complete set of papers Personal Data Form. after taking mutual convenience into account. must also be clearly recorded and high lightened on the IES forms. After the final round. Fitment of the candidate into a grade and compensation fitment shall be on the assumption of authenticity of the information provided in the CV/application form. Specific points to be probed during the reference check process. educational details. Interview evaluation sheet . respective branch/regional heads would undertake this co-ordination. An appropriate formal communication shall be sent to the candidate whose candidature is not being taken forward.. . or details of the verbal/telephonic communications provided to the candidate shall be recorded on the candidates papers. job requisition no. For field positions. Administrative Actions Regarding Interviews A. Scheduling and the venue of the interviews would be handled by the recruitment team in consultation with the short listed candidate and the selection panel members.specifically and formally recorded on the IES form and suitably high lightened. similar noting should be recorded on the individual candidate’s papers. if any. B. if the candidate is selected.reference check details. C. CV. by the recruitment team/associated line managers. D.

Any candidate being offered a CTC of more than 4lacs will need the sign off from HEAD-HR. Responsible officials from the former employers. Close relatives and friends cannot be considered as references. reference checks should be undertaken with at least one reference. In the case of sales-Tied Agency functions. provided the compensation does not exceed 20% of the candidates current cash salary. They may seek the assistance of the recruitment managers. Any fitment beyond this norms will need the approval of Head-HR. B. a deviation may be referred to the Managing Director. for the MD’s formal approval. whenever required. For all other functions.Negotiations of the terms and conditions and other pre-appointment formalities A. Normal. the compensation and grade would be fixed post a discussion between the Head of the Regional HR and the associated AVP/VP. the branch managers will be allowed to fix the salary and grade of the incoming sales manager. In appropriate cases. academic institutes and/or any other eminent personalities can be considered as appropriate references. Reference checks A. Reference checks process should not normally be initiated unless the candidate has indicated his firm acceptance of the offer being made by us. at the discretion of the VP-HR. Responsibility for negotiations and finalization of the terms shall rest with the best Branch Manager/Associated Manager. HR will forward a worksheet to support the BM’s to evaluate the appropriate cash CTC of the incumbent. A second reference check will be done if considered necessary. Wherever feasible .

 Personal Data form  Employee requisition form duly filled by the regional Head/Branch Manager . satisfactory reference check reports and medical fitness. When a recruitment Manager is fully satisfied about the selection of the right candidate and about completion of all the formalities connected with the appointment of candidate including requisite documentation. B. fresher and life advisors as sales Managers no reference checks will be required. before coming to conclusions. reference should be made with the latest employer. Any candidate whose credentials are doubtful shall not be recruited. Where the minimum two reference checks are not possible (particularly with the current employer) or where there is a mixed response from different sources. VP-HR would normally consult the functional head concerned. In case of recruitment of Management trainees. the matter may be to the VP-HR for a final decision. Employment offer letter A. Depending on the seniority and any other considerations about the positions. The format of reference check is to be used as a framework for conducting the process.and considered appropriate. In case the candidate is currently un-employed. C. he/she would forward the relevant papers listed below to the head of recruitment. a reference should be made with a senior official of the candidate’s current employer.

Document check list for every grade is as follows:  Authorization Release Form.  Employment details.  1 Month Salary Slip of Current Employer. B.  Background check Form.  2 Passport Size Photograph. . Interview evaluation sheet filled by the regional head/Branch manager/interviewer with his/her comments.  Highest Education marksheet.  Proof of Residence.  Latest and updated resume of the candidate  Photocopy of the appointment letter of the last employer or latest salary slip.  1 Month Salary Slip of Last Employer.  Relieving Letter of last Employment.  Highest Education certificate.  Two Professional references.  Language Proficiency.

E. . Till this letter is issued. A copy of the offer letter shall be duly signed and returned to the candidate. to be signed by the National Recruitment Manager or Chief Manager-HR. Candidate would be expected to fulfill various joining formalities. before issuing the appointment letter. The Regional HR head shall have the overall responsibility and accountability to maintain the templates of the offer letters and also for drafting of suitable non-standard terms to any specific candidate. which are also formally communicated to him/her in the form of a checklist that is attached to the letter of offer. The employee service team may enlist the help of the Branch Manager to ensure that all necessary documents within ten days o the person joining. F. and send the same to the concerned Branch Manager/ HR Manager. Employee services team will issue offer letter. D. the ‘offer’ has not taken place in formal sense.C. The employee service team will follow up Branch Manager/Regional HR Manager for the joining of the candidate and will collect all relevant documents from the candidate including the joining report. Regional HR manager will take the signature of Head-HR on the employee requisition form and forward the papers to the employee service team for issuance of the offer letter. After the of all necessary documents. It would be the responsibility of the Branch Manager/HR Manager to ensure that the accepted copy of the offer letter is forwarded to the employee service team within a week of receipt of the offer letter. the employee service team will send the appointment letter to the new joinee.

An illustrative list of the key deliverables of these incumbents . where required to be submitted as per the table given above.  Creation of quarterly and monthly recruitment plans  Effective coordination with external parties such as candidates. This advance will be adjusted once the person gets included in the subsequent month’s payroll. Once the documentation is complete for the new joinee (including the accepted appointment letter). time and cost consideration of the company in accordance with the approved manpower budget.G. If the person does not submit the relieving letter from the previous organization. placement agencies.  Ensuring inductions as per quality.  Creation of appropriate sourcing mechanism along with tracking the performance of these mechanisms. the employee service manager can put their salary on hold till such time as the said documents are received. numbers. Key tasks of Regional HR Head Regional HR Head will have the authority and responsibility to administer/implement is listed below. people who may have joined before 20th of the month but have not been included in the payroll for the month because of delay in receipt of papers will be given ad-hoc salary advance (up to maximum of 65% of the pro rated salary). within three months of joining. consultants. academic/professional institutes the recruitment and selection process as outlined. H.

along with timely improvements thereto  Assistance to user department and line managers including in interviewing/selection support. documents. and any other employment-market information. tracking timely payments and adjusted thereto  Creation of comprehensive and appropriate tools. scheduling etc. campuses. institutes. linkages.  Effective internal communication with user departments and line managers including making the standard recruitment formats and other templates easily available to such users and notifying the modifications to such formats and templates. templates and any other mechanisms to ensure smooth execution of the process requirement.  Creation and maintenance of qualitative information base regarding candidates.and any other including the custody of the formal agreements .  Monitoring recruitment costs  Complete documentation for the entire recruitment and selection process for easy and quick retrieval in a readily auditable format  Timely and effective communication with all internal and external parties including the candidates .  Creation and maintenance of appropriate and high-quality MIS for current and future needs of the organization. including publication/circulation of appropriate reports there from to the relevant users within the company. placement agencies.

Adequate number of channel partners to generate footfalls for each location. Proper reference checks to ensure that only bonafide candidates are appointed. Conversion of footfalls is low. Huge employee turnover. .  Effective coordination with the post recruitment arm of the Human Resource function  Documentation and creating MIS regarding waiver. Footfall MIS being maintained at each branch locally by Admin. etc and identifying the key areas for improvement in the formal recruitment and selection process document. Lengthy pre-offer formalities. Tracking the progress of the selected candidates including resignation. Weaknesses Pre assessment tests are costly. etc for the purpose of improvement to recruitment and selection process. SWOT Analysis of ICICI Prudential Life Insurance’s Recruitment Process Strengths Brand equity of Kotak Mahindra Bank. deviation. Rigorous Pre-Hiring assessment tests to understand aptitude and personality of candidates. extensions of probation periods/training period.

This leads to same pool of candidates being circulated to all partners. and virtually assure you'll lose talented candidates. White Spaces are delays in hiring process that are unproductive. RECOMMENDATIONS & SUGGESTIONS Compress the "white space" in your hiring process. Threats Increasing number of private players in insurance sector creates ample choices. Develop exclusive contract with channel partners to meet the manpower requirements. waste time. or candidates who make it through screening may wait weeks to interview with a hiring manager. Same channel partners are handling all insurance companies. Reduce turn around time of making an offer. a recruiter may need several weeks to screen a few hundred resumes from the Web job boards. frequent and easy mobility for employees. As the insurance industry is small. Often the longest delays occur between critical selection events. Increasing spill over as a candidate has more than one offer at the time of making a job shift. For example.Opportunities Campus recruitments have huge potential for fulfilling manpower requirements cost effectively. senior level candidates hesitate to meet HR of other companies for the fear of grapevine. Tie up with recruitment agencies on supplying fixed number of footfalls week on week. . Make blue form brief and to the point.

because of busy schedule of senior managers and sometimes because of tight schedule of candidate. Additionally it can send across a positive image about the company. It is recommended to reduce the turnaround time for the recruitment and selection process. Know what you're looking for in candidates. then it is recommended that these placement agencies be given a well drafted job description and job specification. It is observed that the candidates sourced by placement agencies and send for further rounds of interviews are rarely found suitable by the hiring managers. This can also be circulated to internal . Therefore. the interview has to be postponed. filling up forms etc within the stipulated time. White space in recruitment can be compressed by the use of IT also. in case there is need to utilize the service of a placement agency. there often comes the problem of duplication of data. It must be made mandatory for the candidates to take the test. Sometimes. this will make sure that the candidates do not hold casual attitude and take the recruitment process more seriously. Tie up with more & more consultants from multiple segments Since the limited placement agencies are sourcing candidates to all insurance companies. Therefore it is recommended that more and more consultants should be tied up from multiple segments to attract large pool of new and fresh talent.Here at ICICI Prudential Life Insurance. This delay could be minimized by scheduling interviews in the regional locations. the delays occur when the outstation candidates are called for interviews at Regional branches like Delhi and Mumbai. Technology (such as automated or Web-based tracking) is ideal for eliminating unnecessary steps and reducing delays.

This factor must be given importance since Indian society is divided on various parameters such as education. infrastructure etc. A test with high level of English and complicated sentence structure can be a hurdle in areas where language itself is barrier. Currently. An option is to have different tests for different regions. This will help people to get a clearer picture and provide for most suitable candidates. offering access to thousands of resumes within .employees under the employee referral scheme. Web-based technology lets you increase hiring speed and quality while reducing costs. job boards constitute the biggest use of the Web. So. This also becomes frustrating for the candidate sometimes. language. educational and professional details of candidate. Reduce the pre offer formalities: Pre-offer documentation includes filling of a lengthy Blue form which includes all personal. it is recommended that unnecessary details should not be asked before we make the final offer to the candidate. Blend technology into every aspect of your recruiting and hiring process. One size doesn’t fits all An effort must be made to study local condition. Blue form should be made consise. Since applying common test for all candidates across entire country can overshadow a candidates capabilities. Thus making efficient utilization of the existing resources. This is very time consuming and even after taking these details from candidate its not sure that offer will be made or not. education levels.

hours. Rather than undertaking the time-consuming process of filling one job at a time. Work the Web wisely and you save time for recruiters and hiring managers and nab top candidates before your competitors can. This takes a great importance especially when attrition is high. and keep in touch through e-mail. How do you keep a pool active? Some companies send their newsletters to pool candidates. Build and manage your candidate pool as a precious resource. A personorganization helps to assess how well a candidate is suited the organization. A "candidate pool" is a group of individuals who have shown interest in working for your company and are qualified for and ready to fill certain positions. motivations. But many organizations. you draw on the candidate pool and fill jobs as they become available. especially those with a . and experiences against job criteria. Other uses of Web-based technology include online interviewing. Companies have begun to use the Web to collect and instantly match data on candidate skills. and tracking. Pool management is not easy in a tight labor market --good candidates often go elsewhere. It will help the organization to retain its employees for a longer period of time and less burden on recruitment staff. method must be devised to check for person-organization fit.  It is recommended that apart from the person-job fit. give them product coupons. But the Web can also be a powerful tool for screening and qualifying that flood of resumes. candidate assessment and testing. applicant self-scheduling. Whether the attitude he/she carries will promote both organizational as well personal goals.

Thus an organization must be able to stand out in the crowd. CONCLUSION Insurance is confronted with high attrition rate. Create winning impression even on those who are not selected Its very important to create a favorable impression of your organization on all those who come for interview. Therefore it makes recruitment a critical function in the organization. Those who are not selected in the first round of personal interview should also carry this impression that they have missed the opportunity to work in a great company.reputation as a great place to work. The first step in this direction is to ensure competitive people come in the organization. For this. Therefore recruitment in this regard becomes an important function. are able to fill positions quickly using the pool concept. a good impression about the will make him recommend the name to his people. there must a proper coordination of the interview of the candidate and greater degree of professionalism. Even if he is not selected. Interviews conducted on a scheduled time leave a good impression on the candidate. In order to grow and sustain in the competitive environment it is important for an organization to continuously develop and bring out innovations in all it activities. The organization must constantly improvise in its recruitment process so that it is able to attract best in . It is only when organization is recognized for its quality that it can build a stability with its customers. A candidate when invited for a interview must be attended as soon as possible and should be made to wait for hours together.

can only be successful under the experienced and encouraging guidance. Managing HR department in the absence of HR manager. Reply to official mails. Learning about salary fitments. I am privileged to have undergone training at ICICI Prudential Life Insurance. Following up with the candidates during the entire selection process. Prioritize issues according to their importance. In brief my learning and achievements can be summarized as under: • • • • • • • • • • • • Understanding of person and profile fit. LEARNINGS Every endeavor undertaken to accomplish challenging goals. Thus the organization must look out for methods that can enable it to adopt best recruitment practices. Field work exposure to tap candidates that further strengthened the learning. implications and significance.Do you have a clearly stated Recruitment & Selection Policy ? • Yes • No • To some extent . Handling queries received from various quarters.the industry in order to serve the best. its various types. Q1. Learned to convince candidates about the offer rolled out and making them accept the offer through effective communication. on the job training and close interaction with the corporate. Performance appraisals. Convince people about the job profile and to sell the job to the prospective candidate. As learning never stops. Communicating with the corporate. my learning at Kotak has come from a lot of exposure.

5)Which source of Recruitment is better for companies:(i) Internal Source (ii) External Source (iii) Depends on Situation & Post…………………………………… . Transfer & Promotion:(i) Yes (ii) No If Yes than for which type of post…………………………………. 4)Does ICICI Prudential adopt Internal Recruitment Source i.e.2) What are the quality of ICICI Prudential Life Insurance Company recruitment System:• Quick Response time for requirement • Bringing in Quality People • Proper coordination with other team or department • Efficient Maintenance & Updating of Database 3)What Recruitment Sources are used? • Advertisement • Employee Referral • Consultant • Portals • All of these….

Q9. Is the estimation of Recruitment Process cost is done? • Yes • No .6)Rank the Qualities in the order of your preference on the basis of which you select candidate:• Qualification • Experience • Skills • Personality • Depend on Job Variety 7) How many Stages are followed in selection procedure:• 2 • 3 • 4 8) Does ICICI Prudential ask candidates to enter into BONDS with them:• Yes • No If Yes then what kind of Job or Department………………………….

Sign up to vote on this title
UsefulNot useful