RECRUITMENT AND SELECTION PROCESS OF INSURANCE

ICICI
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 . I am privileged to be one of the students who got an opportunity to study about ICICI Prudential Life Insurance 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 project 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. 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 throughout the year. The

Huge investment of time. Huge recruitment cost.project is based on the study of recruitment process. The idea is to generate ways of dealing with high attrition and making hiring process manageable and efficient. The various recommendations put forward is the result of the study.     Web sites Journals Magazines Books Findings    Recruitment is done throughout the year more during the months of May-June and Oct-Nov. DATA USED IN PROJECT There were mainly two sources of data collection Primary data:    Survey method Personal interview with candidates 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. .

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

22. the first Indian life insurance company started its business.44 crore. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1870: Bombay Mutual Life Assurance Society.298 crore in 1938. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. Some of the important milestones in the life insurance business in India are:     1818: Oriental Life Insurance Company. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years. Though the concept of insurance is largely a development of the recent past. the first life insurance company on Indian soil started functioning. 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.OVERVIEW The story of insurance is probably as old as the story of mankind. . From 44 companies with total business-in-force as Rs. 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. it rose to 176 companies with total business-in-force as Rs. The first two decades of the twentieth century saw lot of growth in insurance business.

Insurance happens to be a mega opportunity in India. viz.. 1956. LIC Act. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. 1957: General Insurance Council. on the other hand. can trace its roots to the Triton Insurance Company Ltd.  1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1972: The General Insurance Business (Nationalization) Act. With largest number of life insurance policies in force in the world. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP. LIC formed by an Act of Parliament. it adds about 7 per cent to the country’s GDP. This itself is an indicator that growth potential for the insurance sector is immense. 5 crore from the Government of India. frames a code of conduct for ensuring fair conduct and sound business practices. Together with banking services. Yet. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. set up. a wing of the Insurance Association of India. 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. 1972 nationalized the general insurance business in India with effect from 1st January 1973. the first company to transact all classes of general insurance business. the first general insurance company established in the year 1850 in Calcutta by the British. The General insurance business 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. Some of the important milestones in the general insurance business in India are:     1907: The Indian Mercantile Insurance Ltd. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. . with a capital contribution of Rs.

The state owned LIC sold insurance as a tax instrument. 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. 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. It is estimated that over the next ten years India would require investments of the order of one trillion US dollar. to some extent.. A host of private Insurance companies operating in both life and non-life segments have started selling their insurance policies. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership.insured with no flexibility or transparency in the products. Most customers were under. . not as a product giving protection. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries. 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. India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. With the entry of the private insurers the rules of the game have changed. can enable investments in infrastructure development to sustain economic growth of the country.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. In the private sector 14 life insurance and 8 general insurance companies have been registered. The Insurance sector.

The private insurers also seem to be scoring big in other ways. Buoyed by their quicker than expected success. who have always seen life insurance as a tax saving device. Indians. Innovative products. That's the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected.10.forwarding the second phase of their expansion plans. smart marketing and aggressive distribution. The new business premiums of the 12 private players have tripled to Rs 19000 crore in year 2009. Major Insurance Players Licenses have been issued for the following companies                 ICICI Prudential Life Insurance Limited ICICI Prudential Life Insurance Company Limited HDFC 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 Kotak Insurance Future Genrali Insurance Company Protection of the interests of policyholders: .The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. are now suddenly turning to the private sector and snapping up the new innovative products on offer.they are persuading people to take out bigger policies. nearly all private insurers are fast.

The Regulation also provides for payment of interest by insurers for the delay in settlement of claim.IRDA has the responsibility of protecting the interest of insurance policyholders. 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. setting up of grievance redressal machinery. and policyholders' servicing. claims procedure in both life and non-life. It is obligatory on the part of the insurance companies to disclose clearly the benefits. . 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. terms and conditions under the policy. The Authority takes up with the insurers any complaint received from the policyholders in connection with services provided by them under the insurance contract. All insurers are required to set up proper grievance redress machinery in their head office and at their other offices. Towards achieving this objective. The advertisements issued by the insurers should not mislead the insuring public. speedy settlement of claims.

ICICI PRUDENTIAL LIFE INSURANCE .

with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. ICICI Prudential is currently the No. 2005.72 billion.COMPANY-PROFILE:       ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank. Today. The Company aims to achieve this by striving to provide world class service levels through constant innovation in products. the company garnered Rs 1584 crore of new business premium for a total sum assured of Rs 13.000 policies. distribution channels and technology based delivery. it has diversified into retail banking and is the largest private bank in the country. 1 private life insurer in the country. For the financial year ended March 31. For . Prudential plc was established in 1848 and is presently the largest life insurance company in UK. a premier financial powerhouse and Prudential plc. The Company recognizes that the driving force for gaining sustainable competitive advantage in this business is superior customer experience and investment behind the brand. The Company has already taken significant steps to achieve this goal. a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 23. ICICI was established in 1955 to lend money for industrial development. India's Number One private life insurer. ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings.a leading international financial services group headquartered in the United Kingdom.780 crore and wrote nearly 615. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank-one of India's foremost financial services companies-and Prudential plc.

ICICI Prudential's capital stands at Rs. we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India. Lord Krishna Bank. Distribution   ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. Products Insurance Solutions For Individuals ICICI Prudential Life Insurance offers a range of innovative. expenses for a child’s higher education or purchase of an asset. Its products can be enhanced with up to 4 riders. South Indian Bank. Baramati Co-operative Bank. Shamrao Vithal Co-op Bank. Idukki District Co-operative Bank. CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a child’s marriage.400 crore. three years in a row. having tie-ups with ICICI Bank. Federal Bank. The Haryana State Cooperative Bank and Imphal Urban Cooperative Bank Limited. product range and customer base.000 advisors. Bank of India. ICICI Prudential has been voted as India's Most Trusted Private Life Insurer. Ernakulam Bank.72 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. customer-centric products that meet the needs of customers at every life stage. Savings Solutions    Save’n’ Protect is a traditional endowment savings plan that offers life protection along with adequate returns. Ballia Kshetriya Gramin Bank. Sangli Urban Co-operative Bank. 2007. by The Economic Times . The company has over 23 bancassurnace partners. to create a customized solution for each policy holder.AC Nielsen ORG Marg survey of 'Most Trusted Brands'. 23. the company garnered Rs. Jalgaon Peoples Co-operative Bank. Balancer and Maximiser. The company has assets held to the tune of over Rs. LifeTimeSuper offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. Protector. 987 crore of weighted retail + group new business premiums and wrote over 450.000 retail policies in the period. 18. As we grow our distribution. It has a strong presence across India with over 680 branches and over 235. 9 Bank of India sponsored Regional Rural Banks (RRBs). For the first quarter ended June 30. . Each offer 4 fund options — Preserver.

The policy is designed to provide money at important milestones in the child's life. SmartKid plans are also available in unit-linked form – both single premium and regular premium. 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. level term assurance with return of premium and single premium. SmartKid plans are also available in unit-linked form . HomeAssure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and cost-effective manner. Premier Life Gold is a limited premium paying plan that offers customers life insurance cover till the age of 75. Protection Solutions   LifeGuard is a protection plan. · InvestShield Cashbak is a unit linked plan that provides premium guarantee on the invested premiums along with flexible liquidity options. . Child Plans  SmartKid education plans provide guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. It is available in 3 options – level term assurance.both single premium and regular premium Retirement Solutions    ForeverLife is a retirement product targeted at individuals in their thirties.    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. The policy is designed to provide money at important milestones in the child’s life. Market-linked retirement products LifeTime Super Pension is a regular premium market-linked pension plan. 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. which offers life cover at very low cost.

Diabetes Care and Diabetes Care Plus*: 1st ever critical illness insurance cover for diabetics.000 u/s 80C. 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. total and permanent disability. Golden Years: is a limited premium paying retirement solution that offers tax benefits up to Rs 100. ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity p lan helps employers fund their statutory gratuity obligation in a scientific manner. 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. 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. Hospital Care*: Hospital Care offers a Cashless hospitalization facility in more than 3000 network hospitals Crisis Cover : is a 360-degree product that will provide long-term coverage against 35 critical illnesses. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. . Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. 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. irrespective of the actual medical expenses.

in the event of the death of the life assured. 1) Protector:An Investment Option with investment indebt and money market instruments. the premiums are waived till maturity. Choice of Six Investment Options :. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death.ICICI prudential offers you the opportunity of selecting between investment options to match your investment priorities. depending on the specific needs of the customer. till maturity. ICICI Pru Group Term Plan: ICICI Pru’s flexible group term solution helps provide affordable cover to members of a group. Flexible Rider Options ICICI Pru Life offers flexible riders. The cover could be uniform or based on designation/rank or a multiple of salary. 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. This rider is available with SecurePlus and CashPlus. the beneficiary will be entitled to twice the sum assured as additional benefit. . Critical Illness Benefit: protects the insured against financial loss in the event of 9 specified critical illnesses. the beneficiary receives an additional amount equal to the rider sum assured under the policy. If the death occurs while traveling in an authorized mass transport vehicle. SecurePlus and CashPlus Waiver of Premium: In case of total and permanent disability due to an accident. Income Benefit: This rider pays the 10% of the sum assured to the nominee every year. It is available on SmarKid.       Accident Benefit: If death occurs as the result of an accident during the term of the policy. which can be added to the basic policy at a marginal cost. Benefits are payable to the insured for medical expenses prior to death.

3) Balancer :An investment option with investment in a mix of equity and debt oriented instruments. 6) Flexi balanced:Balance of capital appreciation and stable returns from an equity (large.mid & small cap companies) & debt portfolio. Long term returns from an equity portfolio lare.mid and small cap companies. 4) Preserver:An investment option with investment in low-risk instruments like cash and call money markets. 5) Flexi Growth:New Fund (NFO) launched in March 2007.2) Maximiser :An investment option with investment in equity and equity related instruments. .

This they hope to achieve through their commitment to excellence. focus on service. They believe that they can play a significant role in redefining and reshaping the sector. Given the quality of their parentage and the commitment of their team.400 051. 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. Tel: 601 3232 . Videocon Towers E-1. Nehru place. Rani Jhansi Road.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. New Delhi110011. and leveraging our technological expertise. they feel that there will be no limits to their growth. Bandra-Kurla Complex.Tel:46554405 Delhi office : 3rd floor. The success of the organization will be founded on its strong focus on values and clarity of purpose. Mumbai . New Delhi 110055. Registered Office : ICICI Towers 9thfloor. speed and innovation. Tel: 494 3232 Regional Office : 8th floor EROS Coorporate Tower.

At ICICI Prudential we offer pragmatic. 1 private life insurance company. Solutions that take care of your four basic financial needs .ICICI Prudential Life Insurance opens office in Dubai In a move to consolidate its position in the Gulf region. ICICI Prudential Life Insurance (ICICI Prudential). becoming the first private life insurer from India to open an office in the Emirate. sans worries. Without any objective a task is rendered meaningless. also opened its representative office in Dubai. Investing and Spending. world-class solutions. Saving. solutions with a lot of common sense. OBJECTIVES OF THE PROJECT Every task is undertaken with an objective. India's No.Earning. Put simply. 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 . So you live your life to the fullest.

-march. unit mangers mostly in the sales profile. The methodology adopted was planned in advance so as to collect data in the most organized way. . Thus it is only after March that people move out of the companies. recruitment is all time high during May-June and Oct-Nov. I was studying the recruitment for candidates for the sales profile. It therefore requires great amount of research work. The recruitment is high during these months due to the fact that March and September are half year closing and business is high during Jan-Mar.METHODOLOGY The insurance sector is marked with a high level of attrition and therefore recruitment process becomes a crucial function of the organization. Since my project study was during Feb. Before any task was undertaken. 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. I was particularly involved with the sourcing of candidates for dharamshala. The attrition is high among the sales managers. This project is centered on identifying best hiring practices in the insurance industries. it gave me the opportunity of involving myself directly with the recruitment process and analyzing the process so that suitable results can be drawn out of it. My area of focus was the recruitment and selection particularly at ICICI Prudential Life Insurance. At ICICI Prudential Life Insurance.

he is then made to take an online aptitude test. The first task was to understand the various job profiles for which recruitment was to be done. location etc. It was convenient method than to stock up piles of papers. We created the online aptitude test. PACE contains all the information of a candidate such as name. If they think that the candidate was good to hire or not. Each code was unique and could be used only once by a candidate.  A candidate matching the desired profile was then lined for the first round of Face to Face interview in their respective cities. contact number.  Then the candidates INTERVIEW EVALUATION SHEET which is provided by interviewer was crosschecked by the HR team. If he cleared his cut-off he was given another test. it was essential that a database be maintained to keep a track. I update all the records of the new joiners’ in that tracker. ICICI has their own database named as “PACE”.  When a candidate cleared his first round. codes to the candidates.  The external guide maintained a regular updating of the database.  I had the responsibility to make sure that candidates complete all formalities and had to regularly follow up with them.  The next step was to explore the various job portals to search for suitable candidates for the job profile.  I was involved in assigning codes and administering the test  Once the candidate completed his first assessment. his scores were checked.  Once the search criteria were put. .  Since we received many resumes. It the HR department.  Firstly the candidate had filled up the personal data form (pdf). which has the exclusive rights to assign test. candidates went through a telephonic interview to validate the information mentioned in their resume.

Database for the resumes received through mails and response of advertisement. the database for employee referrals. Understanding what kinds of database are maintained and how they help in keeping a record. I was also involved in maintaining a track of test codes given. RESEARCH METHODOLOGY .

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. . Data Collection Procedure: . News papers and Misc.Survey Research Instrument: Sample Size: Sample Area: Sample procedure: Structured Questionnaire. Random sampling. Limitations of the study Every task is undertaken with an objective and accomplishment of this objective determines our success.DATE SOURCE Primary Secondary ::Through Questionnaires Through Internet. 20 Dharamshala Office. Journals.

the availability of phone was limited. 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. Difficulties:  Did not secure cooperation easily.Difficulties:  Candidates were reluctant to talk at times. Difficulties:  A summer trainees we could not separate systems to work on. Task: Intercompany analysis through survey and questionnaire filling. . Task: Candidates were to be searched from the job portals and called up to be scheduled for an interview.  Candidates who were scheduled for interview would not turn up.  Since STD calls had to be made.  Candidates who were contacted were not interested in Insurance on many occasions.  Run out of database many times since most of them would have already been contacted.  At times many people had for couple of hours to work on the computer.

 People did not disclose much about their employee details. Topic Information RECRUITMENT AND SELECTION . People asked lot of counter question so convincing them was a major task.

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. 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. Recruitment follows HR planning and goes hand in hand with selection process by which organizations evaluate the suitability of candidates. selecting and appointing personnel on the permanent rolls of an organization. Recruitment is the process by which organizations locate and attract individuals to fill job vacancies. even the most accurate selection system is of little use Recruiting begins when a vacancy occurs and the recruiter receives authorization to fill it. The next step is careful examination of the job and enumeration of skills. abilities and experience needed to perform the job successfully.“The art of choosing men is not nearly so difficult as the art of enabling those one has chosen to attain their full worth”. . With successful recruiting to create a sizeable pool of candidates.

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 checks and control measures to be adopted and information that has to be captured. ACTIVITY FLOW The organization philosophy should be kept in mind while formulating the recruitment procedure.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. The HR department would set the recruitment norms for the organization. 1 2 Authorized Signatory Head. Recruitment and Selection is conducted by:  HR & Branch Manager  Functional Head .No.Authorization: S. 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. Exclusions: The policy does not cover the detailed formalities involved after the candidate joins the organization. However.

which is the cost allotted towards the recruitment of the budgeted staff and the replacement of the existing employees. 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. C. in various functions/departments. B. at different geographical locations and the timing of the individual requirements. The respective Functional 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. 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. at different levels.RECRUITMENT PLANNING Recruitment planning on the basis of budget A. as monthly and quarterly activities on the basis of the approved budget. estimated separations and replacements therefore. It would also specify the requirement budget. The annual budget would specify the manpower requirement of the entire organization. . The Regional HR‟s would undertake the planning activity and necessary preparations in advance of the anticipated requirements. The manpower planning process for the year would commence with the company‟s budgeting activity.

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

specialist positions and critical positions. from academic institutes of appropriate standards/reputation/grade.  Direct recruitment from campuses/academic institutes. relative efficacy and cost considerations would play a role in the choice of the appropriate sourcing mechanism. criticality of positions and the urgency of the positions. confidentiality requirements.  The advertisement mode that could be broadly specified as newspapers (local or mainline depending on requirements). Plans for . Headhunting firms particularly for senior positions. in the requisite numbers and at the compensation/stipend amounts to be formally approved of the VP-HR. Number of positions.  The media for releasing advertisement would depend on the level of the position being considered and the urgency of the requirements. Regional HR may obtain assistance from the company‟s marketing department and/or any external advertising agencies for the preparation of the contents. fresher fitting different description listed above may be recruited from time to time.  Job websites and  Any other appropriate sources. Placement Agencies/Headhunting Agencies  Depending upon the vacancies. 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. The norms for using any of the sources are not water tight. depending on the specifics of each position for which recruitment advertisements are to be released. Key features of the positions as notified by the Functional Heads would normally form a part of the advertisement text. internet sites and business magazines.

constitution of the selection panels. e. c. etc f. a. d. g. Screening the candidates First level screening The Candidates would be screened by the HR Manager/Branch Manager for the respective locations. This assessment will be with respect to: The general profile of the candidate. the Regional HR may take a Tele interview of the candidate for further assessment process. Basic skill level on our set of requirements. Screening would be on the basis of the profile of the candidate and the departmental requirements. Establish the annual guaranteed cash compensation of the individual and check whether the person would fit into the system. norms regarding the identification of the appropriate institutes. Motives of the person to join the company and whether focus is in the short term or is a long term player. b. Explain the role of Sales manager to the applicant and check the acceptance of the candidate for the same. 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. In case of need. depending on the specific features of the position. timings of the recruitment. Aptitude/attitude of the candidate. Second Level Screening Aptitude Test . networking ability. number of candidates to be recruited into different positions.such recruitment need specific special approval of VP-HR. say numerically ability. Personality fit of the candidate into the profile.

For the final selection. The scoring. at their discretion. They may. Tied Agency Sales Manager candidates short listed by the BM have will then take sales Aptitude test. They may insist on seeing the proof of the claims made by the candidate regarding qualifications. referral to another panel. experience and other achievements. interpretation and the generation of interview probes from that test will also be done at this time. considering . Along with these numerical ratings. soon after the interview is over. qualitative observations about the candidate and overall decision regarding selection or otherwise (including a decision to defer the induction. once such test is selected approved by the company. The chart specifying the Minimum approval level for each level of recruitment is specified below: Category Branch Manager/Chief Manager Yes Yes Yes Yes Area Manager/AVP/VP No Yes Yes Yes Business Heads No No Yes Yes Managing Director No No No Yes CSE/ADVISORS BIC BM/CM SM General Norms regarding interview Process: A. 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. once such a test is finalized. the candidates will give the aptitude test.If the first assessment is positive. B. decide to meet the candidate on more than one occasion or to refer the candidate to another panel. the regional Manager (Business Heads for HO) will meet the candidates short listed by the branch manager/VP. 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.

C. D. .reference check details. C. Individual panel members have the option of appending their additional remarks/observations. In the case of interviews taking place at the branch/regional levels. Suitably appropriate IES formats may be created for specific positions. Interview evaluation sheet . by the recruitment team/associated line managers. if the candidate is selected. the complete set of papers Personal Data Form. along with the interviewer‟s recommendations and Reference check form should be forwarded by the recruitment managers to recruitment head. job requisition no. For field positions. or details of the verbal/telephonic communications provided to the candidate shall be recorded on the candidates papers. CV. Administrative Actions Regarding Interviews A. 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. B. respective branch/regional heads would undertake this co-ordination. similar noting should be recorded on the individual candidate‟s papers. after taking mutual convenience into account. 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. Specific points to be probed during the reference check process. Any discrepancies noticed by the panel members regarding the authenticity of the data provided by the candidate should be specifically and formally recorded on the IES form and suitably high lightened. No selection will be treated as final unless the IES form is filled comprehensively. An appropriate formal communication shall be sent to the candidate whose candidature is not being taken forward.for another position) shall be forwarded to the associated Recruitment Manager/ Head of Regional HR.. must also be clearly recorded and high lightened on the IES forms. After the final round. if any. educational details.

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

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. satisfactory reference check reports and medical fitness. fresher and life advisors as sales Managers no reference checks will be required. VP-HR would normally consult the functional head concerned. C. B. In case of recruitment of Management trainees. Document check list for every grade is as follows: .  Two Professional references.sources. the matter may be to the VP-HR for a final decision.  Personal Data form  Employee requisition form duly filled by the regional Head/Branch Manager  Interview evaluation sheet filled by the regional head/Branch manager/interviewer with his/her comments. he/she would forward the relevant papers listed below to the head of recruitment. Depending on the seniority and any other considerations about the positions. Any candidate whose credentials are doubtful shall not be recruited.  Language Proficiency. Employment offer letter A.  Employment details.  Latest and updated resume of the candidate  Photocopy of the appointment letter of the last employer or latest salary slip. before coming to conclusions.

to be signed by the National Recruitment Manager or Chief Manager-HR. which are also formally communicated to him/her in the form of a checklist that is attached to the letter of offer. A copy of the offer letter shall be duly signed and returned to the candidate. Candidate would be expected to fulfill various joining formalities. 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.  1 Month Salary Slip of Current Employer. Authorization Release Form. Till this letter is issued.  Higher Education certificate. The Regional HR head shall have the overall responsibility and accountability to .  Higher Education mark sheet.  Proof of Residence. E. and send the same to the concerned Branch Manager/ HR Manager. C. D.  Relieving Letter of last Employment.  Background check Form.  2 Passport Size Photograph.  1 Month Salary Slip of Last Employer. 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. the „offer‟ has not taken place in formal sense. Employee services team will issue offer letter.

After the of all necessary documents. within three months of joining.  Ensuring inductions as per quality. 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). . the employee service team will send the appointment letter to the new joinee. 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. where required to be submitted as per the table given above. F. the employee service manager can put their salary on hold till such time as the said documents are received. An illustrative list of the key deliverables of these incumbents is listed below. If the person does not submit the relieving letter from the previous organization. numbers. before issuing the appointment letter. G. H. Once the documentation is complete for the new joinee (including the accepted appointment letter). This advance will be adjusted once the person gets included in the subsequent month‟s payroll. time and cost consideration of the company in accordance with the approved manpower budget. 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.maintain the templates of the offer letters and also for drafting of suitable non-standard terms to any specific candidate. Key tasks of Regional HR Head Regional HR Head will have the authority and responsibility to administer/implement the recruitment and selection process as outlined.

linkages. and any other employment-market information. along with timely improvements thereto  Assistance to user department and line managers including in interviewing/selection support. consultants.  Creation and maintenance of appropriate and high-quality MIS for current and future needs of the organization. academic/professional institutes 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 . documents. scheduling etc. templates and any other mechanisms to ensure smooth execution of the process requirement. Creation of appropriate sourcing mechanism along with tracking the performance of these mechanisms. campuses. placement agencies.  Creation of quarterly and monthly recruitment plans  Effective coordination with external parties such as candidates. institutes.  Creation and maintenance of qualitative information base regarding candidates. including publication/circulation of appropriate reports there from to the relevant users within the company. placement agencies. tracking timely payments and adjusted thereto  Creation of comprehensive and appropriate tools.  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.

extensions of probation periods/training period. Tracking the progress of the selected candidates including resignation. etc and identifying the key areas for improvement in the formal recruitment and selection process document.  Effective coordination with the post recruitment arm of the Human Resource function  Documentation and creating MIS regarding waiver. . deviation. etc for the purpose of improvement to recruitment and selection process.

RECOMMENDATIONS & SUGGESTIONS .

Often the longest delays occur between critical selection events. For example. This delay could be minimized by scheduling interviews in the regional locations. or candidates who make it through screening may wait weeks to interview with a hiring manager. the interview has to be postponed. because of busy schedule of senior managers and sometimes because of tight schedule of candidate. waste time. Sometimes. It must be made mandatory for the candidates to take the test. this will make sure that the candidates do not hold casual attitude and take the recruitment process more seriously. Additionally it can send across a positive image about the company. .Compress the "white space" in your hiring process. Technology (such as automated or Web-based tracking) is ideal for eliminating unnecessary steps and reducing delays. Here at ICICI Prudential Life Insurance. White Spaces are delays in hiring process that are unproductive. a recruiter may need several weeks to screen a few hundred resumes from the Web job boards. White space in recruitment can be compressed by the use of IT also. and virtually assure you'll lose talented candidates. filling up forms etc within the stipulated time. the delays occur when the outstation candidates are called for interviews at Regional branches like Delhi and Mumbai. It is recommended to reduce the turnaround time for the recruitment and selection process.

A test with high level of English and complicated sentence structure can be a hurdle in areas where language itself is barrier. it is recommended that unnecessary details should not be asked before we make the final offer to the candidate. This also becomes frustrating for the candidate sometimes. education levels. . Know what you're looking for in candidates. in case there is need to utilize the service of a placement agency. there often comes the problem of duplication of data. So. This is very time consuming and even after taking these details from candidate its not sure that offer will be made or not. This will help people to get a clearer picture and provide for most suitable candidates. 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. One size doesn’t fits all An effort must be made to study local condition. language. This factor must be given importance since Indian society is divided on various parameters such as education.Tie up with more & more consultants from multiple segments Since the limited placement agencies are sourcing candidates to all insurance companies. This can also be circulated to internal employees under the employee referral scheme. infrastructure etc. Thus making efficient utilization of the existing resources. An option is to have different tests for different regions. educational and professional details of candidate. then it is recommended that these placement agencies be given a well drafted job description and job specification. Reduce the pre offer formalities: Pre-offer documentation includes filling of a lengthy Blue form which includes all personal. Therefore. Since applying common test for all candidates across entire country can overshadow a candidates capabilities. Blue form should be made consise. 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.

job boards constitute the biggest use of the Web. Rather than undertaking the time-consuming process of filling one job at a time. you draw on the candidate pool and fill jobs as they become available. offering access to thousands of resumes within hours. candidate assessment and testing.Blend technology into every aspect of your recruiting and hiring process. Currently. give them product coupons. This takes a great importance especially when attrition is high. applicant self-scheduling. motivations. Work the Web wisely and you save time for recruiters and hiring managers and nab top candidates before your competitors can. method must be devised to check for person-organization fit. Companies have begun to use the Web to collect and instantly match data on candidate skills. 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. especially those with a reputation as a great place to work. and tracking. 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. and keep in touch through e-mail. A person-organization helps to assess how well a candidate is suited the organization. and experiences against job criteria. Those who are not selected in the first round of . Other uses of Web-based technology include online interviewing. But the Web can also be a powerful tool for screening and qualifying that flood of resumes. But many organizations. Pool management is not easy in a tight labor market --good candidates often go elsewhere. Whether the attitude he/she carries will promote both organizational as well personal goals. It will help the organization to retain its employees for a longer period of time and less burden on recruitment staff. are able to fill positions quickly using the pool concept. 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.  It is recommended that apart from the person-job fit. Web-based technology lets you increase hiring speed and quality while reducing costs.

A candidate when invited for a interview must be attended as soon as possible and should be made to wait for hours together.personal interview should also carry this impression that they have missed the opportunity to work in a great company. there must a proper coordination of the interview of the candidate and greater degree of professionalism. Even if he is not selected. For this. . Interviews conducted on a scheduled time leave a good impression on the candidate. a good impression about the will make him recommend the name to his people.

It is only when organization is recognized for its quality that it can build a stability with its customers. As learning never stops. Therefore it makes recruitment a critical function in the organization. my learning at Kotak has come from a lot of exposure.CONCLUSION Insurance is confronted with high attrition rate. on the job training and close interaction with the corporate. 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 the industry in order to serve the best. In brief my learning and achievements can be summarized as under:  Understanding of person and profile fit. The first step in this direction is to ensure competitive people come in the organization. Therefore recruitment in this regard becomes an important function. I am privileged to have undergone training at ICICI Prudential Life Insurance. LEARNINGS Every endeavor undertaken to accomplish challenging goals. can only be successful under the experienced and encouraging guidance. Thus an organization must be able to stand out in the crowd. Thus the organization must look out for methods that can enable it to adopt best recruitment practices. .

Learning about salary fitments. Communicating with the corporate. Field work exposure to tap candidates that further strengthened the learning. Handling queries received from various quarters. Learned to convince candidates about the offer rolled out and making them accept the offer through effective communication. Managing HR department in the absence of HR manager. . Prioritize issues according to their importance. implications and significance. Reply to official mails.           Convince people about the job profile and to sell the job to the prospective candidate. its various types. Following up with the candidates during the entire selection process. Performance appraisals.

Q1. Transfer & Promotion:(i) Yes (ii) No . 4) Does ICICI Prudential adopt Internal Recruitment Source i.e.Do you have a clearly stated Recruitment & Selection Policy ? · · · Yes No To some extent 2) What are the qualities 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. 5) Which source of Recruitment is better for companies:(i) Internal Source (ii) External Source (iii) Depends on Situation & Post…………………………………… 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………………………….If Yes than for which type of post…………………………………. Is the estimation of Recruitment Process cost is done? · · Yes No .

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