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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

The idea is to generate ways of dealing with high attrition and making hiring process manageable and efficient.     Web sites Journals Magazines Books Findings    Recruitment is done throughout the year more during the months of May-June and Oct-Nov. Huge recruitment cost. Huge investment of time.project is based on the study of recruitment process. The various recommendations put forward is the result of the study. 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. .

information from the new employees. INTRODUCTION OF THE INSURANCE INDUSTRY . I would be going through the recruitment policies of the company. It will also involve recruitment and selection processes. 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.To pursue these. the areas where improvement can be bought about can be identified.

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. the first Indian life insurance company started its business. 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. 1870: Bombay Mutual Life Assurance Society.22. Though the concept of insurance is largely a development of the recent past. the first life insurance company on Indian soil started functioning. it rose to 176 companies with total business-in-force as Rs. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. From 44 companies with total business-in-force as Rs.44 crore. 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. The first two decades of the twentieth century saw lot of growth in insurance business.298 crore in 1938. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. . Some of the important milestones in the life insurance business in India are:     1818: Oriental Life Insurance Company.OVERVIEW The story of insurance is probably as old as the story of mankind.

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

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

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

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. The Regulation also provides for payment of interest by insurers for the delay in settlement of claim. All insurers are required to set up proper grievance redress machinery in their head office and at their other offices. The advertisements issued by the insurers should not mislead the insuring public. claims procedure in both life and non-life. 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. and policyholders' servicing. terms and conditions under the policy. Towards achieving this objective. setting up of grievance redressal machinery. It is obligatory on the part of the insurance companies to disclose clearly the benefits. speedy settlement of claims.IRDA has the responsibility of protecting the interest of insurance policyholders. . 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. The Company aims to achieve this by striving to provide world class service levels through constant innovation in products.780 crore and wrote nearly 615. Today. Prudential plc was established in 1848 and is presently the largest life insurance company in UK. a leading international financial services group headquartered in the United Kingdom.72 billion. it has diversified into retail banking and is the largest private bank in the country. India's Number One private life insurer.a leading international financial services group headquartered in the United Kingdom. The Company has already taken significant steps to achieve this goal. ICICI Prudential is currently the No. ICICI was established in 1955 to lend money for industrial development. For . ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. 23. the company garnered Rs 1584 crore of new business premium for a total sum assured of Rs 13. 2005. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank-one of India's foremost financial services companies-and Prudential plc. a premier financial powerhouse and Prudential plc. Total capital infusion stands at Rs. 1 private life insurer in the country. For the financial year ended March 31.000 policies. distribution channels and technology based delivery. The Company recognizes that the driving force for gaining sustainable competitive advantage in this business is superior customer experience and investment behind the brand. with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.

The company has over 23 bancassurnace partners. Shamrao Vithal Co-op Bank. Sangli Urban Co-operative Bank. customer-centric products that meet the needs of customers at every life stage. 987 crore of weighted retail + group new business premiums and wrote over 450. Balancer and Maximiser.000 retail policies in the period. 9 Bank of India sponsored Regional Rural Banks (RRBs).000 advisors. Federal Bank.72 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. three years in a row. 23. we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India. the company garnered Rs. Baramati Co-operative Bank. Jalgaon Peoples Co-operative Bank. by The Economic Times . For the first quarter ended June 30.AC Nielsen ORG Marg survey of 'Most Trusted Brands'. Idukki District Co-operative Bank. It has a strong presence across India with over 680 branches and over 235. 18. CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a child’s marriage. Its products can be enhanced with up to 4 riders. Bank of India. As we grow our distribution.400 crore. 2007. having tie-ups with ICICI Bank. Protector. Products Insurance Solutions For Individuals ICICI Prudential Life Insurance offers a range of innovative. . The Haryana State Cooperative Bank and Imphal Urban Cooperative Bank Limited. expenses for a child’s higher education or purchase of an asset. Ballia Kshetriya Gramin Bank. The company has assets held to the tune of over Rs. South Indian Bank. Each offer 4 fund options — Preserver. Distribution   ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. Ernakulam Bank. to create a customized solution for each policy holder. ICICI Prudential has been voted as India's Most Trusted Private Life Insurer. Savings Solutions    Save’n’ Protect is a traditional endowment savings plan that offers life protection along with adequate returns. ICICI Prudential's capital stands at Rs. Lord Krishna Bank. LifeTimeSuper offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. product range and customer base.

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

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.000 u/s 80C. 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. Golden Years: is a limited premium paying retirement solution that offers tax benefits up to Rs 100. irrespective of the actual medical expenses. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity p lan helps employers fund their statutory gratuity obligation in a scientific manner. 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. 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. . 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. with flexibility in both the accumulation and payout stages. 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 benefit under the policy is paid to the beneficiary nominated by the member on his/her death. Income Benefit: This rider pays the 10% of the sum assured to the nominee every year. till maturity. SecurePlus and CashPlus Waiver of Premium: In case of total and permanent disability due to an accident. which can be added to the basic policy at a marginal cost. ICICI Pru Group Term Plan: ICICI Pru’s flexible group term solution helps provide affordable cover to members of a group.       Accident Benefit: If death occurs as the result of an accident during the term of the policy. the premiums are waived till maturity. 1) Protector:An Investment Option with investment indebt and money market instruments. depending on the specific needs of the customer. 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.ICICI prudential offers you the opportunity of selecting between investment options to match your investment priorities. the beneficiary will be entitled to twice the sum assured as additional benefit. Flexible Rider Options ICICI Pru Life offers flexible riders. in the event of the death of the life assured. 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. . Choice of Six Investment Options :. Benefits are payable to the insured for medical expenses prior to death. The cover could be uniform or based on designation/rank or a multiple of salary. This rider is available with SecurePlus and CashPlus. It is available on SmarKid. Critical Illness Benefit: protects the insured against financial loss in the event of 9 specified critical illnesses.

5) Flexi Growth:New Fund (NFO) launched in March 2007. 3) Balancer :An investment option with investment in a mix of equity and debt oriented instruments.mid & small cap companies) & debt portfolio. 6) Flexi balanced:Balance of capital appreciation and stable returns from an equity (large.mid and small cap companies. Long term returns from an equity portfolio lare.2) Maximiser :An investment option with investment in equity and equity related instruments. . 4) Preserver:An investment option with investment in low-risk instruments like cash and call money markets.

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

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

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

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

RESEARCH METHODOLOGY . I was also involved in maintaining a track of test codes given. 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.

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

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

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

. even the most accurate selection system is of little use Recruiting begins when a vacancy occurs and the recruiter receives authorization to fill it. 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. abilities and experience needed to perform the job successfully. Recruitment is the process by which organizations locate and attract individuals to fill job vacancies. 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. The next step is careful examination of the job and enumeration of skills.“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. selecting and appointing personnel on the permanent rolls of an organization.

Authorization: S. However.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. ACTIVITY FLOW The organization philosophy should be kept in mind while formulating the recruitment procedure. Recruitment and Selection is conducted by:  HR & Branch Manager  Functional Head . The HR department would set the recruitment norms for the organization. 1 2 Authorized Signatory Head.No. 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. 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.

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

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

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

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

For the final selection. 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. They may. Along with these numerical ratings. the regional Manager (Business Heads for HO) will meet the candidates short listed by the branch manager/VP. at their discretion. 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. qualitative observations about the candidate and overall decision regarding selection or otherwise (including a decision to defer the induction. The scoring. decide to meet the candidate on more than one occasion or to refer the candidate to another panel. interpretation and the generation of interview probes from that test will also be done at this time. They may insist on seeing the proof of the claims made by the candidate regarding qualifications. considering . once such test is selected approved by the company. soon after the interview is over. referral to another panel. once such a test is finalized. experience and other achievements. the candidates will give the aptitude test.If the first assessment is positive. Tied Agency Sales Manager candidates short listed by the BM have will then take sales Aptitude test. 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. B.

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. In the case of interviews taking place at the branch/regional levels. job requisition no. C. 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. educational details. by the recruitment team/associated line managers. Suitably appropriate IES formats may be created for specific positions. For field positions. if the candidate is selected. D. must also be clearly recorded and high lightened on the IES forms. 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. the complete set of papers Personal Data Form. similar noting should be recorded on the individual candidate‟s papers. C. if any.. after taking mutual convenience into account. Individual panel members have the option of appending their additional remarks/observations. After the final round. Interview evaluation sheet . Administrative Actions Regarding Interviews A.for another position) shall be forwarded to the associated Recruitment Manager/ Head of Regional HR. or details of the verbal/telephonic communications provided to the candidate shall be recorded on the candidates papers. CV. No selection will be treated as final unless the IES form is filled comprehensively. . B.reference check details. 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. along with the interviewer‟s recommendations and Reference check form should be forwarded by the recruitment managers to recruitment head.

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

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

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

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

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

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

RECOMMENDATIONS & SUGGESTIONS .

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

there often comes the problem of duplication of data. This also becomes frustrating for the candidate sometimes. Know what you're looking for in candidates. language. Blue form should be made consise.Tie up with more & more consultants from multiple segments Since the limited placement agencies are sourcing candidates to all insurance companies. educational and professional details of candidate. 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. infrastructure etc. then it is recommended that these placement agencies be given a well drafted job description and job specification. . So. 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. Thus making efficient utilization of the existing resources. This factor must be given importance since Indian society is divided on various parameters such as education. This can also be circulated to internal employees under the employee referral scheme. Therefore. in case there is need to utilize the service of a placement agency. Since applying common test for all candidates across entire country can overshadow a candidates capabilities. 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. 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. Reduce the pre offer formalities: Pre-offer documentation includes filling of a lengthy Blue form which includes all personal. One size doesn’t fits all An effort must be made to study local condition. 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.

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

personal interview should also carry this impression that they have missed the opportunity to work in a great company. Interviews conducted on a scheduled time leave a good impression on the candidate. . For this. 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. 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. It is only when organization is recognized for its quality that it can build a stability with its customers. Therefore it makes recruitment a critical function in the organization. I am privileged to have undergone training at ICICI Prudential Life Insurance. The first step in this direction is to ensure competitive people come in the organization. Thus the organization must look out for methods that can enable it to adopt best recruitment practices. 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. Thus an organization must be able to stand out in the crowd. In brief my learning and achievements can be summarized as under:  Understanding of person and profile fit. As learning never stops.CONCLUSION Insurance is confronted with high attrition rate. . 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. on the job training and close interaction with the corporate. my learning at Kotak has come from a lot of exposure. LEARNINGS Every endeavor undertaken to accomplish challenging goals. Therefore recruitment in this regard becomes an important function.

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

Q1.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…. 4) Does ICICI Prudential adopt Internal Recruitment Source i. Transfer & Promotion:(i) Yes (ii) No .e.

Is the estimation of Recruitment Process cost is done? · · Yes No .If Yes than for which type of post…………………………………. 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…………………………. Q9.