STUDENT'S CERTIFICATE Certified that this report is prepared based on the term paper project undertaken by me in HDFC STANDARD
LIFE INSURANCE CO. LTD. Under the able guidance of Mrs. SUCHITRA SRIVASTAVA in partial fulfillment of the requirement for award of degree of B.Com(H) from Amity University, Uttar Pradesh.
SUCHITRA SRIVASTAVA SENIOR LECTURER
Prof. V. P. Sahi Director (ABS)
FACULTY CERTICICATE Forwarded here with a term paper report on "HDFC Standard Life Insurance Company "submitted by SHRUTI RASTOGI Enrollment No A7004611100, student of B.Com(H) II Year (2011-14).
This project work is partial fulfillment of the requirement for the degree of B.Com (H)from Amity University Lucknow Campus, Uttar Pradesh.
SUCHITRA SRIVASTAVA SENIOR LECTURER
Amity University, Lucknow Campus
In compiling this project report, I have been fortunate enough to get active and kind cooperation from many people without whom my endeavors would not have been a success. I hereby take this opportunity to express my gratitude to people who have helped to accomplish this task. In particular I would like to thank Mrs. Suchitra Srivastava for providing with this opportunity and her support and guidance all through. IwouldalsoliketothankMrs. Vandana Singh, HR Manager, HDFC, LUCKNOW who has provided with all the relevant data.
TABLE OF CONTENT-
1- Acknowledgement 2- Chapter I
a) b) • • • • c)
Executive summary Recruitment Meaning Importance and purpose Process Sources Selection
• Meaning • Process • Selection interview • Steps in interview 3- Chapter II d) About HDFC • History • Awards and accolades e) Recruitment policy of the company • Features 4- Chapter III f) Recruitment policy of HDFC g) SWOT Analysis 5- Chapter IV h) Facts and findings i) Learning j) Conclusion 6- Bibliography
This project aims at recognizing the various recruitment practices prevalent in various organizations and analyzing in detail the recruitment and selection policy of HDFC. qualifications and experience. While doing so.
. In order to achieve the goals or the activities of an organization.CHAPTER I
The human resources are the most important assets of an organization The success or More of an organization is largely dependent on the caliber of the people working therein. they need to recruit people with requisite skills. they have to keep the present as well as the future requirements of the organization in mind. therefore. The process of matching the right candidate to Hire right job is what we call as "Recruitment". organizations cannot progress and prosper. Without positive and creative contributions from people.
• Recruitment is an important function as it makes it possible to acquire the number and type of persons necessary for continued functioning of the organization Careful recruitment of employees is particularly important in India because the chances of mismatching the job and person ate greater. Due to widespread unemployment.RECRUITMENT
MEANING According to Flippo. "Recruitment is a process to discover the sources of manpower to meet the requirements of the staffing schedule and to employ eflFective measures for attracting that manpower in adequate numbers to facilitate effective selection of efficient working force." Recruitment needs are of three types . Anticipated needs refer to those movements in human resource which an organization can predict by studying the internal and external environment An analysis of these definitions reveals the following being features of recruitment: • Recruitment is a process or a series of activities rather than a single act or event The activities in this process are described under the next headings. In the words of Yoder. the job seeker trend to accept any job irrespective of his suitability. "Recruitment is 1he process of searching for perspective employees and stimulating and encouraging them to apply for jobs in an organization".planned. accidents and illness gives rise to unexpected needs. • Recruitment is a linking activity as it brings together those with jobs (employer) and those seeking jobs (prospective employees). deaths. Resignations.
. • The basic purpose of recruitment is to locate the sources of people required to meet job requirements and attracting such people to offer them for employment in the organization. anticipated and unexpected Planned needs arise from changes in organization and retirement policy. • Recruitment is a positive function as it seeks to develop a pool of eligible persons from which most suitable ones can be selected.
But the volume and nature of recruitment varies with the size. similarly the prospective employee can choose for which organization to apply for ajob.
. organizational policies. High-quality employees cannot be selected when better candidates do not know of job openings. culture and environment. union attitudes. The recruitment process should inform qualified individuals about employment opportunities. provide enough information about the jobs so that applicants can make comparisons with their qualifications and interests. Most of these factors serve as constraints restricting the freedom of management in recruitment Recruitment represents the first contact that a company makes with potential employees. trade. • Recruitment is a complex job because too many factors affect it e. are not interested in working for the company and do not apply. working conditions and compensation levels in the organization. nature of jobs offered. It is through recruitment that many individuals will come to know a company. create a positive image of the company. nature and environment of the particular organization • Recruitment is a two way process.g. employment conditions in the community. image of the organization. and generate enthusiasm among the best candidates so that they will apply for the vacant positions. rate of growth of the organization. government policies. whereas. past recruitment record.• Recruitment is a persuasive function as all organizations engage in recruiting activity. Just as the recruiter has a choice whom to recruit or not. labor laws. a haphazard and piecemeal effort will result in mediocre ones. and eventually decide whether they wish to work for it A well-planned and well-managed recruiting effort will result in high-quality applicants. It takes a recruiter and a recruited.
Begin identifying and preparing potential job applicants who will be appropriate candidates.PURPOSE AND IMPORTANCE OF RECRUITMENT
• • • • • • • • • • Attract and encourage more and more candidates to apply in the organization. Meet the organizations legal and social obligations regarding the composition of its workforce. Help reduce the probability that job applicants once recruited and selected will leave the organization only after a short period of time. Increase organization and individual effectiveness of various recruiting techniques and sources for all types of job applicants
. Create a talent pool of candidates to enable the selection of best candidates for the organization. Help increase the success rate of selection process by decreasing number of visibly under qualified or overqualified job applicants. Recruitment is the process which links the employers with the employees. Increase the pool of job candidates at minimum cost. Determine present and future requirements of the organization in conjunction with its personnel planning and job analysis activities.
• • •
Locating and developing the sources of required number and type of employees. Identifying the prospective employees with required characteristics. The human resource requisitions contain details about the position to be filled. Communicating the information about the organization. the job and the terms and service. qualifications required from the candidate. terms and conditions of employment and the time by which the person should be available for appointment etc. number of persons to be recruited. the duties to be performed.PROCESS OF RECRUITMENT
The process consists of the following steps
Recruitment generally begins when the human resources department receives requisitions for recruitment from any department of the company. conditions of
Encouraging the identified candidates to apply for jobs in the organization Candidates to apply for apply for jobs in the organization
Evaluating the effectiveness of recruitment process.
SOURCE OF RECRUITMENT
transfer promotion upgrading demotion retired employees retrenched employees dependents and relatives of decreased employee
press advertisement educational institutes placement agencies/outsourcing employment exchange lab our contractors unsolicited applicants employee referrals recruitment at factory gate
(d) Candidates referred by unions.
. (g) Unsolicited applications walk-ins. Internal Sources:Persons who are already working in an organization constitute the internal sources. issued by the organization. (c) Students from reputed educational institutions. promoted or even demoted. friends. (b) Jobs aspirants registered with employment exchanges. someone from within the organization is upgraded. Retrenched employees. Whenever any vacancy arises.SOURCES OF RECRUITMENT
The sources of recruitment may be broadly divided into two categories: Internal sources and external sources. retired employees. transferred. (f) Candidates responding to the advertisements. dependents of deceased employees may also constitute the internal sources. (e) Candidates forwarded by search firms and contractors. External Sources:External sources lie outside an organization. Here the organization can have the services of: (a)Employees working in other organizations. relatives and existing employees. Both have their own merits and demerits.
The feeling that their services have not been Long term benefit: talented people could join recognized by the organization. to test and test and to select suitable employees. the process has to be repeated. forces then to the rank new ideas could find meaningful work with less enthusiasm and motivation expression . Infection of fresh blood: people with special skills and knowledge could b hired to stir up the existing employee and pave the way for innovative ways of working. organization ultimately will be able to hire the services of suitable candidates. Demerits Expenses: hiring cost could go up substantially. Time consuming: It takes time to advertise.
Motivational force: it helps in motivating De-motivating: Existing employees who have internal employee and compete with the external put in considerable service may resist the employee to work to the best of his abilities process of filling up vacancies from outside. It may end up hiring someone who does not fit and who may not be able to adjust in the new setup
.MERITS AND DEMERITS EXTERNAL SOURCE OF RECRUITMENT
Merits Wide choice: the organization has the freedom to select candidates from a large pool. Where suitable ones are not available. screen. a competitive atmosphere would compel people to give their best and earn Uncertainty: There is no guarantee that the rewards etc. Tapping multifarious source of recruitment is easy task either. Person with requisite qualification will be picked up.
They will work with loyalty commitment and enthusiasm
Demerits Limited Choice: The organization is forced to select candidates from a limited pool. Inefficiency: Promotions based on length of service rather than merit. the race for premium positions may end up in a bitter race
. It motivates them to work hard and earn promotions. It may have to sacrifice quality and settle down for less qualified candidates. may prove to be a blessing for inefficient candidate. Bone of contention: Recruitment from within may lead to infighting among employees aspiring for limited.MERITS AND DEMERITS OF INTERNAL SOURCE OF RECRUITMENT
Merits Economical: The cost of recruiting internal candidates is minimal. The candidate can choose a right vacancy where their talents can be fully utilized. Xo expenses are incurred on advertising. Reliable: The organization has the knowledge about suitability of a candidate for a position. Inbreeding: It discourages entry for talented people. available outside an organization. Existing employees may fail to behave in innovative ways and inject necessary dynamism to enterprise activities. They do not work hard and prove their worth. higher level positions in an organization. Known devils are better than unknown angels! Satisfying: A policy of preferring people from within offers regular promotional avenues for employees. As years roll by. Suitable: The organization can pick the right candidates having the requisite skills.
the company obtains and assesses information about the applicants in terms of age. etc. in terms of training and operating costs.
. the nature of job. the needs of the job are matched with the profile of candidates.
To select means to choose. Recruiting. Any mismatched in this regard can cost an organization a great deal of money.SELECTION
The size of the lab our market.
The purpose of selection is to pick up the most suitable candidate who would meet the requirements of the job in an organization best. time and trouble. To meet this goal. provides a pool of applicants for selection. In course of time. if hired. How well an employee is matched to a job is very important because it is directly affects the amount and quality of employees work. the compensation package and a host of other factors influence the manner of aspirants are likely to respond to their recruiting efforts of the company. the image of the company. especially. to find out which job applicant will be successful. Selection is the process of picking individuals who have relevant qualifications to fill jobs in an organization. experience. the employee may find the job distasteful and leave in frustration. skills. qualifications. the place of posting. thus.
The most suitable person is then picked up after eliminating the unsuitable applicants through successive stages of selection process. Through the process of recruitment The company tries to locate prospective employees and encourages them to apply for vacancies at various levels. The basic purpose is to choose the individual who can most successfully perform the job from the pool of qualified candidates.
Similarly a single brief selection interview might be enough for applicants for lower level positions. The time and emphasis place on each step will definitely vary from one organization to another and indeed.SELECTION PROCESS
Selection is usually a series of hurdles or steps. while applicants for managerial jobs might be interviewed by a number of people. STEPS IN SELECTION PROCESS
. Each one must be successfully cleared before the applicant proceeds to the next one. These sequence of steps may also vary from job to job and organization to organization. from job to job within the same organization. For example some organizations may give more importance to testing while others give more emphasis to interviews and reference checks.
a prescribed application form is given to the applicants to fill and submit. pay expectations. If the department finds the candidate suitable. Application Blank Application blank or form is one of the most common methods used to collect information on the various aspects of the applicants academic. experience. A junior executive from the Personnel Department may elicit responses from the applicants on important items determining the suitability of an applicant for a job such as age. aptitude.Reception
A company is known by the people it employs. education. Screening Interview A preliminary interview is generally planned by large organizations to cut the cost of selection by allowing only eligible candidates to go through the further stages in selection. choice etc. this courtesy interview as it is often called helps the department screen out obvious misfits. usually containing the following things: • • • • • • • Personal data (address. Whoever meets the applicant initially should be tactful and able to extend help in a friendly and courteous way. '
. sex. skills and experience a company has to create a favorable impression on the applicant's right from the stage of reception. the applicant may be asked to call back the personnel department after sometime. location. social. work related background and references. Employment possibilities must be presented honestly and clearly. If no jobs are available at that point of time. It is a brief history sheet of employees background. telephone number) Marital data Educational data Employment Experience Extra-curricular activities References and Recommendations . demographic. In order to attract people with talents.
It is standardized because the way the test carried out the environment in which the test is administered and the way individuals scores are calculated are uniformly applied. in that way it serves three important purposes: 1. objective measure of a person's behavior. performance or attitude.Usefulness of Application blank or form Application blank is highly useful selection tool. 3. It helps the company to cross comparison of the applicant. the company can screen and reject candidate ifhe fails to match the eligibility criteria at this stage itself. 4. honesty test
. 2. It can serve as the basis to initiate a dialogue in an interview
Selection test A test is a standardized. It is objective that it tries to measure individual difference in scientific way giving very little room for individual bias and interpretation. Some of the commonly used employee test are: 1. 2. Intelligence test Aptitude test Personality test Miscellaneous test such as polygraph. 3. It introduces the candidate to the company in a formal way.
In this step the interviewer matches the information obtained about the candidates through various means to the job requirements and to the information obtained through his own observation during the interview.SELECTION INTERVIEW
Interview is an oral examination of a candidate for employment. Interview gives an opportunity to the recruiter To size up the candidate personally.
Types of interview There are several types of interviews are commonly used depending upon the nature and importance of the position to be filled within the organization: • • • • • Non-directive interview Patterned interview Structured or situational interview Panel interview Stress interview
. To give facts to the candidate regarding the company. its policies etc and promote goodwill towards the company. To ask questions that are not covered in test. This is the most essential step in selection process. To make judgment on candidates enthusiasm and intelligence.
etc. INFORMATION EXCHANGE: State the purpose of the interview. HR experts have identified certain steps to be followed while conducting interviews: PREPARATION: Establishing the objective of the interview Receiving the candidates application and resume Keeping tests score ready. PHYSICAL EXAMINATION: After the selection decision and before die job oiler is made. Start the interview on time. A job offer is often contingent upon the candidate being declared fit after
MEDICAL EXAMINATION: Certain jobs require physical qualities like clear vision. It demands a positive frame of mind on part of the interviewers. Begin with open ended questions where the candidate gets enough freedom to express himself. unusual stamina. clear tone. Medical examination reveals whether or not a candidate possesses these qualities.
. EVALUATION: Evaluation is done on basis of answers and justification given by the applicant in the interview. Focus on the applicant's education. etc. Interviewers must be treated properly so as to leave a good impression about the company in their minds. Find unexplained gaps in applicants past work or college record and elicit facts that are not mentioned in the resume. how the qualifications are going to be matched with skills needed to handle the job. the candidate is required to undergo ! lest. work experience. training. along with interview assessment forms Selecting the interview method to be followed Choosing the panel of experts who would interview the candidates Identifying proper room for environment RECEPTION: The candidate should be properly received and led into the interview room. tolerance of hard working conditions.STEPS IN INTERVIEW PROCESS
Interview is an art. perfect hearing.
REFERENCE CHECKS Candidates are required to give the names of 2 or 3 references in their application forms.
. The manager has to take adequate care in taking the final decision because of economic. These references may be from the individuals who are familiar with the candidate's academic achievements or from the applicant's previous employer. information in the following areas may be obtained. behavioral and social implications of the selection decisions. The organization sends the appointment order to the successful candidates either immediately or after sometime depending upon its time schedule. In case the reference check is from the previous employer. the organization has to intimate this decision to the successful as well as unsuccessful candidates. After taking the final decision. who is well versed with the applicant's job performance and sometimes from the co-workers. HIRING DECISION: The HR manager has to make the final decision now ± whether to select or reject a candidate after soliciting the required information.
HDFC as on December 31. 36. is one of India's leading private insurance companies.CHAPTERII
INTRODUCTION TO THE COMPANY COMPANY PROFILE OF HDFC STANDARD LIFE INSURANCE Co LTD
ABOUT HDFC STANDARD LIFE INSURANCE HDFC Standard Life Insurance Company Ltd. • HDFC is India leading housing finance institution and has helped build more than23. As at March 31. UK.). Presented the Dream Homea award for the best housing finance provider in 2004at the third Annual Outlook Money Awards. which offers a range of individual and group insurance solutions. 00. outstanding deposits stood at Rs. 2004. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.000 houses since its incorporation in 1977.
HDFC STANDARD LIFE INSURANCE PARENTAGE HDFC Limited.840 crores. India's leading housing finance institution and a Group Company of the Standard Life. • • In Financial Year 2003-04 its assets under management crossed Rs. 7.000 Cr. The depositor base now stands at around 1 million depositors.
.38 per cent of equity in the joint venture. 2007 holds 72. • • • Rated AAA by CRISIL and ICR A for the 10th consecutive year Stable and experienced management High service standards Awarded The Economic Times Corporate Citizen of the year Award for its long-standing commitment to community development.
pension. and it was voted a 5 star life and pension's provider at the Financial Adviser Service Awards for the last 10 years running. banking and health-care needs
Its investment manager currently administers A£125 billion in assets
It is a leading pensions provider in the UK. 2005 and 2006 at the Money Marketing Awards. and is rated by Standard & Poor's as 'strong' with a rating of A+ and as 'good' with a rating of Al by Moody's
Standard Life was awarded the 'Best Pension Provider1 in 2004. Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage Magazine Awards in 2006
.Standard Life Group (Standard Life pic and its subsidiaries) Standard Life Group (Standard Life pic and its subsidiaries) • The Standard Life group has been looking after the financial needs of customers 180 years
It currently has a customer base of around 7 million people who rely on the company for their insurance. investment. The T5Star' accolade has also been awarded to Standard Life Investments for the last 10 years and to Standard Life Bank since its inception in 1998.
protection and retirement needs of customers. holds 26. Savings. HDFC Standard Life brings to you a whole range of insurance solutions be it group or individual or NAV services for corporations. India's leading housing finance institution and Standard Life plc. HDFC Bank India Limited. Sarawat Bank and Bajaj Capital. Online renewal forms are also available. investment. Deepak S. along with 10 optional rider benefits catering to the savings. HDFC Life continues to have one of the widest reaches among new insurance companies with about 500 branches in India touching customers in over 900 cities and towns. offers a range of individual and group insurance solutions.37% and Standard Life (Mauritius Holding) Ltd. which meet various customer needs such as Protection.7 lakh lives byMarch'2007.856 crores. Union Bank of India. The gross incomes standing at a whopping Rs. Pension. HDFC Standard Life Insurance Company is a customer oriented corporation and aim at complete customer satisfaction. The Bank assurance partners of HDFC Standard Life Insurance CoLtd are HDFC. Parekh . 2. It is a joint venture between Housing Development Finance Corporation Limited (HDFC).00% of equity in the joint venture. You can also pay by ECS or Automatic Debit System or credit cards or standing instruction mandate. Customers have the added advantage of customizing the plans. while the rest is held by others. holds 72. HDFC Ltd. HDFC Standard Life Insurance India boasts of covering around 8. at a nominal price. For any change in personal
. the leading provider of financial services in the United Kingdom. The premium payment options available to the customers vary from online payment to direct desk payments at the HDFC Standard Life Branches.HISTORY
HDFC Life. one of India's leading private life insurance companies. Indian Bank. HDFC Life's product portfolio comprises solutions. by courier services or in drop boxes provided. has given the company new directions and has helped the company achieve the status it currently enjoys. by adding optional benefits called riders. HDFC Standard Life Insurance Corporation is sure to become one of the leaders and the first preference for any life insurance customer. Investment and Health. The lap station and renewal policy of HDFC Standard Life are clearly defined on the official website. The company currently has 25 retail and 9 group products in its portfolio. Bank of Baroda. HDFC Life has a strong presence in its existing markets with a strong base of Financial Consultants. The MD and CEO of HDFC Standard Life Mr.The company has also established a liaison office in Dubai. they can be easily customized as per specific needs.
A completely hassle-free process has been formulated to provide maximum convenience. (IDFC). Around this time Standard Life purchased 2% of Infrastructure Development Finance Company Ltd. the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. based in Mumbai.Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in HDFC Bank. Standard Life also started to use the services of the HDFC Treasury department to advise them upon their investments in India. HDFC Standard Life first came together for a possible joint venture. the joint venture agreement was renewed and additional resource made available. Despite this both companies remained firmly committed to the venture. due to changes in government and ongoing delays in getting the IRDA (Insurance Regulatory and Development authority) Act passed in parliament. in January 1995.The next three years were filled with uncertainty. Even the claim procedure has been simplified since affect of the loss life is irreparable and is thus fully understandable at HDFC Standard Life.Towards the end of 1999.In a further development Standard Life agreed to participate in the Asset Management Company promoted by HDFC to enter the mutual fund market. Around this time Standard Life purchased a 5% stake in HDFC.Details like the contact details or the nominee of the policy or policy benefits. to enter the Life Insurance market. The Mutual Fund was launched on 20th July 2000
. in January 2000 an expert team from the UK joined a handpicked team from HDFC to form the core project team. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. further strengthening the relationship. Therefore. In October 1998. online servicing is also available. In October 1995 the companies signed a 3 year joint venture agreement.
HDFC Standard Life's Product portfolio comprises solutions. this is the maximum investment allowed under current regulations. as on December 31.
.4%. for unit-linked products. HDFC Standard Life also has more than 383 corporate agents and other sales intermediaries including banks for distribution of insurance products.Incorporation of HDFC Standard Life Insurance Company Limited: The company was incorporated on 10thAugust 2000 under the name of HDFC Standard life insurance Company limited. HDFC Standard Life Insurance Company Limited is one of India's leading private life insurance companies offering a range of individual and group insurance solutions. and specialized training. this ambition was realized when HDFC Said Life was the first life company to be granted a certificate of registration. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance companies in India are measured. efficient post-sale service. HDFC Standard Life operates across more than 726 cities and towns of the country supported by its strong network of more than 1. HDFC and Standard Life have a long and close relationship built upon shared values and trust. Savings. and immaculate financial security. HDFC Ltd.6°o. has also helped its customers choose the product. HDFC are the main shareholders in HDFC Standard Life. best suited for their needs. India's leading housing finance institution and Standard Life pic. by adding optional benefits called riders. while Standard Life owns 18. which meet various customer needs such as Protection.000 Financial Consultants. Their ambition from the beginning was to be the first private company to re-enter the life insurance market in India On the 23rd of October 2000. The company currently has 21 retail and 6 group products in its portfolio. for its financial consultants. and Investment. the leading providers of financial services in the United Kingdom. Customers have the added advantage of customizing the Plans. Ongoing training for conventional products. Pension. 2007 holds 72.38 per cent of equity in the joint venture. with 81. at a nominal price. Given Standard Life's existing investment in the HDFC Group.
HDFC Standard Life maintains very high professional standards during product offerings by providing sound financial advice. 45. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd).
without compromising on ones selfrespect. demonstrating Progressive thinking.AWARDS AND ACCOLADES
May. 2008 Received PC Quest Best IT Implementation Award 2008HDFC Standard Life received the PC Quest Best IT Implementation Award 2008 for Consultant Corner. TV ads. licensing. its path-breaking implementation of an enterprise-wide workflow system Silver Abby at Goafiest. articles. providing centralized control over a vast geographical spread for key business units such as inventory. HDFC Standard Life has won the PC Quest Best IT Implementation Award for two ears consequently. The objective was drive awareness and ask people to invest in a pension plan to live life to the fullest even after retirement. is given to professionals in print and electronic media and ad makers for gender sensitive news reports. instituted in 2007. It showed how a daughter wants to be more responsible towards her family and asks her dad to upgrade to a bigger car by offering him the extra money required to buy the car. print. HDFC Standard Life received this award for two years consecutively. it won for the 'Papa' TV commercial. Last year. Laadli Media Awards. the applications for its financial consultants.
. which challenged the stereotype parents saving only for their son's education or daughter's wedding. etc. an NGO working on women's rights and social development. The company took a bold step by showing parents saving for their daughter's education abroad. and films. Read more about the Consultant Corner tool in the "HDFCS Lin news" section. March. In 2006. training. The radio commercial Pata nahin chala touched several changes in life in the blink of an eye through an old man's perspective. 2008 HDFC Standard Life's radio spot for Pension Plans won a Silver Abby in the radio writing craft category at the Goafest 2008 organized by the Advertising Agencies Association of India (AAAI). Laadli Media Award 2007 HDFC Standard Life received Laadli Media Award 2007 for its 'Big car' TV commercial. the company received the award for Wonders. by Population First.
followed by others including ICCI Prudential. 2008 Sar Utha KeJ iyo among India's 60 Glorious Advertising Moments HDFC Standard Life's advertising slogan honored as one of 60 Glorious Advertising& Marketing Moments' over the last 60 years in India. The magazine said that HDFC Standard
Life is one of the first private insurers to break the ice using the idea of self respect (Sar Utha Ke Jiyo) instead of'death' to convey its brand proposition. thus giving HDFC Standard Life the credit of bringing up one such glorious advertising and marketing moment in the last 60 years. By 4Ps Business and Marketing magazine.February. HDFC Standard Life.000 employees).
Featured in the list of 'Top 25 Best Places to Work for HDFC Life ranked 18th in the list of 'Top 25 Best Places to Work for' in a study conducted by Great Place To Work® institute. India in partnership with Economic Times. received the QIMPRO Gold Standard Award 2007 in the business category at the 18thannualQimproAwards function. The award celebrates excellence in individual performance and highlights the quality achievements of extraordinary individuals in an era of global competition and expectations. 2008 Deepak M Satwalekar Awarded QIMPRO Gold Standard Award 2007. Managing Director and CEO. 1 in Insurance industry and 3rd in Best Company in large organizations (more than 10. This was then.Mr Deepak M Satwalekar. HDFC Life has also been ranked No.
HDFC SLJ has formulated its recruitment policy giving consideration to the following actors: Organizational Objectives
• Personnel policies of the organization and its competitors. A clear and concise recruitment policy helps ensure a sound recruitment process. women. social responsibility in absorbing minority sections. internal sources. In other words the former is a part of the latter. Government policies on reservations.CHAPTER III
RECRUITMENT POLICY OF A COMPANY In today's rapidly changing business environment. recruitment policy by self should take into consideration the government's reservation policy. It specifies the objectives of recruitment and provides a framework for implementation of recruitment program. Preferred sources of recruitment. which can be executed effectively to recruit the best talent pool for the selection of the right candidate Recruitment policy of any organization is derived from the personnel policy of the same organization. It may involve organizational system to be developed for implementing recruitment program and procedures by filling up vacancies with best qualified people. personnel policies of other organizations regarding merit. policy regarding sons of soil. However. Recruitment costs and financial implications
. etc.. etc. Recruitment policy should commit itself to the organizations personnel policy like enriching the organizations human resources or servicing the community by absorbing the retrenched or laid-off employees or casual/temporary employees or dependents of present/former employees. a well defined recruitment policy is necessary for every organization so as to respond to its human resource requirements in time. HDFC SLIC thus believes that it is important to have a clear and concise recruitment policy in place. etc.
HDFC SLI follows a Centralized mode of Recruitment as it offers various benefits as indicated above. Choice between the two will depend upon management philosophy and needs of a particular organization.SILENT FEATURES OF RECRUITMENT AND SELECTION PROCESS OF HDFC STANDARD LIFE INSURANCE
FORM OF RECRUITMENT
The recruitment process of an organization can be centralized or decentralized in nature. CENTR ALIZED R ECRUITMENT The recruitment practices of an organization are centralized when the HR /recruitment department at the head office performs all functions of recruitment. it becomes important to understand the needs of each department and frame their recruitment policies and procedures accordingly.
. Withdiverse and geographically spread business areas and offices. Each department carries out its own recruitment. Benefits of the centralized form of recruitment are: | • • • • • • Reduces administration costs Better utilization of specialists Uniformity in recruitment Interchangeability of staff Reduces favoritism Every department sends requisitions for recruitment to their central office
DECENTR ALIZED R ECRUITMENT Decentralized recruitment practices are most commonly seen in the case of conglomerates operating in different and diverse busmess areas. Recruitment decisions for all the business verticals and departments of an organization are carried out by the one central HR (or recruitment) department. Centralized from of recruitment is commonly seen in government organizations.
which can be drawn by prospective employees depending upon their requirements.com are made use of. colleges and are trained to meet the job requirements. HDFC have contacts with Marvell Associates.com. etc) are known as external source of recruitment. HDFC SLI ltd accomplishes most of the recruitment needs via external sources.
. timesjob. Headhunters are generally considered more aggressive than in house recruiters or may have preexisting industry experience and contacts. engineering collages. medical collages etc. HDFC SLI makes wide use of the INTERNET as a source of recruitment. The Co advertises the job vacancies through worldwide web. The job seekers send their applications or curriculum vitae (CV) through an e-mail using the Internet.
.com. PLACEMENT AGENTS OR HEAD HUNTERS: HDFC have contact with every third party recruiters who seeks out candidates for the company. Job websites like naukri. These involve the following: EDUCATIONAL INSTITUTES: Various management institutes. E-RECRUITMENT: Also known as 'online recruitment'. are good sources of recruiting well qualified executives. medical staff etc. There are more than 18 million resume floating online across the world. Students are selected from various universities. engineers. The internet penetration in India is increasing and has tremendous potential. it is the use of technology or the web base tools to assist the recruitment process. Job sites provide a 24*7 access to the database of the resumes to the employees facilitating the just-in-time hiring by the organizations. ABC Consultants etc. Alternatively jobseekers place their CVs in worldwide web. They provide facilities for campus placement and interview. monster.SOLACES OF RECRUITMENT Every organization has the option of choosing the candidate for its recruitment process from two kind of sources : internal and external sources the sources within the organization itself to fill the position are known as internal source of recruitment. AJ Placement consultants. This source is known as campus recruitment HDFC SLI recruits 65% of workforce via campus placement. Recruitment candidates from all other sources (like outsourcing agencies. EXECUTIVE SEARCH AGENCIES.
EMPLOYEE REFERRALS / R ECOMMENDATIO NS: Many organizations have structured system where the current employees of the organization can refer their friends and relatives for some position in their organization. Also. Online recruitment helps the organizations to automate the recruitment process. One advertisement in a leading daily can cover millions of person throughout the country. In some organizations these are formal agreements to give priority in recruitment to the candidates recommended by the trade union
. The main advantage of this method is that it has a wide reach. the office bearers of trade unions are often aware of the suitability of candidates. PRESS AD VERT IS EMENTS: Advertisements of the vacancy in newspapers and journals are a widely used source of recruitment. Cost per person is very low. managerial and technical jobs.Also. the jobs can be posted on the site almost immediately and is also cheaper than advertising in the employment newspapers. This method is used in DFC SLI for advertising for clerical. Sometimes companies can get valuable references through the 3 passers-by' applicants. Management can inquire these leaders for suitable jobs. save their time and costs on recruitments.
Interviews are based against capabilities. when deemed necessary. English and psychometric. employment magazines etc. . Application Evaluation The Human Resources department evaluates all incoming applications. An acknowledgement of receipt is sent for all submitted applications to the candidate's email. websites. Recruitment when done via external sources generally follows the following process in HDFC SLI: 1. all candidates who are successful at the exams are invited for a capability based interview. 4. against prerequisite abilities and skills set for all current openings. Apart from the educational and academic capability. All applications are kept based on strengths and specialization. CV Submission Information regarding the vacancies and required eligibility criteria is published in the newspapers. A capability or competency is an ability described in terms of skills & behaviors that are essential to effectively perform within a job.
We look out for a candidate who values Integrity Has a zeal for Excellence Is focused on Results Is Self driven and Enthusiastic Is a good Learner and Team Player Is dedicated to Customer Satisfaction
. verbal. Ability Tests Potential candidates will be invited to participate in aptitude tests i. for future reference. Potential candidates interested in joining the Co are required to send their complete curriculum vitae. Capability Based Interviews To ensure that our recruitment process is fair and consistent. required for each position for which the candidate is interviewed for.RECRUITMENT PROCESS IN HDFC SLI
The job evaluation of the vacancy is done so as to understand to understand the skills required in the candidate.e. the chief attributes HDFC SLI looks out for in a candidate are as follows: • • • • • • . numerical. 2. 3.
Job Offer If a candidate successfully reaches the final stage.5. 6.
. Reply Letters At all stages of the process candidates are kept informed of the status of their application with an email reply letter. a position offering is made in conjunction with a competitive reward package.
Same channel partners are handling all insurance companies. Tie up with recruitment agencies on supplying fixed number of footfalls week on week.
Threats Increasing number of private players in insurance sector creates ample choices.
Opportunities Campus recruitments have huge potential for fulfilling manpower requirements cost effectively.pre-offer formalities. Develop exclusive contract with channel partners to meet the manpower requirements. Increasing spill over as a candidate has more than one offer at the time of making a job shift. senior level candidates hesitate to meet HR of other companies for the fear of grapevine. Footfall MLS being maintained at each branch locally by Admin. This leads to same pool of candidates being circulated to all partners. Length}. Weaknesses Pre assessment tests are costly. As the insurance industry is small. Adequate number of channel partners to generate footfalls for each location.
. Reduce turnaround time of making an offer. Conversion of footfalls is low. frequent and easy mobility for employees. Huge employee turnover.SWOT ANALYSIS
Strengths Rigorous Pre-I -firing assessment tests to understand aptitude and personality of candidates. Make blue form brief and to the point. Proper reference checks to ensure thai only bonfire candidates are appointed.
It is an unbiased policy. .CHAPTER IV
FACTS AND FINDINGS
HDFC SLIs recruitment policy is well structured and provides the company with a competitive edge due to the following reasons: • • • • • • • The recruitment policy focuses on recruiting the best potential people. It Integrates employee needs with the organizational needs.
It abides by relevant public policy and legislation on hiring and employment relationship. task oriented and merit based selection.
. IT allows transparent.
It ensures that every applicant and employee is treated equally with dignity and respect. It aids and encourages employees in realizing their full potential.
Learning about salary fitments. Following up with the candidates during the entire selection process.
. Handling queries received from various quarters. . implications and significance. Communicating with the corporate. Prioritize issues according to their importance. Convince people about the job profile and to sell the job to the prospective candidate. Performance appraisals. Reply to official mails.LEARNINGS
In brief my learning and achievements can be summarized as under: • • • • • • • • • • Understanding of person and profile fit. its various types. Learned to convince candidates about the offer rolled out and making them accept the offer through effective communication..
THE RECRUITMENT POLICY of an organization should be well planned and thus should be such so that it: • • • • • Reduces administration costs Provides employees with job security Encourage responsible trade unions Provide suitable employment to handicapped. women and minority group Be flexible enough to meet the changing needs of the organization Works towards the growth and prosperity of the organization.
. The success or failure of an organization is largely dependent on the caliber of the people working therein.CONCLUSION
The human resources are the most important assets of an organization.
Books: Selection and Recruitment Human Resource Management Author Gareth Roberts Robert L.//www.Sniallbusiness.uk/ http://en.wikipedia.ac.org/wiki/R ecruitment http.
.warwick.wa.au/selection-andrecruitment/ Newspaper: Times of India Journal and Magazines: Business times Business week Speaking Asia . gov.Mathis. John Harold Jackson