Professional Documents
Culture Documents
IN
IFFFCO TOKIO GENERAL INSAURANCE COMPANY LTD.
Supervised by Submitted by
Dr. Puneet Bhushan Naina
Exam roll. No. -210521220069
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CERTIFICATE
ii
DECLARATION
I, Naina , hereby declare that the On The Job Training report in “IFFCO Tokio General
Insurance Company Ltd. ” under the guidance of Dr. Puneet Bhushan submitted by me as
partial fulfilment for the award of Master Of Business Administration at HPUBS is a record of
bonafide work done by me. I also declare this report has not been submitted to any other university
or institute for completion of any degree.
………………………(Sign.)
Name: Naina
Date:
Place:
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TABLE OF CONTENT
1. Title Page
2. Training Certificate I
3. Declaration ii
4. Acknowledgement 2
5. Executive Summary 3
6. Prolouge 4
Chapter -3 : Specialisation -1
9. 20-39
o Human Resource
Chapter-4 : Specialisation -2
10. 40-46
o Finance
Chapter -5
• Weekly Report
11. 46-56
• Findings
• recommendations
11. Chapter -6 Conclusion, Appendices & References 57-64
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ACKNOWLEDGEMENT
I express my sincere thanks to my report guide, Dr. Puneet Bhushan, for guiding me right
from the inception till the successful completion of the project. I sincerely acknowledge him
for extending their valuable guidance, support for literature, critical reviews of projects and the
report and above all the moral support he had provided to me with all stages of this project.
I would also like to thank the supporting staff of IFFCO Tokio General Insurance Pvt. Ltd. For
their help and cooperation throughout our project.
Name: Naina
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EXECUTIVE SUMMARY
I started my internship in IFFCO-Tokio general Insurance Company Ltd. On 20th Feb 2023.
I worked for two months there and it gives me a lot of practical knowledge about the operation
of an insurance company as an HR. I have learned many things in this duration. In the
following pages I have summarized my experience, observations and working activities which
I observed in my internship period. This report will discuss proposed steps of developing and
HR Department within the organisation. It will outline following.
➢ History
➢ Departments
➢ Swot analysis
➢ Financial analysis
The source of information used during the preparation of this report includes
➢ Personal observations
➢ Discussions with staff & management
➢ Annual reports
➢ Handouts
➢ Different websites
Report is based on my personal experience & observations about HR department which I gain
during my internship in state life.
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PROLOUGE
IFFCO-Tokio General Insurance Company Limited was incorporated in 2000, as a joint
venture between the Indian Farmers Fertiliser Co-operative Limited (IFFCO), which is the
world’s largest fertilizer manufacturer, and Tokio Marine Group, which is one of the largest
insurance groups in Japan. IFFCO holds 51 percent in the company and the remaining 49
percent is held by Tokio Marine Group.
My prime objective is to study the ins and outs of their Human resource situation. This will
involve the recruitment procedures, the study of work load and manpower ratio, current
manpower capability, pay equisiti and allowances. After visualizing a clear picture of the
present situation of the company I will then work on each weak point and put a suggestion to
rectify the problem. For this I will try to suggest the solution in modular form. So that it will
be manageable to work in a new environment. In this way it will be easier for the management
to understand and prioritize the modules they want to rectify first.
To manage these huge number employees the HR Department may need some special skills
and innovative ideas.
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CHAPTER 1
INTRODUCTION
Definitions:
Insurance can be defined into a number of ways. Some of them are as follows: “A contract
between an insurance company and a person or group which provides for a money payment in
case of covered loss, accident or death”
“Insurance is a contract between two parties whereby one party agrees to undertake the risk of
another in exchange for consideration known as premium and promises to pay a fixed sum of
money to the other party on happening of an uncertain event (death) or after the expiry of a
certain period in case of life insurance or to indemnify the other party on happening of an
uncertain event in case of general insurance. The party bearing the risk is known as the ‘insurer’
or ‘assurer’ and the party whose risk is covered is known as the ‘insured’ or ‘assured’”
“It is a system whereby contributions are received from insuring public and pool of money is
created from where the claims are paid to few unfortunate persons who died during the
insurance period”
History of Insurance
Insurance began as a way of reducing the risk of traders, as early as 2000 BC in China and
1750 BC in Babylon. Life insurance dates only to ancient Rome; “burial clubs” covered the
cost of members’ funeral expenses and helped survivors monetarily. Modern life insurance
started in 17th century England, originally as insurance for traders, merchants, ship owners and
underwriters met to discuss deals at Lloyd’s Coffee House, predecessor to the famous Lloyd’s
of London. Thus from Lloyd’s of London insurance begins
PRINCIPLES OF INSURANCE
In every sort of contract there are some principles which must be followed in order to
accomplish the contract. Following are the principles of every insurance contract.
3.) Principle of utmost good faith
An insurance contract is one of utmost good faith. What this means is that all material facts
about an insured risk must be disclosed to the insurers at the time of completing the proposal
form, or subsequently if the facts change.
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2.) Principle of indemnity
Indemnity means that the insurers agree to compensate in the event of loss such that the insured
is left substantially in the same position financially after the loss as she was before it but the
insured cannot profit from a loss.
3.) Principle of contribution
If more than one policy covers the same risk it is not possible for the insured to claim on both
and make a gain. In this situation each of the insurers involved would be required to contribute
a proportionate amount of the loss – this is known as the principle of contribution
Underinsurance can have serious implications when insuring a property. Underinsurance means
that the replacement value of the property or the value of the contents has been understated on
the proposal, thereby lowering the premiums paid.
The principle of average means that the amount of the claim payment will be reduced
proportionality if the property was not insured to the full amount of its replacement cost.
In the event of a claim the insurers will want to ascertain if the cause of the loss was an insured
risk. The principle of proximate cause relates to this and is define as: The efficient cause which
brings about a loss with no other intervening cause which breaks the chain of events.
You must have an interest (insurable interest) in the thing insured. If you could insure
something which you did not have an insurable interest in (ownership of) it would be possible
to gain in the event of another’s loss.
TYPES OF INSURANCE:
The many types of insurance plans available today may be grouped into two groups:
1. Life Insurance
2. General Insurance
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Life Insurance: Life insaurance comes in a variety of forms. The most prevalent types of
life insurance policies offered in India are as follows:
General Insurance : Some of the kinds of general insurance offered in India are as follows:
COMPONENTS OF INSURANCE
Three components of any insurance type are the premium, policy limit, and deductible.
1. Premium: A policy’s premium is its price, typically a monthly cost. Often, an insurer takes multiple
factors into account to set a premium. Much depends on the insurer’s perception of your risk for a
claim. For example, suppose you own several expensive automobiles and have a history of reckless
driving. In that case, you will likely pay more for an auto policy than someone with a single
midrange sedan and a perfect driving record. However, different insurers may charge different
premiums for similar policies. So finding the price that is right for you requires some legwork.
2. Policy Limit : The policy limit is the maximum amount an insurer will pay for a covered loss
under a policy. Maximums may be set per period (e.g., annual or policy term), per loss or injury, or
over the life of the policy, also known as the lifetime maximum. Typically, higher limits carry
higher premiums.
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3. Deductible : The deductible is a specific amount you pay out of pocket before the insurer pays a
claim. Deductibles serve as deterrents to large volumes of small and insignificant claims.
Deductibles can apply per policy or claim, depending on the insurer and the type of policy. Health
plans may have an individual deductible and a family deductible. Policies with high deductibles are
typically less expensive because the high out of pocket expense generally results in fewer small
claims.
Imagine you’re driving your car and you hit a deer, which damages your car. If you have the
right kind of auto insurance policy, the insurance company will pay the costs of the car repairs
(minus the deductible — the portion you have to pay). Now, imagine a water pipe bursts in
your bathroom, ruining everything in that room and in the bedroom next to it. Typically, if you
have homeowner’s or renter’s insurance, the insurance company will pay to replace some or
all of the damaged property, once you pay your deductible. Insurance policies will only pay for
things that are described in the policy. So it’s important to read a policy carefully before you
buy it so you’ll know exactly what’s covered.
All of us wish to achieve financial freedom at some point in our life, and when it comes to
doing that, we tend to believe that savings are enough to be financially stable. But, if you look
at life from a practical perspective, you would understand that savings alone are not enough to
achieve financial freedom; insuring your assets with general insurance policies is equally
important.
However, some people believe that they do not require general insurance policies as they can
save enough money to replace their assets should anything happen to them.
But, consider a situation when you have to wipe off all that you’ve saved all your life, just to
pay for your medical bills or a car that is damaged beyond repair.
Buying insurance is important as it ensures that you are financially secure to face any type of
problem in life, and this is why insurance is a very important part of financial planning.
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A general insurance offers insurance policies to secure health, travel, motor vehicle, and home.
The convenient part of it is that you can purchase all these insurance policies online nowadays.
1. Financially Security: No matter how much you are earning or how much you
have saved; your financial position can be dented by an unexpected event in a
moment. Therefore, the best way to become financially secure is to cover
yourself, your family, and your assets with insurance
3. Complete Protection for You and Your Family: Family is the most important
asset that you have and your family depends on you for financial support. This
is why it is important to make sure that you and your family are completely
secure to face any emergency.
4. No More Stress or Tension during Difficult Times: None of us can see the
future or predetermine the future events. Any unforeseen tragedy can leave you
physically, mentally, and financially strained. Therefore, if you have insurance
to take care of the outcomes of such tragedies such as illness, injury or
permanent disability, even death- you save yourself and your family from
tension and stress. With insurance in place, any financial stress will be taken
care of, and you can focus on your recovery.
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5. Some Types of Insurances are Compulsory: Insurance is necessary because
sometimes it is mandatory as per the law. An example of this is motor insurance.
As per the Motor Vehicle Act of 1988, it is compulsory to have at least a third-
party motor insurance for every motor vehicle plying on road in India.
Motor insurances come in really handy during claims. At IFFCO Tokio, we have
improved it even further with our Quick Claim Settlement process, which, as
the name suggests, expedites the settlement of claims.
6. Peace of Mind: Having insurance like health insurance offers you financial security
and also peace of mind. No amount of money can replace your peace of mind. So, when
you have insurance you know that you are secured against any unforeseen events in
life, and this gives you complete peace of mind.
Broad Objective: Broad objective of this report is to fulfil the requirement of MBA program
and to remain attached with an organization for a considerable length of period to have an
experience of real world and to do a project on a topic, which was assigned by the organization.
Specific Objective: The report is presented in different sections. The first section contains an
overview of the organization., its objectives, its functions, and its organizational structure. The
second section started with the HR where will describe the Planning Employee Needs,
Conducting Job Analysis, Recruiting and Selecting Job Candidate, Orienting and Training New
Employees, Managing Wages and Salaries,
Providing Incentives and Benefits, Appraising Performance, communicating (Interviewing,
Counselling, and Disciplining) and Training and Developing and Building Employee
Commitment.
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CHAPTER 2
OVERVIEW OF ORGANIZATION
IFFCO-Tokio General Insurance was incorporated in 2000, as a joint venture between the
Indian Farmers Fertilizer Co-operative (IFFCO), which is one of the world’s biggest
cooperative society, and Tokio Marine Group, which is also the largest listed insurance group
in Japan. IFFCO holds 51 per cent in the company and the remaining 49 per cent is held by
Tokio Marine Group.
IFFCO Tokio General Insurance has a network of branches and offices across India, including
their branch in Kaithal, Haryana. These branches serve as customer service points where
individuals can purchase insurance policies
IFFCO-Tokio General Insurance Co. Ltd. Is a general insurance company based in India. It is
a joint venture between the Indian Farmers Fertiliser Cooperative (IFFCO) and Tokio Marine
Group, a leading insurance group from Japan. The company was established in 2000 and has
since grown to become one of the prominent insurance providers in India.
The company is known for its customer-centric approach and innovative insurance solutions.
They aim to provide comprehensive coverage and excellent customer service to their
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policyholders. With a strong network of offices across the country, IFFCO-Tokio General
Insurance has established a significant presence in the Indian insurance market.
IFFCO-Tokio General Insurance has received various accolades and awards for its performance
and service excellence. They have also embraced digital technologies to enhance customer
experience and provide convenient access to insurance services through their online platforms
and mobile applications.
Indian Farmers Fertiliser Cooperative Limited (IFFCO) is the world’s largest fertilizer
manufacturer & marketer in the cooperative sector. It was incorporated on 3rd November,
1967 and since then is committed to achieving its prime role of providing quality
fertilizer and agricultural services to India’s farming community. Over the years, the
cooperative society has evolved into a gigantic Indian Multinational and set records for
excellent and consistent performance in the field of production, marketing, and services
to farmers. As a society “of the farmers, by the farmers and for the farmers”, IFFCO has
firmly established itself as a true Cooperative and perfect role model for others to
emulate on the path of economic development.
IFFCO has steadily grown from strength to strength from a modest membership of 57
societies in 1967-68 to more than 36,000 societies at present. The initial equity capital
of ₹6 lakh contributed by cooperatives in 1967-68 has also risen to ₹4.26 Million in
2010-11. Having the Largest Market share of Fertilizer Production in India with 30% in
Complex Fertilizers and 21% in Urea it has also become the First Cooperative in India
to set-up first-ever Kisan SEZ (Special Economic Zone) at Nellore, Andhra Pradesh.
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At IFFCO, the thirst for ever-improving the services to farmers and member co-
operatives is insatiable, commitment to quality is insurmountable and harnessing of
mother earth’ bounty to drive hunger away from India in an ecologically sustainable
manner is the prime mission.
All that IFFCO cherishes in exchange is an everlasting smile on the face of Indian Farmer
who forms the moving spirit behind this mission. IFFCO, today, is a leading player in
India’s fertilizer industry and is making a substantial contribution to the efforts of the
Indian Government to increase food grain production in the country.
TOKIO Marine Asia Pte. Ltd holds 49% shareholding in IFFCO-TOKIO General
Insurance Company Limited. TOKIO Marine Asia is a subsidiary company of TOKIO
Marine Holding Inc Japan; a holding company for TOKIO Marine & Nichido Fire
(TMNF) Insurance Company.
TOKIO Marine & Nichido Fire Insurance Company has over 140 years of experience
in the general insurance business and is the largest and oldest general insurance
company in Japan. It is a member of the highly diversified Mitsubishi group comprising
over 600 companies.
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The company is rated ‘A’+ by international rating agency Standard & Poors.
Based in Singapore, today TM Asia is an established regional headquarters and
intermediate holding company, based at the TOKIO Marine Centre in Singapore. Our
organization oversees 12 regional companies in 7 countries, which employ over 5,000
people across the region. This includes 7 General Insurance companies and 5 Life
Insurance companies. TM Asia is with 100% shares held by TOKIO Marine & Nichido
Fire Insurance Co., Ltd. TM Asia also holds the shares of its regional companies which
are widely represented in Asia with operations in Singapore, Malaysia, Thailand,
Indonesia, Philippines, Vietnam, and India.
TM Asia provides support to new and current business activities for both TOKIO
Marine P&C and Life insurance operations within the region. TM Asia’s expertise lies
in providing management and technical support to new business activities, as well as
the development and enhancement of products and services.
Vision
To be the industry leader by building customer satisfaction through fairness, transparency and
quick response.
Mission
To win the trust of individuals, trade, industry and commerce and protect citizens, corporates,
cooperatives and international investors in India.
Values
IFFCO Tokio believes that healthy competition is the inherent basis for providing true value to
consumers and is committed to the growth and development of the Non Life insurance sector
via best practice and bench mark initiatives that enhance the consumer’s quality of life.
MANAGEMENT TEAM
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IFFCO-Tokio’s illustrious management team is fully hands on and blends decades of industry
rich experience with responsible thought leadership that ably guide and steer the company
through all market forces and challenges, protecting consumer trust at all times.
Organisation is committed to the growth and development of the rural and social sector,
fulfilling its social responsibilities above and beyond the prescribed regulatory obligations and
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have a fully dedicated rural team working to overcome challenges like low awareness, general
apathy towards insurance, high distribution & development costs and low profitability. The
innovation goes beyond product development to the real task of effectively delivering the
product to its target population.
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• Women Vice President of the Year Award for Ms. Pushpa Hariharan by
Insurance Alert
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MUSKURATE RAHO CAMPAIGN
New Delhi, October 13, 2008: IFFCO-Tokio General Insurance Co. Ltd. , a trusted player in
general insurance, has rolled out its new Muskurate Raho ad campaign. The campaign which
is titled Albert Pinto kyon muskura raha hain features Paresh Rawal as Albert Pinto. Paresh
Rawal will be the brand ambassador for the Company for its newly launched advertising
campaign.
Muskurate Raho is the need for Indian Masses in present-day life which is full of risks and
tension. IFFCO-Tokio General Insurance is providing a means for transferring these risks and
tensions through its line of insurance products and unmatched service quality. The
new IFFCO-TOKIO brand film which will go on air from October 15 on almost all the
national channels will see a general insurance company engaging with a celebrity for the first
time.
Albert Pinto will be seen in the main brand film and also in the advertisements of other general
insurance products of the Company i.e. Motor, Health, Home, etc. The first campaign to be
executed by Publicis after bagging the IFFCO TOKIO account, the project is headed by
Emmanuel Upputuru (National CD), Vishal Chemjong (CD) and directed by Shiven of Big
Picture Fame. The advertisement was shot in Mumbai. The TVC campaign will be supported
by other brand initiatives to generate higher visibility and better recall for the brand
Speaking about the new campaign, NK Kedia, Director (Marketing) IFFCO-TOKIO General
Insurance said, The idea presented by Publicis about Albert Pinto is in line with our brand
objectives. Since IFFCO-TOKIO is a pan-India brand, we wanted to appeal to the masses and
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Paresh as Albert Pinto was a perfect fit. We are confident that the ad will touch a chord with
the people.
On the creation of this ad, Emmanuel Upputuru, NCD Publicis India, said, Great work happens
when you have a good client. It’s been a great experience working on IFFCO-TOKIO, who
gave us complete freedom. The pressure is entirely on us and I hope the communication does
the job we’ve been signed for. IFFCO-Tokio is an organization with qualified team of
professionals working together, sharing views and ideas with passion to accomplish a common
goal
“To be an industry leader in India”.
2. Training
3. Timely appraisal
5. Employee Branding
6. Latest technology
7. Overseas client
8. Employee benefits
9. Career mobility
13. HR activities
14. Growth
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CHAPTER 3
SPECIALIZATION I
HUMAN RESOURCE I
Human Resource (HR) is a synthesis of themes and concepts drawn from a long history of
work and more recent management theories. I set out to understand the activity of human
resource management (HRM), how it developed, and the range of tasks covered by human
resource specialists. The activity of human resource management is described in this report.
So, Human Resource Management is practice and policy that one needs to carry out the
personnel aspect of a management position. These practice and policy include conducting job
analysis, planning, employee needs, recruiting and selection job candidates, orienting and
training new employees, managing wages and salaries, providing incentives and benefits,
appraising performances, communication (interviewing, equisition, and disciplining) and
training and developing and building employee commitment, etc
The study will concentrate on the human resource activities of the IFFCO TOKIO LTD.
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Human resource is a process that systematically forecasts or projects the future human resource
and organization’s future demand for and supply of employee. This forecast include both
number of employee, type of employee, what quality of employee, what skills of employee and
what are knowledge of employee. HR department to develop staffing plans that support the
organization strategy by allowing it to be proactive. It helps the HR to staff the organization
with right number and right the people. All organization should identify their short run and long
run need by examination of their corporate strategy. HR planning is useful to HR specialist in
both small and large organization.
• Demand causes
• Supply
Demand Causes: Demand causes are the purpose of future need for human talent in the
organization. Some of these causes are within organization’s control and others are not.
Three reasons of demand causes which are,
External Causes or Challenges: The external causes or challenges that affect the
organization’s strategies are difficult to predict in the short run and long run. The organization’s
external factor – economic, social – political – legal, technology and competitor. The planners
try to estimate the availability of current workers meet that demand by analyzing the
organizational external factor.
1) Organization decision and policy: sometime decision and policy may affect future need and
demand for the HR in the organization. Decisions are made to modify the strategic plan like
budgets, sale, and production forecast, production line, and organization.
2) Workforce factor: Termination of employee, rejection of employee, retirement of employee,
death, and long live absence f employee also affects future need or demand of HR in the
organization.
Forecast Technique
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Expert Forecast: This knowledge about HR activity all people are needed for manager of
organization. Usually the HR department may survey all production supervisors and manager
until an agreement is reached on the number of replacement needed for the next year.
Trend Projection Forecast: In this method passed or preceded trend used to for forecast the
future HR need of the organization. Two methods are used under this technique.
Indexation: In this method HR need are estimated on basis of a specific index of the
organization e.g. 240 production worker will be added during the upcoming year.
Budget and Planning Analysis: In this method budget of the organization long run and the
result of extrapolation are used for estimating the short run HR need of the organization, long
run HR need using long run analysis. Budget increases or cuts the most significant short-run
HR need.
New Venture Analysis: In this method future payment for HR need of organization are
estimated by making comparison with other organization that perform similar operation.
Computer Model
In this method a combination of varies technique and method is used for forecasting the future
HR need of the organization. These techniques are mathematical method that simultaneously
uses extrapolation, indexation, survey result, and estimates of workforce change to compute
future staffing needs.
Human resource manager must know source of supply. There are two supplies which are as
follows:
Internal source of supply: internal source of supply include the current employees. Internal
source of supply consist of existing employee who can be trained and or promoted, transferred
at different level.
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External source of supply: It includes the people or who are unemployed who are working in
other organizations.
Skill Inventory:
• Job Title
• Experience
• Age
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• Previous job of the employee
This part is completed by HR department each part separate information and each completed
by separate people
• Readiness of promotion
Skill inventory of subordinate must be update time to time. Because people relegation must be
change, people experience may be change and, people training and development may be
change.
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Not every future opening can be met with present employee. So, there is a need for external
supplies of human resource to fill the vacancy in the organization.
Managers should consider the following four factors in external source of supply.
• External Need
• Employee Market analysis
• Community attitudes
• Demographics trend
• Employee market analysis
HR department must analyse job market and employee market for high skill job and high
managerial job. So two type of job market with high or low HR specialist are realized from
region to region and city to city
Community attitudes: Community attitudes also affect the nature of labor market is the area
which recruits the employees.
Demographics trends: Demographic trend are another long-term development. Demographics
are study of population characteristic that include birth rates, trend in job, immigration.
• Organizational polices
• HR planers
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• Affirmative action plans
• Environmental condition
• Job requirement
• Costs
• Time
• Incentives
• Employee referrals
• Advertising
• Educational institution
• Professional associations
• Labor organization
• Military operation
• Leased employees
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• Departing employee
• Open houses
• International recruiting
• Employment status
• Work history
• References
Preliminary Reception: The organization selects employees, and applicants select employers.
It begins with a visit to the HR office or a written request for an application. The application
begins to form an opinion of the employer with this early step.
Employment Test: In this system some the employee of the organization takes a number of
steep of the job seeker and job applicable for the purpose of evaluated wages and a job seeker
fit the requirement for the job. Some application of employment related test are included
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psychological test, knowledge test, performance test, graphic response test, attitude test,
medical test.
Selection Interview: In this system of selection interview and an in-depth interview conducted
by the employer in order to determine, the acceptability interview allow particular job seeker
for purpose accept interviewer.
• How does an applicant compared with other who is being considered for the
job?
• Creation of report
• Exchanges of information
In this system of selection process that the employer uses some references background cheek
to examine or verity or acquires of the data and information that the reference are supplied by
the job candidate.
Personal reference: its concerns while personal characteristics of the job seekers and this
reference are supplied by the friend, relative, family member, or other who know the job
candidate personally.
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Employee reference: employee reference concerns with previous work experiences or history
and this reference are provided by the previous employers of the job candidate.
Medical Evaluation
In this system selection procedure that the employer makes a medical evaluated of the job
candidate, in order to determined whether physically fits for the jobs. It may be simple health
check list where the job candidate is asked to indicate whether he has suffer from any serious
decision previously or whether he has physically handicraft or other half problem, or it may be
a through medical checkup that is done either by the physician of the organization or by the
expert or specialist outsides of the organization.
Superior Interview
Some time and some organization invite superior or boss of the newly selecting employee is
involve in this steep of the selection procedures. It is, because the immediate superior can
accurately evaluated the require skills, ability of the job candidate and he can also answer to
the questions that it may be asked by the job candidate to desire whether aspect or not aspect
of the job.
Realistic Job Preview
Sometimes a realistic job preview is provided the job candidate and this preview the job
candidate are shown the job description or duty and responsibility that it to be perform by them
The working condition in which they will work, the machine and equipment that it to be used
by them, the working relationship of them with their superior, subordinate and peers etc. this
preview will help the job candidate to decide whether to expect or not to expect if it is other by
them.
Hiring Decisions
The selection Decision is informed to the successful candidate and rejecting candidate in this
method. Similarly record of both the selecting candidate and rejecting candidate should be
maintain and retraining in the organization. Record of the selecting candidate should be
maintained for the hire futures reference. But the record of unsuccessful candidate should be
maintained for two references.
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If any of the successful candidates does not joint someone from the unsuccessful candidate,
may invite as he or she has passed through all this steep of selection procedure.
If there is legal implication over a selection the maker, may go to court and these records will
act as evidence in the court of law in favor of the organization.
In this step of selection procedures the employee make arrangement for orientation of the newly
selection. Two activities are involved in this system as following:
Acquainting newly selected employees with the new job, new surrounding and new
environments. This acquainting is done through class for lectures through printing booklets,
through film, video and slide. This acquainting several doe on this history, product and services
and operation of the organization; general policy, rules, and regulation of this organization; the
compensation, benefits, lives vacations, holydays and etc; economic reward and recreational
and facilities; opportunities such as insurances plans, providing fund facilities, gradually etc.
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Designing the Training Contents: In this step managers design the contents or tropics or
subject makers for a specifics training program which should be related to teaching specifics
skills and abilities, providing special knowledge changing attitudes to the right direction and
increasing or improving moral and job satisfaction of the employees.
Designing the Learning Principles: In this step, manager will make arrangement for
providing or delivering the contents of training or tropics of training or subject matter of
training. Manager or trainers must decide and tactics some principles of learning such as
participations, repetition, relevance, feedback etc.
Evaluating the Effectiveness of Training: In this step after completion of a training manager
will evaluate the effectiveness of training program in order to determine whether successful or
not. If any training program is unsuccessful then manager should changes or modify either the
content of training program or method of providing training.
• Lectures
• Video Presentation
• Vestibule Training
• Role Playing
• Behavior Modeling
• Case Study
• Simulation
• Self-study
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• Program learning
• Laboratory Training
Evaluation of Effective Training Program
After complete the training program manager can be evaluated by applying the following
outcome of training and development:
1. Reaction of the trainees to the content of training and process of training program.
2. The knowledge and learning that the trainees acquire through the training program.
3. The changes in the behaviour of the trainees that resulted from the training program.
4. The measurement result or improvement in the trainees of a training program.
Objective of compensation management are that Pay level should be match with market price,
To obtain, maintain and retain employees, Ensure equity (internal and external), Should be
SMART (Specific, Manageable, Attentive, Realistic, and Time-oriented). Top manager,
compensation specialist and each level of management will make the compensation decision
about how much to pay, what system to use and what benefits to offer, and so forth.
Theoretical Version: Intrinsic are psychological states that result from doing a job and
extrinsic reward are monetary and non-monetary reward from the job. Core job dimension of
intrinsic reward are Skill inventory, Task identify, Task significance, Autonomy, Feedback
(how am I doing). These factors are supposed to motivate the employees to perform well,
increase their satisfaction with their job, and so forth.
32
Core compensation of extrinsic reward are Base pay (wages and salary), Cost of living
adjustment (COLA), Seniority pay (assume people get more experienced, more valuable-
human capital increase), Merit pay permanent increase due to performance in last year, etc, pay
for knowledge/ skill based pay.
Non-monetary are paid time off, Non-monetary incentive, and many others and its can be
legally required, Discretionary (Protection-health, disability, Pay for time not worked, service
are day care center, etc), and legally are which laws?
Setting pay so that it is internally consistent compensation reflects the relative value of
employees, level of skills needed and complexity of jobs. Monitor this consistency through Job
analysis (what are we doing?), Job evaluation (how much are we paying for different job
duties). Setting pay is externally consistent (competitive with the market) and set through
regular compensation (wages and salary) surveys. Recognize individual contribution through
performance based pay and pay base on credential (get a degree, get paid more).
Job Analysis: Job analysis is a process that systemically collects evaluates and organizes the
information about the job of an organization.
Application of Job Analysis Information: Job analysis information is generally used for
preparing the following document of the organization:
• Job description
• Job specification
Job Description: Job description is a written description that it explains or describes the duty,
responsibility, working condition, working hour, other aspect of each job of the organization
Position: Work consisting of responsibilities and duties assignable to one employee. There are
as many positions as their employees.
Job: Work consisting of responsibilities and duties that are sufficiently alike to justify.
Class: A group of job similar as to kinds of subject matter, education, experience, level of
difficulty, complexity, and responsibility.
33
Class-series: A group of job classes having similar job content but differing in degree.
Family: Two or more class series within an organization that have related or common work
content.
Occupation: A grouping of jobs or job classes within no. of different organization that similar
effort skills, and responsibility.
Class description: Class description defines the work of relatively large numbers of
employees, rather than define what one or a few employees do. These descriptions identify all
or at least the “major” tasks are performed by all or a major group of employees in a work until
or section of the organization.
• Identification
• Summary
• Definition
• Accountability
• Specifications
• Job Identification
• Job Title Status Job Code
• Date Plant/Division
• Written by Department/ Section
• Approved By Grade Points
• Title of Immediate Supervisor
• Pay Range
Job Definition: The job definition describes the responsibilities and duties of the job. After
completed the responsibility statement, a list of duties should be developed for each
responsibility. (7+2) OR (7+4)
34
• List and sequence them by occurrence
• List and sequence them by relative importance
Job Specifications: This section determine what skills, knowledge, or abilities are required for
performing a particular job.
Employment standards-
• Level of education
• Level of experience
• Abilities and skills
• Physical standards, and
• Certification or licensure requirements.
Performances Appraisals
Performances Appraisals is a process of evaluation the performances of productivity of the
employees in the organization. This performance appraisal is too done achieve the following
objective:
• Performances improvement
• Compensation adjustment and decisions
• Placement decisions (transfer, demotion)
• Training and development need
• Career planning and development
• Staffing process and deficiencies improvement
• Overcoming information inaccuracy about job analysis human resources plans, etc.
• Diagnosing the job design errors.
• Ensuring equal employment opportunities
• Meeting external challenges relating to the personnel matters of the organization.
• Obtaining appropriate feedback on human resources of the organization.
35
How to become an Insurance Agent:
3. Eligibility :
• Citizens of India.
• Age should be 18 yrs.
• Minimum Qualification:
3.IRDA Training :
36
An applicant applying for a license to act as an insurance agent will have to complete training
from an IRDA-approved institution with at least 50 hours of practical training in general
insurance business, which may be spread over a week. For the renewal of his license, the agent
will have to undergo training for just 25 hours. The training cost would be Bourne by IFFCO
TOKIO.
The head office of IFFCO TOKIO is in Gurugram, Haryana, so the management present in the
office provide the human force requirement to the main head office. From there HR manager
provide us with the requirements of the particular branch and later on provide us with the
certain resumes directly received by the company.
Later on, the certain series of steps is followed to recruit the candidate.
1. 2.
Preparing Sourcing
3.
Evaluation
• Step 1 – Preparing : In this stage, it’s about gathering information from the hiring
manager. As soon as the job equisition has been approved internally, the recruiter will
contact the hiring manager to make an appointment for the vacancy intake
• Step 2 – Sourcing : Once the foundation for the candidate search has been laid (i.e. the
job advert is ready), it’s time to start sourcing. This is where it’s easier if the full cycle
recruiter is, for example, only focusing on highly specialized roles.
37
• Step 3 – Evaluation of Applicants : The third step is to assess the process at a
fundamental reporting level by looking at what is known as conversion rates or click-
through rates. It is about providing the salary and details about the work to be
performed.
SELECTION
Selection Process is a series of specific steps used to decide which recruits should be hired.
Selection is an hectic task in any organization and it became tough to satisfy the needs of both
management and employee.
In IFFCO TOKIO a series of steps is needed to be followed in order to select employee after
recruitment.
Preliminary
Selection Test : Interview
Screening
References and
Onboarding Hiring Background
Checks
Step – 1 : Preliminary Screening : Here the employee is observed whether the details
provided while recruiting are true or not and then they are promoted to next level.
Step – 2 : Selection Test : There are different set of questions prepared for different positions
and the candidates who scored maximum are shortlisted. It is done using pen and paper.
38
Step – 3 : Interview : It is conducted in two steps
Step – 4 : References and Background Checks : In this system of selection process that we
uses some references background cheek to examine or verity or acquires of the data and
information.
Step – 5 : Hiring : Once selected, you will submit a formal offer letter to your candidate. It
would be best if you were willing to answer any candidate’s questions before they accept the
offer.
Step – 6 : Onboarding : Upon the candidate accepting your offer, I start familiarizing them
with the organization and team.
It may include a formal orientation, mandatory training programs, and an organized lunch with
the new hire and their colleagues.
39
CHAPTER 4
SPECIALISATION II
FINANCE
Financial statements are written records that convey the business activities and the financial
performance of a company. Financial statements are often audited by government agencies,
accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes. For-
profit primary financial statements include the balance sheet, income statement, statement of
cash flow, and statement of changes in equity. Nonprofit entities use a similar but different set
of financial statements.
KEY TAKEAWAYS
• Financial statements are written records that convey the business activities and the
financial performance of an entity.
• The balance sheet provides an overview of assets, liabilities, and shareholders’ equity
as a snapshot in time.
• The income statement primarily focuses on a company’s revenues and expenses during
a particular period. Once expenses are subtracted from revenues, the statement
produces a company’s profit figure called net income.
• The cash flow statement (CFS) measures how well a company generates cash to pay
its debt obligations, fund its operating expenses, and fund investments.
• The statement of changes in equity records how profits are retained within a company
for future growth or distributed to external parties.
40
Understanding Financial Statements
Investors and financial analysts rely on financial data to analyze the performance of a company
and make predictions about the future direction of the company’s stock price. One of the most
important resources of reliable and audited financial data is the annual reports, which contains
the firm’s financial statements.
These are used by investors, market analysts, and creditors to evaluate a company’s financial
health and earnings potential. The three major financial statement reports are the balance
sheet, income statement, and statement of cash flows.
Balance Sheet
The balance sheet provides an overview of a company’s assets, liabilities, and shareholders’
equity as a snapshot in time. The date at the top of the balance sheet tells you when the
snapshot was taken, which is generally the end of the reporting period.
Income Statement
Unlike the balance sheet, the income statement covers a range of time, which is a year for
annual financial statements and a quarter for quarterly financial statements. The income
statement provides an overview of revenues, expenses, net income, and earnings per share.
Revenue
Operating revenue is the revenue earned by selling a company’s products or services.
The operating revenue for an auto manufacturer would be realized through the production and
sale of autos. Operating revenue is generated from the core business activities of a company.
Non-operating revenue is the income earned from non-core business activities. These
revenues fall outside the primary function of the business. Some non-operating revenue
examples include:
41
Other income is the revenue earned from other activities. Other income could include gains
from the sale of long-term assets such as land, vehicles, or a subsidiary.
Expenses
Primary expenses are incurred during the process of earning revenue from the primary activity
of the business. Expenses include the cost of goods sols (COGS), selling, general and
administrative expenses (SG&A), depreciation or amortization, and research and
development (R&D).
Typical expenses include employee wages, sales commissions, and utilities such as electricity
and transportation.
Expenses that are linked to secondary activities include interest paid on loans or debt. Losses
from the sale of an asset are also recorded as expenses.
The main purpose of the income statement is to convey details of profitability and the financial
results of business activities; however, it can be very effective in showing whether sales or
revenue is increasing when compared over multiple periods.
Investors can also see how well a company’s management is controlling expenses to determine
whether a company’s efforts in reducing the cost of sales might boost profits over time.
The cash flow statement (CFS) measures how well a company generates cash to pay its debt
obligations, fund its operating expenses, and fund investments. The cash flow statement
complements the balance sheet and income statement.
The CFS allows investors to understand how a company’s operations are running, where its
money is coming from, and how money is being spent. The CFS also provides insight as to
whether a company is on a solid financial footing.
There is no formula, per se, for calculating a cash flow statement. Instead, it contains three
sections that report cash flow for the various activities for which a company uses its cash.
Those three components of the CFS are listed below.
42
Operating Activities
The operating activities on the CFS include any sources and uses of cash from running
the business and selling its products or services. Cash from operations includes any
changes made in cash accounts receivable, depreciation, inventory, and accounts
payable. These transactions also include wages, income tax payments, interest
payments, rent, and cash receipts from the sale of a product or service.
Investing Activities
Investing activities include any sources and uses of cash from a company’s investments in the
long-term future of the company. A purchase or sale of an asset, loans made to vendors or
received from customers, or any payments related to a merger or acquisition is included in
this category.
Also, purchases of fixed assets such as property, plant, and equipment (PPE) are included in
this section. In short, changes in equipment, assets, or investments relate to cash from
investing.
Financing Activities
Cash from financing activities includes the sources of cash from investors or banks, as well
as the uses of cash paid to shareholders. Financing activities include debt issuance, equity
issuance, stock repurchases, loans, dividends paid, and repayments of debt.
The cash flow statement reconciles the income statement with the balance sheet in three major
business activities.
43
• Statement of Activities: this is the equivalent of a for-profit entity’s statement of
income. This report tracks the changes in operation over time including the reporting
of donations, grants, event revenue, and expenses to make everything happen.
• Statement of Functional Expenses: this is specific to non-profit entities. The
statement of functional expenses reports expenses by entity function (often broken into
administrative, program, or fundraising expenses). This information is distributed to
the public to explain what proportion of company-wide expenses are related directly
to the mission.
• Statement of Cash Flow: this is the equivalent of a for-profit entity’s statement of
cash flow. Though the accounts listed may vary due to the different nature of a
nonprofit organization, the statement is still divided into operating, investing, and
financing activities.
The purpose of an external auditor is to assess whether an entity’s financial statements have
been prepared in accordance with prevailing accounting rules and whether there are any
material misstatements impacting the validity of results.
For example, some investors might want stock repurchases while other investors might prefer
to see that money invested in long-term assets. A company’s debt level might be fine for one
investor while another might have concerns about the level of debt for the company.
When analyzing financial statements, it’s important to compare multiple periods to determine
if there are any trends as well as compare the company’s results to its peers in the same
industry.
Last, financial statements are only as reliable as the information being fed into the reports.
Too often, it’s been documented that fraudulent financial activity or poor control oversight
have led to misstated financial statements intended to mislead users. Even when analyzing
audited financial statements, there is a level of trust that users must place in the validity of the
report and the figures being shown.
44
What Are the Main Types of Financial Statements?
The three main types of financial statements are the balance sheet, the income statement, and
the cash flow statement. These three statements together show the assets and liabilities of a
business, its revenues and costs, as well as its cash flows from operating, investing, and
financing activities.
Honorable Members, Your Directors have the pleasure to present the Twenty Second Annual
Report and Audited Financial Statements of the Company, for the Financial Year 2021-22.
GENERAL INSURANCE INDUSTRY SCENARIO: The non-life insurance industry reported
a 11 per cent growth in premiums to Rs. 2,20,772 Crore in 2021-22, after dismal growth in the
year 2020-21, wherein Rs. 1,98,735 Crore worth of premiums were collected. 25 General
insurers collected premiums to the tune of Rs. 1, 84,775 Crore in 2021-22, up 8.79 per cent as
compared to last year; with private insurers growing at 12 per cent and state-owned insurers
registering a growth of just 4.55 per cent. Standalone health insurers, collectively, reported a
premium growth of 32.53 per cent in Financial Year 2021-22 to Rs. 20,880.08 Crore in
Financial Year 2021-22, their premium collections stood at Rs. 15,755.18 Crore. Specialised
PSU insurers reported a premium growth of 14 per cent to Rs. 14,979 crore. Post COVID-19,
Health has become the largest line of business in the non-life insurance industry. The health
45
segment premiums have grown by 25.58 per cent while motor segment premiums have grown
by 3.28 per cent. The general and health insurers have also paid heavily on account of COVID-
19 related health claims, which have eroded their profitability.
46
CHAPTER 5
WEEEKLY REPORT
1ST WEEK
47
organization. I actively participated in cross-functional meetings and observed the interaction
between HR and other departments.
Observations and Future Goals
Throughout my first week, I noticed that IFCCO TOKIO General Insurance emphasizes a
people-centric approach, valuing employee well-being and development. The company places
great emphasis on maintaining a positive work culture and fostering employee engagement.
Moving forward, my primary goals as an HR Trainee are to deepen my understanding of HR
policies and procedures, become proficient in HR software systems, and further develop my
interpersonal and communication skills. I also plan to actively seek feedback and guidance
from my colleagues and supervisors to continuously improve and contribute effectively to the
HR team.
2ND WEEK
I am pleased to provide you with an update on my second week as an HR Trainee at IFCCO
TOKIO General Insurance. This report highlights the activities I have been involved in, the
knowledge I have gained, and my overall progress during this period.
Assisting with Recruitment:
I had the opportunity to assist the recruitment team in various aspects of the hiring process.
This involved reviewing resumes, conducting initial screening interviews, and coordinating
interview schedules. I learned about the importance of aligning candidate qualifications with
the job requirements and gained insights into the selection criteria used to identify the most
suitable candidates for different roles.
Policy Administration:
During my second week, I continued to assist with policy administration tasks. This involved
updating employee records, processing HR-related documents, and ensuring compliance with
relevant policies and regulations. By handling these responsibilities, I learned about the
importance of accuracy and confidentiality in maintaining employee information.
48
I actively engaged in networking opportunities within the organization, attending departmental
meetings and connecting with professionals from various teams. These interactions allowed
me to gain a broader perspective on the organization’s operations and understand how HR
interfaces with different departments to support the overall business goals. Additionally, I
explored professional development resources and attended webinars and workshops related to
HR practices to further enhance my knowledge and skills.
3RD WEEK
I am pleased to provide you with an update on my third week as an HR Trainee at IFCCO
TOKIO General Insurance. This report highlights the key activities I have been involved in,
the skills I have developed, and my overall progress during this period.
Employee Onboarding:
During the third week, I actively participated in the employee onboarding process. I assisted in
conducting orientation sessions, providing new employees with an overview of the company,
its policies, and the expectations of their roles. I also facilitated the completion of necessary
paperwork and ensured a smooth transition for new hires. Through this experience, I gained
insights into the importance of effective onboarding in ensuring a positive and productive start
for employees.
49
HR Policy Review:
As part of my training, I collaborated with the HR team in reviewing and updating HR policies
and procedures. I contributed to research on best practices, analyzed policy gaps, and assisted
in drafting policy revisions. This exercise enhanced my understanding of policy development
and the importance of maintaining up-to-date HR guidelines that comply with legal
requirements.
50
I am writing to provide you with an update on my fourth week as a Finance Trainee at IFCCO
TOKIO General Insurance. This report outlines the activities I have undertaken, the skills I
have developed, and my overall progress during this period.
51
During the fifth week, I actively participated in employee benefits administration. I assisted in
managing employee benefit programs, including health insurance, retirement plans, and leave
policies. This involved ensuring accurate record-keeping, responding to employee inquiries,
and coordinating with external benefit providers. Through this experience, I gained a
comprehensive understanding of the importance of employee benefits in attracting and
retaining talent.
52
During my fifth week, I continued to observe IFCCO TOKIO General Insurance’s commitment
to employee well-being, engagement, and professional development. The organization’s
emphasis on open communication, collaboration, and continuous improvement further
reinforced my understanding of HR’s role in creating a positive work environment.
6TH WEEK
I am pleased to provide you with an update on my sixth week as an HR Recruiter at IFCCO
TOKIO General Insurance. This report outlines the activities I have been involved in, the skills
I have developed, and my overall progress during this period.
53
7TH WEEK
I am writing to provide you with an update on my seventh week as an HR Recruiter at IFCCO
TOKIO General Insurance. This report highlights the activities I have been involved in, the
skills I have developed, and my overall progress during this period.
Interview Coordination and Conducting Interviews:
I have been actively involved in coordinating and conducting interviews throughout the week.
I collaborated with hiring managers to schedule interviews, ensured timely communication
with candidates, and provided them with necessary interview details. Additionally, I conducted
interviews, asked relevant questions, assessed candidate skills, and evaluated their fit with the
organization’s culture. These experiences have allowed me to improve my interviewing skills,
develop a deeper understanding of candidate evaluation, and effectively communicate with
candidates.
Employer Branding and Recruitment Marketing:
Throughout the week, I have collaborated with the HR team on employer branding and
recruitment marketing initiatives. I assisted in creating compelling job descriptions, optimizing
job postings, and utilizing social media platforms to enhance the organization’s visibility and
attract qualified candidates. This experience has deepened my understanding of the importance
of employer branding and recruitment marketing in positioning the company as an employer
of choice and attracting top talent.
Onboarding and New Hire Orientation:
I actively participated in the onboarding and new hire orientation process. I helped in preparing
onboarding materials, coordinating orientation sessions, and ensuring a smooth transition for
new employees. By actively engaging in these activities, I have gained a deeper understanding
of the significance of providing a positive onboarding experience to foster employee
engagement and facilitate their integration into the organization.
8TH WEEK
I am writing to provide you with an update on my eighth and final week as an HR Recruiter
intern at IFCCO TOKIO General Insurance. This report summarizes the activities I have been
involved in, the skills I have developed, and my overall progress during this period, as well as
reflects on the overall internship experience.
54
Internship Reflection and Future Goals:
As my internship comes to an end, I would like to take a moment to reflect on the valuable
experiences and growth opportunities I have had during my time at IFCCO TOKIO General
Insurance. This internship has allowed me to gain practical insights into the HR recruitment
function, develop essential skills in candidate sourcing, screening, and evaluation, and
understand the intricacies of talent acquisition within the insurance industry.
I am extremely grateful for the guidance and support I have received from you and the entire
HR team throughout this internship. Your mentorship, feedback, and encouragement have been
instrumental in my professional development. I am confident that the skills and knowledge I
have acquired during this internship will serve as a solid foundation for my future career in
HR.
Moving forward, my goals include further honing my skills in recruitment strategies, exploring
opportunities to specialize in specific areas of HR, and actively contributing to the HR
profession. I am eager to continue my professional growth, expand my knowledge in HR
practices, and make a positive impact in talent acquisition and management.
FINDINGS
During the training I found out that:
➢ Most of the employees are working from more than 5 year.
➢ Most of employees says company follow different recruitment process for different
grade of employee.
➢ Most of the employees are satisfied with their job.
➢ Most of employees say that the organization doing timeliness recruitment and
Selection process.
➢ Most of employees are comfortable with HR policies of company, policies
➢ Most of employees says internal recruitment, are the vacancies declared publically.
➢ Mostly all the employees responded positively that they are getting their pay as per
the laws.
➢ Mostly the employee’s respondent that incentives schemes motivate them to work
more.
55
➢ Most of employees strongly agree for , Recruitment and selection process is
effective for the organizational objectives
From the findings I can suggest following things for the more effectiveness of recruitment
and selection process and HR policies.
• Recruitment must be done by analysing the job firstly which will make it easier and
will be beneficial from the company’s point of view.
• More emphasis should be given on internet and advertisement so that more and
more candidate applies for the jobs and it will be easy to find the right employee
among them.
• The recruitment and selection procedure should not be too lengthy and time
consuming.
• Company should try to use the internal recruitment process first because it incurs
less cost and acts as a motivational factor to the employees.
• Provide training to employee so that they get better knowledge, skills and attitude.
Company should amend some parts of their HR policies for better effectiveness.
These recommendations will definitely improve the overall company image if implemented
efficiently.
• HR should be considering as the tactical factor which resist managerial leadership activity on
possible areas. Therefore to get the job done by the HR they should be closely supervised
strictly controlled and, there should be threat of punishment.
• Management can largely depend on the group or team of company to establish their own goals
and decide the activities those are needed to achieve these goals, to identify their own problems
and solve the problem. Because employee is self motivated, self trained, self disciplined and
controlled.
• The Company should offer some trainings regarding top-level management for developing the
corporate type of strategy.
• HR department conduct an effectiveness assessment to assure the continued success and it may
be introduced with an evaluation form in company’s meeting.
56
• For the pay component of compensation program to be appropriate, wages, and salaries must
be internally and externally equitable. The 5-year statistics shows that the employment
opportunity of the company is satisfactory. They should emphasize on this matter.
• Performance guides career decision that there performance is improved with appropriate action
in HR department. To know good or bad performances how well the human resource function
is performing.
• HR manager must handle HR activity and work is delegated to subordinate.
• The Field Officers, who are the main source of revenue for the company, must be trained to
approach sell policy correctly.
CHAPTER 6
CONCLUSION:
Human resource management draws on many sources for its theories and practices.
Sociologists, psychologists and management theorists, especially, have contributed a constant
stream of new and reworked ideas. They offer theoretical insights and practical assistance in
areas of people management such as recruitment and selection, performance measurement,
team composition and organizational design. Many of their concepts have been integrated into
broader approaches which have contributed to management thinking in various periods and
ultimately the development of HRM.
Insurance business is totally different from other businesses. Insurers do not sell product but
they sell promise to pay or reimburse on future date for a named contingency Insurance fund
is a pool to which the members of the insuring public contribute by way of premium and from
which the losses suffered by a few are indemnified. As a result of this it differs from other
business organizations in various respects including determination of profit, assessment of
solvency, etc. Insurance company charges price front ended while the claim delivery
/settlement is on some future date. Insurance companies are therefore unique as far as their
recognition of income; expenses, liabilities and profits are concerned.
Committed and trustworthy employees are the most significant factors to becoming an
employer of choice, it is no surprise that companies and organizations face significant
challenges in developing energized and engaged workforces. However, there is abundance of
57
research to demonstrate that increased employee commitment and trust in leadership can
positively impact the company’s bottom line. In fact, the true potential of an organization can
only be realized when the productivity level of all individuals and teams are fully aligned,
committed and energized to successfully accomplish the goals of the organization.. Thus, the
objective of every company should be to improve the desire of employees to stay in the
relationship they have with the company.
On the whole, this internship was a useful experience. I have gained new knowledge, skills
and met many new people. I achieved several of my learning goals, however for some the
conditions did not permit. This internship has been an excellent and rewarding experience. I
can conclude that there have been a lot I’ve learnt from my work . Needless to say, the technical
aspects of the work I’ve done are not flawless and could be improved provided enough time.
APPENDICES
58
GRIEVANCE REDRESSAL
Escalation Level 1
The Company is committed to extending the best possible services to its customers. However,
if you are not satisfied with our services and wish to lodge a complaint you can email the
designated Grievance Redressal Officer (GRO) of your area.
The head of any operating office/claim office is designated GRO of that particular office.
After investigating the matter internally and subsequent closure, we will send our response
within a period of 14 days from the date of receipt of the complaint by the Company. In case
the resolution is likely to take a longer time, we will inform you of the same through an interim
reply.
Escalation Level 2
For lack of response or if the resolution still does not meet your expectations, you can write to
the Chief Grievance Officer.
Email- chiefgrievanceofficer@iffcotokio.co.in
After examining the matter, we will send you our final response within a period of 14 days
from the date of receipt of your complaint on this email id.
Escalation Level 3
Within 28 days of lodging a complaint with us, if you do not get a satisfactory response from
us and you wish to pursue other avenues for redressal of grievances, you may approach the
Insurance Regulatory & Development Authority of India or the Insurance Ombudsman, whose
details are given below:
59
Insurance Regulatory & Development Authority of India
60
8 IFFCO-TOKIO Vocational Training program for Disha Foundation 13,94,300
Children with Disabilities, Jaipur
(Amount in Rs.)
S. Name of Activity/ Project and Manner of Implementa Allocation/
No. Project Location Execution & tion Revised
Name of IA, if Timelines Allocation
any
1 IFFCO-Tokio Integrated Rural Direct Mar-24 1,20,11,700
Development Project at Muzaffarpur,
Bihar.
5 CSR Project for old age home & day Sapna NGO Mar-23 20,00,000
care center, Noida and Alwar
61
Adolescents and
Children
62
16 Rehabilitation Project for Delhi Foundation Mar-24 20,67,768
Underprivileged Deaf Women, Delhi of Deaf Women
Note:
1. Modalities of Utilization of Funds: For Projects implemented by the Company directly,
the amount shall be drawn as per the requirement of the project and in case of projects
implemented by other implementing agencies, the amount shall be disbursed based on a
request made by Implementing Agency. The utilization of funds shall be under the
monitoring of the CSR Implementing Committee.
2. Monitoring & Reporting: CSR Implementing Committee will monitor all Projects
undertaken by Company, directly or through Implementing Agency and update the
progress report to CSR Committee.
3. Need/ Impact Assessment of Projects: As per Rule 8 (3), Need/ Impact Assessment is not
applicable.
REFFERENCES
1.) Murphy, C. B. (2023b). Financial Statements: List of Types and How to Read Them.
Investopedia. https://www.investopedia.com/terms/f/financial-statements.asp
2.) IFFCO Tokio General Insurance Company Limited. (n.d.-c). General Insurance - Buy
Car, Bike, Health, Travel and Home Insurance Policy Online. https://www.iffcotokio.co.in/
63
3.) IFFCO Tokio General Insurance Company Limited. (n.d.-d). General Insurance - Buy
Car, Bike, Health, Travel and Home Insurance Policy Online. https://www.iffcotokio.co.in/
https://www.smartrecruiters.com/resources/glossary/recruitment/
5.) Admin. (2023, February 8). Public Disclosure | IFFCO Tokio General Insurance Co. Ltd.
us/public-disclosure
6.) IFFCO Tokio General Insurance Company Limited. (n.d.). About Us - Learn About Our
7.) IFFCO Tokio General Insurance Company Limited. (n.d.-b). Careers - Join Us - IFFCO
Tokio. https://www.iffcotokio.co.in/about-us/careers
8.) Admin. (2023b, February 9). Customer Services. IFFCO Tokio General Insurance
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