Relince life insurance project recruitment and selection
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The document provides details about a summer training report submitted for a Master's degree. It discusses the recruitment and selection process at Reliance Life Insurance. The report includes an introduction outlining the importance of effective recruitment and selection. It then describes Reliance Life Insurance's recruitment sources, criteria for advisors, training process, and career paths. The report finds that Reliance recruits 40-50 candidates per month as advisors and focuses on professionalism, pragmatism, and integrity in its process.
![Acknowledgements
A written word often has the unfortunate tendency to degenerate genuine gratitude
into stilled formality. But this is the only way I can express my heartfelt thanks. My
special thanks to my parents for the co-operation, encouragement and moral
support extended to me without which it was quite impossible for me to complete
this project. I would like to take this privilege to thank our Head of the
Department, Dr. PARUL JAISWAL who has given me this opportunity to do this
project. I am really indebted to my teacher of Management Department
Assistant Professor, under whose guidance we learnt various subjects of
Management and reach the stage of preparing this research report. I also convey
my sincere gratitude to other faculty members of SSEC for their kind support. I
extend my warm and sincere thanks to respondents of Durg and Bhilai , who have
given their precious time to fill the questionnaire which helped me to reach the
conclusions. I feel proud to prepare this research report under the guidance of all
eminent and renowned faculties who have provided their valuable guidance during
the preparation of this research report.
BHUPESH SAHU
Enrollment No:-A
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Relince life insurance project recruitment and selection
- 1. A SUMMER TRAINING REPORT ON “RECRUITMENT AND SELECTION PROCESS AT RELIANCE LIFE INSURANCE ” Submitted in partial fulfilment for the award of the degree Master of Business Administration Chhattisgarh Swami Vivekanand Technical University, Bhilai Submitted by, Bhupesh Sahu MBA – Semester -3rd (Session 2014) Guided By, Approved By, DR. PARUL JAISWAL Head, SSEC
- 2. DECLARATION I the undersigned solemnly declare that the report of the research work entitled “RECRUITMENT AND SELECTION PROCESS AT RELIANCE LIFE INSURANCE ” area is based on my own work carried out during the course of my study under the supervision of I assert that the statements made and conclusions drawn are an outcome of my research work. I further declare that to the best of my knowledge and belief the report does not contain any part of any work which has been submitted for the award of MBA degree or any other degree/diploma/certificate in this University or any other University of India or abroad. _________________ (Signature of the Candidate) Bhupesh Sahu
- 3. CERTIFICATE This is to certify that the work incorporated in the report “RECRUITMENT AND SELECTION PROCESS AT Reliance Life Insurance ” is a record of research work carried out by BHUPESH SAHU bearing Roll No.:5367613003 under my/our guidance and supervision for the part fulfillment for the award of MBA Degree of Chhattisgarh Swami Vivekanand Technical University, Bhilai (C.G.), India. To the best of my knowledge and belief the thesis i) Embodies the work of the candidate herself, ii) Has duly been completed, iii) Is up to the desired standard both in respect of contents and language for external viva. ______ ___________ (Signature of the Supervisor) Asst.Professor
- 4. Acknowledgements A written word often has the unfortunate tendency to degenerate genuine gratitude into stilled formality. But this is the only way I can express my heartfelt thanks. My special thanks to my parents for the co-operation, encouragement and moral support extended to me without which it was quite impossible for me to complete this project. I would like to take this privilege to thank our Head of the Department, Dr. PARUL JAISWAL who has given me this opportunity to do this project. I am really indebted to my teacher of Management Department Assistant Professor, under whose guidance we learnt various subjects of Management and reach the stage of preparing this research report. I also convey my sincere gratitude to other faculty members of SSEC for their kind support. I extend my warm and sincere thanks to respondents of Durg and Bhilai , who have given their precious time to fill the questionnaire which helped me to reach the conclusions. I feel proud to prepare this research report under the guidance of all eminent and renowned faculties who have provided their valuable guidance during the preparation of this research report. BHUPESH SAHU Enrollment No:-A [iv]
- 5. TABLE OF CONTENT . Declaration by the Student ……………………………………………………………………………………………… Certificate from the Supervisor / Company ……………………………………………………………………… Acknowledgments ………………………………………………………………………………………………………….. Chapter 1. Introduction to the study ………………………………………………………………………………. Chapter 2. Industry Profile Chapter 3. Literature Review Chapter 4. Research Methodology a. Objectives b. Research Plan c. Sampling Plan d. Data Collection Chapter 5. Data Analysis Chapter 6. Findings of the study Chapter 7. Recommendations Chapter 8. Limitations Chapter 9. References Questionnaire/ Instrument used
- 7. INTRODUCTION The insurance sector has gone through a number of phases and changes. Since 1999, when the government opened up the insurance sector by allowing private companies to solicit insurance and also allowing FDI up to 26%, the insurance sector has been a booming market. The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company. in Calcutta by Anita Bhavsar Despite the fact that general insurance business has been growing at a healthy rate of 16 per cent annually between 2004-05 and 2008-09, its penetration level is just 0.60 per cent of India’s GDP against world average of 2.14 per cent. India ranks 136th on penetration levels and Life Advisors behind China(106), Thai (87), Russia(86), Brazil(85), Japan(61), and the US(9). The penetration of general insurance in india remains low on account of low consumer preference, Life Advisorrgely untapped rural markets and constrained distribution channels (Crisil & Assocham). Recruitment and selection is the process of identifying the need for a job, defining the requirements of the position and the job holder, advertising the position and choosing the most appropriate person for the job. Human Resource Management includes all activities used to attract & retain employees and to ensure they perform at a high level in meeting organizational goals. It means employing people, developing their resources, utilizing, maintaining and compensating their services in tune with the job and organizational requirements. SIGNIFICANCE OF THE STUDY
- 8. A research has its own importance in any business organization. It is a systematic and scientific investigation of any idea either precise or abstract from continuous basis of learning. As we know in present times, the modern world is progressing at a very high pace. Due to high competition and increased expectations, every organization needs effective recruitment and selection process. By this study new segments of recruitment and selection has been discovered. This will help to enhance the capability of Reliance Life Insurance in using the recruitment and selection process more effectively. This project would be significant for researcher because this is the opportunity for putting theortical knowledge into practical application. This project would be significant for the readers as it is providing them knowledge about recruitment and selection process. CONCEPTUALIZATION Recruitment Recruitment is defined as, “a process to discover the sources of manpower to meet the requirements of the staffing schedule and to employ effective measures for attracting that manpower in adequate numbers to facilitate effective selection of an efficient workforce.” Edwin B. Flippo defined recruitment as “the process of searching for prospective employees and stimulate them to apply for jobs in the organization.” Recruitment is a ‘linking function’-joining together those with jobs to fill and those seeking jobs. It is a ‘joining process’ in that it tries to bring together job seekers and employer with a view to encourage the former to apply for a job with the Life Advisor. Recruitment is distinct from Employment and Selection. Once the required number and kind of human resources are determined, the management has to find the potential Life Advisors where the required human resources are/will be available and also find the means of attracting them towards the organization before selecting suitable candidates for jobs. All this process is generally known as recruitment. Some people use the term “Recruitment” for employment. These two are not one and the same. Recruitment is only one of the steps in the entire employment process. Some others use the term recruitment for selection. These are not the same either. Technically speaking, the function of recruitment precedes the selection function and it includes only finding, developing the sources of prospective employees and attracting them to apply for jobs in an organization,
- 9. whereas the selection is the process of finding out the most suitable candidate to the job out of the candidates attracted (i.e., recruited).Formal definition of recruitment would give clear cut idea about the function of recruitment. PURPOSES AND IMPORTANCE OF RECRUITMENT The general purpose of recruitment is to provide a pool of potentially qualified job candidates. Specifically, the purposes are to: • Increase the pool of job candidates at minimum cost. • Help increase the success rate of the selection process by reducing the number of visibly, under qualified or overqualified job applicants. • Help reduce the probability that job applicants, once recruited and selected, will leave the organization only after a short period of time. • Induct outsiders with a new perspective to lead the company. • Infuse fresh blood at all levels of the organization. • Develop an organizational culture that attracts competent people to the company. • Search or head hunt/head pouch people whose skills fit the company’s values. • Devise methodologies for assessing psychological traits. • Search for talent globally and not just within the company. • Design entry pay that competes on quality but not on quantum. SOURCES OF RECRUITMENT Every organisation has the option of choosing the candidates for its recruitment processes from two kinds of sources: internal and external sources. The sources within the organisation itself (like transfer of employees from one department to other, promotions) to fill a position are known as the internal sources of recruitment. Recruitment candidates from all the other sources (like outsourcing agencies etc.) are known as the external sources of recruitment.
- 10. SOURCES OF RECRUITMENT FACTORS AFFECTING RECRUITMENT Potential advantages Internal Worker morale and motivation is enhanced Organization has a better opportunity to assess knowledge & skills of the candidate Candidate has existing knowledge about the organization Less orientation may be needed Additional training may be required External • New ideas and insight
- 11. • New knowledge and experience • Larger pool of talent to recruit from • Recruiting and selecting may be more time-consuming • Longer adjustment period may be needed • Induction costs may be higher Effective recruitment process: Step 1: Ensure an up-to-date job description Step 2: Develop an effective recruitment strategy Step 3: Evaluate the recruitment strategy. MODERN TECHNIQUES OF RECRUITMENT: Walk-in: - As per this technique, the potential candidates are required to attend for an interview directly and without a prior application on a specified date, time and at a specified place. Consult-in: - The busy and dynamic companies encourage the potential job seekers to approach them personally and consult them regarding the jobs. Head-hunting: - These are also known as search consultants. The companies request the professional organizations to search for the best candidates particularly for the senior executive positions. Tele-Recruitment: - This technique involves the use of the Internet, to advertise job vacancies and also for the candidates to apply online. Overview of selection techniques Evidence-based best practice for three of the most commonly used selection techniques is outlined below. 1. Curriculum vitas / résumés and written applications
- 12. A curriculum vitae (CV) / résumé provides valuable information relating to a person’s professional Qualifications and experience. All information in the CV should be verified where appropriate (e.g., asking applicants to explain gaps in employment history). Requesting job applicants to address specific c selection criteria (i.e., essential and desirable) can improve the efficiency of reviewing CVs. 2. Conducting interviews Structured interviews are recommended. A structured interview involves asking each candidate the same set of questions and assessing their responses on the basis of pre- determined criteria. Questions and assessment criteria should be based on accurate, updated job descriptions. It is also helpful to develop criteria to categories responses (e.g., as excellent, good, average and unsatisfactory). An interview panel consisting of a representative selection of people may also be helpful. Two common types of structured interview questions are: • Situational questions which ask candidates about hypothetical scenarios that may be encountered in the job and how they would respond in that situation • Experienced-based questions which focus on specific examples of the candidate’s prior work experiences and their responses to past situations that are relevant to the job in question. 3. Reference checks Referees are useful for identifying past employment problems and clarifying the accuracy of information presented in an interview or CV. Only a small percentage of all reference checks are negative, therefore, it is often difficult to differentiate between candidates on the basis of reference checks alone. Induction and orientation of new workers An effective induction helps new workers understand their role and where they “fit” within the organization. It also equips them with the tools they need to perform their work role. Two useful induction tools are: 1. Induction manual / kits which may contain: • An induction checklist • Organizational philosophy / ethics / history • Strategic values of the organization
- 13. • An organizational chart / structure etc. 2. Mentoring / “buddy” system New workers can be paired with experienced workers from a similar area to “show them the ropes”. Alternatively, a more formal / structured mentoring system can be a useful induction strategy in Which new workers are paired with a mentor who can assist them with their ongoing professional development? Types There are mainly four kind of tests:- 1. achievement test(profeceancy test): to test the skills or knowledge acquired by the candidate due to his training and achievement for example typing test,shorthand test,operating calculators etc. 2. Aptitude test(Potential test): to judge latent ability to learn a new job,in order to judge memory,reasoning,speed of perception,fluency in language,to judge the capacityto learn a particular type of mechanical work etc. 3. Pschometer or skill test: measure to ability to do a specific job 4. Personality test: to judge individual value system,emotional reaction,maturity,confidence,to judge the dominance,selfconfidence,self sufficiancyetc.
- 16. FOCUS OF THE PROBLEM The insurance industry is expanding very fast and there is big scope in this sector in future, insurance companies recruit Life Advisors and take work from them on commission bases. The whole growth of company depends upon the capability of Life Advisor.So the main problem is to recruitment and selection of capable candidates for life advisors RECRUITMENT PROCESS OF RELIANCE LIFE INSURANCE : Primary Sources Through Agency Manager References Cold Calling Through Interns Kind Of Recruitment Process Basically, it is a 4 rounds procedure: Initially Candidate has to fill 825/-Rs. NAAF (New Agent Application Form) then Screening is done by Agency Managers. Business Opportunity Presentation (BOP) is done by ADM (Agency Development Manager). Then, Branch Manager will Interview the candidate. After this Training will be provided to Candidate. And then Candidate has to undergo IRDA Exam. Strategies Followed No Strategies are followed as such. Criteria for becoming Financial Advisor(Life Basic criteria is: Graduate.
- 17. Advisor) Age > 25 Married Preferred. Female Preferred No. of days allocated for training 18-20 days are allocated for Training. In a month,no.of candidates Recruited as Financial Advisors 40-50 candidates are recruited as Life Advisors. Training Reimbursement/Commission No Training Reimbursement is given to Life Advisors. In a year,no.of times Training provided Once in a month. Reliance Life Insurance strictly follows the norms of IRDA so; if anyone is not fulfilling the criteria then he cannot be awarded with any position in the company. Career Path Life Advisors get a good Career Path so they can become Agency Manager as well as Training Manager. How is it Different Basically, Reliance Life Insurance concentrates on : Professionalism Pragmatism Integrity And also they want to become preferred company for financial protection so, they take candidate needs into consideration a lot as they have multi-channel execution capability.
- 19. INDUSTRY PROFILE History of insurance sector in india In India, insurance has a deep-rooted history. It finds mention in the writings of Manu ( Manusmrithi ), Yagnavalkya ( Dharmasastra ) and Kautilya ( Arthasastra ). The writings talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers’ contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular. 1818 saw the advent of life insurance business in India with the establishment of the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the Madras Equitable had begun transacting life insurance business in the Madras Presidency. 1870 saw the enactment of the British Insurance Act and in the last three decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the Bombay Residency. This era, however, was dominated by foreign insurance offices which did good business in India, namely Albert Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian offices were up for hard competition from the foreign companies. In 1914, the Government of India started publishing returns of Insurance Companies in India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938, with a view to protecting the interest of the Insurance public, the earlier
- 20. legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers. The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a large number of insurance companies and the level of competition was high. There were also allegations of unfair trade practices. The Government of India, therefore, decided to nationalize insurance business. An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. The history of general insurance dates back to the Industrial Revolution in the west and the consequent growth of sea-faring trade and commerce in the 17th century. It came to India as a legacy of British occupation. General Insurance in India has its roots in the establishment of Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This was the first company to transact all classes of general insurance business. 1957 saw the formation of the General Insurance Council, a wing of the Insurance Associaton of India. The General Insurance Council framed a code of conduct for ensuring fair conduct and sound business practices. In 1968, the Insurance Act was amended to regulate investments and set minimum solvency margins. The Tariff Advisory Committee was also set up then. In 1972 with the passing of the General Insurance Business (Nationalisation) Act, general insurance business was nationalized with effect from 1st January, 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on January 1sst 1973. This millennium has seen insurance come a full circle in a journey extending to nearly 200 years. The process of re-opening of the sector had begun in the early 1990s and the last decade and more has seen it been opened up substantially. In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector.The objective was to complement the reforms initiated in the financial sector. The committee submitted its
- 21. report in 1994 wherein , among other things, it recommended that the private sector be permitted to enter the insurance industry. They stated that foreign companies be allowed to enter by floating Indian companies, preferably a joint venture with Indian partners. Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market. The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders’ interests. In December, 2000, the subsidiaries of the General Insurance Corporation of India were restructured as independent companies and at the same time GIC was converted into a national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002. The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together with banking services, insurance services add about 7% to the country’s GDP. A well-developed and evolved insurance sector is a boon for economic development as it provides long- term funds for infrastructure development at the same time strengthening the risk taking ability of the country. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost 190 years. The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance business in India are:
- 22. 1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928 - The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938 - Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956 - 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Insurance Regulatory and Development Authority(IRDA) The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA as stated in the act is
- 23. "to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto." Company profile ABOUT RELIANCEGROUP The Reliance Group founded by Dhirubhai H. Ambani (1932-2002) is India's largest business house with total revenues of over Rs 99,000 crore (US$ 22.6 billion). The Group's activities span exploration and production (E&P) of oil and gas, refining and marketing, petrochemicals (polyester, polymers, and intermediates), textiles, financial services and insurance, power, telecom and infocom initiatives. The Group exports its products to more than 100 countries the world over. Reliance emerged as India's Most Admired Business House, for the third successive year in a TNS Mode survey for 2003. Reliance Group revenue is equivalent to about 3.5% of India's GDP. The Group contributes nearly 10% of the country's indirect tax revenues and over 6% of India's exports. Reliance is trusted by an investor family of over 3.1 million - India's largest. One out of every four investors in India is a Reliance shareholder. With globally competitive capital and operating cost positions, Reliance Group dominates the rapidly growing Indian market deriving over 80% of its revenues from the domestic market. There was a split in Reliance group in 2005 and it was broken into two separate companies:
- 24. • Reliance Industries Limited • Reliance Anil Dhirubhai Ambani Group (ADA Group) VISION To build a global enterprise for all our stakeholders, and A great future for our country, To give millions of young Indians the power to shape their destiny, The means to realize their full potential… VALUES • Shareholder Interest We value the trust of shareholders, and keep their interests paramount in every business decision we make, every choice we exercise • People Care We possess no greater asset than the quality of our human capital and no greater priority than the retention, growth and well-being of our vast pool of human talent • Consumer Focus We rethink every business process, product and service from the standpoint of the consumer – so as to exceed expectations at every touch point • Excellence in Execution
- 25. We believe in excellence of execution – in large, complex projects as much as small everyday tasks. If something is worth doing, it is worth doing well. • Team Work The whole is greater than the sum of its parts; in our rapidly-changing knowledge economy, organizations can prosper only by mobilizing diverse competencies, skill sets and expertise; by imbibing the spirit of “thinking together” -- integration is the rule, escalation is an exception • Proactive Innovation We nurture innovation by breaking silos, encouraging cross-fertilization of ideas & flexibility of roles and functions. We create an environment of accountability, ownership and problem-solving –based on participative work ethic and leading-edge research • Leadership by Empowerment We believe leadership in the new economy is about consensus building, about giving up control; about enabling and empowering people down the line to take decisions in their areas of operation and competence… • Social Responsibility We believe that organizations, like individuals, depend on the support of the community for their survival and sustenance, and must repay this generosity in the best way they can. • Respect for Competition We respect competition – because there’s more than one way of doing things right. We can learn as much from the success of others as from our own failures The Reliance Anil Dhirubhai Ambani Group works in:
- 26. • Reliance Communication • Reliance Energy • Reliance Capital • Reliance Mutual Fund • Reliance Life Insurance • Reliance General Insurance • Reliance Health • Reliance Entertainment • Reliance Infrastructure PRODUCTS POLICIES Reliance Life Insurancehas a wide array of insurance plans that have been designed with the philosophy that different individuals are bound to have differing insurance needs. The ideal insurance plan is one that addresses the exact insurance needs of the individual that will depend on the age and life stage of the individual apart of the host of other factors. LIFE INSURANCE PLANS: Under Life insurance plans, Reliance Life Insuranceoffers plans under the following major categories: Education Insurance Plans Wealth creation Plans Premium Guarantee Plans
- 27. Protection Plans Reliance Life Insurance Smart Maturity Benefit Plan Reliance Life Insurance Super Endowment Plan Reliance Life Insurance Guaranteed Money Back Plan Reliance Life Insurance Money Multiplier Plan Reliance Cash Flow Plan Reliance Endowment Plan Reliance Super Five Plus Reliance Whole Life Plan Reliance Connect 2 Life Plan PRODUCT PORTFOLIO Insurance Solutions for Individuals Reliance Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its products can be enhanced with up to 4 riders, to create a customized solution for each policyholder. Savings & Wealth Creation Solutions Protection Solutions Education Solutions Retirement Solutions Health Solutions Group Insurance Solutions
- 29. CHAPTER: 3 LITERATURE REVIEW Literature Review Philip G. Swaroff, Lizabeth A. Barclay, Alan R. Bass(2006) has written in his article relations between recruiting source, employee tenure and productivity were examined for a sample of 618 technical salespersons over a 2-year period. Unlike earlier research, a relation between recruitment source and job tenure was not found, nor was recruiting source found to be related to employee productivity. Explanations for differences between the present findings and earlier research include: characteristics of this particular job; the fact that multiple jobs and levels were not always considered; and the turnover rate of the sample job. Additional findings lent some support to Schwab's (1982) suggestion that recruiting sources may be differentially effective to the extent that they reach different populations. A comparison of research results with text book presentations and practitioner articles is also provided, with a discussion of the gap between research and practice.
- 30. Charieoliver(2008) has said on her research paper that the key to successful recruitment is to ensure that the criteria of suitability are overt and relevant to the job itself. Once these criteria are agreed and shared it is possible to make more rational decisions about someone's suitability for a job, based on evidence rather than ‘gut feeling’ or instinct. Effective recruitment and selection should not be about the luck of the draw. Systematic planning and preparation will increase the likelihood of taking on the right person. The key to effective recruitment is preparation: knowing the job and what is required of someone to perform it well. The costs of recruiting the wrong person can be significant. The cost of employing someone may be at least twice their salary when factors such as training, expenses and employer's contributions to their pension are added. Rakesh sharma(2008) has written in his book that a company's success begins in the recruitment process during which the screening and vetting procedures shape and convey the company's demands to aspiring candidates. Therefore, it is essential for an organization to construct an explicit and standardized mode by which skills, qualifications and personal attributes are illuminated and used in the decision-making process leading to employment. The author discusses a dual interview and supplementary self-evaluation process to be used to fill a new position of print media editor.
- 31. CHAPTER: 4 RESEARCH METHODOLOGY OBJECTIVES OF THE STUDY • To study and understand the process of Recruitment and Selection of Financial Adviser at Reliance Life Insurance . • To study that the Recruitment and Selection Process at Reliance Life Insurance for Financial Adviser satisfactory or not. • To know the various profiles for getting capable Financial Advisor in Reliance Life Insurance .
- 32. Research problem:- To get the potential Life Advisors for the sake of company’s benefit. Research Design :- Descriptive and Exploratory Research Design. Study is descriptive because it describes the process of recruitment and selection and study is exploratory because some more new profiles or segments are discovered for recruitment. Universe & Sample size;- Reliance Life Insurance Bhilai Life Advisors-50 Sampling Technique;- convenient sampling Data Collection and Sources:- Data is collected through primary and secondary sources where primary data collection was done by structured questionnaire and secondary data was collected from magazines, newspaper ,books, etc. Analysis pattern:- pie chart and bar chart were used for analysis. METHODOLOGY The study was conducted in Durg And Bhilai Nagar. For the study a questionnaire was formulated and administered to the respondent. The medium of this questionnaire was English. The Questionnaire was administered face to face with respondents. Some of these were filled up after a small conversation relevant to the subject of study. Research Design:- In my research I have applied the descriptive design. Descriptive Research;
- 33. In this research I have conducted Descriptive Research to study the ‘factors of customers preference for shampoo in the area of Durg and Bhilai Nagar. Descriptive research includes surveys and fact-finding enquiries of different kinds. The method of research utilized in descriptive research is survey methods of all kinds, including comparative and co-relational methods Research Method; Survey Method : In this research, method utilized to conduct research is that “Survey Method”. Survey method is one of the method of descriptive research and very popular and widely used method of gathering data. This method is particularly used with quantitative research. In this method, collection of data is done through questionnaire. Questionnaire is taken by the researcher to the respondents with invitation for filling the questionnaire. DATA COLLECTION METHOD As a data collection method I have used the Questionnaire Method. Rationale for using questionnaire method Questionnaire had been prepared to get the response of the people as per guided by the organizational guide. To provide the best end results without any kind of biasness, which can give a brief idea about sampling and would be beneficial for making inferences for tabulations and calculations with research instruments? I made a survey through questionnaire as prepared by me. Sources of Data The task of data collection begins after a research problem has been defined and research design checked out. While deciding about the method of data collection to be used for the study. THE TWO TYPE OF DATA IS.
- 34. PRIMARY DATA SECONDARY DATA Primary Data The primary data for the study was collected by personally administering the questionnaire to respondent and observation. Secondary Data The secondary data for the study was collected for other information from books Magazines and internet etc. Questionnaire Design Sample Size Data have been collected through the survey method while survey has been conducted in two areas: 1). Bhilai Nagar 2). Durg All the data are primary in the nature as they had been collected first hand and personally. All the area had segmented according to the population of this area. We have considered 50 as sample size. we made a survey by questionnaire as prepared by me. Sample size has been kept to 50-sample unit.
- 35. CHAPTER: 5 DATA ANALYSIS AND RESULT 1. What is your qualification?
- 36. Qualification respondents 12th 10% Graduation 60% Postgraduation 20% professional course 10% any other 0% respondents 0% 10% 20% 30% 40% 50% 60% 70% 12th graduation postgraduation professionalcourse any other respondents Interpretation According to survey qualification of most of the Life Advisor are graduation.
- 37. 2. Marital status Marital status response Married 40% Unmarried 60% married unmarried Interpretation More than half the number of employees out of sample are unmarried.
- 38. 3. How much time you living in Durg or Bhilai? Living status respondents below 5yrs 20% 5-10yrs 30% 10-15yrs 20% 15-20yrs 20% above 20yrs 10% 0% 5% 10% 15% 20% 25% 30% 35% below 5yrs 5-10yrs 10-15yrs 15-20yrs above 20yrs Series1 Interpretation Maximum 30% respondents are living in Gurgaon since 5-10 years.
- 39. 4. What is your family annual income? family income(per annum) Below 50000 0 50000-100000 10% 100000-200000 20% 200000-300000 30% above 300000 40% 0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 below 50000 50000-100000 100000-200000 200000-300000 above 300000 Series1 Interpretation Most of the respondents have more than three Financial Adviser annual household income.
- 40. 5.Why did you become Financial Adviser at Reliance Life Insurance? Carrier 0 Money 60% Reward 10% Brand name 30% Other 0% 0 0.1 0.2 0.3 0.4 0.5 0.6 Carrier Money Reward Brand name Other Interpretation Most of the advisers has joined Reliance life Insurance because of money and brand name.
- 41. 6. Reliance Life Insurance helps to earn an additional income through commission ? strongly agree 0 Agree 25% Neutral 0 Disagree 75% strongly disagree 0 0 0.2 0.4 0.6 0.8 strongly agree Agree Neutral Disagree strongly disagree Interpretation Most of the respondents are dissatisfied with commission of Financial Advisor.
- 42. 7. Are you satisfied with the registration fees of Financial Advisor of Reliance Life Insurance? strongly agree 0 Agree 20% Neutral 10% Disagree 70% strongly disagree 0% strongly agree agree neutral disagree strongly disagree Interpretation Most of the respondents are disagree with registration fees.
- 43. 8. Are you doing this job as part time or full time? part time 10% full time 90% part time full time
- 44. CHAPTER: 6 FINDINGS OF THE STUDY
- 45. FINDINGS OF THE STUDY:- • Most of the advisors are graduate. • It is being understood that most of the respondent feel that the registration fees for the Financial Advisor is very high. • It is found that the advisors have joined Reliance because of money and brand name. • Most of the Advisors have joined as full timers. • Most of the Life Advisor are not satisfied with their commission of company. • The family income of the respondents are above Rs.300000.
- 47. CHAPTER: 7 RECOMMENDATION Recommendations 1. The Company should reduce the registration fee for the Financial Advisor as it is quite high. 2. The company should make the plan more carrier oriented.
- 48. 3. The company should increase commission percentage to satisfy the advisors expectation. 4. Company should give more focus on recruitment plans so that they can lure more people.
- 49. CHAPTER:- 8 LIMITATION Limitations:- • Time was the biggest limitation. The project requires a thorough study which requires a considerable amount of time.
- 50. • The study is based on both primary as well as secondary data and has the limitations pertaining to the usage of both kinds of data. • Respondents may be biased while filling the questionnaire.
- 52. Conclusion:- As we know Recruitment is distinct from Selection. Once the required number and kind of human resources are determined, the management has to find the places where the required human resources are/will be available and also they have to find the means of attracting them towards the organization before selecting suitable candidates for jobs. The study reveals that the company is not able to recruit potential Financial Advisors because of high registration fees. Also the Life Advisors are dissatisfied with their commission policy. At the end of the study, we can conclude that though there is satisfactory recruitment process but company have to do some amendments in their recruitment process to get potential Financial Advisors like company should choose satisfying commission policy.
- 53. REFERENCES Books : a) Blackman(2002), Human Resource Management, Tata Mcgraw Hill Publications. b) Kotler Philips(2009),Marketing Management, Dorling Kindersley(India) Pvt.Ltd. c) Kothari, C. R.(2005), Quantitative Technique, Vikas Publishing House Pvt. Limited, New Delhi d) Vecchio P Robert (2008), HRM Review, The Icfai University Press Websites : a) www.bhartiaxalife.com b) www.citehr.com c) www.irda.nic.in d) www.paradize.com
- 54. QUESTIONNAIRE Hello sir/madam, I am an M B A student and conducting a very prestigious marketing project on “ Recruitment and Selection of Life Advisor in Reliance Life Insurance .” You are requested to cooperate me by filling this questionnaire. NAME ________________________________ GENDER a) Male b) Female AGE a) Less than 25 b) 25-35 d) more than 35 1. What is your qualification? a) 12th b) graduation c) postgraduation d) professional course e) any other 2. Are you married? a) yes b) no 3. How much time you living in Durg or Bhilai?(in years)
- 55. a) 0-5 b) 5-10 c) 10-15 d) 15-20 e) above 20 4. What is your family income?(in Rs per annum) a) below 50,000 b) 50,000-1,00,000 c) 1,00,000-2,00,000 d) 2,00,000-3,00,000 e) above 3,00,000 5.Why did you become financial adviser at reliance life insurance? a) Carrier b) Money c) Reward d) Brand name e) Others 6. Reliance Life Insurance helps to earn an additional income through commission ? Strongly Agree Strongly Disagree 1 2 3 4 5 7. Are you satisfied with the registration fees of Financial Advisor of Reliance Life Insurance? Strongly Agree Strongly Disagree 1 2 3 4 5
- 56. 8. Are you doing this job as part time or full time?