Professional Documents
Culture Documents
PROJECT REPORT
ON
In partial fulfillment of
STUDY OF RECRUITMENT & SELECTION POLICY IN IDBI
FEDERAL LIFE INSURANCE CO. LTD.
SUBMITTED BY
ANURAG KUMAR
MATRIX BUSINESS SCHOOL
S. NO. 9/1/5 & 9/2/4, OFF WESTERLY BYPASS ROAD,
AMBEGAON (BK.), PUNE 411041
1
DECLARATION
Rath this is my original work and the conclusions drawn there in are based on the
material collected by me.
Place:
Date:
ANURAG KUMAR
GUIDE-CERTIFICATE
Project Guide :
Dr. J. N. POL
Date:
Place: Pune
COMPANY
ACKNOWLEDGEMENT
I take great pleasure to thank and acknowledgement the permission and allowance by
Mr.
KRUPAL
BHANSALI,
BRANCH
HEAD,
IDBI
FEDERAL
LIFE
INSURANCE CO. LTD, PUNE REGION and his help and inspiration provided.
I extend a whole hearted thanks to .Mr. DEEPAK GOVITRIKAR., AREA AGENCY
HEAD under whom I worked and learned a lot and for enlightening me with their
knowledge and experience to grow with the corporate working.
I would also like to extend my thanks to my College Faculty Member Mrs. Amrita
Rath.
I would like to extend my thanks to my college director Dr. J.N. Pol and all my
Colleagues in the company who supported me in carry out my operation successfully
and generously and provided me vital information/ training regarding the my
project objective.
ANURAG KUMAR
TABLE OF CONTENT
Contents
Sr. No.
Titles
Page No.
Executive Summary
9-10
11-25
Research Methodology
31-34
35-45
46-49
Conclusion
Annexure
50
51-53
A) Questionnaire
B) Bibliography
Chapter 1
Executive Summary
Executive Summary
In todays corporate and competitive world, I find that insurance sector has the maximum
growth potential as compared to the other sectors. Insurance has the maximum growth
rate of 70-80% while as FMCG sector has maximum 12-15% of growth rate. Despite
recession this sector has noticed a growth rate of around 35-40%. The growth potential
attracts individuals to enter this sector and IDBI-Federal Life Insurance Company Ltd
has given me the opportunity to get a peek of highly competitive and enhancing sector.
The awareness related to life insurance products in India, among the mass, is still very
low. The level is even lower in rural areas. Insurance is still considered as a tool for tax
planning only, even when companies have attached investment benefits to it.
The major factors affecting the purchase of an insurance product are trust, service,
product features and relationship with advisors. Firms like LIC are still favored only
because of being a government undertaking units. The concept of mis-selling has
paralyzed the sector itself. People find it hard to have faith in advisors. Their job is really
very hard. People are now getting aware of the various investment tools available in the
market. The masses in urban cities like Pune have started comparing the products. While
talking to different people, I found that their purchase decision was highly influenced by
their family and colleagues. They purchased the insurance products at the time when they
needed it most, which according to them was at the time of tax planning, whereas any
insurance product must be bought when the individual needs it least so that they can
actually calculate the amount of life cover they need and the type of investment they
want.
Chapter 2
OBJECTIVE OF
THE STUDY
Chapter 2
OBJECTIVE OF THE STUDY
TITLE OF THE PROJECT
The project report titled STUDY OF RECRUITMENT & SELECTION POLICY IN IDBI
FEDERAL LIFE INSURANCE CO. LTD. has potential of further analysis.
To study the recruitment and selection policy followed in IDBI Federal Life
insurance company Ltd.
To study the various sources of recruitment followed in IDBI.
To learn what is the process of recruitment and selection that should be followed.
To search or headhunt people whose skills fits into the company values.
10
In this competitive world retaining the customers has become important part and
parcel of the business activity, since in this arena the people who adopt to changes
and new technologies will survive.
This study will help to understand customer need, preference and what they
require from the service station and this study will not only help me as a student
but it will also the IDBI FEDERAL LIFE INSURANCE COMPANY LIMITED
to improve its service standard.
11
Chapter 3
COMPANY
PROFILE
12
Chapter 3
COMPANY PROFILE
The project report titled STUDY OF RECRUITMENT & SELECTION
History:
Type
Joint Venture
Company Information
Full name IDBI Federal Life Insurance Co Ltd.
Legal Address 1st Floor, Trade view Building, Oasis Complex, Kamala City,
Pandurang Budhkar Marg, Lower Parel ( W ); Mumbai; Maharashtra; 400013
13
Status: Non-Listed
Legal Form: Other non-liability limited
Operational Status: Operational
Financial Auditors: Dass Gupta & Associates (2010)
Tel: +91 22 2490 8109-10
Company Description:
IDBI Fortis Life Insurance Co Ltd, is a joint venture between three leading financial
conglomerates Indias premier development and commercial bank, IDBI, Indias
leading private sector bank, Federal Bank and Europes premier Bank assurer, Fortis,
each of which enjoys a significant status in their respective business segments. In this
venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each.
IDBI Fortis launched its first set of products across India in.
14
If you are looking for a safe and steady approach to meet your dreams, you need a plan
that will give you steady and assured returns that are not dependant on market conditions.
IDBI Federal Bondsurance Plan is the ideal plan to beat the ups and downs around you.
2 WEALTHSURANCE
Wealthsurance plans combine wealth creation with insurance protection into one
powerful financial solution. Unlike other investment alternatives, it allows you to ensure
that your goals of wealth creation are achieved even in the event of serious illness,
accidents, disablement or death.
Insured Wealth Plans to grow wealth under a protective cover
Wealthsurance offers you Insured Wealth Plans. They allow you to create, build and
manage wealth by giving several choices and great flexibility so that your plan meets
your specific needs. You can decide how you wish to save so that it suits your savings
habit. You can choose how your money is invested so that you can grow wealth as per
your investment preferences. What is even better, Wealthsurance protects your wealth
plans with life insurance benefits so that your wealth-building efforts remain unaffected
in unforeseen events and your financial goals can still be achieved.
As a seasoned investor, you recognise the ability of the equity markets to build wealth
over the long term. But you also appreciate the fact that the growth potential of the
market comes with the accompanying risk of volatility
HOMESURANCE
15
Your new home is the fulfillment of a long-cherished dream. Only you know the careful
planning that went into its choice. And only you understand the hard work that went into
arranging the financing including the home loan. Truly, your home is your best gift to
your family. Just imagine what would happen, if due to an unfortunate event, you were
not around. The entire burden of your home loan would have to be borne by your family.
But you can ensure that they inherit a home and not a home loan. We understand the
importance of protecting your home loan and the powerful IDBI Federal Homesurance
Protection Plan can help you insure your home loan at a reasonable cost.
TERMSURANCE
Happiness & security for our family is something all of us strive to achieve. However,
there are times when you ask yourself - What if something were to happen to me? What
would happen to my loved ones? Have I secured my family financially so that they dont
have to face lifes burdens? Different people have different needs and seek different
things from an insurance plan. Some look for a large cover option at a low cost, while
others seek return of premium on maturity of the policy. There are some who may want
their plan to keep in touch with inflation, while others may seek flexible premium
payment options.
INCOMESURANCE
Grow your Guaranteed Annual Income each time you pay premium Some goals cannot
be left to chance. Like educating your child, or planning for her marriage, or providing
financial security to a loved one, or ensuring a comfortable retirement income. Or you
may just want to ensure a future additional income stream.
16
such
as
the
stock
market
3. You want the plan to work and your goals to be achieved even if anything happens to
you
A cover for all your needs
Independent regular income for your wife
You can ensure that your wife is secured with an independent income. You can also
ensure that no one, including creditors or claimants, can touch that money.
Financial security for your parents
What better gift can you give your parents when you start earning yourself? You can gift
them a secure, regular income to ensure a comfortable life. Regular income payments can
help them enjoy their senior years doing things they had always wanted to but never
found the time for.
Child's Education
You can save regularly and get guaranteed payouts to meet your child's education. You
can be rest assured that your goal will be achieved even if anything were to happen to
you.
17
Daughters Marriage
comes for marriage. You can meet the wedding expenses or give her a regular income. It
is the best present you can give when she is setting up her home.
Get additional income from time to time
Over and above your normal income, IDBI Federal Incomesuranc Endowment & Money
Back Plan can help you get additional income from time to time. You can indulge in a
purchase of your choice, take a vacation or just gift it to your loved ones, the choice is
yours. At the same time, you can also ensure life insurance protection for your family's
security.
RETIRESURANCE
It is difficult to predict the future but with more of us living longer, the possibility of
outliving our savings could become a harsh reality. In fact, you could easily spend almost
20-25% of your life in retirement. This is the time in your life when you will face the
retirement challenge. As time goes by, your responsibilities grow as well, increasing your
expenses. Also lets not forget the effect of inflation. Inflation increases the cost of living.
Take the following increases in basic amenities over the last 20 years and you can
understand what you could be up against after 20 years.
18
These are approximate rates based on market sources and are presented for illustrative
purposes only
But when is a good time to start planning for retirement?
The answer is as soon as you can. It is never too early to plan ahead for something as
important as a comfortable retirement. The earlier you start, bigger your corpus or
your retirement.
LOANSURANCE
Loansurance is a cost-effective way to ensure that the outstanding debt is settled in the
unfortunate event of death of the insured member. This term assurance plan provides
cover to a person directly liable for loan repayment (and the partners, in case of a
partnership), as per the benefit schedule.
Reducing cover
Under this option, your insurance cover reduces as per your benefit schedule. The benefit
schedule is computed over a period of time, taking into account initial loan interest rate,
the loan term and outstanding loan amount.
Level Cover
The level cover option of Loansurance provides a cover for the sum insured as specified
by the insured member and can be to the extent of the full agreed loan amount plus
accrued interest as chosen by the insured member.
19
Chapter 4
Literature Review
20
Chapter 4
Literature Review
Human Resource plays a crucial role in the development process of the modern economics.
There are great differences in development between countries which seem to have
roughly equal resources, so it is necessary to enquire into the difference in human
behaviors
ARTHUR LEWIS Human resource management is the management of employees skill, knowledge abilities, talent,
aptitude, creativity, ability etc. different terms are used for denoting Human Resource
Management. They are labor management, labor administration, labor management relationship,
employee employer relationship, industrial relationship, human capital management, human
assent management etc. Though these terms can be used differently widely, the basic nature of
distinction lies in the scope or coverage and evolutionary stage. In simple since, human resource
management means employing people, developing their resources, utilizing, maintaining and
compensating their services in tune with the job and organizational requirements.
21
Recruitment Policy:
Recruitment Plan
Budget
Sourcing
Selection Process
Joining
22
Recruitment:
Recruitment is hiring of employees from outside. Recruitment has been regarded as the most
important function of the HR department , because unless the right type of people are hired, even
the best plans, organization chart and control system would not do much good.
Yoder points out that recruitment is a process to discover the sources of manpower to meet the
requirement of the staffing schedule and to employee effective measures to attracting that
manpower in adequate number to facilitate effective selection of an effective workforce.
Edwin B Flippo defines recruitment as the process of searching for prospective employees and
stimulating them to apply for the jobs in the organization.
It is the process of finding and attracting capable applicants for employment. The process
begins when new recruits are sought and ends when their application are submitted. The result is
a pool of applicants from which new employees are selected.
23
Methods of Recruitment
Dunn and Stephens summaries the possible recruiting methods into three categories, namely
1: Direct method
2: Indirect method
3: Third party method
DIRECT METHOD
The direct method includes sending of the recruiters to different educational and professional
institutions, employees contact with public, and mannered exhibits. One of the widely used
methods is sending the recruiters to different colleges and technical schools. This is mainly done
with the cooperation of the placement office of the college. Sometimes, firms directly solicit
information form the concerned professors about student with an outstanding records.
Other direct methods include sending recruiters to conventions and seminars, setting up exhibits
at fairs, and using mobile offices to go the desired centers.
INDIRECT METHOD
Indirect method involves mainly advertising in newspapers, on the radios, in trade and
professional journals, technical magazines and brochures.
Local newspaper can be good sources of blue collar workers, clerical employees, and lower level
administrative employees.
The main point is that the higher the position in the organization the more dispersed
advertisement is likely to be. The search for the top executive might include advertisement in a
national periodical, whereas the advertisement of the blue color jobs usually confine to the daily
newspaper.
24
According to the Advertisement tactic and strategy in personnel Recruitment, three main
points need to be borne in the mind before an advertisement in inserted.
First, to visualize the type of applicants one is trying to recruit.
Second, to write out a list of advantages the company offers, or why should the reader join the
company.
Third, to decide where to run the advertisement , not only in which area, but also in which
newspaper having a local, state or a nation- wide circulation.
THRID PARTY
These include the use of commercial or private employment agencies, state agencies, and
placement offices of schools colleges and professional associations recruiting firms, management
consulting firms, indoctrination seminars for college professors, and friends and relatives.
Private employment agencies are the most widely used sources. They charge a small fee from the
applicant. They specialize in specific occupation; general office help, salesmen, technical
workers, accountant, computer staff, engineers and executives.
Schools and colleges offer opportunities for recruiting their student. They operate placement
services where complete bidet and other particular of the student are available.
Now the short-listed candidates have to be given a phone call in order to find out their interests
and schedule them for interview. There are 2 forms of interview that a candidate can appear for:
Personal Interview.
Telephonic Interview.
PERSONAL INTERVIEW
This is regarded to be the BEST FORM of interview. In such form of an interview the candidate
personally appears in front of the interviewer and gives his interview. This is regarded to be the
best form of interview as the interviewee has the best chances of making his points clear in front
of the interviewer.
26
TELEPHONIC INTERVIEW
Sometimes an interview is taken on the phone. A telephonic conversation is done between the
interviewer and the interviewee where the interviewer calls up the candidate via phone and
conducts the interview
Qualification
27
Chapter 5
RESEARCH
METHODOLOGY
28
Chapter 4
RESEARCH METHODOLOGY
DESCRIPTIVE RESEARCH
Descriptive research study includes surveys and fact-finding enquires of different kinds,
which help the researchers to describe the present situation that makes the analysis
about15
SAMPLING DESIGN/TECHNIQUES:
29
Sampling design is to clearly define set of objective, technically called the universe to
bestudied. This research has infinite set of universe and the sampling design
used in the study is non-probability sampling convenience sampling.
The item selected from the population constitutes the sample size. The study
covers the customers of IDBI federal life insurance company. Total sample size for the
study is 50.
This study was conducted with less sample size due to time constrainta n d t h e
s u r v e y w a s c o n d u c t e d o n l y i n P u n e , s o t h e r e s e a r c h findings may not
be generalized.
Some of the customers are reluctant to give full information, this leads to bias & may not
reflect the true picture.
RESEARCH PROCESS
The research process has four distinct yet interrelated steps for research analysis it has a
logical and hierarchical ordering:
30
SAMPLE SIZE:
The sample size was: 50 respondents.
I have targeted 50 customer in the age group above 21 years for the purpose of the
research. The target population influences the sample size. The target population
represents the Pune City regions. The people were from different professional
backgrounds. The details of our sample are explained in chapter named primary research
where the divisions are explained in demographics section.
Primary Data:
Primary data was collected through survey method by distributing questionnaires to
branch manager and other sales manager. The questionnaires were carefully designed by
taking into account the parameters of my study.
31
Secondary Data:
Data was collected from books, magazines, web sites, going through the records of the
organisation, etc. It is the data which has been collected by individual or someone else for
the purpose of other than those of our particular research study.
SAMPLING PLAN:Sampling Size: Unit was also 50 respondents of IDBI Federal Life Insurance Company
Limited.
Work area:
32
Chapter 4
Data Interpretation
&Analysis
33
Chapter 4
Data presentation, Analysis & Interpretation
Personal Interviews
Telephonic interview
Video Conferencing
Other
Total
No. of Respondent
(%. of Respondent )
20
15
10
5
50
40%
30%
20%
10%
100%
Interview Prefer
Personal Interviews
Telephonic Interview
Video Confrencing
Other
10%
40%
20%
30%
Interpretation:
40% most of the people Prefer Personal interviews, 30% prefer to take telephonic
interviews where as only 20% go for video conferencing and rest 10% adopt some other
means of interviews.
34
Factor
Very Good
Good
Average
Bad
Total
No. of Respondent
23
15
7
5
50
(%. of Respondent )
46%
30%
14%
10%
100%
Bad
10%
Very Good
46%
Good
30%
Interpretation:
30% of the respondents feel that HR department is good where and 46% say that its very
good where as 14% says its average and only 10% respondents feel its bad.
35
No. of Respondent
Factor
Good
Very good
Cant say
Total
(%. of Respondent )
18
27
5
50
36%
54%
10%
100%
Cant say, 10
Good , 36
Very good, 54
Interpretation:
From the above chart it shows that the 54% respondents say very good, 36% respondents say
good and 10% respondents say cant say for induction carry out from IDBI Federal.
36
Q 4 What are the sources do you preferred for recruitment and selection?
No. of Respondent
Factor
Internal
External
Both
Total
(%. of Respondent )
6
13
31
50
12%
26%
62%
100%
Both
62%
Interpretation:
About 62% of the respondents say that they prefer both internal as well as external source
for recruitment and selection where as only 12% go for internal source and 26% go for
external sources.
37
Factor
Direct
No. of Respondent
(%. of Respondent )
33
66%
Indirect
15
30%
Third Party
4%
Total
50
100%
Direct, 66
60
50
40
Indirect, 30
30
20
10
Third Party, 4
0
Direct
Indirect
Third Party
Interpretation:
About 66% of the respondents go for direct recruitment and selection and 30% go for
Indirect and only 4 % go for third party recruitment way.
38
No. of Respondent
(%. of Respondent )
10
20%
Quarterly
25
50%
No fixed Time
15
30%
Total
50
100%
20
10
0
Yearly
No fixed
time
Quaterly
Interpretation:
In the above chart it shows that 50% of the respondents prefer for Quarterly manpower planning
and 30 % do not follow any pattern they dont have any fixed time where as 20% go for yearly.
39
Q 7 Are you satisfied by the services provided by the IDBI Federal Life Insurance?
Factor
Satisfied
No. of Respondent
(%. of Respondent )
14%
40
80%
Not Satisfied
6%
Total
50
100%
80
70
60
50
40
30
20
15
10
Interpretation:
The study reveals that in IDBI 80% of the respondents are very much satisfied & 14% are
satisfied & 6% of the employees are not satisfied from services provided.
40
Factor
Satisfied
No. of Respondent
45
90%
Not Satisfied
6%
Cant say
4%
Total
50
100%
Computer Facility
Satisfied
6%
Not Satisfied
Cant say
4% 0%
90%
Interpretation:
41
(%. of Respondent )
The study reveals that in IDBI 90% of the respondents preferred computer facility
it provided to all the employee of this department. 6% of the respondents are
satisfied and 4% of the respondents are not satisfied from this facility.
Q 9. The recruitment and selection procedures support internal control of IDBI Federal
Life Insurance.
Factor
Yes
No. of Respondent
(%. of Respondent )
42
84%
No
16%
Total
50
100%
Internal Control
YES
NO
16%
84%
Interpretation:
42
From the above chart it shows that 84% of the respondents say yes and 16% of the
respondents say no for recruitment and selection procedures support internal control
Q10. What are the sources for external recruitment are preferred?
Sources
No. of Respondents
% of Respondents
Campus interview
17
34%
Placement Agencies
17
34%
Data bank
12
24%
Causal Applicants
Total
50
100%
Campus
interviews, 34
Data bank, 24
Placement
agencies, 34
Interpretation:
43
From the above chart it shows that 34% of the respondents say campus interview, again
34% say placement agencies, 24% of the respondents say data bank and 8% of the
respondents say casual applicants .
Chapter 5
Findings and
Suggestions
44
Chapter 5
Findings and Suggestions
FINDINGS:
SUGGESTIONS:
Following are suggestions made for the benefits and augmentation of the sound working
of the.
Company - IDBI Federal Life Insurance Co. Ltd.:
The work of receiving, issuing, accounting and stoiing responisibilty should
be properly.
Segeregated so that it will increase the productivity of the organization.
All the documents should be verified timely by the operation department.
All the policies should be updated time to time according to the company's
requirement.
Proper trainer should be provided to the trainees.
46
CONCLUSION
47
CONCLUSION
Summer training is a best example for a trainee to learn about the company working,
corporate culture under which he is operating the functions. IDBI Federal Life Insurance
Co. Ltd.
is a life insurance company under which I gained a significant knowledge with respect to
life
insurance, its importance and applicability as well as undertook the task to recriuit
Insurance
Advisors which is conductive for the company to grow with more prosperity. What I
taught in
the management institute utilized them fiuitfully leading to the best advantage to the
company
and to the best experience for mine. At far I can conclude that life insurance is a noble
service.
which is very important for every citizen to leain and realize its importance because this
is the
48
only source which can remain the status where one is with the family bread eainer and
ever when
he is not. With the growing financial sector I would like to choose this industry for my
future
career advancement and as an opportunity to service this industry.
QUESTIONNAIRE
ANNEXURE
49
QUESTIONNAIRE
ANNEXURE
a) Name ..
b) Occupation ..
c) Age ..
d) Income.
e) Address:-.
Q 5 Which method do you mostly prefer for recruitment and selection Preferred way of
recruitment ?
A) Direct
B) Indirect
C) Third Party
Q 6 When do you prefer to go for manpower planning ?
A) Yearly
B) Quarterly
C) No fixed Time
51
Q 7 Are you satisfied by the services provided by the IDBI Federal Life Insurance?
A) Satisfied
B) Very Much Satisfied
C) Not Satisfied
Q 8. Computer facility is provided to all the employees of the recruitment department?
A) Satisfied
B) Not Satisfied
C) Cant Say
Q 9 The recruitment and selection procedures support internal control of IDBI Federal
Life Insurance.
A) Yes
B) No
Q 10 What are the sources for external recruitment are.
A) Campus interviews
B) Placement agencies
C) Data bank
D) Casual applicants
52
BIBLIOGRAPH
BIBLIOGRAPHY
WEB SITES:
www.idbi federal.com
www.scribd.com
www.google.com
53
www.indiaindustry.com
54