A SYNOPSIS

ON
“Comparative Study of Recruitment & selection process
In ICICI PROUDENTIAL LIFE INSURANCE”.

Supervisor: Submitted By:

Kamal singh Name: Amit Agarwal

Assistant Professor E.Roll.No.08061609003

Specialization: Human Resource

Remarks of Evaluator
Approved/Disapproved Approved/Disapproved

(I Evaluation) (II Evaluation)

Session: - 2008-2010

Directorate of Distance Education GJUS&T, Hisar

 LITRETURE RIVEW

HR is still a relatively new frontier in business practices - it's been less than 10 years since its
debut - and it's still growing rapidly in the U.S. Most analysts predict that the growth will
continue at least through 2008. Many companies currently outsourcing HR say that they intend
to continue and expand outsourcing in the coming three years to include leave management,
training and development, payroll, recruitment, health and wellness program administration,
and global mobility.

HR consulting firm Hewitt Associates conducted a survey of 129 U.S. companies that employ a
total of about two million workers and found that 94% outsourced at least one HR function in
2005. The most commonly outsourced functions are outplacement services, employee assistance
programs, 401(k) programs and COBRA administration.

The primary driver behind outsourcing HR is cost savings, which helps companies remain
competitive and fiscally healthy. The foundation of the movement toward outsourcing HR is the
idea that eliminating functions that do not directly contribute to the bottom line will help
companies conserve resources and position themselves more strategically. Some companies that
have made the decision to outsource HR note that outsourcing business processing frees up HR
personnel to focus on core functions, such as training and leadership development, thereby
fostering the company's employee potential and improvement of the bottom line.

But that doesn't mean that outsourcing HR works for everyone. Some U.S. companies that
ventured into outsourcing HR chose to take the functions back in-house during 2005, citing
disappointing results, not enough actual cost savings, and dissatisfaction with contracts and
vendors. Companies that decided to take outsourced HR functions back in-house include
Conseco, Dell, Capital One and Lehman Brothers.

The hitch in some of these cases may be the relative newness of HR outsourcing and shortfalls in
contractual agreements or contracts that did not suit companies once the outsourcing
commenced. One sign that outsourcing may not be going as well as it could is the all-too-
frequent need to renegotiate vendor agreements, according to Deloitte Consulting. Renegotiation
of outsourcing agreements is so common at present that none of the 25 U.S. companies surveyed
by Deloitte in 2005 - each with revenues of about $50 billion - reported that they had made it
through an initial agreement to term without renegotiating. "What you're seeing is a shift. Clients
are saying that traditional, megadeal outsourcing no longer makes sense," said Gordon Coburn,
CFO of Cognizant Technology Solutions, a vendor of outsourcing services.

Two crucial factors that are key to a satisfactory outsourcing outcome are preparation and
oversight. Companies must establish benchmarks and measurements and continuously monitor
the progress of outsourcing agreements to ensure optimal outcomes.
The question of outsourcing some HR or all HR is a quandary for many U.S. companies
pondering outsourcing today. And the question of using one vendor or multiple vendors is
another dilemma. Some larger U.S. companies are reconsidering outsourcing everything to one
provider, a major departure from the early megadeals.

The new shift in outsourcing human resources is toward selective outsourcing. Companies are
becoming more comfortable with using multiple vendors and are not usually outsourcing all HR
functions. Though using various vendors to manage different outsourced functions requires that
companies develop internal expertise in contract management and become more diligent in
overseeing the contracts, the benefits seem to outweigh the potential challenges
 OBJECTIVE OF THE STUDY

To determine the process of recruitment & selection in ICICI prudential life insurance
To get appropriate manpower through market recruitment
To analyze competency of employees required
To know the tools used by ICICI for recruitment
 SCOPE OF THE STUDY

In today’s rapidly changing business environment, organizations have to respond quickly to

requirements for people. The Financial market has been witnessing growth which is manifold for
last few years. Many private players have entered the economy thereby increasing the level of
competition. In the competitive scenario it has become a challenge for each company to adopt
practices that would help the organization stand out in the market. The competitiveness of a
company of an organization is measured through the quality of products and services offered to
customers that are unique from others. Thus the best services offered to the consumers are result
of the genius brains working behind them. Human Resource in this regard has become an
important function in any organization. All practices of marketing and finances can be easily
emulated but the capability, the skills and talent of a person cannot be emulated. Hence, it is
important to have a well-defined recruitment policy in place, which can be executed effectively
to get the best fits for the vacant positions. Selecting the wrong candidate or rejecting the right
candidate could turn out to be costly mistakes for the organization. Therefore a recruitment
practice in an organization must be effective and efficient in attracting the best manpower.
Coverage –The extent and limitation
With largest number of life insurance policies in force in the world, insurance happens to be a
mega opportunity in India. Its business is growing at 15-20% annually and presently is of the
order of Rs. 450m. Together with banking sector it adds about 7% to the GDP.
Like in the case of BPO’s, Insurance sector too faces the problem of attrition. Thus, recruitment
is an ongoing process carried throughout the year. The project is based on the study of
recruitment process. The various recommendations suggested have been the result of the study.
 RESEARCH METHODOLOGY

There were mainly two sources of data collection .

PRIMARY DATA:
Ø Survey method
Ø Personal interview with candidates
Ø In depth conversation with the placement agency

SECONDARY DATA:-
Ø Study of recruitment policy
Ø Websites
Ø Published articles
Research methodology used
Study of recruitment and selection at ICICI Prudential Life Insurance by the manual provided by
the HR department;
Web sites
Journals
Magazines
Books
 PROBLEM STATEMENT

Recruitment is done throughout the year more during the months of May-June and Oct-Nov;
Huge investment of time;
Huge recruitment cost;
To pursue these, I would be going through the recruitment policies of the company. By active
participation in the recruitment process, the areas where improvement can be bought about can
be identified.
Thus the whole research would be done under the guidance of external guide. It will also involve
recruitment and selection processes, reading the material provide internally by the organization,
information from the new employees.
ICICI Prudential has recruited and trained more than 1, 90,000 insurance advisors to interface
with and advice customers. Further, it leverages its state-of-the-art IT infrastructure to provide
superior quality of service to customers
 QUESTIONAIRE

Q1.Do you have a clearly stated Recruitment & Selection Policy?

· Yes
· No
· To some extent
2) What are the qualities of ICICI Prudential Life Insurance Company recruitment System:-
· Quick Response time for requirement
· Bringing in Quality People
· Proper coordination with other team or department
· Efficient Maintenance & Updating of Database
3)What Recruitment Sources are used?
· Advertisement
· Employee Referral
· Consultant
· Portals
· All of these….
4) Does ICICI Prudential adopt Internal Recruitment Source i.e. Transfer & Promotion:-
(i) Yes (ii) No
If Yes than for which type of post………………………………….
5) Which source of Recruitment is better for companies:-
(i) Internal Source (ii) External Source
(iii) Depends on Situation & Post……………………………………
6) Rank the Qualities in the order of your preference on the basis of which you select candidate:-
· Qualification
· Experience
· Skills
· Personality
· Depend on Job Variety
7) How many Stages are followed in selection procedure:-
·2
·3
·4
8) Does ICICI Prudential ask candidates to enter into BONDS with them:-
· Yes
· No
If Yes then what kind of Job or Department………………………….
Q9. Is the estimation of Recruitment Process cost is done?
· Yes
· No
 REFERENCES

Books-
1Schein,W. H.(1985) Organizational culture and leadership: a dynamic view, Sanfrancisco
jossey- Bass

2Herzberg. “Work and the Nature of Man”, New York: Thomas Y. Crowell Publishers.1966

3Spector, P.E. (1997) .Job Satisfaction: Application, Assessment, Causes, and Consequences.
Thousand Oaks, CA: Sage Publications, Inc.
A) Organizational behavior: L.M Prasad

b) Organization and management: R.D Agarwal

c) Human resource Management: V.P.S.Rao

Magazines-

A) India today

B) Business world

C) Business outlook

D) Business India

Websites

www.wikepedia.com

www.google.com

www.HRD.com

www.rediff.com
 DIRECTORATE OF DISTANCE EDUCATION

GURU JAMBESHWAR UNIVERSITY OF SC&TECH., HISAR

RESUME OF SUPERVISOR /GUIDE

NAME : KAMAL SINGH

DESIGNATION : ASSISTANT PROFESSOR

QUALIFICATION : MBA, M.phill (Phd. In pipe line)

AREA OF SPEACIALISATION : Marketing and Retail Management.

EXPERIENCE : Five Years

OFFICIAL ADDRESS : BLS INSTITUTE OF

EDUCATION, MOHAN NAGAR
GHAZIABAD

MOBILE : 989143894

E MAIL : pearl_bly@yahoo.com

I am willing to supervise : Mr.Amit Agarwal

Enrolment No : 08061609003

On the topic : “Comparative Study of Recruitment & selection process

In ICICI PROUDENTIAL LIFE INSURANCE”.
 (Signature with seal)

Countersigned by the employer with seal

Countersigned by Director of study centre with SEAL