Professional Documents
Culture Documents
ON
Session 2018-2019
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DECLARATION
I hereby declare that this Summer Training Report titled “HR BUSINESS”
submitted by me to JEMTEC, Greater Noida is a bonafide work undertaken during
the period from to by me and has not been submitted to any other
University or Institution for the award of any degree certificate or published any time
before.
Date:
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ACKNOWLEDGEMENT
I offer my sincere thanks and humble regards to JEMTEC, Greater Noida for
imparting us very valuable professional training in BBA.
I pay my gratitude and sincere regards to Dr. Vikram Sharma, my project guide
for giving me the cream of his knowledge. I am thankful to him as he has been a
constant source of advice, motivation and inspiration. I am also thankful to him for
giving his suggestions and encouragement throughout the project work.
I take the opportunity to express my gratitude and thanks to our computer lab staff
and library for providing me opportunity to utilize their resources for the
completion of the project.
Date:
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Name:
Enroll. No.:
EXECUTIVE SUMMARY
The first section of my report deals with the introduction of the project
report
The second section of the report deals with a detailed company profile. It
includes the company’s history, its activities and operations, etc. This
section attempts to give a detailed background information about the
company and the nature of its functioning.
The fourth section deals with the observations about the process of
recruitment and selection at DHFL Pramerica Life Insurance Company. This
is the concluding section. It also contains the findings and conclusions.
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TABLE OF CONTENTS
1. Declaration
2 Acknowledgement
4 Chapter-1: Introduction
11 References/Bibliography
12.. Appendices
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CHAPTER -1
INTRODUCTION
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CHAPTER-1
INTRODUCTION
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right place and time. The effort that an organization makes to hire the right people at the
right place is known as human resource management.
“Human Resource Management is concerned with the most effective use of people to
achieve organizational and individual goals”
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HRM take account of all the activities carried out by the employee during his/her
entire working life. It starts from the Procurement of the employees until his/her
separation from the organization. Therefore the scope of HRM lies in the following
activities –
A. Procurement- It includes –
Determination of manpower requirement
Job analysis
Recruitment and Selection of employees
Placement of Employees
B. Training and development of employees- it includes on the job and off the job
training of employees and various development programmes to develop the
skills and abilities of employees.
C. Job Analysis and Job Description – it involves study of Job requirements,
assignment of tasks and duties and helps in delegation of authority and
responsibility.
D. Compensation Planning
E. Incentive/reward planning
F. Maintaining Personnel Records
G. Health and safety of Employees
H. Maintaining Human and Industrial Relations
HR RESPONSIBILITIES
Human resource managers are in charge of many duties pertaining to their job. The
duties include the recruitment process, posting job ads, organizing resumes and job
applications, scheduling interviews and assisting in the process and
ensuring background checks are carried out. Another job is payroll and benefits
administration which deals with ensuring vacation and sick time are accounted for,
reviewing payroll, and participating in benefits tasks, like claim resolutions,
reconciling benefit statements, and approving invoices for payment. [2] The last job is
regular maintenance, this job makes sure that the current HR files and databases are
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up to date, maintaining employee benefits and employment status and performing
payroll/benefit-related reconciliations. [2] In May 2014, the U.S. Department of
Labor stated that human resource assistants earn about $38,040 annually and human
resource managers earn about $104,440 annually.
HR ACTIVITIES
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Human resource management (HRM or HR) is the strategic approach to the
effective management of organization workers so that they help the business gain a
competitive advantage, Commonly referred to as the HR Department, it is designed
to maximize employee performance in service of an employer's strategic
objectives. HR is primarily concerned with the management of people within
organizations, focusing on policies and on systems. HR departments are responsible
for overseeing employee-benefits design, employee recruitment, training and
development, performance appraisal, and rewarding (e.g., managing pay and benefit
systems).[3] HR also concerns itself with organizational change and industrial
relations, that is, the balancing of organizational practices with requirements arising
from collective bargaining and from governmental laws.
Human resources overall purpose is to ensure that the organization is able to achieve
success through people. HR professionals manage the human capital of an
organization and focus on implementing policies and processes. They can specialize
in recruiting, training, employee-relations or benefits. Recruiting specialists find and
hire top talent. Training and development professionals ensure that employees are
trained and have continuous development. This is done through training programs,
performance evaluations and reward programs. Employee relations deals with
concerns of employees when policies are broken, such as in cases involving
harassment or discrimination. Someone in benefits develops compensation structures,
family-leave programs, discounts and other benefits that employees can get. On the
other side of the field are Human Resources Generalists or business partners. These
human-resources professionals could work in all areas or be labor-relations
representatives working with unionized employees.
HR is a product of the human relations movement of the early 20th century, when
researchers began documenting ways of creating business value through the strategic
management of the workforce. It was initially dominated by transactional work, such
as payroll and benefits administration, but due to globalization, company
consolidation, technological advances, and further research, HR as of 2015 focuses
on strategic initiatives like mergers and acquisitions, talent management, succession
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planning, industrial and labor relations, and diversity and inclusion. In the
current global work environment, most companies focus on lowering employee
turnover and on retaining the talent and knowledge held by their workforce. New
hiring not only entails a high cost but also increases the risk of a newcomer not being
able to replace the person who worked in a position before. HR departments strive to
offer benefits that will appeal to workers, thus reducing the risk of losing corporate
knowledge.
SELECTION PROCESS
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JOB ANALYSIS
In situations where multiple new jobs are created and recruited for the first time or
vacancies are there or the nature in such documents as job descriptions and job
specifications Often, a company already has job descriptions for existing positions.
Where already drawn up, these documents may require review and updating to reflect
current requirements. Prior to the recruitment stage, a person specification should be
finalized.
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SOURCING
Sourcing is the use of one or more strategies to attract or identify candidates to fill
job vacancies. It may involve internal and/or external recruitment advertising, using
appropriate media, such as job portals, local or national newspapers, social media
(such as LinkedIn or Rite Site), business media, specialist recruitment media,
professional publications, window advertisements, job centers, or in a variety of
ways via the internet.
RECRUITMENT
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a) Personal background information
b) Educational attainments
c) Work experiences
d) Salary
e) Personal details
f) References
Employers are likely to recognize the value of candidates who encompass soft
skills such as interpersonal or team leadership. Many companies, including
multinational organizations and those that recruit from a range of nationalities, are
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also often concerned about whether candidate fits the prevailing company culture.
Companies and recruitment agencies are now turning to video screening as a way to
notice these skills without the need to invite the candidates in physical. Screening as
a practice for hiring has undergone continual change over the years and often
organizations are using video to maintain the aforementioned standards they set for
themselves and the industry.
TEST; Psychological tests play a vital role employee selection. A psychological tests is
essentially an objective and standardized measure of sample of behaviour from which
inferences about future behaviour and performance of the candidate can be drawn.
TYPES OF TEST
Aptitude Tests; These tests measure whether an individual has the capacity or latent
ability to learn a given job if given adequate training. Can be divided into general and
mental ability or intelligence and specific aptitudes such as;
Intelligence Test
Emotional Quotient
Skill Test
Mechanical Aptitude
Psychological Tests
Achievement Tests; these tests are conducted when applicants claim to know something
as these tests are concerned with what one has accomplished. These tests are classified
into;
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Situational Test; this test evaluates a candidate in a similar real life situation. In this test,
the candidate is asked either to cope with the situation or solve critical situations of the
job. This classified into;
Group discussion
In basket
Interest Tests; these tests are inventories of the likes and dislikes of candidate in relation
to the work, job, occupations, hobbies and recreational activities.
Personality Tests; these tests prove deeply to discover clues to an individual value
systems, his emotional reactions and maturity and characteristics mood. They are
expressed in such traits, like self-confidence, tact, emotional control, optimism,
decisiveness, sociability, conformity, objectivity, patience, fear, distrust, initiative,
judgment dominance or submission and stability. Classified into;
Objective Tests
Projective Tests
Other tests are ; Cognitive Ability Tests, Wechsler Adult Intelligence Scale, Wonderlic
Personal Test Scale, Polygraph Test, Honesty Test.
INTERVIEW; this is the most essential step in the process of selection. In this step, the
interviewer matches the information obtained about the candidate through various means
to the job requirements and to the information obtained through his own observation
during the interview.
TYPES OF INTERVIEWS
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Informal interview
Unstructured interview
Core Interview; It is normally the interaction between the candidate and the line
executive or experts on various areas of job knowledge, skill, talent etc. This interview
may take various forms like;
Stress interview
Panel interview
Depth interview
Decision-Making Interview; after the candidates are examined by the experts including
the line managers of the organization in the core areas of the job, the head of the
department concerned interviews the candidates once again, mostly through informal
discussion.
INTERVIEW PROCESS
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Review the informational
MEDICAL EXAMINATION; Certain jobs require certain physical qualities like clear
vision, perfect hearing, unusual stamina, tolerance of hardworking conditions, clear tone
etc. Medical examination reveals whether or not a candidate possesses these qualities.
JOB OFFER; After taking the final decision, the organization has to intimate this
decision to the successful as well as unsuccessful candidates. The organization offers the
job to the successful candidates either immediately or after sometimes depending upon its
time schedule.
EMPLOYMENT; The Company may modify the terms and conditions of employment as
requested by the candidate. The company employs those candidates who accept the job
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offer with without modification of terms and conditions of employment and place them
on the job.
When once the candidate reports for duty, the organization has to place him initially in
that job for which is selected; immediately the candidate will be trained in various related
jobs during the periods of probation of training or trial. The organization generally
decides the final placement after the initial training is over on the basis of the candidate’s
aptitude and performance during the training/ probation period.
A probation period ranges between six months and two years. If the performance is not
satisfactory, the organization may extend the probation or ask the candidates to quite the
job.
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EMPLOYEE PLACEMENT PROCESS
Assign the individual to specific job after further counselling and assessment
Induction is the process of receiving and welcoming an employee when he first joins a
company and giving him the basic information he needs to settle quickly and happily and
start work.
Lecture, handbook, film, group seminar are used to impact the information to new
employees about the environment of the job and the organization in order to make the
new employee acquaint himself with the following heads;
About the company’s history, objectives, policies, procedures, rules and regulations, codes
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Pay, allowances, deductions
Grievance procedure
Education, training and development facilities, Health , safety, medical care arrangements
ABOUT DEPARTIMENT
The departmental head concerned introduces the new employee to the important
employees and describes briefly about the department and the job. Then supervisor
concerned introduces the employee to all the employees in the selection, describes in
detail the job or work, material, machine, equipment with which the worker has to work
and process of production.
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INDUCTION PROCESS
I. Reporting for duty at a certain place to the head of the department concerned
III. Introduction to the organizational/ branch head introduces to important employees and
describes about the organization
IV. Departmental head introduces to all the employees of the department, describes the
department, total work the department
V. Superior concerned introduces to his co-workers in that section/unit to the work/job, material,
machine
VI. Providing information about the duties, responsibilities, rights, facilities, provisions, welfare
measures
VII. Supervisor clarifies the doubts of the new employee about the work
TRAINING PROCESS
Training is short term skill enhancement campaign specially targeted at lower and middle
level employees and managers. It aims to fulfill the gap in current skills and required
skills as per job requirement. Training is focused to provide the operational skills to the
technician. In most of cases, training is essential to newly appointed employees but is
also necessary for refreshing the skills of working employees as well.
In training, those who wish to learn new skills are called trainees and who train or provide
the skills, knowledge and expertise are called trainers.
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Training is the method by which the gap between actual skills and desired skills of
employees can be mitigated. It is common in all organizations.
1. Apprenticeship Training:
Apprenticeship training methods focuses on educational expertise at work. Under this
method, trainees learn by working under experts employees related to their job. This
method takes longer time i.e., two to five years according to job nature, to make trainees
expert. Expect employees observe and control the activities of trainees. Trainees get
regular salary and benefits as they work in regular basis. Training for plumbers,
electricians, accountants, etc., are conducted under apprenticeship method.
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knowledge into practice. Main purpose of such internship program is to combine
theoretical knowledge and practical experience. Through internship training, trainees get
practical knowledge regarding work conditions and work procedures.
5. Job rotation:
Job rotation is the training provided to trainee employees who need to develop overall
skills and experience. Under this method, same employees are shifted to different jobs
after being perfect at one job. As they are rotated job to job, they are expected to gain
skills from every sector.
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place. Off the job training method is trainer centered. Nowadays different audio visual
device like projectors, films, documentary etc. are available for training purpose make
training effective but the effectiveness of training depends upon the skills and knowledge
of trainer and methodology used to deliver the skills in the training. Trainees get relief
from the work place stress during training so training is assumed to be more effective.
Trainer cannot get the immediate feedback regarding the training output, so training
cannot evaluate the training effectiveness quickly. Main objective of off the job training
is to improve general behavior and skills of employees.
Different methods can be used off the job training method as follows:
2. Stimulation exercise:
Stimulation exercise is the act of reflection or abstraction of real world situation or
problem in the training hall or laboratory. Under this method, artificial work place is
prepared resembling the real work place and trainee employees are placed to that place.
Trainees realize as they are in the real work station. Trainees try to work and make
mistake. They learn from mistake. Main assumption of this method is that trainees
closely resemble the actual one wherein they are provided with the opportunities to
conduct trail or test runs which are as close as the reality. Driving or pilot training,
electrician and plumbing training, etc., are suitable training to be provided with
simulation exercise. This method helps to avoid the costly error like accidents at the work
place. Following common techniques are used in simulation method:
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Computer Modeling:
Different computer programming and aid are prepared to simulate the real world.
Trainees can observe such simulate the real work. Trainees can observe such simulations
in computer screen and analyze the problems. They try to find out the most suitable
solution.
Vestibule training:
Vestibule labs are prepared to practice with actual equipment to be used in actual job. For
technical jobs, employees are given training in vestibule lab in order to reduce the chance
of accidents in actual work station.
Virtual reality:
This is most sophisticated method of training in which trainees realize the actual working
conditions by sending such message in brain. Swimmers are taught skills out of the water
by using this techniques. They realize completely same working situation. This method
required complete brain concentration.
3. Programmed instruction:
Under this method, instructions for the skills or knowledge are recorded in text reading or
manuals. Such manuals are prepared in such a way that trainees can study the instruction
themselves in logical and sequential order. Trainees are expected to learn the training
content by themselves in their own pace. They provide progress feedback to their
resource person or trainer in regular basis. Nowadays computer aided instructions are
being popular. Having no active interaction with trainer is one important demerit of this
method.
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they solve the problems. This method is quite difficult but more interesting. This method
develops the habit of joint effort for solving problems.
PERFORMANCE APPRAISAL
PROCESS -
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METHODS OF PERFORMANCE APPRAISAL -
Rating Scales
Checklists
Forced Choice
Forced Distribution
Critical Incident
Field review
Confidential Record
Essay method
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Management by objectives
Psychological Appraisal
Assessment Centers
360-Degree Feedback
The work of human resources is more than just hiring people. When you're a part of the
strategic planning of an organization, the role of HR is to lead the company into a
successful future.
From the starting point of hiring team members, to developing them and bringing them
into higher roles of leadership and management, the HR department is tasked with
making sure a company is able to continue to support its customers and its clients – and
that support comes from having the right team in place.
It's certainly a process that requires finding the right talent for the current (and future)
needs, but it's also a process of attracting the right talent when positions need to be filled.
The right compensation and benefits packages can help with these goals.
Employee compensation and benefits are divided into four basic categories:
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also includes cash allowances (housing allowance, transport allowance, etc.),
differentials (shift differentials, holiday differentials) and premiums (overtime, night
shift, etc.)
Basically, people who work in compensation and benefits are responsible for devising
policies for an organisation’s salary, bonus and incentive schemes. These might include:
Salaries
Bonuses
Commission
Company cars
Pensions
Life assurance
Profit sharing
Dental plans
Medical insurance
Vouchers
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Capital bonds reward schemes.
They are then in charge of administering, managing and evaluating the payroll, salary
structures, and incentive schemes. Basically, they make sure that the right people get the
right amount of money, at the right time.
The right compensation and benefits schemes ensure that hard-working employees are
rewarded fairly and in the most cost-effective way for the company. This in turn then
motivates employees to sustain their performance. The compensation, benefits and
reward schemes that these HR professionals manage are not only important for retaining
and motivating employees, but also for attracting new people to the company. Salary and
incentive packages are one of the main reasons why people apply for specific jobs. The
more attractive compensation and benefit schemes tend to generate more interest in new
positions.
CAREER DEVELOPMENT
Career development is directly linked to the goals and objectives set by an individual. It
starts with self-actualization and self-assessment of one’s interests and capabilities. The
interests are then matched with the available options. The individual needs to train
himself to acquire the skills needed for the option or career path chosen by him. Finally,
after acquiring the desired competency, he has to perform to achieve the goals and targets
set by him.
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Career development is directly linked to an individual’s growth and satisfaction and
hence should be managed by the individual and not left to the employer.
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CHAPTER-2
COMPANY PROFILE
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CHAPTER-2
COMPANY PROFILE
WHAT IS INSURANCE?
The insured receives a contract, called the insurance policy, which details the
conditions and circumstances under which the insurer will compensate the insured.
The amount of money charged by the insurer to the insured for the coverage set forth
in the insurance policy is called the premium. If the insured experiences a loss
which is potentially covered by the insurance policy, the insured submits a claim to
the insurer for processing by a claims adjuster. The insurer may hedge its own risk
by taking out reinsurance, whereby another insurance company agrees to carry some
of the risk, especially if the primary insurer deems the risk too large for it to carry.
PRINCIPLES
Insurance involves pooling funds from many insured entities (known as exposures) to
pay for the losses that some may incur. The insured entities are therefore protected frm
risk for a fee, with the fee being dependent upon the frequency and severity of the event
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occurring. In order to be an insurable risk, the risk insured against must meet certain
characteristics. Insurance as a financial intermediary is a commercial enterprise and a
major part of the financial services industry, but individual entities can also self-
insure through saving money for possible future losses.
Insurability
Risk which can be insured by private companies typically shares seven common
characteristics:
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4. Large loss: The size of the loss must be meaningful from the perspective of the
insured. Insurance premiums need to cover both the expected cost of losses, plus
the cost of issuing and administering the policy, adjusting losses, and supplying
the capital needed to reasonably assure that the insurer will be able to pay claims.
For small losses, these latter costs may be several times the size of the expected
cost of losses. There is hardly any point in paying such costs unless the protection
offered has real value to a buyer.
5. Affordable premium: If the likelihood of an insured event is so high, or the cost
of the event so large, that the resulting premium is large relative to the amount of
protection offered, then it is not likely that the insurance will be purchased, even
if on offer. Furthermore, as the accounting profession formally recognizes in
financial accounting standards, the premium cannot be so large that there is not a
reasonable chance of a significant loss to the insurer. If there is no such chance of
loss, then the transaction may have the form of insurance, but not the substance
(see the U.S. Financial Accounting Standards Board pronouncement number
113: "Accounting and Reporting for Reinsurance of Short-Duration and Long-
Duration Contracts").
6. Calculable loss: There are two elements that must be at least estimable, if not
formally calculable: the probability of loss, and the attendant cost. Probability of
loss is generally an empirical exercise, while cost has more to do with the ability
of a reasonable person in possession of a copy of the insurance policy and a proof
of loss associated with a claim presented under that policy to make a reasonably
definite and objective evaluation of the amount of the loss recoverable as a result
of the claim.
7. Limited risk of catastrophically large losses: Insurable losses are
ideally independent and non-catastrophic, meaning that the losses do not happen
all at once and individual losses are not severe enough to bankrupt the insurer;
insurers may prefer to limit their exposure to a loss from a single event to some
small portion of their capital base. Capital constrains insurers' ability to
sell earthquake insurance as well as wind insurance in hurricane zones. In the
United States, flood risk is insured by the federal government. In commercial fire
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insurance, it is possible to find single properties whose total exposed value is well
in excess of any individual insurer's capital constraint. Such properties are
generally shared among several insurers, or are insured by a single insurer who
syndicates the risk into the reinsurance market.
Methods of insurance
According to the study books of The Chartered Insurance Institute, there are variant
methods of insurance as follows:
2. Dual insurance – having two or more policies with overlapping coverage of a risk
(both the individual policies would not pay separately – under a concept named
contribution, they would contribute together to make up the policyholder's losses.
However, in case of contingency insurances such as life insurance, dual payment
is allowed)
3. Self-insurance – situations where risk is not transferred to insurance companies
and solely retained by the entities or individuals themselves
4. Reinsurance – situations when the insurer passes some part of or all risks to
another Insurer, called the reinsurer.
LIFE INSURANCE
Annuities provide a stream of payments and are generally classified as insurance because
they are issued by insurance companies, are regulated as insurance, and require the same
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kinds of actuarial and investment management expertise that life insurance requires.
Annuities and pensionsthat pay a benefit for life are sometimes regarded as insurance
against the possibility that a retiree will outlive his or her financial resources. In that
sense, they are the complement of life insurance and, from an underwriting perspective,
are the mirror image of life insurance.
Certain life insurance contracts accumulate cash values, which may be taken by the
insured if the policy is surrendered or which may be borrowed against. Some policies,
such as annuities and endowment policies, are financial instruments to accumulate
or liquidate wealth when it is needed.
In many countries, such as the United States and the UK, the tax law provides that the
interest on this cash value is not taxable under certain circumstances. This leads to
widespread use of life insurance as a tax-efficient method of saving as well as protection
in the event of early death.
In the United States, the tax on interest income on life insurance policies and annuities is
generally deferred. However, in some cases the benefit derived from tax deferral may be
offset by a low return. This depends upon the insuring company, the type of policy and
other variables (mortality, market return, etc.). Moreover, other income tax saving
vehicles (e.g., IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value
accumulation.
INSURANCE INDUSTRY
INTRODUCTION
The insurance industry of India consists of 57 insurance companies of which 24 are in
life insurance business and 33 are non-life insurers. Among the life insurers, Life
Insurance Corporation (LIC) is the sole public sector company. Apart from that, among
the non-life insurers there are six public sector insurers. In addition to these, there is sole
national re-insurer, namely, General Insurance Corporation of India (GIC Re). Other
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stakeholders in Indian Insurance market include agents (individual and corporate),
brokers, surveyors and third party administrators servicing health insurance claims.
Out of 33 non-life insurance companies, five private sector insurers are registered to
underwrite policies exclusively in health, personal accident and travel insurance
segments. They are Star Health and Allied Insurance Company Ltd, Apollo Munich
Health Insurance Company Ltd, Max Bupa Health Insurance Company Ltd, Religare
Health Insurance Company Ltd and Cigna TTK Health Insurance Company Ltd.
Market Size
Government's policy of insuring the uninsured has gradually pushed insurance
penetration in the country and proliferation of insurance schemes.
The domestic life insurance industry registered 10.99 per cent y-o-y growth for new
business premium in 2017-18, generating a revenue of Rs 1.94 trillion (US$ 30.1
billion).
Investments
The following are some of the major investments and developments in the Indian
insurance sector.
Insurance sector companies in India raised around Rs 434.3 billion (US$ 6.7
billion) through public issues in 2017.
In 2017, insurance sector in India saw 10 merger and acquisition (M&A) deals
worth US$ 903 million.
India's leading bourse Bombay Stock Exchange (BSE) will set up a joint venture
with Ebix Inc to build a robust insurance distribution network in the country
through a new distribution exchange platform.
Government Initiatives
The Government of India has taken a number of initiatives to boost the insurance
industry. Some of them are as follows:
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National Health Protection Scheme will be launched under Ayushman Bharat to
provide coverage of up to Rs 500,000 (US$ 7,723) to more than 100 million
vulnerable families.
Over 47.9 million famers were benefitted under Pradhan Mantri Fasal Bima
Yojana (PMFBY) in 2017-18.
The Insurance Regulatory and Development Authority of India (IRDAI) plans to
issue redesigned initial public offering (IPO) guidelines for insurance companies
in India, which are to looking to divest equity through the IPO route.
IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1)
bonds that are issued by banks to augment their tier 1 capital, in order to expand
the pool of eligible investors for the banks.
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Post liberalisation, the insurance industry in India has recorded significant growth. The
Indian insurance industry is expected to grow to US$ 280 billion by FY2020, owing to
the solid economic growth and higher personal disposable incomes in the country.
Overall insurance penetration in India reached 3.49 per cent in FY17 from 2.71 per cent
in 2001. Gross premium in Indian insurance industry increased from Rs 3.2 trillion (US$
49 billion) in FY12 to Rs 5.5 trillion (US$ 84.7 billion) in FY17 and reached Rs 4.6
trillion (US$72 billion) in FY18 (up to December 2017). The domestic life insurance
industry registered 10.99 per cent y-o-y growth for new business premium in 2017-18,
generating a revenue of Rs 1.94 trillion (US$ 30.1 billion). In April-May 2018, premium
from new life insurance business increased 7.33 per cent year-on-year to Rs 201.18
billion (US$ 3.12 billion). Gross direct premiums of non-life insurers in India reached Rs
1.51 trillion (US$ 23.38 billion) in FY18. Over FY12-18, non-life insurance premiums
(in Rs) increased at a CAGR of 16.65 per cent. In April-May 2018, the gross direct
premiums of non-life insurers reached Rs 24,397.09 crore (US$ 3.79 billion), showing an
year-on-year growth rate of 11.96 per cent.
There are 24 life insurance and 33 non-life insurance companies in the Indian market who
compete on price and services to attract customers. There are two reinsurance companies.
The industry has been spurred by product innovation, vibrant distribution channels,
coupled with targeted publicity and promotional campaigns by the insurers. Private sector
companies hold 48.01 per cent market share in the general insurance segment and 28.93
per cent market share in the life insurance segment.
Government has approved the ordinance to increase Foreign Direct Investment (FDI)
limit in Insurance sector from 26 per cent to 49 per cent which would further help attract
investments in the sector.
The Insurance Regulatory and Development Authority (IRDA) recently allowed life
insurance companies that have completed 10 years of operations to raise capital through
Initial Public Offerings (IPOs). Insurance products are also covered under the
Exempt-Exempt-Exempt (EEE) method of taxation, which translates to an effective tax
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benefit of approximately 30 per cent on select investments. In 2017, insurance sector in
India saw 10 merger and acquisition (M&A) deals worth US$ 903 million. Enrolments
under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) reached 130.41 million in
2017-18. National National Health Protection Scheme was announced under Budget
2018-19 as a part of Ayushman Bharat. The scheme will provide insurance cover of up to
Rs 500,000 (US$ 7,723) to more than 100 million vulnerable families in India.
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DEWAN HOUSING FINANCE CORPORATION
LTD.
Type Public
ISIN INE202B01012
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Harshil Mehta
(CEO &
Joint Managing
director)
Operating ₹8,857 crore
income (US$1.3 billion)
(2017)[1]
Website www.dhfl.com
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INTRODUCTION
HISTORY
In 2010, DHFL acquired Deutsche Post bank Home Finance unit for ₹1079
crores. On 18 December 2013, DHFL acquired 74% stake DLF Pramerica Life
Insurance Company Ltd.
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PRUDENTIAL INTERNATIONAL
INSURANCE HOLDINGS,LTD.
For 140 years, Prudential Financial has helped individual and institutional customers
grow and protect their wealth.
With operations in the United States, Asia, Europe and Latin America, provide
customers with a variety of products and services, including life insurance, annuities,
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retirement-related services, mutual funds and investment management. And strive to
create long-term value for stakeholders through strong business fundamentals, consistent
with our mission guided by vision directed by our company's core values.
HISTORY
1875: Founding
Insurance agent John Fairfield Dryden establishes the Prudential Friendly Society, the
first U.S. company to make life insurance affordable to working-class people. The
company sold Industrial Insurance, which provided funeral and burial expenses for low-
income families, with some weekly premiums as low as three cents.
Prudential hires the first female life insurance agent, Julia Babbit.
1877: Evolution
The company changes its name to The Prudential Insurance Company of America.
Four years later, Prudential's sales extended beyond New Jersey, into New York City and
Philadelphia, and the company's customer base expanded to the newly emerging middle
class. With growing sales, assets reached $1 million.
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1885: The Headquarters is born
Property at Bank and Broad Streets in Newark is purchased for the construction of
Prudential's headquarters.
Prudential grants a concession to policy holders, allowing them to serve in the Spanish-
American War without having to pay additional premiums.
Prudential enters the residential real estate franchise business by forming The Prudential
Real Estate Affiliates.
2001: IPO
Prudential becomes a public company on December 13, the first NY Stock Exchange IPO
after the September 11, 2001 terrorist attack.
As a result of Prudential's strong capital position, the company does not seek funds from
the Troubled Asset Relief (TARP) in the aftermath of the 2007 financial crisis.
Prudential restores the annual dividend to its prior peak level of 2007.
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DHFL PRAMERICA LIFE INSURANCE
DHFL Pramerica Life Insurance Company Limited is one of the fastest growing life
insurance companies in India headquartered in Gurgaon, India.
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HISTORY
2008
Company got IRDAI approval to start life insurance operations in India.
Company launched its first product- Family income plan.
First life insurance policy issued.
2009
Company explored new business opportunities, signs its first third party
distribution partnership.
Company paid its first claim.
Prahri, a unique initiative to serve the life insurance needs defense personnel
launched.
2010
Shiksha Uday, an initiative to ensure uninterrupted school education for children,
launched with the issuance of the channel’s first policy.
Company launched its first brand outdoor campaign to enhance visibility in
Punjab and Haryana.
2011
Company crossed 100,000 policies mark.
2012
1st strategic outdoor campaign launched to enhance brand visibility in North-east.
2013
Dewan Housing Finance Corporation Ltd. (DHFL) along with its promoters
entities acquired DLF’s 74% stake in DLF Pramerica Life Insurance Co. Ltd.
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2014
DLF Pramerica Life Insurance Co. Ltd. Renamed DHFL Pramerica Life
Insurance.
Company reported break-even in FY2013-14, in its 6th year operations.
Agency channel revamped Phoenix with 3 new financial products for its agents.
Pioneer channel launched.
Company secured more than 1 million lives.
2015
Company secured more than 5 million lives.
2016
1st digital initiative of the company called “AceApp” was launched for the agents
to perform need analysis of the customers.
One of its kind – Online OTC health product called ‘Dengue Shield’ launched.
Company secured more than 10 million lives.
2017
Bancassurance channel launched and DPLI tied up with 3 national banks.
DHFL Pramerica, along with NDTV launched a campaign called ‘Better India’ to
mobilize students, ordinary citizens and corporates to join a nationwide
movement that focused on three main pillars of the campaign – Health, Hygiene
and Environment.
Company secured more than 15 million lives.
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PRAHRI
Prahri - This channel is dedicated to serving the life insurance needs of the armed
forces:
Dedicated sales team comprising mainly of ex-Defence personnel.
Defined training and sales processes to enable sales and support teams to understand and
deliver customer needs.
Unique product offerings with base plans covering war and warlike situations.
Defined and speedy claims process with waiver of death certificate in case of duty deaths.
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INTRODUCTION
Defence personnel dedicate their lives to protecting their countrymen. Yet, when it comes
to protecting themselves and their families from the exigencies of life, existing life
insurance plans are often not adequate.
In our view, a critical need of the defence personnel is to supplement their basic existing
life insurance plans with a plan that is customized to their specific requirements.
That's where PRAHRI comes in with an initiative designed especially for the forces. It
has plans which work to protect the defence personnel and their families.
VISION
To secure and enrich the lives of the personnel working with the most prestigious
Indian organisation - The Indian Armed Forces, by working with and through them.
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STRENGHTS
Best in class products.
Fastest growing organization
Wide distribution channels
Presences in almost all states with 117 branches pan India.
Best claim ratio
Manpower of the company
WEAKNESSES
Under utilization of manpower
OPPORTUNITIES
Need to work more on C-town cities
Right employee for company’s growth
THREATS
Competition
High Attrition
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CHAPTER-3
LITERATURE REVIEW
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RECRUITMENT
“Recruitment is the finding and attracting capable applicant for employment. The
processes begin when new recruits are sought and end when their applications are
submitted. The result is a pool of applicants from which new employees are selected
“Recruitment is the process of searching the candidate for employment and stimulating
that to apply for jobs in organization.”
The main objective of the recruitment process is to expedite the selection process.
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FACTORS AFFECTING RECRUITMENT
INTERNAL:-
EXTERNAL:-
Socio-economic conditions.
Supply and demand forces.
Employment rate.
Political, legal & govt. factors.
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THE RECRUITMENT PROCESS
SOURCING
Sourcing involves 1) advertising, a common part of the recruiting process, often
encompassing multiple media, such as the Internet, general newspapers, job ad
newspapers, professional publications, window advertisements, job centres, and
campus graduate recruitment programs; and 2) recruiting research, which is the
proactive identification of relevant talent who may not respond to job postings and
other recruitment advertising methods done in #1. This initial research for so -called
passive prospects, also called name-generation, results in a list of prospects who can
then be contacted to solicit interest, obtain a resume/CV, and be screened (s ee
below).
Suitability for a job is typically assessed by looking for skills, e.g. communication,
typing, and computer skills. Qualifications may be shown through résumés, job
applications, interviews, educational or professional experience, the testimony of
references, or in-house testing, such as for software knowledge, typing skills,
innumeracy, and literacy, through psychological tests or employment testing.
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RECRUITMENT PROCESS
Determinin
Selection
g man
&
power
Evaluation
requirement
Intervie Sourcing
wing
Scrutinizing, Shart-
Filtering listing
candidates
Sourcing Resumes
Internal sourcing
Present Employees
Employee Referrals
Former employees
External sources
Advertisement
Employment exchanges
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Walk – In
Specialist and professional Journals
Campus Recruitment
Internet
SELECTION
“Selection is the process of differentiating between applicants in order to identify
those with a greater likelihood of success in a job”
“Selection involves a series of steps by which candidates are screened for choosing the
most suitable person for vacant post”.
Selection can be conceptualized in terms of either choosing the fit candidates. Selection
involves both because it picks up the fits and rejects the units. Qualified applicants go on
the next hurdle. Selection is a long process, commencing from the preliminary interview
of the applicants and ending with the contract of employment.
Once the recruiting efforts has developed a pool of candidates the next step in the HRM
process is to determines who is best qualified for the job. This step is called the selection
process.
Selection process involves evaluating and hiring qualified applicants for open positions.
A specific methodology is used for collecting information about an applicant in order to
determine if that individual should be hired. The following summarizes several selection
methods available to employers.
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FACTORS AFFECTING SELECTION
Profile matching
Organizational & social environment
Successive Hurdles
Selection procedure
1. Job analysis
2. Recruitment
3. Application form
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SELECTION PROCESS
Selection tests
Selection interview
Checking of references
Physical examination
Final selection
Employment contract
Evaluation
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1. SCREENING OF APPLICATION FORMS
Application forms are wealth of information and should be used wisely. It should be
interpreted correctly. The primary objective would be to eliminate applicants failing to
meet minimum qualifying requirements.
2. TESTS
These include tests of intelligence, aptitude, ability and interest. Tests in intellectual
ability, spatial and mechanical ability, perceptual ability and motor ability have show to
be moderately valid predictors for many semi-skilled operative jobs in the industrial
organizations. Intelligence tests are reasonably good predictors for supervisory positions.
But the burden is on management to demonstrate that any test used is job related. There
are two sets of tests- performance and psychological. The following are some such tests:
Performance simulation test- These tests are aimed to find out if the applicants can do the
job successfully by asking him to do it.
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Psychological test- Psychological tests are considered extremely beneficial. They can,
however can be easily misused and misinterpreted by untrained people. Good tests are
useful in the right circumstances because they can provide an objective measure of
people’s abilities. These tests are a most sophisticated tool for measuring human
characteristics and are unbiased as compared to other tests and are therefore extensively
used in selection decision. Some such psychological tests are described below:
1. INTELLIGENCE TESTS- Certain intelligence tests that are used now a day are
Bitnet Simon test, Thurston test.
2. APTITUDE TESTS- These tests measure whether an individuals has the capacity or
talent ability to learn a given job if given adequate training. Some of the tests under
this category are:
3. INTEREST TESTS- These tests are designed to find out interest of an applicant
in the job he has applied for.
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for a certain job have often been found unsuccessful because of their inability to get
along with others. Some of the personality tests are given below:
3. INTERVIEW
Interview is designed to probe into areas that cannot be addressed by the application form
or tests. These areas usually consist of assessing candidates’ motivation, ability to work
under stress, inter-personal skill and ability to fit –in the organization. The use of the
interview in selecting executive makes sense whereas for lower level a job appears
questionable.
4. SELECTION DECISION
In practice the final decision will probably be between three or four candidates. It is
unlikely that any of the three or four remaining applicants meet the person specification
in every way. The personnel specialist together with line management will now have to
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weigh up the strengths and Weakness of each candidate. The right decision depends on
management judgment.
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RECRUITMENT AND SELECTION PROCESS AT
For my summer internship at DPLI for 2 months I was assigned to the HR department of
the organization wherein I saw the complete functioning of the HR team managing the
complete zone – central zone.
In the HR department I saw the complete process right from recruitment to exit.
I also saw the issues which are being taken care of by the HR on day to day basis like
managing problems of the employees, resolving the queries and the problems they face in
their day to day functioning.
I was given the work of recruitment of the ‘Front Line Sales Manager’ for all the
channels and getting them on board, generating their employee codes and explaining
them the complete basic process of attendance, bank account details and everything so
that when they return back to their branches they are completely aware of the basic
process of the organization like how the things have to be done and managed and what is
expected of them.
So when the requirement was raised by the reporting manager, first of all the
requirements were shared with the consultants and we also looked at the references given
by the internal employees.
So once we got the CV’s, the first interview was taken by the HR and once the candidate
is okayed by the HR then the second interview is taken by the branch manager and if the
candidate was okayed the CV was sent for the aptitude test which was conducted by our
EY team,
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Once the candidate clears the EY test then his documents are asked for the case is then
processed for the offer letter generation. Then the offer letter is being filled and the
processed further for the generation of the employee code.
When the employee code is being processed an employee activation sheet is being made.
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Sourcing of CV’s
Requisition Interviews
Consultants/Internal/Direct
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CHAPTER-4
RESEARCH METHODOLOGY
CHAPTER-4
RESEARCH METHODOLOGY
Research Methodology
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A research process consists of stages or steps that guide the project from its conception
through the final analysis recommendations and ultimate actions. The research process
provides a systematic, planned approach to the research project and ensures that all
aspects of the research project are consistent with each other.
INTRODUCTION
Research Design
“Research means different things to different people” and the intention behind it are to
investigate innumerable data, theories, experiences, concepts and law. “The procedural
framework within which the research is conducted” is the definition of research
methodology.
The two broad and distinct approaches to social research cover the Quantitative and
Qualitative methods of enquiry.
The quantitative paradigm on the other hand intends to gain a deeper understanding,
knowledge and insight into a particular situation or phenomenon, by providing answers to
questions of ‘how?’ rather than ‘what?’. Unlike qualitative research which occurs in
natural settings, quantitative research is where hypotheses are established.
Data collection
Primary data
The data that is collected first hand by someone specifically for the purpose facilitating
the study is known as primary data.
So in this project report the data is collected from respondents through
QUISTIONNAIRE.
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The primary source by which the data for the study has been collected through
questionnaire survey among the officials and employees of DHFL Pramerica Life
Insurance Co.
Secondary Data
Secondary data refers to the information gathered by someone other than the researcher
conducting the current study. Such data can be internal or external to the organization and
accessed through internet or published information.
Secondary sources of data provide a lot of information for research and problem solving.
Such data are mostly qualitative in nature.
The secondary data has been collected from the following secondary sources:-
Internet, Websites
Organizational reports
Books
Business magazines
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Journals
Sampling Method
In this project report the survey was done by through QUESTIONNAIRE
method.
Sample Unit
One of the unit into which an aggregate is divided or regarded as being
divided for the purpose of sampling, each and every unit regarded as being
individual and indivisible when the selection is made.
In this project report the sample unit were taken as the officials and the
employees of the company.
Sample Area
The sample area in this project report was taken as GURGAON.
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LIMITATIONS OF THE STUDY
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As the strength of the company is big, it was not possible to draw sample from
each and every department.
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CHAPTER-5
DATA ANALYSIS
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CHAPTER-5
DATA ANALYSIS
This chapter aims to obtain the objective of the study by critically analyzing the
qualitative data through thoroughly examining the interviewee‘s responses and beliefs.
This has been achieved through evaluating the most relevant responses by the
participants. The data has been analyzed and discussed by comparing the comments made
by the respondents with the literature review keeping in mind the research objective of
the study. Thus, the rationale of this analysis is based on the personal answers provided
by the respondents. An appropriately designed questionnaire was used to collect the
primary data for the study. The data for 260 respondents was organized systematically in
tables and graphs and then was subjected to analysis using appropriate statistical tools.
The results of the analysis are presented in the following section in order to assess the
customer perception towards online shopping on Amazon.com in India. Here for
analyzing, we are considering two factors. That is:
Demographical factors
Behavioral factors
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ANALYSIS OF DATA
1 Agree 90%
2 Disagree 5%
3 Neutral 5%
Agree
Disagree
Neutral
INTERPRETATION
An organisation must have a well defined recruitment policy corresponding to the
company and vacancy requirements. 90% of the employees feel that the organisation’s
recruitment policy is strong, 5% employees are not satisfied with the current recruitment
policy and the remmaning employees are partially satisfied.
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Q2) Principle of right man on the right job is strictly followed/a detailed job-analysis is
done prior recruitment?
S.NO. BASIS
1 Agree 95%
2 Disagree 5%
3 Neutral -
Agree
Disagree
Neutral
INTERPRETATION
Responding to detail job analysis prior recruitment, 95% employees say that the principle
of right man on the right job is strictly followed prior to recruitment.
However, around 5% employees feel that the detail job analysis is not being done prior
recruitment which in future affects performance of new recruit.
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Q3) Do you think the need for manpower planning is given due consideration in your
organization and the manpower requirement is identified well in advance?
S.NO. BASIS
1 Agree 98%
2 Disagree 2%
Agree
Disagree
INTERPRETATION
98% say that manpower planning is given due importance and manpower requirement is
is identified in advance. 2% however feel that no due consideration is given manpower
planning in advance.
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Q4) Which internal source of recruitment is followed by the company and given more
priority?
S.NO. BASIS
3 Transfer 5%
50%
45%
40%
35%
30%
25% Series1
20%
15%
10%
5%
0%
Internal Employee Transfer Job Posting
Promotion Referral
INTERPRETATION
Internal recruitment seeks applicants for positions from those who are currently
employed. 50% say that company prefers employee referral as internal source of
recruitment and 35% say that job posting is being used.
Though 10% people think internal promotion is also being used as internal source of
recruitment.
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Q5) Which external source of recruitment is followed by the company and given more
priority?
S.NO. BASIS
1 Advertisement -
3 Consultancy 30%
4 Employment Exchange 0%
100%
80%
60%
-
40%
20%
0%
Online Job Portals Consultancy Employment
Exchange
INTERPRETATION
External sources of recruitment lie outside the organization.
70% of the employees feel that online job portals are given more priority and 30% feel
that consultancy is preffered.
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Q6) Which source of recruitment is relied upon when immediate requirement arises?
S.NO. BASIS
1 Internal 80%
2 External 20%
Internal
External
INTERPRETATION
Every organization has the option of choosing the candidates for its recruitment processes
from two kinds of sources: internal and external.
80% of the employees tell that internal sources are are relied upon when there is any
immediate manpower requirement in the company.
And 20% say that external sources are used more.
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Q7) Which are the parameters on which candidates are evaluated (give ratings out of 10)?
S.NO. BASIS
1 Intelligence 25%
2 Aptitude 25%
3 Skills 25%
25%
20%
15%
Series1
10%
5%
0%
Intelligence Aptitude Skills Past
Experience
INTERPRETATION
Responding to this question, equal weightage is given to each and every parameter as
mentioned above.
This means that while selecting the employee each attribute is taken care of and kept in
mind.
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Q8) What type of interview is taken while selection?
S.NO. BASIS
1 Patterned -
2 Stressed 50%
3 Depth 50%
4 Others -
50%
45%
40%
35%
30%
25% Series1
20%
15%
10%
5%
0%
Patterned Stressed Depth Others
INTERPRETATION
Responding to the type of interview, employees feel that equal importance is given to
‘Stressed’ and ‘Depth’ type of interviews.
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Q9) The view of the concerned department head is given special attention while selecting
the employee of the department?
S.NO. BASIS
1 Agree 100%
2 Disagree -
3 Neutral -
Agree
Disagree
Neutral
INTERPRETATION
Above analysis clearly shows that all the employees feel that the view of the concerned
department head is given importance while selecting the employee of that department.
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Q10) Is Induction as well as a training program conducted after joining of employees?
S.NO. BASIS
1 Yes 100%
2 No -
Yes
No
INTERPRETATION
Induction is planned introduction of the employees to their jobs, co-workers and the
organization.
Every employee tells that a proper induction as well as training program is being
conducted for the new employees, which is a good sign for the company.
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CHAPTER-6
FINDINGS
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FINDINGS
During my training in DHFL Pramerica Life Insurance I have found out and
analysis following things.
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CHAPTER-7
CONCLUSION
CHAPTER-7
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CONCLUSION
Effective recruitment and selection is initial step and the most important key. Point to run
any organization the success or failure of an organization is largely depended on the
caliber of the people working therein without positive and creative contribution from
people; organization cannot progress and prosper. In order to achieve the goals, perform
the activities of an organization therefore we need to recruit people with requisite skill
qualification and experience someone say that “Better R & S strategies result in improved
organizational out comes, more effectively organization recruit and select candidates, the
more likely they are to hire and retain satisfied employees”
The study mainly focuses on what should do DHFL Pramerica Life Insurance to
make effective recruitment and selection policy in own organization in comparison with
other companies. So here we conclude that DHFL Pramerica Life Insurance needs slight
improvement in the procedure of R&S. firstly company needs to concentrate on growth
opportunities for the employees because to-day’s tight labor market is making it more
difficult for organization to find, recruit and select talented people. The competition for
talent is intensifying; there are fewer qualified applicants available. This shortage of
applicants makes it all the more important for organization to be able to effectively
attract, select and retain qualified applicants. Organization needs to improve the selection
criteria for selection whether it is the post of manager, associate & staff, supervisor etc.
they should fix some parameters to select the candidates for specific position.
They should use assessment method and aptitude test to select the candidates they should
conduct behavioral interviews to some extent when selecting candidates. This type of
interviews can be used to validly predict future behavior in dimensions (or competencies)
critical to job success.
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BIBLIOGRAPHY
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