RECRUITMENT PROCESS IN A STOCK BROKING FIRM

-BY PIERRE BRITTO & AJINKYA INGULE

EXECUTIVE SUMMARY

As a part of my MMS curriculum I have done my internship training at networth direct capital Ltd. In this report I am going to share my experience in that company for the period of 60 days from16/05/2011 to 16/07/2011. As a part of this internship I had identified some problems and provided some recommendations to the company to improve the selection and recruitment process of company. In this thesis I first give introductory information about recruitment process in general. Then project deals with companys profile which specifies vision, mission and goal of company and its policy. Project specifies about product profile, production process and gives information about organisational chart. Next it states research methodology adopted. Then it states about human resource planning, specific process of recruitment, interview method, selection of candidate, medical examination, recruitment cycle time employed by company Data analysis gives various graphs, charts, tables related to recruitment process. Thesis gives suggestion, limitation and conclusions faced during completion of project.

INTRODUCTION TO TOPIC

The principle component of an organization is its human resources or the people at work. With the increased competition, technological advancement, changing human behavior pattern, communication problems, etc. organizations in all over the world are under tremendous pressure to hire the right person for the right job. At the same time the expectations of the employees have increased considerably. An organization's performance and resulting productivity are directly proportional to the quality of the human resources. Hence through manpower planning, recruitment and selection tries to have the right number and right kind of people at right places and at right time. Hence, this function of recruitment as a long term effect on the effectiveness and profitability of an organization. The staffing process is a flow of events which results in continuous manning of organizational positions at all levels from the top management to the operative level. The process includes human resource planning, developing sources of manpower, screening, selection, induction transfer, promotions and finally the separation. The topics covers under this project are: 1) Human Resource Planning Job Analysis.

2) Recruitment Steps in Recruitment Sources of Recruitment

3) Screening

4) Selection Application Blanks Testing Techniques Interviews Medical Examination Selection or Rejection Letter

5) Placement. 6) Induction.

COMPANY PROFILE

NAME & ADDRESS OF THE COMPANY:-

COMPANY PROFILE- NETWORTH DIRECT LTD

ADRESSES OF THE COMPANY Head office &

Corporate Office: Networth Stock Broking Ltd. 2nd Floor, D.C.Silk Mills Compound, Kondivita Road, Opp. J. B. Nagar Market Andheri (East) ,Mumbai 400059 Phone Nos. : 30641600 022 -

Unit 2: Networth Stock Broking Ltd 9th Floor Atlanta Centre, Opp. Udyog Bhavan,

Sonawala Road, Goregaon (East), Mumbai - 400 063. MAHARASHTRA

Phone

Nos.

02230641600

LOCATIONThe company was started in 1993.branches direct across of has the

networth presence

nation except some states. Networth have a presence of around 350 centres

across India. It has vast and well connected

network of branches with head office. Following are list of major area of presence country. throughout

Jammu Kashmir

Jammu Punjab Amritsar Chandigarh Haryana Gurgaon Panchkula Rewari Rajasthan Ajmer Bhilwara Bikaner Jaipur Jhunjhunu Delhi New Delhi Uttar Pradesh Agra Allahabad Etawah

Gorakhpur Kanpur Lucknow Mathura Saharanpur Varanasi Bihar

Barauni Begusarai Bhagalpur Gaya West Bengal Basirhat Burdwan Hooghly Kolkata Malda Mushidabad Palta JHARKHAND Dhanbad Hazaribagh Jamshedpur Ramgarh Ranchi Madhya Pradesh Bhopal Indore Jabalpur Raipur
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Ratlam Gujarat Ahmedabad Anand Bardoli Baroda Deesa Jamnagar Kutch Rajkot Surat Vapi Maharashtra Ahmednagar Aurangabad Goa Islampur Jalgaon Kalyan Kolhapur Mumbai Nagpur Nandurbar Nashik Neral Pune Ratnagiri Sangli Satara Solapur Thane Ulhasnagar Kerala Calicut Idukki

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Malappuram Trivandrum

VISION AND MISSION OF THE ORGANISATION

Vision:NETWORTH STOCK BROKING ltd have vision to become Indias leading sustainable textiles company by producing quality product and observing highest social, economic and environmental standards. Our aim is to deliver the highest quality product and prompt services to our customers. Our objective is to provide good value through a competitive atmosphere of defined system and processes. NETWORTH believes that it can create value for the customer at the same time as creating value for itself. The value creation for both the company and the client would be through high quality service and wisdom Our vision of three-fold Lead the textiles industries in India. Observe highest social, economic and environmental standards. Maintain a committed and satisfied clientele

Mission:NETWORTH STOCK BROKING LTD mission is to create conditions and infrastructure for sustainable procurement and production of textiles product. NETWORTH believes in having a strong client focus with a goal to deliver superior return to shareholders. We are determined to create value for our clients by providing wisdom and high quality services that meet their needs. We also undertake to abide by all applicable legal
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compliances and ensure that our employees do not engage in illegal operations that can jeopardize our clients interest. Company wishes to Meet and exceed customers' expectations of service through timely communications and quality information. To achieve tangible benefits by promoting efficiencies, productivity and professionalism. Provide competitive prices and genuine products to our clients. Creating a climate for voluntary compliance by providing guidance and building mutual trust. Manufacture high quality yarn to withstand high levels of competitiveness. Serving and supporting the society in which we work.

HISTORICAL BACKGROUND OF THE ORGANISATION NetWorth Finance Limited promoted by Mr. R.F. Mutha and Mr. S.P. Jain was incorporated on 2nd December 1993 and the company and obtained Certificate of Commencement of Business on 6th December 1993. The Company's main activity is dealing in shares. Initially it made itself well verse to stock trading and other facet of running a shares dealing company. The Company had been allotted Membership on the Capital Market Segment of National Stock Exchange of India Ltd. The company how intends to start dealing for clients, financial institutions/mutual funds. When it was established in the business within short frame of time was able carry well. In 1994 the company made its maiden public issue of 9,00,000 Equity shares of Rs.10 each for cash at par in the month of August the bse code for networth finance limited is BSE Code 511551. In 1994 the company also applied to National Stock Exchange of India Ltd (NSE)
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for membership on the capital market segment. In 1995 the Company also started rendering corporate advisory services and consultancy services to NRIs/OCBs and other Foreign Investors. In 2007 Networth Stock Broking Ltd achieved the ISO 9001:2000 Quality Management System certifications from BSI Management Systems for its software development activities carried out from its head office in Mumbai. Companies success in business is mainly dedicated to its values, vision, commitment and trust which it share with its colleagues, customers, suppliers, shareholders and society. Company now operates under management of Mr. Manish Ajmera as its executive director and Mr. S.P. Jain as director NETWORTH DIRECT GROUP OF COMPANY:

Networth has been successfully providing premium financial services and information for more than a decade. Its aim has consistently been to empower investors to take charge of their financial future & help them grow their Networth. Networth has always endeavored to make a difference in the financial services space. It constantly focuses on scaling and upgrading the technology infrastructure so as to provide the best services to the investors. We have a presence of around 350 centers across India. Networth is

Managed by a talented team of around 800 professionals. Serving nearly 100,000 clients across the country. ISO 9001:2000 Certified Software Division. Winner of CNBC-TV18s Financial Advisor Awards 2008 for Best Regional Level Financial Advisor. Proclaimed amongst the most read research analyst (Team Networth) by Thomson Reuters consistently over a period of time. A Charter member of Financial Planning Standards Board of India [FPSB]. Alliance partners with PNB for online trading. Corporate Agents for MetLife India Insurance Co Ltd

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GROUP OF COMPANIES:Networth Stock Broking Ltd. [NSBL] NSBL is a member of the National Stock Exchange of India Ltd (NSE) and the Bombay Stock Exchange Ltd (BSE) in the Capital Market and Derivatives (Futures & Options) segment. NSBL has also acquired membership of the currency derivatives segment with NSE, BSE, USE & MCX-SX. It is Depository participants with Central Depository Services India (CDSL) and National Securities Depository (India) Limited (NSDL). With a client base of around 100,000 loyal customers, NSBL is spread across the country though its around 350 branches. NSBL is listed on the BSE since 1994. Networth Wealth Solutions Ltd. [NWSL] NWSL is into the business of delivery of Financial Planning & Advice. Its vision is to Advice & Execute money related solutions to/for our customers in the most Convenient & Consolidated manner, while making sure that their experience with us is always pleasant & memorable resulting in positive advocacy. The product & Services include Financial Planning, Life Insurance, On-line Trading Account, Mutual Funds, Debentures/Bonds, General Insurance, Loans and Depository Services. Networth Commodities & Investments Limited [NCIL] NCIL is the commodities arm of NSBL. It is a member at the Multi Commodity Exchange of India (MCX), National Commodity & Derivatives Exchange (NCDEX) and ICEX & is backed by solid research & analytics in Commodities. Networth Soft Tech Ltd. [NSL] NSL is an ISO 9001:2000 Certified Company. It is into Application Development & maintenance. Building & Implementation of packaged software across various functions within the Financial Services Industry is at its core. It also provides data center services which include hosting of websites, applications & related services. It combines a unique delivery model infused by a distinct culture of customer satisfaction. Ravisha Financial Services Pvt. Ltd. [RFSL] RFSL is a RBI registered NBFC engaged in financing, primarily it provides loan against securities

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PRODUCT AND SERVICES PROFILE PRODUCT Equity & Derivatives Its experienced trading consultants and advanced trading tools will provide the support you need to achieve your long-term goals via the stock markets. We trade on the BSE, NSE and CN and our website has facilities such as live stock tickers, news updates, and more, to help our clients stay in the know. We also provide NRI specific services to meet the needs of our clients who live abroad. Depository Dematerialization is the process by which physical share certificates are converted into electronic form. While it is not yet compulsory that all the shares listed on the stock exchanges are dematerialized, there is a steady increase in the number of companies trading in the dematerialized shares, it is also known as demat a/c opening Commodities Commodity can be defined as any kind of movable property other than actionable claims, money and securities. Futures trading has been organized in such goods or commodities as were permitted by the Central Government. Presently, all the agricultural products ( Cereals including wheat, rice pulses, Spices, plantation crops, Cash crops, sugarcane ,Oilseed crops and even Potato), mineral and fossil origin are allowed for futures trading under the auspices of the commodity exchanges recognized under the FCRA. PMS Portfolio management service of networth helps to achieve individuals objective of preserving and growing capital by conducting a thorough analysis of your investment needs, returns expected and risk taking ability. Our focus is to craft a basket of Stocks, Bonds, and Mutual Funds. Mutual Funds Mutual funds are investment companies that pool money from investors at large and offer to sell and buy back its shares on a continuous basis and use the capital thus raised to invest in securities of different companies. Life Insurance Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums.
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SERVICES e-transact Networths online platform provides you with unmatched features like single customized integrated screen, integration of your bank account, trading account & demats account, Online Portfolio Tracker and 128-bit encryption to ensure the highest level of safety to protect all your online transactions. Now you can transact online in various financial instruments. It is conveniently integrated with multiple payment gateways and our depository services to provide a seamless transaction capability. We help you to invest online in IPOs/MFs/Equities.

Call & Trade Through Call & Trade networth allows user to trade even when user are not near trading terminal. Networth has allocated a special toll free number 1800 3000 0333 which is accessible from any landline or mobile phone in India absolutely free. Customer can instantly place & modify orders by calling here. Customer can also check status and cancel orders placed earlier.

FUTURE PLANS OF ORGANISATION

To be a world class organization- one that becomes a benchmark for the organization, its sources for new ideas, information, professional development and quality standards. One that impresses its customers the first time. To attain highest level of efficiency with integrity and honesty. Networth is also been taken over by monarch project Ahmedabad in near future

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Flow chart of organisation

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H.R. HIERARCHY CHART

VICE PRESIDENT

ASSISTANT VICE PRESIDENT DEPUTY HR MANAGER

SENIOR HR EXECUTIVE

HR EXECUTIVE

MANAGEMENT TRAINEE

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MARKETING DEPATMENT HIERARCHY

NATIONAL

CLUSTER

TERRITORY HEAD

AREA HEAD

BRANCH MANAGER

PRODUCT MANAGER

TEAM LEADER

SENIOR RELATIONSHIP MANAGER

RELATIONSHIP MANAGER

DEALER

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OBJECTIVE OF STUDY

The objective of this project is to study the current Recruitment process that is practiced in NETWORTH STOCK BROKING ltd. The main focus is:1) To study out the detailed process of the Recruitment at NETWORTH STOCK

BROKING Ltd. 2) To provide feedback about the recruitment process to the management. 3) 4) 5) To suggest measure to overcome the shortcomings in the recruitment process. To study organization chart of the organization. To study satisfaction level of employees with the recruitment process

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SCOPE OF THE STUDY The scope of this project is to study the current Recruitment process that is practiced in soma textile ltd. The main focus is:1) The project will enable a researcher to study thoroughly the recruitment and selection process of the company. 2) This project will help the employees to have a better insight into the recruitment system 3) This project will help in better evaluation of the recruitment and selection process and identify the strength and weakness of Human Resource department . 4) Feedback received from employees, will highlights those aspects which are causing dissatisfaction among employees.

RESEARCH METHODOLOGY Research is the important activity aims at by number of students and alike. It also gives importance of management research, the scientific research, and social science research. Meaning of Research: Generally the research is considered as an endeavor to arrive at answer to intellectual and practical problems through the application of Scientific methods of the knowledgeable universe. It is the movement from the known to the unknown. Sources of data: The data for this study has been collected from both primary and secondary sources.

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Sources of data

Primary Data

Secondary Data

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Methods of Data Collection: Collection of data refers to a purposive gathering of information relevant to the subject matter under study and the methods used depends mainly on the nature, purpose and scope of the inquiry to be undertaken as well as on the availability of resources and time. In this project work researcher used the following methods for data collection: 1. Drafting Questionnaire. 2. Reference to records and files. 3. From personnel manual. 4. Discussions with different employees, personnel officers, supervisors, etc. 5. Formal interview 1) Primary Data: The primary data is directly collected from the respondence through interview, observation, and questionnaire, sampling. So in our present case we collect primary data by filling questionnaire from the selected associates of the company that is advisors. In project work researcher used the following methods for primary data collection: 1) Questionnaire Method: For collection of data, researcher made a number of questionnaires and distributed them to the departmental heads, supervisors and workers. Researcher asked the questions to them and noted the replies in presence of them. 2) Discussions: Discussions with supervisors, managers and different departmental heads and workers, the data were also collected. Those were informal in nature. Questions and discussions points were non-structured. Records were taken at the same time of discussions. 3) Formal Interview:

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The heads of the various departments are interviewed formally. From these interviews a number of information about the organization is collected and the personal experiences of the officers are discussed. These personal visits to the departmental heads provided me valuable experience. 2) Secondary Data: Secondary data consist of the information that already exists some where, had been collected for another purpose. It was collected from various journals, periodicals, literatures and

online database, prior research reports and company profile. In my project work researcher used the following methods for secondary data collection: 1) References to Records and Fries: Different information regarding recruitment procedures in Soma textiles and industries Ltd, and other relevant information are collected from the records and files available in the office. 2) From Company Manual: Information about the recruitment procedures was taken from the personnel manual, which is provided to the employee of Soma textiles and industries Ltd. The rule and regulations of the job of the employees are written clearly. Sampling Design: A sampling design is a definite plan tor obtaining a sample from a given population. It refers to the technique or procedure the researcher would adopt in selecting items for the samples. Sample design is determined before the data is collected. Sampling size: Total Sample size 50 The people interviewed were Senior Manager (Ml). Personal Manager.

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Deputy Manager, Asst Manager, Officer & Employees. To select the samples, random sampling method was used. Random sampling is that method of sample selection which gives each item in the entire population an equal chance of being included in the sample

HUMAN RESOURCE PLANNING "Manpower" or "Human Resource" may be thought of as "the total knowledge, skills, creative abilities, talents and aptitudes of an organization's work force as well as the values, attitudes and benefits of an individual involved. It is the sum total of inherent abilities, acquired knowledge and skills represented by the talents and attitudes of the employed person". It is the most important asset of an organization. An organization's performances and resulting productivity are directly proportional to the quality of its human resources. Human Resources of manpower planning are "The process by which the management determines how an organization should move from its current manpower position to its desired manpower position". Through planning a management strives to have the right number and the right kind of people at right places, at the right time to do the things which results in both organization and individual resaving the maximum long range benefit. Human Resource Management Consists Of Series Of Activities: Forecasting future manpower requirements, either in items of mathematical

projects trends in the economic environment and development in the industry or in terms of judgment estimates based upon the specific future plans of the company. Making of inventory of present manpower resources and assessing the extent to which

these resources are employed optimally. Anticipating manpower problems by projecting present resources into the future and

comparing them with the forecast of the requirement to determine their adequacy, both quantitatively and qualitative: and

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Planning the necessary programmes of requirement, selection, training, development, utilization, transfer, promotion, motivation and compensation to ensure that future manpower requirements and properly met.

Manpower planning' consists of projecting future manpower requirements and developing manpower plans for the implementation of the projections. This planning cannot be rigid or static; it is amenable for modification or the changing circumstances.

Human Resources planning is used properly to lead to maximum utilization of human resources, reduces labour turnover and high absenteeism; improves productivity and aids in achieving the objectives of the organization. Facility used leads to disruption in the workflow, lower production, less job satisfaction and high cost of production.

PROCESS OF RECRUITMENT Recruitment has been regarded as the most important function of Personnel Administration, because unless the people are hired, even the best plans, organizational charts and control systems would not do much good. Recruiting is discovering of potential applicants for actual or anticipated organizational vacancies. According to Flipp, "It is a process of searching tor prospective employees and simulating and encouraging them to apply for the jobs to increase the 'hiring ratio' i.e. the number of applicants for a job. Recruitment Policy; Recruitment Policy asserts the objectives of the recruitment and provides framework of implantation of the recruitment programme in the form of procedure. A good recruitment Policy must contain: Identification of Recruitment.
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Preferred sources of recruitment. Organizational objectives-both long term and short term. Criteria for selection and preferences. The cost of recruitment and the financial implementation of the same

SOURCES OF RECRUITMENT An organizational activity begins recruiting applicants, it should consider the likely sources of the type of employee it needs. Sources of recruitment are classified as internal and external. Internal Sources: This source includes personnel already on the payroll of an organization i.e. its present working force. Whenever any vacancy occurs somebody from within the organization is upgraded, transferred, promoted or sometimes demoted. This source also includes personnel who were on the pay roll of the company but who plan
TO

return or whom the company

would like to re-hire, such as those or leave of absence, those who quit voluntarily, or those on production lay-offs. External Sources: This sources like outside the organization includes: New entrants to labor force i.e. young, mostly inexperienced employees, and the collage

students. etc. Others not in the labor force such as married women and people from minority groups. Retired, experienced people such as mechanics, machinists. Welders, Accounts,

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METHODS OF RECRUITMENT Direct Methods: These include sending traveling recruiters to educational and professional institutes, employee's contacts with public and the manned exhibits. One of the widely used direct method is that sending of recruiters to collage and technical schools. In college recruitment is done in co-operation with the placement office of a college. The placement office usually provides help in attracting students arranging interviews, furnishing space and providing students resumes. Sometimes, firms directly solicit information from the concerned professors about the withstanding records. Other direct methods include sending recruiters to conventions and seminars, setting up exhibits of fairs, using mobile officers to the desired centers. Indirect Methods: Indirect methods include mostly advertisements in newspapers, on the radio, in trade and professional journals, technical magazines and brochures. Advertisements in newspapers, trade journals and magazines is the most frequently used method, when qualified or experienced personnel are not available from other sources. The main point is that the higher the position in the organization or the more specialized the skills sought the more widely dispersed advertisements likely to be. In order to be successful, an advertisement should be carefully written. If not properly written, it may not draw the right type of applicants or it may attract too many applicants who are not qualified for the job. It should be so framed as to attract attention. It should provide specific information on the job requirements and opportunities for advancements, the benefits to be enjoyed by working in the

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corporation and it should emphasize the facts related to the dignity of the job and to us professional aspects. Other methods include advertising in publications such as trade and professional journals and radio or television announcements. Third Party Method: This include the use of commercial or private employment agencies, state agencies, placement officers at schools, collages and professional associates, recruiting firms. management consulting firms, indoctrination seminars for collage professors, friends and relatives. This party method includes: Private employment agencies. State or Public employment agencies also known as employment or labour exchanges. Schools, colleges and professional institution offer opportunities for recruiting their

students. Employee's references. Professional organization or recruiting forms or executive recruiters. Indoctrination seminars for college professors are arranged to discuss the problems of

companies and employees.

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RECRUITMENT FLOW CHART

No

Initiative Recruitment Request Review & Approval By Unit Head Approval received

Intimation of the Original requester

Yes
Adverties/ Agencies References naukri.com

Screening Profile Eligible Profiles Found

No Yes Yes No Yes

A

Is written test required Conduct written test Arrange & conduct Interviews Qualified/ Short listed

Yes Yes Yes

Final Selection A

No

Qualified/ Short listed

Intimate to the candidate about not short listed/selected

Medical Examination

No
A Selected

Send offer letter 31

RECRUITMENT IN NETWORTH STOCK BROKING LTD. Authority to fill up the posts: All centralized categories of posts in the company shall be filled in under the order of the Chief Executive Officer. Responsibility for Notifying Vacancies: HR Department NETWORTH STOCK BROKING Ltd would be responsible for notifying the vacancies. Department candidates for the post to be filled in by open selection will be interviewed along with outside applicants a common merit list will be prepared for consideration of the appointing authority. Selection Committees: The appointing authority in consultation with the appropriate authority shall make the selection of personnel. Confidential References: In all cases of appointments, confidential references are required under the instruction received from the Government from time to time and in addition in case the candidates has been in employment before, confidential references from his employer should always be obtained. Confirmation to the appointment shall only be made on satisfactory references being obtained. Promotions: The relevant appointment authority will make all promotions in the company. Principles Governing Promotions: Merit efficiency and past performance, shall form the basis for grant of promotion. For the purpose of promotion of all die employees, or for any other purpose of promotion of the employee, merit will be the criteria.

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Recruitment: Once the required number and kind of human resources are determined, the management has to find the place where required human resources are/will be available and also find the mean of attracting them towards the organization before selecting suitable candidate for job. Objectives: 1) To attract people with multi-dimensional skills and experience that suits the present and future organization strategies. 2) To infuse fresh bipod at all level of the organization. 3) To develop an organization culture that attracts competent people to the company. Recruitment shall be as per formally approved organizational structure and head count. Recruitment shall be the responsibility of the concern departmental head/intermediate

supervisor and the Human Resources function. Mode of Recruitment: 1) Consultants 2) Internet, Press 3) Employee Referral Consultants: Appointments of Consultants: Normally the consultants approach the HR Department or employee to explore the opportunity for partnering with the organization, hi specific cases HR function may explore suitable partners for specified skill requirements. It is recommended that consultants be empanelled on the basis of following: a) Consultants experience working for Industry. b) His Induction / Knowledge about the profile and industry c) His track record. d) Hiring cost etc.
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The Unit HR Head shall have the final authority to impanel consultants for their respective locations. The Head HR & 1R shall have the final authority to impanel consultants for HO. The impanel consultants shall meet the requirement of hiring from locations. The company shall enter into a standard contract with each of the impanel consultant before awarding the assignment. Payment: Payment to the consultants would be as per under given table: Table

Level L0-L4 L5-L7 L8 above

Payment 8.33%-12.5% 12.55%-22% & As per specific

Salary Annual CTC .Annual CTC

Above table is indicative it gives a broad guideline about the payment, however in some cases payment may be higher depending upon the requirement and profile. Contract and Review: Contract to identified Consultants shall be valid for one year. Their performance shall be reviewed contract shall be renewed only upon satisfactory performance.

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Internet and Press: Internet / job portals provided to access a vast talent pool in world. It is the responsibility of HR head to enter in to contract with the job portals. Unit level positions shall be advertised on the portal by the unit HR team / recruiter lead,

similarly for the corporate position recruiter lead at corporate office take necessary action. In case of position for multiple locations corporate HR would upload the positions on the web. Efforts should be made to fill up 25% of LO - L4 vacancy for internet only. Press advertisement shall be made from corporate as well as unit locations by HR heads

after approvals of the Head HR and IR. Employee referral: In order to provide opportunity to deserving internal candidates available positions shall

be filled internally as far as possible without compromising in any way on the job profile / job requirements. The company does not encourage the recruitment of the blood relation however

applications of relatives will be consider only if they have an exceptional profile and shall be brought to the notice to unit HR Department, who will finally seek approvals of Head HR and IR. Personal recommendation in recruitment shall be done as per company's referral policy. Ex-employees can be considered for recruitment only after the approval of Head HR and

IR. In case of reemployment of level seven and above the approval of the CEO / MD would be required.

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Interview Process The interviews are mostly of structured type. The interviewer looks for the traits of character nature of his aspirations and his strengths and weaknesses, manifest or potential. The candidates are selected on the basis of their functional and behavioral competence. For the selection of high-level positions, detailed discussions or dialogue is undertaken. In this case, the interview panel, along with the people from the concerned department, may also include some experts from the concerned department, may also include some experts from the appropriate field. The interviewee is given certain problem and is asked to reach a specific decision within a particular time limit. Once the person is selected, he gets die letter of Intent (LOI) and the day he presumes the job he gets the Letter of Appointment (LOA). Candidates have to undergo 6 months probation training and then are placed on permanent jobs.

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Selection of the Candidate: After identifying the sources of Human Resources, searching for prospective employees and encouraging them to apply for job in our organization, the HR department has to perform the function of selecting the right employee at the right time. The selection procedure is the system of function and devices adopted by HR department to ascertain whether the candidate's specification is matched with the job specification and requirement or not. The selection procedure cannot be effective until and unless. 1] Requirement of job to be tilled, have been clearly specified (Job Analysis etc.) 2] Employee specification (Physical, Mental, Social, Behavior etc). 3] Candidate for screening has been attracted. There shall be a separate selection committee at all locations who will make the recommendation for the selection. The recommended structure of selection committee is as follows:Table LEVELS LO to L4 SELECTION COMMETTEE APPROVING AUTHORITY

For Unit - Unit HR Head+Concemed For Unit-Unit Head Department Head+ Functional Head in For Corporate-Functional Head consultation with Unit Head. For

Corporate - Head HR & IR in consultations HO L5 to L7 Head HR & IR + Functional Head in CEO Consultation with CEO L8 and L9 AVP-HR in consultation with MD. MD with Functional Head

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The corporate HR will directly recruit and select the Management Trainees based on requirement projected by business. However, the GETs shall be selected by Head HR of the respective units. The corporate HR shall be responsible for Training and Development programme of selected candidates.

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Medical Examination: All employees on joining will be required to provide a self-declaration on a standard company form with details of their medical history. Appointment of all employees will also be subject to being certified medically tit by a company designated doctor at all locations. The medical checkup will be done by Company's Medical Officer, in those location where company's Medical Officer is not there, the candidates shall be advised to get his medical check up done in a reputed hospital and. submit his Medical Certificate to HR Department. In this case he will be reimbursed Rs. 500/- on submission of Medical bills. The following tests are mandatory as part of the medical examination: (Medical Insurance Requirements) a) General medical check-up b) Routine Tests including urine and chest x-rays. c) Blood test - TC/DC, ECG 6.3.6 Induction: Objective: The purpose of this process is to induct the new employee into organization by informing him of the organization's key values, vision, mission, culture, key people, process, etc. Responsibility: The responsibility for induction is rest with recruitment lead for respective locations. The process effectiveness shall be seen through a feed back recorded every quarter.

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Recruitment Cycle Time: To bring in more effectiveness in the recruitment process, HR would follow a specific project deadline of 38 days (from the day it had received the approved Manpower Requisition) to hire a new employee. Table Phase Activities I Time frame

Role Identification, Job Description. CV 15 days Sourcing & Initial HR short listing

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Organizing (he Written Tests Organize the First Technical Interviews

5 days 5 days

Organizing the Final Interviews

4 days

Sessions to take the final decisions

3 days

III

Preparing the Salary Proposal, Negotiate 6 days with the selected candidates & other closure

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FINDINGS After a detailed study of the procedure of recruitment at NETWORTH STOCK BROKING Ltd it can be concluded that the procedure is indeed very effective. I. In NETWORTH STOCK BROKING Ltd. 84 % cases the candidates personally submitted C.V. while 16 % candidates went through email. 1. Thus after reaching NETWORTH STOCK BROKING Ltd each and every candidate is given an application blank to fill up. 3. In NETWORTH STOCK BROKING Ltd, thus in most of the cases there is an aptitude test and the candidates have to co through it. In that Aptitude Test we check knowledge of candidates such as - Reasoning. Mathematical Questions, Reading comprehension etc. 4. Reference is the main source for notifying the vacancies in NETWORTH STOCK

BROKING Ltd that is 50 % and second response is Gate interview that is 22 %. 5. Thus there is always a technical as well as HR round interview and each and every

candidate has to go through both the rounds of interview, in technical round we ask questions related with his job profile and in HR round HR manager ask questions related with Education, Work History, Carrier Goals, Specific job Competencies, personal life & hobbies etc. 6. Thus in most of the cases staff and non-staff members are recruited. 7. ID most of the cases technical and communication skills are required while in few cases Aptitude skills and physical ability is also required. In that Technical Skill is 50 %, Communication Skill is 34 %, Aptitude Skill is 10 % & Physical Ability is 6 %. 8. In 30 % cases the employees were in favor of changes, these 30 % employees are not

satisfied with the Recruitment procedure in, NETWORTH STOCK BROKING Ltd, while 70 % employees were against any changes in the procedure.

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9.

10 % employees have grievances from the management while 90 % of the employees

were happy & they have no grievances from the management.

SUGGESTIONS After a detailed study of the procedure of recruitment and selection of NETWORTH STOCK BROKING Ltd, it can be concluded that the procedure is indeed very effective. Based on the information gathered through observations, questionnaire, etc. researcher wish to give some suggestions: 1. The candidate must be provided with the company manual once he presumes the job so that he is clear about the rules and regulations of the organization. 2. The management of NETWORTH STOCK BROKING Ltd should make sincere efforts to solve the grievances of the employees so that it can be reduced to the minimum. 3. The company should take into consideration the views of its employees before making

any changes in their existing policies. 4. Should increase awareness about the vacancies to the candidate in NETWORTH STOCK BROKING Ltd through Gate Interview which does not incur much cost and the employees should also be recruit through Employment Exchange, Advertisement etc.

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LIMITATIONS

1.

The project is based on questionnaire & they were filled within few days. Researcher

cannot draw effective conclusions on the basis of a day exercise. It is a continuous process. 2. Incompetence of the questionnaire: A questionnaire cannot ask the details and the

answers also cannot be discussed in depth, 3. Theoretical Project: The subject of the project is very much based on theory; but its

application in real life is somewhat different. 4. The time span of study was limited. 5. The questionnaire provided to the employee was not responded properly.

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Questionnaire

1 Where do you get your recruitment from? (Rank 1 to 5, 1-low and 5-high) Row Labels 0,1,3,4,2 0,4,3,1,2 Grand Total Count of Q.1 1 8 9

Total
11%

0,1,3,4,2 0,4,3,1,2

89%

The following diagram shows that most of the candidates are selected from job portal websites.

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2 Which is the cheapest source of recruitment (Rate the parameters on the scale of 1-5, where 1 is least preferred, 3 is medium and 5 is most preferred)?

Row Labels 0,1,4,2,3 2,3,4,1,0 Grand Total

Count of Q.2 6 3 9

Total
6 5 4 3 2 1 0 0,1,4,2,3 2,3,4,1,0 Total

The above graph shows that job portals is the cheapest source of recruiting candidates for the company.

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3 Which is the quickest source of recruitment?

Row Labels 0,1,4,2,3 2,3,4,1,0 Grand Total

Count of Q.2 6 3 9

Total
6 5 4 3 2 1 0 0,1,4,2,3 2,3,4,1,0 Total

The above graph shows that a job portal is the cheapest source of recruiting candidates for the company.

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4 Does the recruitment policy help to guide for selection of good suitable employee? If No, Please mention any suggestion? Yes, the policy is designed in such a way that the company is able to hire suitable candidates.

5 Do you find recruitment budget as satisfactory and well planned? If no give reason and also suggest? No, as the budget is not decided

6 Do you think there has to be decentralized recruitment? Yes due to communication of regional language

7 Does the merger of MONARCH with NETWORTH will affect the current recruitment Policy? No, as there is no such policy for networth.

8 How different is recruitment in finance firm different from other firms? BFSI vertical recruitment is high and purely related o sales and is target oriented, other sectors recruitment is easy and the target will be different.

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9 Some special events and exhibitions held by the job portal company are a good source of recruitment?

Row Labels no yes Grand Total

Count of Q.9 3 6 9

Total
33%

no 67% yes

The above diagram shows that events and exhibitions do help for recruitment purpose

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10 Is there a need for incentive for recruiters? Row Labels No Yes Grand Total Count of Q.10 1 8 9

Total

yes

Total, 8

no

4 Axis Title

The above graph clearly shows that there is a need for incentives to be given for recruiters.

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CONCLUSION In the concluding part of report researcher would like to point out that survey is tangible expression of management interest towards employee's welfare, which gives employees a reason to feel better towards management. 1) The Entire process of recruitment and selection should take optimum time so as to keep the interest of the candidates in the company active. As many of the people have other offers in hand, the company should take quick decision as to whether recruit the person or not. Thus the steps involved in recruitment process should be kept as few as possible. 2) As per observations entire HR Department prefers job portals, and as many positions are pending to recruit, so in this case NETWORTH STOCK BROKING Ltd. should definitely take serious action to fill all positions. 3) The company should decide every year at the time of annual budget, and decide specific quarter's to recruit employees as no pending will be theirs, a separate responsibility should be given to any caliber person to ensure it up to mark. 4) Most of employees interviewed felt that the recruitment process that was currently taking place in the company was good, but there could be certain changes in panel, that could be made in the process. This matter should be given due consideration and the interview process should be revised accordingly.

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BIBLIOGRAPHY BOOKS: 1) Human Resource management - K. Ashwathappa, Himalaya Publication. 2) Human Resource management - I.M. Prasad, Tata Me graw Hill Publication 3) Human Resource Management - Dr.P.C. Pardeshi Wisdom Publication 4) Research Methodology-Dr.N.P. Kothari, Tata Me graw Hill Publication. 5) Principles of Management - Koontz and O'Donnel.P.H.I. Publication MAGAZINS, JOURNALS AND NEWSPAPERS: Indian Management (AIMA) Modern Management (DMA) Economic & Political Week

INTERNET SITES: www.networthdirect.com www.cityhr.com www.hronline.com

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