A Study on Evaluation of Recruitment Method in ICICI Prudential Life Insurance Company Limited, Chennai

Name : V. B. AISWARYA LAKSHMI Reg. No. : 90406631001

INTRODUCTION
Recruitment is an important part of a business' human resource planning. The overall aim of the recruitment and selection process is to obtain the number and quality of employees that are required in order for the business to achieve its objectives.

Recruitment has always been key to organizations retaining their competitive edge.

COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 37.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. Our nation-wide team comprises of over 952 branches in addition to 1,004 micro-offices, over 291,000 advisors; and 21 banc assurance partners.

OBJECTIVES OF THE STUDY

This study is being made to know the various recruitment methods used for recruiting Financial Advisors. To study the various sector of Advisors and to find out the effective sector who do better sales. To study the training process given for Financial Advisors who cleared IRDA exams.

To find out the impact of training process in the sales of the company.

SCOPE OF THE STUDY

The project work has been undertaken in ICICI Prudential Life Insurance Company, ChennaiNungambakam branch. The entire project is based on the recruitment method followed by Unit Managers and Recruitment Officers of ICICI Prudential Life Insurance Company, Chennai- Nungambakam branch. The study was conducted in the time period of 2nd January 30th April 2008.

LIMITATIONS OF THE STUDY

Data collected was not gathered from the senior management, restricted to the junior management, so the higher degree of refined answers was not justified with the collected information. Access to the files and records of the employees was restricted and is not at all possible to know about the personal traits of the employees under study with details. The respondents were hesitating to co-operate and most of the time they feel that giving information for a report is just a waste of time. Recruiting Officers is a new concept in ICICI Prudential. Those persons were lack in knowledge about the recruitment method followed.

RESEARCH METHODOLOGY
Descriptive research design has been used for this study. Questionnaire has been used to collect the data.

Judgement sampling method was adopted.

Totally there are 80 Unit Managers and 15 Recruiting Officers in that branch. The sample size of the study is 60. Percentage Analysis and Weighted Average Method has been used as tools.

SUMMARY OF FINDINGS
32% of the recruiters using tele calling as a major recruiting method to recruit Financial Advisors. The recruiters appoint tele callers for this purpose.

37% of the recruiters using both sources of recruitment to recruit Financial Advisors.
37% of the recruiters said that retired persons are the effective sector people of Financial Advisors. After that house wives is in the second place according to the recruiters.

FINDINGS CONTD.,
32% of the recruiters said that retired persons are the good sector who do sales better than other sector people. 65% of the recruiters said that they provide training for the Financial Advisors who are selected through IRDA exams. 55% of the recruiters believe that the training programs are helping Financial Advisors to improve their sales skills.

SUGGESTIONS
Effective communication media should be selected to convey the information to all set of people. Advertisement can be given through Internet portals to cover the students who are willing to do part time job. Recruit the people who are already experienced with this field to do better sales. Encourage tele callers by giving incentives to get more appointment and to find the interested people.

SUGGESTIONS CONTD.,
The commission amount should be credited immediately to the Recruiting Officers after they recruit people. It will encourage them to recruit more persons. Activity programs conducted by the Unit managers can also increased, so that lot of people come to know the opportunity to earn money by part time.

Training should be given to the people who are recruited before the IRDA exams. It will increase the percentage of clearing the exams.

THANK U