TABLE OF CONTENTS

Introduction Objectives of the Study Research Methodology Overview of Insurance Industry Company Profile of ICICI Recruitment Selection Advisors Recommendations Conclusion Bibliography 2 3 3 4 8 14 22 31 37 38 39

INTRODUCTION
The recruitment and selection procedure of the company determines the level of achieving organizational goals in the long run. As per definition it is all about selecting right person for the right job at the right time at the best possible position. Although it sounds quite simple but it is also not an easier job to evaluate a person with his knowledge, skills and abilities that may satisfy the core competency for the job so that his degree of willingness to pursue a job becomes positive. From job seekers perspective it is the core competency which matters much for a job. So it is the effective recruitment and selection procedure which determines not only the right candidate for a job but also a long-term accomplishment of organizational goals. In this project the different techniques adopted by the company towards this effect have been identified. ICICI PRUDENTIAL, which is multinational company, has been chosen for studying their methods of recruitment and selection function because it has the probability of achieving more than 50% of the people to be placed for the right job, which reflects some of the unique ways for recruiting the candidates to fill up various vacancies. The aim of the company is to achieve overall organizational goal not only by way of fulfilling the targeted top line but also employee satisfaction towards various position of job to the maximum level.

OBJECTIVE OF THE STUDY

The primary objective of recruitment and selection policy is to find and acquire the suitable candidates. The objective of this study is to measure the importance or relevance of recruitment and selection in ICICI Prudential Life Insurance Ltd. The primary objective measures the overall perception and importance of recruitment and selection in the organization.

RESEARCH METHODOLOGY
The purpose of the methodology is to describe the research procedure. This includes overall research design, the sampling procedure, and the analysis procedures and methods. The major purpose of descriptive research is description of the state of affair as it exists at present. Moreover the researcher has no control over the variables under study; he can only report what is happening or what has happened.

OVERVIEW OF INSURANCE INDUSTRY

With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. Its a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs. 450 billion. Together with banking services, it adds about 7 per cent to the countrys GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP. Yet, nearly 80 per cent of Indian population is without life insurance cover, health insurance and non-life insurance continue to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This, itself, is an indicator that growth potential for the insurance sector is immense. A well-developed and evolved insurance sector is needed for economic development as it provides long-term funds for infrastructure development and at the same time strengthens the risk taking ability. It is estimated that over the next ten years India would require investments of the order of one trillion US dollar. The Insurance sector, to some extent, can enable investments in infrastructure development to sustain economic growth of the country. With a large capital outlay and long gestation periods, infrastructure projects are fraught with a multitude of risks throughout the development, construction and operation stages. These include risks associated with project implementation, including geological risks, maintenance, commercial and political risks. Without covering these risks the financial institutions are not willing to commit funds to the sector, especially because the financing of most private projects is on a limited or non- recourse basis.
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Insurance companies not only provide risk cover to infrastructure projects, they also contribute long-term funds. In fact, insurance companies are an ideal source of longterm debt and equity for infrastructure projects. With long-term liability, they get a good asset- liability match by investing their funds in such projects.IRDA regulations require insurance companies to invest not less than 15 percent of their funds in infrastructure and social sectors. International Insurance companies also invest their funds in such projects. Insurance is a federal subject in India. There are two legislations that govern the sector- The Insurance Act- 1938 and the IRDA Act- 1999.

LIFE INSURANCE MARKET:

The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. The state owned LIC sold insurance as a tax instrument, not as a product giving protection. Most customers were under- insured with no flexibility or transparency in the products. With the entry of the private insurers the rules of the game have changed. The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. new.Innovative products, smart marketing and aggressive distribution- that's the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. Indians, who have always seen life insurance as a tax saving

device, are now suddenly turning to the private sector and snapping up the new innovative products on offer. The growing popularity of the private insurers shows in other ways. They are coining money in new niches that they have introduced. The state owned companies still dominate segments like endowments and money back policies. But in the annuity or pension products business, the private insurers have already wrested over 33 percent of the market. And in the popular unit-linked insurance schemes they have a virtual monopoly, with over 90 percent of the customers.The private insurers also seem to be scoring big in other ways- they are persuading people to take out bigger policies. For instance, the average size of a life insurance policy before privatization was around Rs.50,000. That has risen to about Rs.80,000. But the private insurers are ahead in this game and the average size of their policies is around Rs.1.1 lacs to Rs.1.2 lacs- way bigger than the industry average.

Few of the Life insurance policies are:

Whole life policies - Cover the insured for life. The insured does not receive money while he is alive; the nominee receives the sum assured plus bonus upon death of the insured.

Endowment policies - Cover the insured for a specific period. The insured receives money on survival of the term and is not covered thereafter.

 Money back policies - The nominee receives money immediately on death of the insured. On survival the insured receives money at regular intervals during the term. These policies cost more than endowment with profit policies. Annuities / Children's policies - The nominee receives a guaranteed amount of money at a pre-determined time and not immediately on death of the insured. On survival the insured receives money at the same pre-determined time. These policies are best suited for planning children's future education and marriage costs. Pension schemes - are policies that provide benefits to the insured only upon retirement. If the insured dies during the term of the policy, his nominee would receive the benefits either as a lump sum or as a pension every month. Since a single policy cannot meet all the insurance objectives, one should have a portfolio of policies covering all the needs.

COMPANY PROFILE: ICICI PRUDENTIAL LIFE INSURANCE LTD.

Vision:
To make ICICI Prudential the dominant Life and Pensions player built on trust by worldclass people and service. This we hope to achieve by: Understanding the needs of customers and offering them superior products and service Leveraging technology to service customers quickly, efficiently and conveniently Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our employees And above all, building transparency in all our dealings. ICICI Prudential Life Insurance Ltd. is a joint venture between ICICI Company, a premier financial powerhouse and prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from IRDA.

ICICI Prudential's equity base stands at Rs.9.25 billion with ICICI Company and Prudential plc holding 74% and 26% stake respectively. In the financial year ended March 31, 2005, the company garnered Rs.1584 crore of new business premium for a total sum assured of Rs.13,780 crore and wrote nearly 615,000 policies. The company has a network of about 56,000 advisors; as well as 7 bank assurance and 150 corporate agent tie-ups. For the past four years, ICICI Prudential has retained its position as the number one private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life.

Promoters:
ICICI and Prudential came together in 1993 to form Prudential ICICI Asset Management Company, which has today emerged as one of the leading mutual funds in India. The two companies bring together two of the strongest financial service brands in Asia, known for their professionalism, excellent quality of service and long term commitment to you. Riding on the success of this relationship, the two companies joined hands once more in 2000, to form ICICI Prudential Life Insurance, with a commitment to provide leading-edge life insurance solutions. ICICI Company has 74% stake in the company, and Prudential plc has 26%.

ICICI Company
ICICI Company is Indias second largest company with an asset base of Rs.1,06,812 crore. ICICI Company provides a broad spectrum of financial services to individuals and

companies. This includes mortgages, car and personal loans, credit and debit cards, corporate and agricultural finance. The Company services a growing customer base of more than 7 million customer accounts and 5 million bond holders accounts through a multi-channel access network. This includes about 450 branches and extension counters, 1675 ATMs, call centres and Internet companying (www.icicicompany.com). ICICI Company posted a net profit of Rs.1,206 crore for the year ended March 31, 2005. ICICI Company is the only Indian company to be rated above the country rating by the international rating agency Moodys and the only Indian company to be awarded an investment grade international credit rating. The Company enjoys the highest AAA (or equivalent) rating from all leading Indian rating agencies.

Prudential PLC
Established in 1848, prudential plc is a leading international financial services company in the UK, with around US$250 billion funds under management and more than 16 million customers worldwide. Prudential has brought to market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, companying, investment management and general insurance. In Asia, Prudential is UK's largest life insurance company with a vast network of 22 life and mutual fund operations in twelve countries - China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Since 1923, Prudential has championed customer-centric products and services, supported by over 60,000 staff and agents across the region.

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Distribution:
ICICI Prudential has one of the largest distribution networks amongst private life insurers in India with a network of over 83,000 advisors, and having commenced operations in 207 cities and towns in India. These include Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Aurangabad, Bangalore, Bareilly, Bhatinda, Bhopal,

Bhubhaneshwar, Calicut, Chandigarh, Chennai, Coimbatore, Dehradun, Durgapur, Faridabad, Goa, Guntur, Gurgaon, Guwahati, Gwalior, Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Kochi, Kolkata, Kolhapur, Kota, Kottayam, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai, Mysore, Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi, Rourkela, Salem, Siliguri, Surat, Thane, Thrissur, Trichy, Trivandrum, Udaipur, Vadodara, Vapi, Varanasi, Vashi, Vijayawada and Vizag.The company has seven bank assurance tieups, having agreements with ICICI Company, Federal Company, South Indian Company, Company of India, Lord Krishna Company and some co-operative companies, as well as over 160 corporate agents and brokers. It has also tied up with organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially and economically underprivileged sections of society. ICICI Prudential has recruited and trained about 50,000 insurance advisors to interface with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers.

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Products offered:
Life is unpredictable. But in face of adversity, our responsibilities towards our parents, children and loved ones need not be compromised. Insurance planning equips you to smooth out the uncertainties and adversities that life might send your way, so that the best that life has to offer, secure in the knowledge that your beloved ones are well provided for. ICICI Prudential offers a complete range of insurance products: 1.Protection Plans: Life guard Riders 2.Savings Plans: Secure plus Cash plus Lifetime Cash back 3.Children Plans: Unit linked regular premium Unit linked single premium Regular premium Smart kid 4.Investment Plans:
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 Life Link 5.Retirement Plans: Life Time Pension Secure plus pension Forever life Life link pension 6.Group Plans: Group gratuity plan Group term assurance Group superannuation plan

SIGNIFICANCE OF THE STUDY

RECRUITMENT & SELECTION: A JUSTIFICATION
Considering the importance and relevance of the subject, selection of this topic is very obvious.Basically recruiting is the discovering of potential candidates for actual or anticipated organizational vacancies. It also can be said in another way that it refers to bringing together those with jobs to fill and those seeking jobs.It is important to study Recruitment and Selection because through it we can identify our human resource needs. We can know what kind of people must be selected to fill up the specified vacancies. The ideal recruitment effort will attract a large number of qualified applicants
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who will take the job if it is offered. It should also provide information so that unqualified applicants can self select them out of job candidacy, that is, a good recruiting program should attract the qualified and not attract the unqualified. In this project, study is done on recruitment and selection process of ICICI PRUDENTIAL LIFE INSURANCE. To find out actual recruitment and selection process of the company is my main objective of study. Earlier, various studies were made in automobiles industries, pharmaceuticals industries and others. But this time, the insurance industry has been chosen by the researcher to understand the image of the organization, attractiveness of the job, internal policies, about the union (if any), Govt. requirement recruiting budgets etc. Through this kind of survey we are able to identify the real recruitment program of the company where for all kinds of operations technical level qualification is needed. The various selection costs of the company are also identified. It is very interesting to study recruitment and selection process as it will give light when the researcher will work in HR department in his future corporate life.

RECRUITMENT
Recruiting is the discovering of potential applicants for actual or anticipated organizational vacancies. In other words, it is a linking activity bringing together those with job and those seeking jobs.As Yodel and others point out: Recruitment is a process to discover the sources of manpower to meet the requirements of the staffing schedule and to employ effective measures for attracting that manpower in adequate

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numbers to facilitate effective selection of an efficient working force. Recruitment has been regarded as the most important function of personnel administration, because unless the right type of people are hired, even the best plans, organization charts and control systems would not do much goods.

FACTORS AFFECTING RECRUITMENT:

Most of the organizations, whether large or small, do engage in recruiting activity, though not to the same extent. This differs with: 1.The size of the organization; 2.The employment conditions in the community where the organization is located; 3.The effects of past recruiting efforts which show the organizations ability to locate and keep good performing people; 4.Working conditions and salary and benefit packages offered by the organization which may influence turnover and necessitate future recruiting; 5.The rate of growth of organization; 6.The level of seasonally of operations and future expansion and production programs; 7.Cultural, economic and legal factors, etc.

Factors governing recruitment may broadly be divided as internal and external factors.
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 The internal factors include: Recruiting policy of the organization; Human resource planning strategy of the company; Size of the organization and the number of employees employed; Cost involved in recruiting employees, and finally; Growth and expansion plans of the organization.

The external factors include: Supply and demand of specific skills in the labor market; Political and legal considerations such as reservation of jobs for SCs, STs, etc. Companys image-perception of the job seekers about the company.

RECRUITMENT POLICY
A recruitment policy asserts the objectives of the recruitment and provides a framework of implementation of the recruitment program of an organization in the form of procedures. As Yoder and others observe: Such a policy may involve a commitment to broad principles such as filling vacancies with the best qualified individuals. It may embrace several issues such as extent of promotion from within, attitudes of enterprise in recruiting its old employees, handicaps, minority groups, women employees, part-time employees, friends and relatives of present employees. It may also involve the

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organization system to be developed for implementing recruitment program and procedures to the employed. Therefore, a well considered and pre-planned recruitment policy based on corporate goals, study of environment and the corporate needs need to be developed which may avoid hasty or ill-defined procedure and may go a long way to cater the organization with the right type of personnel. A good recruitment policy must contain these elements: (a)Organizations objectives - both in the short-term and long-term -must be taken into consideration as a basic parameter for recruitment decisions and needs of the personnel -area-wise, job-family-wise. (b)Identification of the recruitment needs to take decisions regarding the balance of the qualitative dimensions of the would be recruits, i.e., the recruiters should prepare profiles for each category of workers and accordingly work out the main specifications, decide the sections, departments or branches where they should be placed and identify the particular responsibilities which may be immediately assigned to them. (c)Preferred sources of recruitment, which would be tapped by the organization, e.g., for skilled or semi-skilled manual workers, internal sources and employment exchanges may be preferred; for highly specialized categories and managerial personnel, other sources besides the former, may be utilized. (d)Criteria of selection and preferences: These should be based on conscious thought and serious deliberations. In some cases trade unions may be consulted in working out the recruitment policy. In others, management may take the unilateral decision.

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(e)The cost of recruitment and financial implications of the same. A recruitment policy, in its broadest sense, involves a commitment by the employer to such general principles as: (i)To find and employ the best qualified persons for each job; (ii)To retain the best and most promising of those hired; (iii)To offer promising opportunities for life-time working careers; and (iv)To provide programs and facilities for personal growth on the job. According to Yoder, the recruitment policy is concerned with quality and qualifications (viz., and Q1 and Q2) of manpower. It establishes broad guidelines for the staffing process. Generally, the following factors are involved in a recruitment policy. (i)To carefully observe the letter and spirit of the relevant public policy on hiring, and, on the whole, employment relationship; (ii)To provide individual employees with the maximum of employment security, avoiding, frequent lay-off or lost time; (iii)To provide each employee with an open road and encouragement in the continuing development of his talents and skills; (iv)To assure each employee of the organization interest in his personal goals and employment objectives; (v)To assure employees of fairness in all employment relationships, including promotions and transfers;
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(vi)To avoid cliques which may develop when several members of the same household or community are employed in the organization; (vii)To encourage one or more strong, effective, responsible trade unions among the employees.

PREREQUISITES OF A GOOD RECRUITMENT POLICY:

The recruitment policy of an organization must satisfy the following conditions: (i)It should be in conformity with its general personnel policies; (ii)It should be flexible enough to meet the changing needs of an organization; (iii)It should be so designed as to ensure employment opportunities for its employees on a long-term basis so that the goals of the organization should be achievable; and it should develop the potentialities of employees; (iv)It should match the qualities of employees with the requirements of the work for which they are employed; and (v)It should highlight the necessity of establishing job analysis.

METHODS OR TECHNIQUES OF RECRUITMENT:

Dunn and Stephens summarize the possible recruiting methods into three categories: Direct, Indirect and Third party.
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DIRECT METHODS :These include sending traveling recruiters to educational and professional institutions, employees contacts with public and manned exhibits. One of the widely used direct methods is campus selection which involves sending of recruiters to colleges and technical schools. Most college recruiting is done in co-operation with the placement committee of a college. The placement committee usually provides help in attracting students, arranging interviews, furnishing space, and providing student resumes. For managerial, professional and sales personnel, campus recruiting is an extensive operation. For this purpose, carefully prepared brochures, describing the organization and the jobs it offers, are distributed among students, before the interviewer arrives. Sometimes, firms directly solicit information from the concerned professors about students with an outstanding record. Many companies have found employees' contact with the public a very effective method. Other direct methods include sending recruiters to conventions and seminars, setting up exhibits at fairs, and using mobile offices to go to the desired centers. INDIRECT METHODS : Indirect methods involve mostly advertising in newspaper, on the radio, in trade, and professional journals, technical magazines and brochures. Advertising in newspapers and/or trade journals and magazines is the most frequently used method, when qualified or experienced personnel are not available from other sources. Senior posts are largely filled by such methods when they cannot be filled by promotion from within. Advertising is very useful for recruiting blue-collar and hourly workers, as well as scientific, professional, and technical employees. Local newspaper can be a good source of blue-collar workers, clerical employees, and lower-level administrative employees. The main point is that the higher the position is in the
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organization, or the more specialized the skills sought, the more widely dispersed advertisement is likely to be. The search for top executive might include advertisements in a national periodical; while the advertisement of blue-collar jobs is usually confined to the daily newspaper or regional trade journals. THIRD PARTY METHODS (TPMs) : The best management policy regarding recruitment is to look first within the organization. If that source fails, external recruitment must be tackled. These include the use of commercial or private employment agencies, state agencies, recruiting firms, management consulting firms and recommendations or referrals by friends and relatives. Private employment agencies are widely used. They charge a small fee from an applicant. They specialize in specific occupations: general office help, salesmen, technical workers, accountants, computer staff, engineers and executives. These private agencies are brokers who bring employers and employees together. State or public employment agencies also known as Employment or Labor Exchanges are the main agencies of public employment. They provide a clearing house for jobs and job information. Employers inform them of their personnel requirements, while job-seekers get information for them about the types of jobs that are referred to by employers. These agencies provide a wide range of services -counseling, assistance in getting jobs, information about the labor market, labor and wage rates. Friends and relatives of present employees are also a good source from which employees may be drawn. When the labor market is very tight, large employers frequently offer their employees bonuses or prizes for any referrals that are hired and stay with the company for a specific length of time. Some companies maintain a register of former employees whose record was good to contact
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them when there are new job openings for which they are qualified. This method of recruitment, however, suffers from a serious defect that it encourages nepotism, i.e., persons of one's community are employed that may or may not be fit for the job.

SELECTION
Selection involves a series of steps by which the candidates are screened for choosing the most suitable person for vacant posts. The process of selection leads to employment of persons who possess the ability and qualifications to perform the jobs which have fallen vacant in an organization. The selection procedure is concerned with securing relevant information about an applicant. The objective of selection process is to determine whether an applicant meets the qualifications for a specific job and to choose the applicant who is most likely to perform well in that job. Selection is a long process, commencing from the preliminary interview of those applicants and ending with the contract of employment. The hiring procedure is not a single act but it is essentially a series of methods or steps or stages by which additional information is secured about the applicant. At each stage, facts may come to light, which may lead to the rejection to the applicant. A procedure may be compared to a series of successive hurdles or barriers, which an applicant must cross. These are intended as screens, and they are designed to eliminate an unqualified applicant at any point in the process. This technique is known as the successive hurdles technique. Not all selection processes include all these hurdles. The complexity of a process usually increases with the level and responsibility of the position to be filled.
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According to Yoder, the hiring process is of one or many go, no-go gauges. Candidates are screened by the application of these tools. Qualified applications go on to the next hurdle, while the unqualified are eliminated. Thus, an effective selection program is a non-random process because those selected have been chosen on the basis of the assumption that they are more likely to be better employees than those who have been rejected. Selection processes or activities typically follow a standard pattern, beginning with an initial screening interview and concluding with the final employment decision. The traditional selection process includes: preliminary screening interview; completion of application form; employment tests; comprehensive interview; background investigations, physical examination and final employment decision to hire.

SELECTION PROCEDURE:
There is no shortcut to an accurate evaluation of a candidate. The hiring procedures are, therefore, generally long and complicated. Many employers make use of such techniques and pseudo-sciences as phrenology, physiognomy, astrology, graphology etc., while coming to hiring decisions. However, in modern times, these are considered to be unreliable measures. The following is a popular procedure though it may be modified to suit individual situation: Preliminary interview: It is generally brief and does the job of eliminating the totally unsuitable candidates. It offers advantages not only to the organization but also to the applicant.
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 Receiving applications: Application form is useful for several reasons. It gives a preliminary idea about the candidate to the interviewer and helps him in formulating questions to have more information about the candidate. Screening of applications: After receiving the applications they are screened by a screening committee and a list is proposed of the candidates to be interviewed.

Employment tests: Before deciding upon the job or jobs suitable for a particular individual, one should know the level of his ability and knowledge. This will require the use of employment tests. The employment test areas are as follows: Intelligence tests Aptitude tests Personality tests Interest tests Proficiency tests

Employment interview: The several purposes of an employment interview are: To find out suitability of the candidate To seek more information about the candidate To give him an accurate picture of the job with details of terms and conditions and some idea of the organization as well.

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 Physical examination: The pre employment physical examination or medical test of a candidate is an important step in selection procedure. It discloses the physical abilities of a candidate. Checking references: Prior to the final selection, the prospective employer normally makes an investigation on the reference provided by the applicant and undertakes more or less a research through searching into candidates past employment, education, personal, reputation, etc..

Final selection: After a candidate has cleared all the hurdles in the selection procedure, he is formally appointed by issuing him an appointment letter by concluding with him a service agreement.

EXISTING PROCEDURE
ICICI PRUDENTIAL is a huge company; around 1900 employees are working in this company. The company has a well established recruitment and selection policy. The policy asserts the objectives of the recruitment and provides a framework of implementation of their recruitment program in the form of procedures. This policy involves filling vacancies with the best qualified individuals. There is no special occasion or time for recruitment in ICICI Prudential. They are recruiting continuously, it means, every day is a recruitment day for them. Whenever the company identifies recruitment needs, the recruiters prepare profile for each category of workers and accordingly work
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out the main specification, decide the sections and department where they should be placed and identify the particular job responsibility which may be assigned to them. The company follows various sources of recruitment. These are: Campus recruitment For this the company goes to the various colleges across the country and they recruit fresh candidates from there. Media The company also recruits through media. For this the company uses sources like newspapers, magazines etc. They prefer this media basically when large volume of people is required. Web- based recruitment The company also gives recruitment notice in the web and they recruit through the web. Employee reference The company also recruits from friends and relatives of present employees. Consultancy Whenever necessary the company takes the help of the consultancy for recruiting candidates. This is also an important source for them.

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Preferred sources of recruitment

Although there are various sources of employment, followed by the company, i.e. external and internal sources but the company mostly prefers the external source for recruiting the candidate.

Costs involved in recruitment

Costs play an important role in recruitment. The company incurs various types of costs. These are: Travel cost ------ Cost incurred for traveling Constancy cost ------- Cost paid to the constancy firm Publication cost ------- Cost incurred for giving recruitment notice in newspapers and magazines. Re- location cost ------ Cost incurred for transferring employees in other departments and branches.

Reservation of jobs for SCs, STs, etc.:

The company does not follow any reservation policy for SCs and STs etc for recruiting the candidates. They only look for the eligible candidates.

Criteria for the candidate:

Mainly the criteria are role dependent. It depends on the job of the candidate. But the candidates require highly personal and technical skills. The company looks for both

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freshers and experienced candidates. But in case of experienced candidates, minimum two years of experience is required.

Employees turnover ratio :

Employees turnover ratio in the company industry is 16%, where as in ICICI Company it is only 8%. So, it is reasonably less compare to others. Steps taken by the company to reduce employee turnover ratioThe company has taken various steps to reduce employee turnover ratio. Such as 1.Encouraging job satisfaction 2.Building organization culture/ working environment, so that the employees can be retained. 3.Career growth opportunity

Selection procedures followed in the company: Candidates are recruited on

the basis of written test and interviews. Candidates must have good analytical reasoning ability and logical power.Candidate has to go through three interviews in the selection process. Among them two technical interviews and one Human resource interview is conducted. The company looks for technical and job specification both in the candidate.

Job specification and Job description: The company follows both Job
specification and job description. For job description, document for the next job is available to all the employees of the company. By this, the employees can already be

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aware about the next jobs they have to perform and it creates the delta between the current role and the new role of the employees. By this the employees can upgrade or prepares themselves for their new job.

Faulty selection: According to the interview with the H.R. manager, it can be
inferred that the company has rarely suffered from any faulty selection procedure. The recruitment and selection procedure in ICICI Prudential is dynamic in the past years. That means it keeps on changing every year and it always remains updated.

CHANGES IN RECRUITMENT AND SELECTION PROCEDURE

Every year there are some changes take place in recruitment and selection process for better result and production. It is such an industry where in every moment some innovation takes place. So the company needs some new skills to achieve the required fulfillment.For the last couple of years the company is focusing more on campus interview to give more chances to the fresher. This reflects the companys recruitment policy, the companys needs for greater committed employee and also motive behind concentrating more on freshers, as it is the belief from companys perspective to be working smartly with full enthusiasm. They are also updated with the current concepts, which are required in company industry. The company is dealing in making, developing and maintaining the packages. The companies target audience is foreign market. Most

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of the customers come from abroad. For these very reasons employees have to conduct project in foreign countries. Thats why freshers are targeted to fill up the vacancies.

EFFECT

OF

CHANGES

OF

RECRUITMENT

AND

SELECTION

PROCEDURE TOWARDS GRATITUDE OF EMPLOYEES

As most of the candidates comprise the group of freshers, so it is quite obvious that the degree of commitment towards the organization will automatically be more from their side as compared to the experienced ones. It is also felt that unlike the experienced candidate, the freshers find it difficult to get a job easily. As it is obvious from the fact that the experienced candidates demand high value in the market for employment opportunity, the changes during the past few years will give an idea of how they get themselves updated with the needs of the industry. It also gives an idea of any third party intervention in the recruitment and selection procedure of the organization. It depends upon the market demands of the particular industry as to how the candidates would be available for service in the prospective sectors. For example, two years

back due to September 11, attack there was a great recession in the global company industry which let to decrease of about 25% in the wages of its employees. Since compensation is the basic factor of motivation of employees so it decreased the commitment, gratitude, dedication of employees towards the organization.

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RECRUITING AN ADVISOR
The process of recruiting an advisor involves five basic steps: 1.Prospecting 2.Suspecting 3.Sales pitch 4.Formalities 5.Depositing the form 6.Appearing for the licensing exam 7.Getting the license Prospecting: It includes identifying people who will be willing to and interested in becoming insurance advisors with ICICI Prudential Life Insurance. Random sampling or market visits, tele calling, existing databases or references do this. These people can be anybody ranging from an unemployed seeking an opportunity or anyone who is already working but desires to have an extra source of income or someone who has extra time and wants to pursue it as a part time and earning with it. Anybody, a housewife, a student, a businessman, or a professional can take up this opportunity.

Suspecting: It consists of judging such people whether they would be fit for being an
insurance advisor with respect to their qualifications, skills, confidence, etc. after doing so the next step is fixing appointments with them to give all the information and completing the formalities.
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Sales pitch: This involves the Business Opportunity Presentation(BOP) that gives the
prospective advisor all the information about the companys background and history, the job profile, the payments and benefits, the skills required, the training requirements and options, the formalities to be completed, and any other information they wish to know.

Formalities: Once the above is done, the next step is to complete all the formalities
by filling the Insurance Advisor Form along with all the necessary and important documents which are 7 passport size photographs, a demand draft of Rs.1000, age proof, education proof and address proof.

Depositing the form: The completed form along with all the required documents is
to be deposited for processing and recording the data after which the employee can proceed for the mandatory 100 hours training.

Appearing for the licensing examination:

The next step is to appear for the IRDA licensing examination. It is a 100 marks exam and the appearing candidate is required to obtain at least 50 marks to clear the examination.

Get the license:

Once the candidate passes the examination hes issued a license after which he can start working as an insurance agent for the company.
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BENEFITS PROVIDED TO THE ADVISORS

As a life insurance advisor with ICICI Prudential Life Insurance one would enjoy the following benefits:

Enriching training programs:An intensive training program is provided before

you commence your new career. This would equip you with all the information and knowledge about life insurance, its benefits and the products. This way you would perform your job better and meet your goals. You would also enjoy the benefits of continuous training and mentoring programs that are designed to update you, apart from enhancing your selling skills.

Mentoring:Company provides training and support to meet your goals. You also get
an opportunity to learn from industry experts.

Flexibility:You are free to decide your own working hours and earning goals. Its only
your imagination that can act as a limiting factor.

Satisfaction:You will help people manage their assets and plan their financial
security, and experience deep satisfaction from making a positive difference in others lives. You act as a strategist in annuities, business insurance, estate planning and personal investment, providing both short term and long term solutions to financial risk.

Freedom:You can continue with present job occupation if you so desire and treat this
as a parallel source of income. This allows you with the time to decide if you want to take the job of an insurance advisor as a full time activity or only as a part time.
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Earnings:You entitled to a percentage of premiums as commission till the lifetime of

the policies sold by you as well as bonus commissions.

Additional : Apart from earnings, you are also awarded for your high performance
which might include palmtops, planners, leather portfolio bags, offsite conferences, foreign trips and sales promotion schemes and much more.

CAREER PROGRESSION FOR THE ADVISORS

Once a person joins ICICI Prudential as an Insurance Advisor, his career doesnt stagnate there. He will have unlimited opportunities. The following are some of the programs that will enable advisor to secure a higher position in future. Tiger Team Exclusive program for high potential achievers Hand picked advisors A fast track career Recognition as Tiger Performance criteria: Age 25 to 40yrs At least 1year in system Case count 2 per month
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Mobile Tiger Part time career as Trainer Conduct foundation programs Share best field practices Performance Criteria: Age 25 45 years At least 6 months in system Case count 2 per month Pinnacle program A full time career as a Unit Manager Growth within ICICI Prudential Greater earning potential & Personal development Performance Criteria: Age 25 45 years At least 1 year in system Case count 2 per month Fast Track Pinnacle Program A full time career as a Unit Manager Growth within ICICI Prudential Greater earning potential & Personal development Performance Criteria:

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 Age 25-45 years At least 1yr in system 30 issuances of advisors within 6 months Agency Champion Take your business to next 5 level Entrepreneurs, develop your own business Recruit new advisors and make your team Performance Criteria: At least 1yr in system Minimum 36 policies & 3.6 lakhs premium Selection process (assessment centre)

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RECOMMENDATIONS
After looking at and analyzing all the criteria, its found that the company lacks little bit in job security. The employees also not very much satisfied with job security. So to gain the confidence of the employees the company should improve job security. It is important to create awareness about the Insurance sector and its liberalization because even now people know only about LIC and also dont have much faith in the private insurance players. Training and test centers are limited so it is difficult for people who stay away from these places to commute, so the company should open new training centers located centrally accessible by people from all location. Company should go more for Campus Recruitment as the company will have more fresh candidates who are more enthusiastic and dedicated to their job. The inhibition of people about private players in insurance should be removed.

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CONCLUSION
In todays scenario there is a lot of potential for the growth of insurance sector as people are becoming more and more concerned about the safety and security of themselves and their loved ones. This increasing awareness and concern about the need for insurance requires the presence of expert people who can guide and advise people about insurance and suggest them the products that fit their needs perfectly. An insurance advisor is the one who can take up this responsibility and help people in this. It will not only be beneficial for the society but will also give the person a golden opportunity to grow, learn and achieve more. And with a back up of a reputed company like ICICI Prudential Life Insurance Ltd. there seems no barrier in achieving this.

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BIBLIOGRAPHY
BOOKS DeCenzo, David A and Robbins, Stephen P,: Human resource Management Prentice Hall India Private Limited (2000)

Chabbra, T.N, Human Resource Management (2004); pp 161-191

Mamoria, C.B and Gankar, S.V: Personnel Management- Text and Cases Himalaya Publishing House,

ICICI company manual

WEBSITES http://www.iciciprulife.com/ www.google.com

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