A PROJECT REPORT ON Alternate sources of Recruitment SUBMITTED TO IIPM College, Ahmedabad

BY Devpratapsinh Vala ISBE batch SS 12-14

CERTIFICATE

Date:Place:-

DECLARATION
I hereby declare that the project titled Alternate source of recruitment is an original piece of research work carried out by me under the guidance and supervision of Mr. Harikrushna Sarvaiya. The information has been collected from genuine & authentic sources.
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Place: Date: Devpratapsinh Vala

ACKNOWLEDGEMENT

I express my sincere thanks to my project guide Mr. Harikrushna Sarvaiya, HR at AEGON Religare Life insurance company for guiding me right from the inception till successful completion of the project. I sincerely acknowledge him for extending their valuable guidance, support for literature, critical review of project and the report and above all the moral support they had provided to me with all stages of this project. My thanks are due to all those who have helped me directly or indirectly in preparing this project report. However, I accept the sole responsibility for any possible error of omission and would be extremely grateful to the readers of this project if they bring such mistakes to my notice.

Executive Summary
In todays rapid changing business environment, organizations have to respond quickly to requirement for people. The market has been witnessing growth which is manifold for last few years. Many players have entered threw economy thereby increasing the level of competition. The competitiveness of the company of an organization is measured through his quality of products and services offered to customers that are unique from others. The best services offered to the consumers are result of the genius brains working behind them. Human Resource in this regard has become an important function in any organization. All practices of marketing and finances can be easily emulated but the capability, the skills and talent of a person can be emulated. Hence it is important to have a well defined recruitment policy in place, which can be executed effectively to get him best fits for the vacant positions. Selecting the wrong candidate or REJECTING the right candidate could turn out to be costly mistake for organization. Therefore a recruitment practice in an organization must be effective and efficient in attracting the best manpower.

INDEX
Topic
Introduction Insurance Objective Research Methodology Company Profile Literature Survey Recruitment My job at AEGON Religare Life insurance

Page number
8-9 10-13 14-15 16-18 19-24 25-36 37-59 60-62 63-76 77-78 79-80 83-87

Data Analysis Conclusion Suggestions Annexure

INTRODUCTION

INTRODUCTION
Human Resource is a basic need of any work to be done. According to ARTHUR LEWIS:

There are great differences in development between countries which seem to have roughly equal resources, so it is necessary to enquire into the difference In human behaviors

The project report is all about recruitment and selection process thats an important part of any organization. Recruitment highlights each applicants skills, talents and experience. Their selection involves developing a l i s t of q u a l i f i e d c a n d i d a t e s , d e f i n i n g a selection s t r a t e g y , identifying qualified candidates, thoroughly evaluating qualified candidates and selecting the most qualified candidate. It is said if right person is appointed at right place the half work has been done. In this project I have tried to cover all the important point that should be kept in mind and have conducted a research study through a questionnaire that I got it filled and tried to find out which methods and various other information related to recruitment.

Insurance

The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era past few centuries yet its beginnings date back almost 6000 years. The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 Crore, it rose to 176 companies with total business-in-force as Rs.298 Crore in 1938. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. Some of the important milestones in the life insurance business in India are: 1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 Crore from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the General insurance business in India with effect from 1st January 1973. 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 while health insurance and non-life insurance continues 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. India came a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries. Present Scenario The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also include restructuring and revitalizing of the public sector companies. In the private sector 14 life insurance and 8 general insurance companies have been registered. A host of private Insurance companies operating in both life and non-life segments have started selling their insurance policies.. 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
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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 underinsured 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. The new business premiums of the 12 private players have tripled to Rs 1000 Crore in 2002- 03 over last year. 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 private insurers also seem to be scoring big in other ways- they are persuading people to take out bigger policies. Buoyed by their quicker than expected success, nearly all private insurers are fast- forwarding the second phase of their expansion plans.

Major Insurance Players Licenses have been issued for the following companies HDFC Standard Life Insurance Company Limited Birla Sun Life Insurance Company Limited TATA AIG Life Insurance Company Limited Max New York Life Insurance Company Limited SBI Cardiff Life Insurance Company Limited ING Vysya Life Insurance Company Limited Bajaj Allianz Life Insurance Company Limited MetLife Life Insurance Company Limited AEGON Religare Life insurance Company Limited AMP Sanmar Life Insurance Company Limited
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Sahara India Life Insurance Limited Sri Ram Life Insurance Limited

OBJECTIVE

OBJECTIVE

Every task is undertaken with an objective. Without any objective a task is rendered meaningless. The main objectives for undertaking this project are: To understand the internal Recruitment process at Aegon Religare Life Insurance To identify areas where there can be scope for improvement To give suitable recommendation to streamline the hiring process

RESEARCH METHODOLOGY

REASERCH METHODOLOGY

The insurance sector is marked with a high level of attrition and therefore recruitment process becomes a crucial function of the organization. At AEGON Religare Life Insurance, recruitment is all time high during March-May and Oct-Nov. The attrition is high among the sales managers, unit mangers mostly in the sales profile. The recruitment is high during these months due to the fact that May and September are half year closing and business is high during Jan-Mar. Thus it is only after March that people move out of the companies. Since my summer training was in the months of March-May, it gave me the opportunity of involving myself directly with the recruitment process and analyzing the process so that suitable recommendations can be given. This project is centered on identifying best hiring practices in the insurance industries. It therefore requires great amount of research work. The methodology adopted was planned in advance so as to collect data in the most organized way. My area of focus was the recruitment and selection particularly at AEGON Religare Life Insurance. I was directly involved with the recruitment for candidates for the sales profile. I was particularly involved with the sourcing of candidates for the regions in Gujarat such as Surat, Baroda, Anand and Ahmedabad. Before any task was undertaken, we were asked to go through the HR policies of AEGON Religare Life Insurance so that we get a better understanding of the process followed by them. The first task was to understand the various job profiles for which recruitment was to be done. The next step was to explore the various job portals to search for suitable candidates for the job profile. Once the search criteria were put, candidates went through a telephonic interview to validate the information mentioned in their resume. A candidate matching the desired profile was then lined for the first round of Face to Face interview in their respective cities.
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When a candidate cleared his first round, he is then made to take an aptitude test. I was involved in administering the test Once the candidate completed his first assessment, his scores were checked. If he cleared his cut-off he was given another test. I had the responsibility to make sure that candidates complete all formalities and had to regularly follow up with them. Since we received many resumes, it was essential that a database be maintained to keep a track. It was convenient method than to stock up piles of papers. The external guide maintained a regular updating of the database. Understanding what kinds of database are maintained and how they help in keeping a record.

COMPANY PROFILE

Profile

AEGON Religare Life Insurance Company AEGON, an international life insurance, pension and investment company, Religare, a global financial services group and Bennett, Coleman & company, India's largest media house, have come together to launch AEGON Religare Life Insurance Company Limited (ARLI). This venture is dedicated to build a profitable customer-centric business with scale, provide a work environment that fosters excellence and innovation. This joint venture will adopt a local approach with the power of global expertise. ARLI launched its pan-India operations in July, 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. The fulfillment of this vision is based upon having a complete product suite, providing customized advice and enhancing the overall customer experience. ARLI has launched a suite of products that are focused on providing the customer with the means to meeting their long-term financial goals. At the same time product development has been founded on the tenet of providing the customer with great value. ARLI products such as iTerm, iMaximize, Future Protect and Rising Star have been ranked among the best in terms of value and have attracted many external accolades. About AEGON AEGON As an international provider of life insurance, pension and asset management, . With headquarters in The Hague, the Netherlands, AEGON companies employ over 24,000 people serving millions of customers across the globe. In total, the company oversees EUR 458 billion in revenue-generating investments. AEGONs main operations are in the United States, the Netherlands and the United Kingdom, but in recent years the company has expanded into new growth markets in Asia, Central & Eastern Europe and Latin America. AEGON is one of the largest insurance companies in the United States, and ranks first in the Dutch group pensions market and third in the UK individual pensions markets. The companys shares are listed on two major stock markets: Amsterdam and New York. AEGON has more than 160 years of experience with its roots going back to 1844. AEGON holds 26% equity in ARLI. http://www.aegon.com

About Religare Enterprises Limited Religare Enterprises Limited (REL) is one of Indias leading diversified financial services groups and offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management. Religare Enterprises is headquartered in New Delhi and is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India. Religare is also building an Asia and emerging markets focused Institutional equities and Investment Banking business and a multi-boutique global asset management platform to tap the broader opportunities offered by the most promising emerging markets around the world. REL holds 44% equity in ARLI. http://www.religare.com

About Bennett, Coleman & Company Limited Bennett, Coleman & Company Limited (BCCL), The Times Group is Indias largest media conglomerate with its flagship Bennett, Coleman and Company Limited (BCCL) being the largest publishing company in India and South-Asia. Starting off with The Times of India which is now the largest English publication in the world, BCCL and its subsidiaries (called The Times of India Group), are present in every existing media platform Newspapers, Magazines, Books, TV, Radio, Internet, Event Management, Outdoor Display, Music, Movies and more. With a turnover exceeding a billion dollars, the group has the support of over 25,000 advertisers, 11,000 employees and an audience spanning across all continents. The BCCL Group holds 30% equity in ARLI.http://www.timesgroup.com

Value and Vision

Life at AEGON Religare Life insurance

Our Talent Philosophy

To attract, develop and retain the right talent to achieve our business plans and vision through a culture that promotes quality, scale and sustainability.

We Promise Meritocracy
We ensure that good performance is always recognized and commensurately rewarded. At AEGON Religare Life Insurance, the sky is the limit for the hard-working and the result-oriented.

Great Work Environment

AEGON Religare Life Insurance has a cheerful, warm and friendly work environment with a lot of professional freedom and encouragement for creativity and innovation.

Learning And Growth

We constantly create new learning opportunities for our people by way of organizing interesting seminars, workshops and training programs on a regular basis. Besides, we put people in various departments to help them develop cross-functional abilities and a more well-rounded professional experience for better career growth.

Diversity
People from different cultures, backgrounds and walks of life make AEGON Religare Life Insurance a multi-coloured kaleidoscope with a lot of zing. We gain multi-fold from this diversified experience.

Fun At Work
Life at AEGON Religare Life Insurance is extremely enjoyable. That is, work is interspersed with fun at regular intervals, parties, community events and other fun activities are part of life at AEGON Religare Life Insurance. Come and be a part of the exciting world of AEGON Religare Life Insurance.

Management team

K S Gopalkrishnan Chief financial & operating officer Saibal Ghosh Chief Investment Officer Yateesh Srivastava Chief Marketing officer & Head- Talent Debmalya Maitra Head- Audit Risk & Compliance PK Dinakar Appointed Actuary

LITRATURE SURVEY

Meaning of HUMAN RESORCE MANAGEMENT

Human Resource plays a crucial role in the development process of the modern Economics. ARTHUR LEWIS observed

There are great differences in development between countries which seem to Have roughly equal resources, so it is necessary to enquire into the difference In behaviors human

Human resource management is the management of employees skill, knowledge abilities, talent, aptitude, creativity, ability etc. different terms are used for denoting Human Resource Management. They are labor management, labor administration, labor management relationship, employee employer relationship, industrial relationship, human capital management, human assent management etc. Though these terms can be used differently widely, the basic nature of distinction lies in the scope or coverage and evolutionary stage. In simple sense, human resource management means employing people, developing their resources, utilizing, maintaining and compensating their services in tune with the job and organizational requirements.

Functions of HUMAN RESOURCE MANAGEMENT

Administration:

Strategic planning, organizational evaluation, County Board relations, policy recommendations, supervision of department staff

Benefits:

Health insurance, dental insurance, life insurance, disability insurance, retirement benefits, vacation, sick leave, paid holidays, section 125 plan, donor program, educational incentive, uniform allowance, and others.

Compensation:

Salary and benefit surveys, job evaluation, job descriptions evaluation, job descriptions

Employee relations:
Disciplinary processes, incident investigations, complaint/grievance procedures, labormanagement relations.

Employee services:

Enrollment in benefits, employee discounts for recreational spots, resolution of enrollment or claim problems, employee newsletter. Educational assistance, employee service awards

Fiscal:
Staffing budgets, departmental budget, accounts payable, insurance receivables, Insurance fund management, total package costing. Insurance receivables, insurance fund management, total package costing.

Health and safety:

Employee assistance, workers compensation claims, drug testing, safety compliance and training.

Leaves of absence:

State and/or Federal Family and Medical Leave rights, County approved leaves of absence, rights upon return to work, light duty assignments for temporary periods.

Payroll administration:

Computer-based or manual evaluation systems, supervisory training, compliance with timeliness standards

Performance appraisal:
Employee files, litigation files, payroll records, safety records and other administrative files

Record-keeping:

Job posting, advertising, testing administration, employment interviews, background investigations, post-offer employment testing.

Recruitment:
Recruitment is defined as a process to discover the sources of manpower to meet the requirement of the staffing schedule and to employ effective measures fir meet the requirement of the staffing schedule and to employ to employ effective measures for attracting the manpower in adequate numbers to facilitate effective selection of an effective workforce.

Selection:
After identifying the sources of human resources, searching for prospective employees and stimulation helps too apply for jobs in an organization, the management has to perform the function of selecting the right man at right job and at the right time.

Separations and terminations:

Rights upon termination of employment, severance benefits, unemployment compensation, exit interviews.

Training and development:

County-wide needs assessment, development of supervisory and management skills, employee training and workshops. Benefits orientation for new and transferring employees, Supervisory newsletter.

Salary and benefits:

Salary/wage plans, employee benefits

Importance of Human Resource Management

1: Attract highly qualified and competent people 2: Ensure thats the selected candidate stays longer with the company. 3: Make sue that there is match between cost and benefit. 4: Helps the organization to create more culturally diverse workforce Whereas, the poor quality of selection means extra cost on training and supervision. Further on more, when recruitment fails to meet organizational needs for talent, a Typically response is to raise entry level pay scales. This can distort traditional wages and salary relationship in organization, resulting in unavoidable consequences. Thus the effectiveness of the recruitment process can play a major role in determining the resources that must be expended on other HR activates and their ultimate success.

Scope of HRM at organizational level

Human Resource department

Human resource department Recruitment and Selection Training and development

Resource allocation

Human resource development

This department looks after the needs and Requirement the present employees. This Department includes number of function which are as Follows: 1. Training and Development it includes technical, soft skills and process related to training 2. Process and policies it contains all the rule and regulations that need to be followed by the employees. 3: Appraisal and increment- it is in the formal feedback to the employees about their performance and the conduct of work. 4: Induction-involves the information to the new employees about the company, job, departments etc. 5: Motivational activities and entertainment - involves motivating the employees to improve their productivity. 6: Roles and responsibilities-that every individual employee needs to fulfill 7: Key Result Area (KRA) it is the measurement quantifiable of output for the roles of responsibilities.

8: Employee separation-includes resignation and dismissal. 9: Joining formalities- take place when a new employee joins the company. 10: Computerization 12: Helpdesk 13: Employee verification-take place at the time of joining of the new employee. 14: Surveys 15: Project trainees 16: Counseling and grievance handling-both are different as counseling is basically helping out in personal problems whereas, grievances Handling involves the handling of complains that the employees has towards the management.

All the above head are included in the human resource development and involves the over all development of individual employees which in turn increases the over all profit of the company.

Recruitment Procedure overview

Manpower Requisition Form

Recruitment Plan Budget

Sourcing Selection Process Joining Post Recruitment Data Updating

RECRUITMENT

RECRUITMENT
Recruitment is hiring of employees from outside. Recruitment has been regarded as the most important function of the HR department , because unless the right type of people are hired, even the best plans, organization chart and control system would not do much good. Recruitment is the discovering of potential applicant for actual or anticipated organizational vacancies. Accordingly the purpose of recruitment is to locate sources of manpower to meet the job requirements and job specification. It is defined as a process to discover the sources of manpower to meet the requirements of staffing schedule and to apply effective measures for attracting the manpower to adequate number to facilitate effective selection of an effective workforce Yoder points out that recruitment is a process to discover the sources of manpower to meet the requirement of the staffing schedule and to employee effective measures to attracting that manpower in adequate number to facilitate effective selection of an effective workforce.

Edwin B Flippo defines recruitment as the process of searching for prospective

employees and stimulating them to apply for the jobs in the organization. It is the process of finding and attracting capable applicants for employment. The process begins when new recruits are sought and ends when their application are submitted. The result is a pool of applicants from which new employees are selected.

Methods of Recruitment

Recruiting methods into three categories, namely

1: Internal 2: External

INTERNAL METHOD

1. Present Permanent Employees : Organizations consider the candidates from this source for higher level of jobs due to availability of most suitable candidates for jobs relatively or equally to external sources, to meet the trade union demands and due to the policy of the organization to motivate the present employees.

2. Present temporary/casual Employees: Organizations find this source to fill the vacancies relatively at the lower level owing to the availability of suitable candidates or trade union pressures or in order to motivate them on present job.

3. Retrenched or Retired Employees: Employees retrenched due to lack of work are given employment by the organization due to obligation, trade union pressure etc. Sometimes they are re-employed by the organization as a token of their loyalty to the organization or to postpone some interpersonal conflicts for promotion.

4. Dependents of Deceased, Disabled, retired and present employees: Some organizations function with a view to developing the commitment and loyalty of not only the employee but also his family members.

5. Employee Referrals: Present employees are well aware of the qualifications, attitudes, experience and emotions of their friends and relatives. They are also aware of the job requirements and organizational culture of their company. As such they can make preliminary judgment regarding the match between the job and their friends and relatives. 6. Campus Recruitment: These candidates are directly recruited by the Co; from their college/educational institution. They are inexperienced as far as work experience is concerned.

EXTERNAL METHOD

1 Private Employment Agencies/Consultants: Public employment agencies or consultants like ABC Consultants in India perform recruitment functions on behalf of a client company by charging fees. Line managers are relieved from recruitment functions and can concentrate on operational activities.

2 Public Employment Exchanges: The Government set up Public Employment Exchanges in the country to provide information about vacancies to the candidates and to help the organization in finding out suitable candidates. As per the Employment Exchange act 1959, makes it obligatory for public sector and private sector enterprises in India to fill certain types of vacancies through public employment exchanges.

3 Professional Organizations: Professional organizations or associations maintain complete bio-data of their members and provide the same to various organizations on requisition. They act as an exchange between their members and recruiting firm.

4 Data Banks: The management can collect the bio-data of the candidates from different sources like Employment Exchange, Educational Training Institutes, candidates etc. and feed them in the computer. It will become another source and the co can get the particulars as and when required.

5 Casual Applicants: Depending on the image of the organization its prompt response participation of the organization in the local activities, level of unemployment, candidates apply casually for jobs through mail or handover the application in the Personnel dept. This would be a suitable source for temporary and lower level jobs.

6 Similar Organizations: Generally experienced candidates are available in organizations producing similar products or are engaged in similar business. The Management can get potential candidates from this source.

7 Trade Unions: Generally unemployed or underemployed persons or employees seeking change in employment put a word to the trade union leaders with a view to getting suitable employment due to latter rapport with the management.

8 Walk In: The busy organization and rapid changing companies do not find time to perform various functions of recruitment. Therefore they advise the potential candidates to attend for an interview directly and without a prior application on a specified date, time and at a specified place.

9 Consult In: the busy and dynamic companies encourage the potential job seekers to approach them personally and consult them regarding the jobs. The companies select the suitable candidates and advise the company regarding the filling up of the positions. Head hunters are also called search consultants.

10 Body Shopping: Professional organizations and the hi-tech training develop the pool of human resource for the possible employment. The prospective employers contact these organizations to recruit the candidates. Otherwise the organizations themselves approach the prospective employers to place their human resources. These professional and training institutions are called body shoppers and these activities are known as body shopping. The body shopping is used mostly for computer professionals. Body shopping is also known as employee leasing activity.

11. Mergers and Acquisitions: Business alliances like acquisitions, mergers and take over help in getting human resources. In addition the companies do also alliances in sharing their human resource on adhoc basis.

12 E- Recruitment: The technological revolution in telecommunications helped the organizations to use internet as a source of recruitment. Organizations advertise the job vacancies through the world wide wed (www). The job seekers send their applications through e-mail using the internet.

13 Outsourcing: Some organizations recently started developing human resource pool by employing the candidates for them. These organizations do not utilize the human resources; instead they supply HRs to various companies based on their needs on temporary or ad-hoc basis.

Evaluation of the recruitment method

The following are the evaluation of the recruitment method 1: Number of initial enquires received which resulted in completed application forms 2: Number of candidates recruited. 3: Number of candidates retained in the organization after six months. 4: Number of candidates at various stages of the recruitment and selection process, especially those short listed.

Objective of recruitment

1: To attract with multi dimensional skills and experience that suite the present and future organization strategies. 2: To induct outsider with new perspective to lead the company. 3: To infuse fresh blood at all levels of organization. 4: To develop an organizational culture that attracts competent people to the company. 5: To search or headhunt people whose skill fit the companys values. 6: To seek out non-conventional development grounds of talent 7: To devise methodology for assessing psychological traits. 8: To search for talent globally not just with in the company. 9: To design entry pay that competes on quality but not on quantum. 10: To anticipate and find people for position that doesnt exists yet.

Recruitment represents the first contact that a company makes with potential employees. It is through recruitment that many individuals come to know about the company and eventually decide whether they wish to work for it. The recruitment process should inform qualified individuals about the job so that applicant can make comparison with their qualification and interest.

Factors affecting Recruitment

There are two types of factors that affect the Recruitment of candidates for the company.

1: Internal factors: These includes

Companys pay package Quality of work life Organizational culture Companys size Companys product Growth rate of the company Role of trade unions Cost of recruitment

2: External factors: These include

Supply and demand factors Employment rate Labour market condition Political, legal and government factors Information system

Factors to be undertaken while formulating recruitment policies

The following factors should be undertaken while formulating the policies Government polices Recruitment sources Recruitment needs Recruitment cost Organizational and personal policies

Theories Regarding Recruitment Recruitment is two way street: it takes a recruiter has a choice whom to recruit, same way the prospective employee also has taken the decision whether or not to apply for the given job vacancy. The individual take the decision usually on three different basic:

1: The objective factors 2: The critical contact 3: The subjective factor

The objectives theory views that the process of organizational choice as being one of weighing and evaluating set of measurable characteristic of employment offers, such pay, benefits , location, opportunity for advancement, the nature of job to performed, and education opportunities. Whereas, the critical contact theory suggests that the typical candidates is unable to make a meaningful differentiation of organization's offers in terms of objective or subjective factors, because of his limited or very short contact with the organization. Choice can be made only when applicant can readily perceive the factors such as the behaviour of the recruiters, the nature of the physical facilities, and such as the efficiency in processing paper work association with the application. On the other hand, the subjective theory emphasizes the congruence. Here the

choices are made on highly personal and emotional basis.

Recruitment Process
The actual steps involved in recruitment follow a well defined path: Application shortlist: In this step, we shortlist the resume received from various sources based on the suitability for the requirement. Preliminary Assessment: The short listed candidates go through a preliminary round of interviews. This interview lays more emphasis on functional competencies. To have more data on the functional skills, the candidates may be given a business case for analysis and presentation (This is done for certain positions only). Final interview: Here the candidates who successfully clear the first round of interview go through another round of interview with one or more of the functional heads.

Medical Evaluation: Candidates who are selected by Colgate are asked to undergo a medical test.

Process
Plan for Hiring Analyzing vacancies and recruitments

Vacancy due to attrition

New Position

Due diligence & internal evaluation

Present as a business case for Chairman Approval

Recruitment approval process

Decision: Should the position be retained?

Job positions Merged

Recruitment approval guidelines Engineer/MBAs NO simple graduates Stable work retention history Salary hike 15-20 % Age as per average team age

Circle HR sends recruitment format to entity

Entity HR discusses with Business Head

Corporate HR for approval

Approval for Hiring: Preparation starts

Sourcing Employee Referrals indicating Employee ID, Designation Minor deviations to be indicated in the interview assessment sheet comment box in BOLD. # Salary less than 50 % Of minimum salary. Short-listing of profiles Preliminary interview circle HR and at circle level Timesjobs.com Naukri.com

Major deviation to be indicated separately as a non-hiring condition

Final interview at DAKC Compensations & job offers recommended by Circle to DAKC Pre joining reference & Medical checks 1. Qualifications not as per laid norms. 2. Salary expected higher than max band. 3. Experience less than laid norms.

Job offer, Appointment letter & Confirmation letter

Evaluation of recruitment process

The following are the evaluation of the recruitment process: 1: Return rate of application sent out. 2: Number of suitable candidates for selection. 3: Retention and performance of the candidate selection. 4: Cost of recruitment 5: Time lapsed data. 6: Comments on image projected.

PHILSOPHIES OF RECRUITEMT
Basically there are two Philosophies of recruitment. These are as follows:

1: REALISTIC JOB PREVIEWS (RJP)

Realistic Job Previews provides complete job related information to the applicants so that they can make the right decision before taking up the jobs. It includes positive and the negative aspects of the job.

2: JOB COMPATIBILITY QUESTIONNAIRE: (JCQ)

Job compatibility Questionnaire was developed to determine whether an applicants preference for the work match the characteristic of the job. The JCQ is designed to collect information on all aspects of the job which have a bearing in on employee performance .absenteeism, turnover and job satisfaction. The underlying assumption of JCQ is that, greater the compatibility between an applicants preference for the job and characteristic of the job as perceived by the job seeker, the greater the probability of employee effectiveness and longer the tenure.

SELECTION

SELECTION

Selection is a negative process and involves the elimination of candidates who do not have the required skills and qualification for the job proposed. Also it is a process of differentiating between applicants in order to identify and hire those with grater likelihood of success in job. The objective of selection decision is to choose the individual who can most successfully perform the job from the pool of qualified candidates. It is the system of function and devise adopted in a given company to ascertain whether the candidates specifications are matched with the job specifications and recruitment or not. Selection process or activities typically follow a standard patter, beginning with an initial screening interview and concluding with final employment decision. The traditional selection process includes: preliminary screening interview, completion of application form, employment test, comprehensive interview, background investigation, physical examination and final employment decision to hire.

Organization for selection

Until recently the basic hiring process was performed in a rather unplanned manner in many organizations. In some companies, each department screened and hired its own employees. Many mangers insisted on screening their own employees as they thought no one else could do that as efficiently as they themselves. But now selection is centralized and handled by the Human Resource Department. This type of arrangement is also preferred due to some of these advantages: It is easier for the application because they can send their applications to a single centralized department. It facilitates contact with applicants because issues pertaining to employment can be cleared through one central location. It helps operating managers to concentrate on their operating responsibilities. This is especially helpful during the chief hiring period. It can provide for better selection because hiring is done by specialist trained in staffing techniques. The applicant is better assured of consideration for a greater variety of jobs. Hiring cost is cut because duplication of efforts is reduced. With increased governmental regulation on selection process, it is important that people who know about these rules handle a major part of the selection process. Ideally, a selection process involves mutually decision making. The organization decides whether or not to make a job offer and how attractive the job offer should be.

BARRIERS TO EFFECTIVE SELETION

The main objective of selection process is to hire people having competence and commitment towards the given job profile. But due to some reason the main purpose of effectively selecting candidates is defeated. These reasons are:

1: Perception or the Halo effect:

Many a times the interviewer selects a

candidate according to the perception he has or he made up while talking or looking at the individual. This way he does not see through the caliber or the efficiency of the individual and many times it leads to the selection of the wrong candidates.

2:

Fairness: During the selection process the interviewer does not select the

individual on the basis of his knowledge and hence the right type of the candidates is not selected. 3: Pressure: The people from the HR department and also have a lot of pressure from the top management and from other top class people for selecting the candidates they want. This ways the purpose of effective selection process of effective selection process is defeated as they have to select that individual whether or not he is capable of the job. that is being offered.

ESSENTIAL OF SELECTION PROCEDURE

Someone should have the authority to select. There must be sufficient number of applicants from whom the required number of employees to be selected. There must be some standards of personnel with which a prospective employee may be compared.

FACTORS EFFECTING SELECTION DECISION

Includes: - Profile matching - Organization and social environment - Multi correlations - Successive hurdles

MY JOB AT AEGON Religare Life Insurance

My Job at AEGON Religare Life Insurance

I started my job as HR Trainee. My job profile was to handle RECRUITMENT in my project. The HR narrated me the whole procedure. My job profile was to generate resumes from the various job sites such as Naukri.com. According to the requirements of the company. After generating the resumes from the sites the next step is to shortlist the resume which best suite the requirements. Now the short-listed candidates have to be given a phone call in order to find out their interests and schedule them for interview. There are 2 forms of interview that a candidate can appear for:

1. Personal Interview. Telephonic Interview.

2.

PERSONAL INTERVIEW
This is regarded to be the BEST FORM of interview. In such form of an interview the candidate personally appears in front of the interviewer and gives his interview. This is regarded to be the best form of interview as the interviewee has the best chances of making his points clear in front of the interviewer.

TELEPHONIC INTERVIEW
Sometimes an interview is taken on the phone. A telephonic conversation is done between the interviewer and the interviewee where the interviewer calls up the candidate via phone and conducts the interview.

The Job profile

Selling insurance and building customer relations.

Qualification Entry level opening:

Graduates in any stream preferred can be pass,

according to the IRDA stipulation, depending on region of operation. Additional communication skills and ability to interact with people will help.

Middle level opening: Professional in finance or marketing with the experience

in service industry. (As assistant sales manager)

Senior sales openings:

Senior professional with experience of handling junior

staff preferred (CEP/Senior consultant)

DATA ANALYSIS

DATA ANALYSIS

QUESTION: How many years have you served in the present company ??

From this it is nearly seen that only 13% of HR have served more than 5 to 10 years in their present company and 87% have served for 1-5 years , clearly stating that In todays market HR are changing their jobs at a higher rate for their Growth.

Question: What are the methods preferred for screening the candidates ?

In this

Question,60% of HR Preferred Personal Interview screen the candidates which is nearly a majority of HR, while 20% was given to written , 15% to Aptitude , 3% to Psychometric test and 2% to Group Discussion. From this I can state that even if new technology have developed Most HR prefer Personal Interview to screen the Candidates.

Question: How many stages are involved in selecting the Sales Candidate ?

In

this Question, I had asked about the Stages involved in selecting the sales Candidate , Nearly Half of the Life insurance company Preferred 3 Stages , but there are still 27% of company who go for 4 Stage , and 13% companys went for a 1 and 2 stage to select a candidate . From this it is clear, Company select each candidate carefully leaving all other things aside the aim is to select the best.

Question: Do you use any of the following methods during the process of front line sales recruitment?

In this

question 80% of HR from Life Insurance Company preferred to do personal interview, by this method the actual character is being seen by HR. It helps them to know whether they will be able to perform their targets or not. While others Like aptitude test showed 13% of preference by HR and 7% for Psychometric test.

Question: What is the average time spent by HR department During an interview ?

On an average 43% of HR take 30-40 minutes during an interview, 36% take 10-20 minutes , 14% take 20-30 minutes and only 7% which is rare take 40-50 minutes of time. By this it is seen that HR spend nearly spend 30 minutes of time to scan and evaluate each and every candidate so that company gets the best of best.

Question: What is the back out ratio of candidates after being offered ? Ratio of offer to joining.

In this question , 57 % HR stated that Ratio of back out after being offered is 5:1 where , 15% had stated 10:1 and 14% each on 15:1 and 20:1.By this it clearly states the ration of backing out after offering is 5:1 by most of the Company.

Question: What percentage of candidate leave within the period of 6 Month?

In this survey question 43% HR stated that 15-30 candidates leave within the period of 6 months,36% HR stated that 0-15 candidates leave,14%HR stated that 3045candidates leave,7% HR stated 45-60 leave within the period of 6 months.

Question: Does the company reimburse the travelling cost incurred by the candidate for appearing in the interview ?

69% of HR said that company does not reimburse the travelling cost incurred by candidates for interview while on other hand 31% HR said yes company does reimburse the travelling cost.

Question: What is the average cost of recruitment per sales Candidate that the company incurs ?

50% of HR from Life Insurance Company stated that average cost of recruitment per sales candidate is Rs.10000 where, 29% stated it takes 20000, 21% stated it takes 30000.

Question: In Recruitment, which technology does the Company prefer??

47% Company preferred Telephone technology for Recruitment while on other hand 33% preferred Video conferencing and 20% preferred Other Technology.

Question:If the Recruitment type is Employee Referral then what special privilege has to be given to the one who has offered ?

64% of companies Compensate for employment Referral method in Recruitment where , 36% company does not compensate.

Question: What kind of verification you do??

43% Company believe in Professional check in verification of the Candidate,29% company believe in Family Background check up , 21% company believe in Educational Qualification verification and 7% prefer in Legal Backgroundcheck.

Question: What is the average number of recruitment in a month??

14% of HR representing the companies stated that average number of recruitment in a month ranged from 0-25, 36% said 25-50 people, 29% said 75-100 people, 21% said 50-75 people.

CONCLUSION

CONCLUSION
This presents the summary of the study and survey done in relation to the Alternate Source of Recruitment in AEGON Religare Life insurance. The conclusion is drawn from the study and survey of the company regarding the Alternate Source of Recruitment process carried out there. The recruitment process at AEGON Religare Life insurance to some extent is not done objectively and therefore lot of bias hampers the future of the employees. That is why the search or headhunt of people should be of those whose skill fits into the companys values. Most of the employees were satisfied but changes are required according to the changing scenario as recruitment process has a great impact on the working of the company as a fresh blood, new idea enters in the company.

SUGGESTION

SUGGESION
o Manpower requirement for each department in the company is identified well in advance. o If the manpower requirement is high and the recruitment team of the HR department alone cannot satisfy it, then help from the placement agencies is needed. o Time management is very essential and it should not be ignored at any level of the process.. o The recruitment and selection through placement agencies as the last resort and is utilized only when need. o The recruitment and selection procedure should not to lengthy and time consuming. o The candidates called for interview should be allotted timings and it should not overlap with each other. o The Candidates should be given a reply after their interview; even if they are not selected they should be given importance as they can be useful to the company next time.

BIBLOGRAPHY

BIBLOGRAPHY
C.B Mamoria and S.V. Gankar (2004), Personal Management Text and Cases. Himalaya Publication. K.Aswahthappa (2001),Human Resource and Personnel Management Human Resource Management, (2005), Dr.P.C. Pardeshi C.B Gupta (2005) www.google.com

ANNEXURE

QUESTIONNAIRE FOR THE RESEARCH

1. Information:

Name: Companys Name:

2. How many years have you served in this present company ??

1-5 years 5-10 years 10-15 years 15-20 years

3. What are the methods preferred for screening the candidates?

Written 1 2 3 4 5 Aptitude 1 2 3 4 5 Group Discussion 1 2 3 4 5 Personal Interview 1 2 3 4 5 Psychometric Test 1 2 3 4 5

4. How many stages are involved in selecting the Sales Candidates?

1 2 3 4 5

5. Do you use any of the following methods during the process of front line sales recruitment?
Aptitude Group Discussion Personal interview Psychometric test Others , please specify

6. What is the average time spent by HR department during an interview??

10-20 minutes 20-30 minutes 30-40 minutes 40-50 minutes

7. What is the Back out ratio of candidates after being offered? Ratio of offer to Joining.
5:1 10:1 15:1 20:1

8. What percent of Candidate leave within the period of 6 months ?

0-15 15-30 30-45 45-60 60+

9. Does the company reimburse the traveling cost incurred by the candidate for appearing in the interview ?
Yes No

10.What is the average cost of recruitment per sales candidate that company may incurs ?
10000 20000 30000 40000

11.In recruiting , which technology does the company support ?

Telephone Video Conference Others , please specify

12.If the recruitment type is Employee Referral then what special privilege has to be given to the one who has referred?

13.

What Kind of verifications you do ?

Educational qualification Legal Background Professional check Family Background

14.What is the average number of recruitment in a month??

0-25 25-50 50-75 75-100

Link to my survey:
http://freeonlinesurveys.com/s.asp?sid=h3k4m2prrpvaf7z263711