A PROJECT REPORT ON

In partial fulfillment of STUDY OF RECRUITMENT & SELECTION POLICY IN IDBI FEDERAL LIFE INSURANCE CO. LTD.

MASTER IN PERSONNEL MANAGEMENT 2010-2012 SUBITTED TO UNIVERSITY OF PUNE

SUBMITTED BY

ANURAG KUMAR
MATRIX BUSINESS SCHOOL S. NO. 9/1/5 & 9/2/4, OFF WESTERLY BYPASS ROAD, AMBEGAON (BK.) PUNE 411041
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PREFACE

Master in Personnel Management (MPM) of Pune is two year duration , consisting of four semesters .at the end of second semester ,as per the requirement of second semester , as per the requirement of university of pune, all the students are required to undergo summer internship program or summer internship training .

The research techniques can be learnt and adopted for the summer internship projects. this monograph contains the guidelines to facilitate the research students to work on the project report in scientific manner .

As the summer internship program requires the understanding and use of research methodology, the main focus of monograph is the research methods and techniques to be used for project. the research student will be in the better position to work on the research project successfully if the provided guidelines are used systematically.

In this monograph a step by step approach to execute the research project is given . it is a practical way of conducting and compiling research project .

ANURAG KUMAR
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DECLARATION

I, ANURAG KUMAR Roll No. 10 of

of Master in Personnel

Management (MPM) Matrix Business School Pune the undersigned hereby declare that the Project Report entitled STUDY OF RECRUITMENT & SELECTION

POLICY IN IDBI FEDERAL LIFE INSURANCE CO. LTD. written and

submitted by me to the Matrix Business School Pune, in partial fulfillment of the requirements for the awards of Master in Personnel Management (MPM) under

guidance of Pro. Amrita Rath this is my original work and the conclusions drawn there in are based on the material collected by me.

Place: Date: Anurag Kumar

CERTIFICATE

This is to certify that the project titled STUDY OF RECRUITMENT &

SELECTION POLICY IN IDBI FEDERAL LIFE INSURANCE CO. LTD.

is a bonafide work carried out by Mr. Anurag Kumar, a student of Master in Personnel Management (MPM) course at Matrix Business School, Pune .

He has worked under our guidance and direction. His work is found satisfactory and complete in all respects.

Director : Dr. J.N. POL

Project Guide : Prof. Amrita Rath

Date: Place: Pune

ACKNOWLEDGEMENT
I take great pleasure to thank and acknowledgement the permission and allowance by Mr. KRUPAL BHANSALI, BRANCH HEAD, IDBI FEDERAL LIFE

INSURANCE CO. LTD , PUNE REGION and his help and inspiration provided. I extend a whole hearted thanks to.Mr. DEEPAK GOVITRIKAR., AREA AGENCY HEAD under whom I worked and learned a lot and for enlightening me with their knowledge and experience to grow with the corporate working. Their guidance at every stage of the Project enabled me to successfully complete this project which otherwise would not have been possible without their constant encouragement and motivation, without the support it was not possible for me to complete the report with fullest endeavor. I would also like to extend my thanks to my College Faculty Member Mrs.Amrita Rath. I would like to extend my thanks to my college director Dr..J.N .Pol and all my Colleagues in the company who supported me in carry out my operation successfully and generously and provided me vital information/ training regarding the my project objective.

Anurag Kumar

Contents

Executive Summary
In todays corporate and competitive world, I find that insurance sector has the maximum growth potential as compared to the other sectors. Insurance has the maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of growth rate. Despite recession this sector has noticed a growth rate of around 35-40%. The growth potential attracts individuals to enter this sector and IDBI-Federal Life Insurance Company Ltd has given me the opportunity to get a peek of highly competitive and enhancing sector. The awareness related to life insurance products in India, among the mass, is still very low. The level is even lower in rural areas. Insurance is still considered as a tool for tax planning only, even when companies have attached investment benefits to it. The major factors affecting the purchase of an insurance product are trust, service, product features and relationship with advisors. Firms like LIC are still favored only because of being a government undertaking units. The concept of mis-selling has paralyzed the sector itself. People find it hard to have faith in advisors. Their job is really very hard. People are now getting aware of the various investment tools available in the market. The masses in urban cities like Pune have started comparing the products. While talking to different people, I found that their purchase decision was highly influenced by their family and colleagues. They purchased the insurance products at the time when they needed it most, which according to them was at the time of tax planning, whereas any insurance product must be bought when the individual needs it least so that they can actually calculate the amount of life cover they need and the type of investment they

want.

They can spread awareness by organizing various camps, sending mails or

through free counseling for interested people.

Chapter 1 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 list of qualified candidates, defining a selection strategy, 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 while recruitment and selection process and have conducted a research study through a questionnaire that I got it filled with all the sales managers of the IDBI life insurance Pune and tried to find out which methods and various other information related to recruitment and selection and tries to come to a conclusion at what time mostly the manpower planning is dont , what the various method used for recruiting the candidates and on what basic the selections is done.

Idbi India has a well-articulated equal opportunity policy, which lays strong emphasis on hiring of individuals irrespective of age, race, caste or gender. As a best practice in recruitment.

LIFE INSURANCE Definition The life insurance contract embodies an agreement in which broadly stated, the insurer undertakes to pay a stipulated sum upon the death of the insurer to a designated beneficiary. -- J.H.MAGEE Life insurance contract may be defined whereby the insurer, in consideration of premium paid either in lumpsum installments, undertakes to pay an annuity on the death of the insured of a certain number of years. -- R.S.SHARMA

LIFE INSURANCE:

Some outstanding advantages of life insurance 1.) It is superior to an ordinary saving plan: this is so because unlike other saving plans, it offers full protection against risk of death. 2.) Insurance encourages and enforces thrift : many people may not have the will power to continue a long term saving plan which they may formulate regular payments in face of money other uses to which their limited income could be put. 3.) Easy installments and protections against creditors: the proceeds of a life insurance policy can be protected against the claims of the creditors of life assured by affection a valid assignment of the policies. 4.) Tax relief: the income tax act exempts from tax that part of an individuals income which is devoted to payment of life insurance premium.
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Why Life Insurance? Life Insurance has come a long way from the earlier days when it was originally conceived as a risk covering medium for short periods of time, covering temporary risk situations, such as sea voyages. As life insurance became more established, it was realized what a useful tool it was for a number of situations, including a) Temporary needs / threats: The original purpose of life insurance remains an important element, namely providing for replacement of income on death etc. b) Regular Savings: Providing for one's family and oneself, as a medium to long term exercise (through a series of regular payment of premiums). This has become more relevant in recent times as people seek financial independence for their family. c) Investment: Put simply, the building up of savings while safeguarding it from the ravages of inflation. Unlike regular saving products, investment products are traditionally lump sum investments, where the individual makes a one off payment. d) Retirement: Provision for later years becomes increasingly necessary, especially in a changing cultural and social environment. One can buy a suitable insurance policy, which will provide periodical payments in one's old age. Let us take an example to understand the need for insurance: Mr. Pranay is 45 years of age and self-employed. His wife Nandini, who is a housewife, looks after their two children aged 3 and 7 years. They stay in a rented accommodation, where the rent is 15,000 rupees per month. Mr. Atul has taken up a loan of Rs. 2 lakes. His monthly earnings on average are 40,000 rupees. Mr. Atul passes away in an unfortunate road accident. What are some of the financial implications of his death on his family? There may be several

financial implications on his family. Some of these are:

a) The monthly income, previously provided by Mr. Atul would stop.

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b) His wife and children may have to seek financial assistance from other relatives. c) His wife may not have enough money to pay back the loan of Rs. 2 lakhs. d) The family may have to move into a cheaper accommodation. e) His widow may have to take up work to earn money. f) The education of his children may suffer. This simple example illustrates the impact premature death can have on a family, where the main earner has no life cover. Had Mr. Atul taken life cover, his family would not have faced such hardships in the event of his unfortunate death. A simple life insurance policy could have provided Mr. Atul's family with a lump sum that could have been invested to provide an income equal to all or part of his income. In simple words, insurance protects against untimely losses. Insurance has been found useful in the lives of persons both in the short term and long term. Short term needs like sudden medical costs and long term needs like marriage expenses etc can be met with using life insurance.

LIFE INSURANCE INDUSTRY:

India Life Insurance Industry: With an annual growth rate of 15-20% and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge. Total value of the Indian insurance market (2004-05) is estimated at Rs.450 billion (US$10 billion). According to government sources, the insurance and banking services contribution to the country's gross domestic product (GDP) is 7% out of which the gross premium collection forms a significant part. The funds available with the state-owned Life Insurance Corporation (LIC) for investments are 8% of GDP. Till date, only 20% of the total insurable population of India is covered under various life insurance schemes, the penetration rates of
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health and other non-life insurances in India is also well below the international level. These facts indicate the of immense growth potential of the insurance sector. The year 1999 saw a revolution in the Indian insurance sector, as major structural changes took place with the ending of government monopoly and 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. Though, the existing rule says that a foreign partner can hold 26% equity in an insurance company, a proposal to increase this limit to 49% is pending with the government. Since opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have poured into the Indian market and 21 private companies have been granted licenses. Report Highlights: 1. Gains of Liberalization in Indian Insurance Sector 2. Indian Insurance Market Segmentation By Products 3. Size of the Market and Market Share Of Life Insurers, In INR (crore) 4. Market Share Of Non-Life Insurers 5. Forecast of Life Insurance Growth Up to 2012 6. Forecast of Non-Life Insurance Growth Up to 2012 7. Market Revenue of Both Public and Private Insurers 8. Policies and Measures Taken By IRDA To Develop The Insurance Market 9. Research and Development Activities 10. Regulation of insurance and reinsurance companies 11. Major Challenges That Indian Insurance Sector is Facing 12. Profiles of the Major Players

HISTORY OF LIFE INSURANCE IN INDIA:

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With such a large population and the untapped market area of this population Insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20 per cent annually. Together with banking services, it adds about 7 percent to the countrys GDP .In spite of all this growth the statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without Life insurance cover and the Health insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation Malhotra Committee was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was Participation of overseas insurance companies with 26% capital. Creating a more efficient and competitive financial system suitable for the requirements of the economy was the main idea behind this reform. Since then the insurance industry has gone through many sea changes .The competition LIC started facing from these companies were threatening to the existence of LIC. Since the liberalization of the industry the insurance industry has never looked back and today stand as the one of the most competitive and exploring industry in India. The entry of the private players and the increased use of the new distribution are in the limelight today. The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run. The origin of insurance is very old .The time when we were not even born; man has sought some sort of protection from the unpredictable calamities of the nature. The basic urge in man to secure himself against any form of risk and uncertainty led to the origin of insurance. The insurance came to India from UK; with the establishment of the Oriental Life insurance Corporation in 1818. 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
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in the year 1850 in Calcutta by the British. In 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. In 1972 The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973. ABOUT THE COMPANY:

IDBI FEDERAL LIFE INSURANCE CO. LTD. IDBI Federal Life Insurance Co Ltd, is a joint venture between three leading financial conglomerates IDBI Bank Federal Bank . Indias premier development and commercial bank, IDBI, Indias leading private sector bank, Federal Bank and Europes premier Bank assurer, Fortis, each of which enjoys a significant status in their respective business segments. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory Development Authority (IRDA). Today, we offer our services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. At IDBI Fortis we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers.

IDBI Federal: About our Heritage IDBI Bank Ltd. continues to be, since its inception, Indias
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premier industrial development bank. Created in 1956 to support Indias industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst Indias foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from over 538 branches and more than 921 ATMs. venture capital , loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in Indias financial sector such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd.

Federal Bank: Federal Bank is one of Indias leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 600 branches and 600 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. The Bank operates on the core banking platform and is RTGS/ NEFT enabled through which it offers state-of-the-art technology enabled products and services. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations. Understanding Federal Bank is all about understanding relationships.
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Knowing how our relationships helped to make us the largest traditional private sector bank in the country. Of how we nurtured our relationships for more than seven decades, gaining us the reputation of being an agile, technology savvy and customer friendly bank.

FUTURE SCENARIO:Before looking insurance future prospectus of the insurance industry, we must take a look into its past history. The independent India started with private sector insurance companies. These companies were nationalized by the Union Govt. in 1965 to form a monopoly known as Life Insurance Corporation of India has being under public sector for over four decades till the govt. opened the insurance sector for private companies in 2000. Indian Company Kotak Mahindra Tata Group Sundram Finance Spic ILFC Alpic Finance 20th Century Vysa Bank Cholamandlam Foreign Partner Chubb AIG Winterthur Metlife Cigna Allianz Canada Life ING Axa

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SBI HDFC ICICI IDBI

Alliance Capital Standard Life Prudential Principal

Insensitivity to the needs of the market, traditions insurance adoption of modern practices to upgrades technical skills coupled with a scene of lethargy which probable led to a feeling amongst that the insurance industry was not fully responsive to customers needs.

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Chapter 2 COMPANY PROFILE

History:
Type Joint Venture

Industry Life insurance Founded March 2008 Headquarters Headquarters in Mumbai India Key people Yogesh Agarwal, Chairman G V Nageswara Rao, MD & CEO. Products Individual Life Insurance, Group Insurance and Pension Plans Employees 1,000 on-roll employees and 7,500 agents Website Official Website.

Company Information

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Full name IDBI Federal Life Insurance Co Ltd. Legal Address 1st Floor, Tradeview Building, Oasis Complex, Kamala City, Pandurang Budhkar Marg, Lower Parel ( W ); Mumbai; Maharashtra; 400013 Status: Non-Listed Legal Form: Other non-liability limited Operational Status: Operational Financial Auditors: Dass Gupta & Associates (2010) Tel: +91 22 2490 8109-10

Company Description:
IDBI Fortis Life Insurance Co Ltd, is a joint venture between three leading financial conglomerates Indias premier development and commercial bank, IDBI, Indias leading private sector bank, Federal Bank and Europes premier Bancassurer, Fortis, each of which enjoys a significant status in their respective business segments. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in.

Product of the Company:

BONDSURANCE Get guaranteed return on your investment with life insurance IDBI Federal Bondsurance Plan is designed for customers looking for guaranteed returns which will not get affected by financial market conditions. It offers guaranteed return on investment along with life insurance cover. Investment in this Plan is eligible for deduction under Sec 80C of the Income Tax Act and the maturity amount is tax-free under Sec 10(10D) of the Income Tax Act.

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If you are looking for a safe and steady approach to meet your dreams, you need a plan that will give you steady and assured returns that are not dependant on market conditions. IDBI Federal Bondsurance Plan is the ideal plan to beat the ups and downs around you.

WEALTHSURANCE Wealthsurance plans combine wealth creation with insurance protection into one powerful financial solution. Unlike other investment alternatives, it allows you to ensure that your goals of wealth creation are achieved even in the event of serious illness, accidents, disablement or death. Insured Wealth Plans to grow wealth under a protective cover Wealthsurance offers you Insured Wealth Plans. They allow you to create, build and manage wealth by giving several choices and great flexibility so that your plan meets your specific needs. You can decide how you wish to save so that it suits your savings habit. You can choose how your money is invested so that you can grow wealth as per your investment preferences. What is even better, Wealthsurance protects your wealth plans with life insurance benefits so that your wealth-building efforts remain unaffected in unforeseen events and your financial goals can still be achieved. As a seasoned investor, you recognise the ability of the equity markets to build wealth over the long term. But you also appreciate the fact that the growth potential of the market comes with the accompanying risk of volatility HOMESURANCE Your new home is the fulfillment of a long-cherished dream. Only you know the careful planning that went into its choice. And only you understand the hard work that went into arranging the financing including the home loan. Truly, your home is your best gift to your family. Just imagine what would happen, if due to an unfortunate event, you were
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not around. The entire burden of your home loan would have to be borne by your family. But you can ensure that they inherit a home and not a home loan. We understand the importance of protecting your home loan and the powerful IDBI Federal Homesurance Protection Plan can help you insure your home loan at a reasonable cost. TERMSURANCE Happiness & security for our family is something all of us strive to achieve. However, there are times when you ask yourself - What if something were to happen to me? What would happen to my loved ones? Have I secured my family financially so that they dont have to face lifes burdens? Different people have different needs and seek different things from an insurance plan. Some look for a large cover option at a low cost, while others seek return of premium on maturity of the policy. There are some who may want their plan to keep in touch with inflation, while others may seek flexible premium payment options. INCOMESURANCE Grow your Guaranteed Annual Income each time you pay premium Some goals cannot be left to chance. Like educating your child, or planning for her marriage, or providing financial security to a loved one, or ensuring a comfortable retirement income. Or you may just want to ensure a future additional income stream. How can you be confident of achieving these goals? 1. You need a plan that allows you to save regularly to reach your objective 2. You want the plan to give you assured income payments that are not dependent upon vagaries such as the stock market

3. You want the plan to work and your goals to be achieved even if anything happens to you

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A cover for all your needs Independent regular income for your wife You can ensure that your wife is secured with an independent income. You can also ensure that no one, including creditors or claimants, can touch that money. Financial security for your parents What better gift can you give your parents when you start earning yourself? You can gift them a secure, regular income to ensure a comfortable life. Regular income payments can help them enjoy their senior years doing things they had always wanted to but never found the time for. Child's Education You can save regularly and get guaranteed payouts to meet your child's education. You can be rest assured that your goal will be achieved even if anything were to happen to you. Daughters Marriage You can withdraw your guaranteed income when the time

comes for marriage. You can meet the wedding expenses or give her a regular income. It is the best present you can give when she is setting up her home. Get additional income from time to time Over and above your normal income, IDBI Federal Incomesurance Endowment & Money Back Plan can help you get additional income from time to time. You can indulge in a purchase of your choice, take a vacation or just gift it to your loved ones, the choice is yours. At the same time, you can also ensure life insurance protection for your family's security.

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RETIRESURANCE It is difficult to predict the future but with more of us living longer, the possibility of outliving our savings could become a harsh reality. In fact, you could easily spend almost 20-25% of your life in retirement. This is the time in your life when you will face the retirement challenge. As time goes by, your responsibilities grow as well, increasing your expenses. Also lets not forget the effect of inflation. Inflation increases the cost of living. Take the following increases in basic amenities over the last 20 years and you can understand what you could be up against after 20 years.

These are approximate rates based on market sources and are presented for illustrative purposes only But when is a good time to start planning for retirement? The answer is as soon as you can. It is never too early to plan ahead for something as important as a comfortable retirement. The earlier you start, bigger your corpus or your retirement. LOANSURANCE Loansurance is a cost-effective way to ensure that the outstanding debt is settled in the unfortunate event of death of the insured member. This term assurance plan provides cover to a person directly liable for loan repayment (and the partners, in case of a partnership), as per the benefit schedule.
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Reducing cover Under this option, your insurance cover reduces as per your benefit schedule. The benefit schedule is computed over a period of time, taking into account initial loan interest rate, the loan term and outstanding loan amount. Level Cover The level cover option of Loansurance provides a cover for the sum insured as specified by the insured member and can be to the extent of the full agreed loan amount plus accrued interest as chosen by the insured member.

STATEMENT OF THE PROBLEM

For a company to succeed in their business, they have to make sure that their c u s t o m e r a r e s a t i s f i e d . C u s t o m e r s a t i s f a c t i o n i s g i v e n v i t a l i m p o r t a n c e especially in this competitive scenario; as wining & retaining a customer alone make the company to stay in business.

NEED FOR THE STUDY T o d a y t h e r e a r e m a n y c o m p a n y s s t a r t e d t o e m e r g e i n t h e f i e l d o f lifeinsurance. So it is necessary for the company to know the c u s t o m e r satisfaction and their expectation. This project is done with the objectivesof knowing the satisfaction level among customers, their awareness aboutd i f f e r e n t companies and factors preferred for choosing an insurance c o m p a n y & t h e i r e x p e c t a t i o n f r o m t h e c o m p a n y . T h e s t u d y w i l l b e helpful to the management to find out the ways to stay competitive &also to increase the satisfaction level and to retain the existing customers.

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OBJECTIVES OF THE STUDY

PRIIMARY: To study the customer satisfaction regarding the services provided by IDBI Fortislife insurance. SECONDARY: To understand the level of awareness among public regarding l i f e i n s u r a n c e company. To know about the factors that induce people to choose life insurance policy. To identify the factors that motivate people to choose a particular life insurancecompany. To know the expectations of customer from an insurance company. To know the opinions of IDBI customers regarding the product/service offered incomparison with other insurance company. To identify & suggest measures to improve the existing leve l of s a t i s f a c t i o n among customers of IDBI Fortis.11

SCOPE OF THE STUDY The study is useful to understand the customer expectations from a life insurance company.

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 The study reveals the various aspects that the customer expects from the life insurance company. The study suggests the way in which company can improve based onthe following factors:

Chapter 3 Research Methodology

Business research is a systematic enquiry that provides information to guide businessdecision and aimed to solve managerial problems. Business research is of recent originand it is largely supported by business organizations that hopes to achieve competitiveadvantages Research Methodology i s a w a y t o s y s t e m a t i c a l l y s o l v e t h e p r o b l e m s . I t m a y b e understood as a science of studying how research is done scientifically. It include theoverall research design, the sampling procedure, data collection method and analysis procedure.

RESEARCH DESIGN

The research design stands for advance planning of the method t o b e a d o p t e d f o r collection the relevant data and the techniques to be used in adopted for collecting therelevant data and the techniques to be used in analysis , keeping the view the objectives of the research and the availability time.I n general, research design is the conceptual st ructure

w i t h i n w h i c h r e s e a r c h i s conducted: it constitutes the blue print for the collection, measurement and analysis of data.
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DESCRIPTIVE RESEARCH

Descriptive research study includes surveys and fact-finding enquires of different kinds,which help the researchers to describe the present situation that makes the analysis about15

the effectiveness of employee satisfaction among the employees and helps to reach theobjective.

SAMPLING DESIGN/TECHNIQUES:

Sampling design is to clearly define set of objective, technically called the universe to bestudied. This research has infinite set of universe and the sampling design used in thestudy is non-probability sampling convenience sampling.

SAMPLE UNIT/SAMPLE SIZE:

The item selected from the population constitutes the sample size. The study covers thecustomers of IDBI fortis life insurance company.Total sample size for the study is 150.

DATA COLLECTION METHOD:

Source of Data:Both Primary and Secondary data are used for the data collection.

Primary data:-

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The primary data is collected from the res pondents through questionnaire.The questionnaire consists of various questions

f o c u s i n g o n t h e i n t e r n a l c o m m u n i c a t i o n process between employer and employee relationship in the company. The responses arecollected from them and used for analysis. The questionnaire is constructed as the art of survey operation.

Secondary data:-

The research collected the secondary data from books, web sites etc. the data relating tothe history of the company is collect ed from the personal manual and the records of thecompany.

DATA ANALYSIS TOOLS

To arrange and interpret the collected data the following statistical tools were used. 1. Percentage Method 2. Weighted Average Method 3. Chi square Analysis 4. Rank Correlation

PERCENTAGE METHOD

The percentage method was extensively used for findings various details. It isu s e d f o r making comparison between two or more series of data. It can be g e n e r a l l y calculated.

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Percentage of respondents is given by ( Number of respondents favorable/total respondents) 100

WEIGHTED AVERAGE METHOD

In theWeighted Average Method, the weighted average can be c a l c u l a t e d b y t h e following formula.

XW = WX/X Here XW represents the weighted average X1,X2,X3.Xn represents the value for variable values. W1,W2,W3..Wn represent the weightage given to the variable.

Steps: Multiply the weighted ( W) by the variables ( X) to obtain WX Add all WX to obtain WX Divide WX by sum of the weights (X) to get weighted average.

LIMITATIONS OF THE STUDY

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This study was conducted with less sample size due to time constrainta n d t h e s u r v e y w a s c o n d u c t e d o n l y i n C h e n n a i , s o t h e r e s e a r c h findings may not be generalized.

Some of the customers are reluctant to give full information, this leadsto bias & may not reflect the true picture.

The observations are only based on current scenario, as it c o u l d change in future.

RESEARCH PROCESS The research process has four distinct yet interrelated steps for research analysis it has a logical and hierarchical ordering: Determination of information research problem. Development of appropriate research design. Execution of research design. Communication of results. Each step is viewed as a separate process that includes a combination of task, step and specific procedure. The steps undertake are logical, objective, systematic, reliable, valid, impersonal and ongoing. SAMPLE SIZE: The sample size was: 100 respondents.

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I have targeted 100 customer in the age group above 21 years for the purpose of the research. The target population influences the sample size. The target population represents the Pune City (for employees) regions. The people were from different professional backgrounds. The details of our sample are explained in chapter named primary research where the divisions are explained in demographics section.

3.2 Sources Data Collection Methods:

Primary Data:
Primary data was collected through survey method by distributing questionnaires to branch manager and other sales manager. The questionnaires were carefully designed by taking into account the parameters of my study.

Secondary Data:
Data was collected from books, magazines, web sites, going through the records of the organisation, etc. It is the data which has been collected by individual or someone else for the purpose of other than those of our particular research study. Or in other words we can say that secondary data is the data used previously for the analysis and the results are undertaken for the next process. RESEARCH APPROACH: These 4 ways of research approaches i.e. 1. Observation Research, 2. Survey Research, 3. Focus Group Research, 4. Experimental Research.

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In this project the approach used was survey approach because the main objective of our survey was to study of the market potential and have an idea about the customer perception. SAMPLING PLAN:Sampling Size: Unit was also 100 respondents of IDBI Federal Life Insurance Company Limited. Work area: Pune City In Karve Road, Deccan, Kothrud Areas

Sampling type: Cluster sampling Sampling unit: Individual owners of Insurance Company Sample Technique: Stratified random sampling .

3.4 Scope and the Limitation of the study

The scope of study is limited to the respondents are selected from in and around Aurangabad. The project is carried out for the period of 60 days only. Measurement of customer satisfaction is complex subjects, which uses nonobjectives method, which is not reliable. The sample unit was also 100 respondents. However, Mahindra and Mahindra Automobile showrooms are located in other places i.e. locally and even in the neighboring states. Only opinion of respondents of Aurangabad city was consider for finding out the opinions of respondents.

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Chapter 4 Data presentation, Analysis & Interpretation

Q 1. What form of interview did you prefer?

Factor

No. of Respondent
40 30 20 10 100

(%. of Respondent )
40% 30% 20% 10% 100%

Personal Interviews Telephonic interview Video Confrencing Other Total

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Other 10% Video Confrencing 20% Personal Interviews 40%

Telephonic Interview 30%

Interpretation:
40% most of the manager Prefer Personal interviews, 30% prefer to take telephonic interviews where as only 20% go for video conferencing and rest 10% adopt some other means of interviews. Q 2 How do you rate the HR practices of the company?

Factor Very Good Good Average Bad Total

No. of Respondent 45 30 15 10 100

(%. of Respondent ) 45% 30% 15% 10% 100%

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Bad 10% Average 15%

Very Good 45%

Good 30%

Interpretation:
30% of the managers feel that HR department is good where and 45% say that its very good where as 15% says its average and only 10% manager feel its bad.

Q 3 What are the sources for recruitment and selection?

Factor Internal External Both Total

No. of Respondent

(%. of Respondent )

13 26 61 100

13% 26% 61% 100%

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Sources for Recruitment and Selection

Internal 13% External 26%

Both 61%

Interpretation:
About 61% of the manager say that they prefer both internal as well as external source for recruitment and selection where as only 13% go for internal source and 26% go for external sources.

Q 4 Which method do you mostly prefer for recruitment and selection Preferred way of recruitment ? Factor Direct Indirect Third Party Total
No. of Respondent (%. of Respondent )

66 31 3 100
36

66% 31% 3% 100%

Mostly Prefer for Recruitment and Selection Method

70 60 50 40 30 20 10 0 Direct Indirect Third Party Third Party, 3 Indirect, 31 Direct, 66

Interpretation:
About 66% of the mangers go for direct recruitment and selection and 31% go for indirect and only 3 % go for third party recruitment way.

Q 5 When do you prefer to go for manpower planning ? Factor Yearly Quaterly No fixed Time Total
No. of Respondent (%. of Respondent )

20 50 30 100

20% 50% 30% 100%

37

Prefer to go for Manpower planning

60 Quaterly, 50 50 40 No fixed time, 30 30 Yearly, 20 20 10 0 Yearly No fixed time Quaterly

Interpretation:
Around 50% of the managers go for Quarterly manpower planning and 20 % do not follow any pattern they dont have any fixed time where as 20% go for yearly.

Q 6 What are the sources for external recruitment are.

Factor Campus interviews Placement agencies Data bank Casual applicants

No. of Respondent

(%. of Respondent )

32 40 18 10

32% 40% 18% 10%

38

Total

100

100%

sources for external recruitment

sources for external recruitment 40 32 18 10 0 Placement Agencies Campus Interviews Data Bank Casual Applicants

Interpretation:
In IDBI 32% of manager go for campus interviews, 18% go for data bank, 10% from the casual application that are received and only 40 % go for any placement agencies.

Q 7 Would you like to know about a career in insurance advisor ship where you can fulfill every desire of your life? A) Yes B) No

Factor Yes No

No. of Respondent

(%. of Respondent )

40 60

40% 60%

39

Total

100

100%

career in insurance advisor ship

Yes No

40% 60%

Interpretation:
The sample drawn on shows that 40% of the customers were satisfied and only 60% are not satisfied with career in insurance advisor ship.

Q 8 Are you satisfied by the services provided by the IDBI Federal Life Insurance? Factor Satisfied Very Much Satisfied Not Satisfied
No. of Respondent (%. of Respondent )

15 80 5

15% 80% 5%

40

Total

100

100%

Satisfied by the services

90 80 70 60 50 40 30 20 10 0 15 5 Satisfied Very Much Not Satisfied Satisfied Satisfied by the services 80

Interpretation:
The study reveals that in IDBI 80% of the employees are very much satisfied & 15% are satisfied & 5% of the employees are not satisfied.

Chapter 5 Findings and Suggestions

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