EVALUATION OF RECRUITMENT AND SELECTIONshodhganga.inflibnet.ac.in/bitstream/10603/11928/7/07...3. EVALUATION OF RECRUITMENT AND SELECTION 3.1 LITERATURE REVIEW The importance of recruiting

3. EVALUATION OF RECRUITMENT AND

SELECTION

3. EVALUATION OF RECRUITMENT AND

SELECTION

3.1 LITERATURE REVIEW

The importance of recruiting the right type of person cannot be over emphasized. This is

obviously linked with the needs of the organization and business. In a country like ours

with a surplus of educated manpower and dearth of employment opportunities, there is

a heavy pressure on getting jobs. Organizations have to be extremely cautious in

resisting pressures to recruit candidates except through a rigorous selection procedure.

The dangers of over staffing are also very real and the spate of VRS to remove surplus

staff from banks a few years after liberalisation is a case in point.

The basic recruitment strategy of any organization is ideally based on Business

projections and manpower requirements as envisaged by the top management. This

presupposes a very good rapport and interaction between the various departments and

a planned need projection for the short, medium and long term manpower requirements.

How ever it is a generally observed fact that such planning is rarely done much less

implemented. Thus in most cases it comes down to adhoc recruitment to replace

employee turnover in departments as and when it occurs. There is always a compulsion

to keep the employee numbers under some control.

Lower headcounts mean that each new hire is that much more crucial to the firm's

success, and the departure of a star performer can impact financial results that

investors are watching more closely than ever. In this environment, HR leaders need to

develop business processes that allow their teams to be more efficient and productive.

[Microsoft Corporation. 2003].

Retaining the key employees has been a concern and various strategies are adopted to

hold on to the valuable human assets. Several Indian companies offer examples of

comprehensive retention programs that include employee stock option plans (ESOPs).

44

Business leaders in India are increasingly concerned with the challenges of recruiting

and retaining talented employees, despite a population of over one billion. The

Workforce Stability Institute, a U.S.-based not-for-profit research and educational

organization, reports that the Indian mutual-fund industry has been a leader in creating

ESOPs designed to help address the problem. Templeton Asset Management (India)

launched one such program. Templeton India CEO Rajiv Vij stated that the program is

"designed to retain our best talent by enhancing the feeling of owner-ship... at a time

when the industry as a whole is facing an attrition problem." Vij sums up the logic of

human capital management by adding, "People are the key asset for us."

The recruitment and selection process works best when we've carefully identified our

department's personnel requirements. Determining staffing needs isn't hard, but like any

other aspect of human resources management, it requires some careful consideration

on our part.

Basing staffing decisions on business volume is the most effective way to make sure

that we've got the right number of people to perform all the tasks associated with

providing a customer-focussed purchase and service experience. [Deiss, 1997].

Manpower Planning provides information to help ensure that we have the right number

of people to handle the volume of business in our department in a way that supports a

high quality experience for our customers. But human resources requirements are never

satisfied once and for all. It's important to periodically review staffing needs, especially

when:

■ The volume of business increases or decreases significantly

■ A change in business volume is forecast, shortly.

■ Customers complain about treatment or quality of work because there are too

few employees to respond to their needs

• Employees complain about excessive workloads or contradictory job

assignments.

45

It's important to know our current human resources requirements and make sure that

departments are appropriately staffed. In our ongoing effort to attract and retain

qualified employees, it's equally important to look down the road and project future

employment needs in order not to get caught short in the recruitment process and

settle for a mediocre candidate, we must plan for changes in staffing requirements

before they happen. Projecting future employment needs is far from an exact science,

but it's much better to make an educated guess than be stuck with an eleventh-hour

attempt to recruit qualified employees.

Using technique called a trend projection will get us even beyond that educated guess

With trend projection we can develop a forecast based on a past relationship between a

factor related to staffing requirements—like sales volume—and the number of people

actually employed (2). .[Diess 1997 ]

The rate of employee turnover is another predictor of personnel requirements. If we

determine the annual percentage of employee turnover, we'll have a good idea about

the number of employees we should be prepared to replace.

Smart managers keep a plan for filling key positions in mind all the time. They identify

employees who could be promoted to these jobs and determine what additional training

they would need to succeed. We thus prepare current employees to meet our

department's future requirements.

Mistakes like over hiring or hiring the wrong person for the job are costly. That's why

organizations pay careful attention to the recruitment and selection process. Top

managers are often asked to develop plans for recruitment and employee selection that

complement the strategic and business plans for their organizations.[Diess 1997]

(2) Deiss & Associates Inc. for GM Corpn.1997,Recruitment and Selection & Retention, chapter 1.2.2 pge33/34

46

Promoting from within or providing current employees an opportunity to work in different

positions helps eliminate costly turnover. [Diess 1997].:

While drawing up job descriptions for a position, we have to make sure the information

is up to date and that it accurately outlines responsibilities, task assignments,

qualifications, and performance standards. Job descriptions are required to ensure that

candidates meet the necessary eligibility requirements and help clearly explain the

position during selection interviews.

Prior to reviewing a resume, the evaluator should have a list of standards and criteria in

mind against which to compare resumes. Ideally the screening committee as a group

will have developed a list of essential and desirable skills, knowledge, and previous

work experiences sought in a new staff member. If the search committee has not

developed such a list, then each reviewer should write his or her estimations of the

necessary skills, knowledge, and experience against which to evaluate resumes. (If

there is no prior conscientious about needed qualifications, one may expect

disagreement and the need for consensus building before the committee can get to its

task of sorting through applications.) In addition, the job description and any other

relevant information should also be compared with the resumes (Bailey, 1999;

Wendover, 1998). It is important that one always keep these standards in mind and not

bend as they were created to meet the job expectations (Caldwell, 1998). "By

evaluating all candidates against the same screening standards, the process will be

more objective, fair and accurate" (Klinvex et al., 1999,- p. 70). In addition, the resume

screening process can be accomplished quicker by knowing what one is looking for in

the position (Klinvex et al., 1999).

There are two different perspectives on how to screen resumes. One approach holds

that it is better to review all resumes in the sarne day. This way, the evaluators keep

the standards consistent, as they maintain the same "frame of mind." It is then

recommended that the resumes be re-checked the next day for accuracy (Bailey, 1999).

However, screening resumes in a single setting is perhaps not a realistic or practical

approach for organizations receiving scores of resumes. Consequently, the other

47

approach advocates reviewing resumes piece meal. Deems (1999) encourages

reviewers to work in shorter blocks of time so the reviewer "stays fresh." The challenge

with this approach is to make sure that the assessment criteria remain consistent from

day to day and applicant to applicant.

The Qualification category may be one of the most straightforward to evaluate. The

evaluator should make sure to check the applicant's course of study. This should help

the reviewer discover whether the individual took courses that provided the expertise

needed to perform the job tasks (Cook, 1979). Because most organizations do not

require a specific major for the degree earned, they consider candidates with related

fields of expertise or experience (Wendover, 1998). Some organizations require

applicants to meet a certain educational level. It is important for those organizations to

ensure that level was actually obtained (Klinvex et al., 1999; Resume screening

guidelines,.). Although completion of a degree does not necessarily guarantee the

applicant has the appropriate skills or knowledge for the position, it may indicate a

certain familiarity with the field and demonstrate the candidate's ability to complete a

task (Klinvex et al., 1999). If a particular degree is important, make sure the resume

indicates that the degree was actually earned. Some candidates list classes attended

at a university, but no graduation date. All educational credentials should be verified

with the institution (Wendover, 1998). It is also important to note that since the

academic world is changing, many candidates may have received appropriate

educational training during their previous job experiences or through on-line education.

These experiences should not be discounted by the reviewer.

In order to be consistent and fair in the reviewing process, it is important to determine

the educational requirements of the position in advance of screening—actually before

announcing the position vacancy. For some positions, a masters or doctoral degree

may be preferred, but not mandatory. If the vacant position does not require a particular

degree, an evaluator should be cautious of the motivations of applicants who possess

more than the required level of education. During periods of economic downturns, it is

conceivable that no other work could be found. However, it is also possible the

48

applicant is looking for a temporary position in hopes that something better will become

available, and will consequently grow bored and unproductive in a short period of time if

they are overqualified for that position (Wendover, 1998).

An applicant's work history and experience is the most critical information for most

organizations. Generally, the best predictor of future job performance is looking at the

most recent position held by the applicant (Handbook for staffing practices in student

affairs, 2002). Resume reviewers, however, should examine carefully work

responsibilities from all previous jobs to see if they match the requirements for the

position to be filled. It is rare to find an applicant who has experience identical to the

vacant position, so evaluators often need to compare the experience identified and the

candidate's potential from those experiences with the organization's requirements. The

resume should draw the reviewer's attention to a list of accomplishments that may give

an indication of the work ethic of the individual as well as his or her working knowledge

of a topic or skill. (Potential may be most accurately gauged during interviews than from

information included in the resume.) .

In addition, reviewers should be able to see the scope of previous experiences and

positions responsibilities. For example, the number of staff members supervised or the

size of a budget should be listed on the resume (Wendover, 1998). Finally, evaluators

should note if duties and tasks are listed clearly. Many times the candidate will mention

the job title but not elaborate on what he or she actually did or was responsible for. The

problem is that a term like "manager" or "director" or "assistant dean" could mean

different things to different reviewers. Concrete terms can help the evaluator assess

what the applicant has actually done (Klinvex et al., 1999). If desired information is not

provided on the resume, note should be made of specific questions that should be

answered in a telephone interview with the candidate and/or previous supervisor.

Reviewers should never "fill in the blanks" observed in a resume by reference to the

employing institution's practices or the reviewer's personal experience.

When critiquing job experience for mid- or senior-level applicants, the reviewer should

also see if there is evidence of career progression as the candidate moves from position

49

to position (Outlaw, 1998). Many candidates list more than one position held on their

resume, but the reviewer should note whether the career progression is logical or if the

candidate skipped around or made several lateral moves (Klinvex et al., 1999).

It is also important to see if there are gaps or breaks in employment (Cook, 1992;

Outlaw, 1998). If the resume is chronological, gaps between jobs are easily detectable

by looking at precise dates of employment. While as a reviewer it is good to note gaps,

one should refrain from assuming that there were negative reasons for those gaps

(Caldwell, 1998; Resume screening guidelines, n. d.). The purpose of noting breaks of

employment is to remember to explore those gaps in an interview setting (Bailey, 1999;

Caldwell, 1998; Cook, 1992) or make a telephone inquiry to the candidate. Candidates

should not be eliminated from the process if they have a gap in employment. There

could be a reasonable explanation for the employment gap, such as an illness or

temporary disability such as maternity leave. Removing those applicants from the

selection process may result in unlawful discrimination.

Another factor to review is whether the tenure of the positions held has been

appropriate (Klinvex et al.. 1999). As an evaluator, one should observe if the

candidates have stability in their positions or move from job to job in a relatively short

period of time (Outlaw, 1998). A candidate who is only in a position for months at a time

may list all of their responsibilities, however, if he or she was only in those jobs for a

couple of months, the reviewer may wonder whether the candidate really obtained the

depth of experience needed for the position to be filled (Wendover, 1998).

The amount of time a candidate spends at a particular organization can have its

advantages and disadvantages. A long tenure of employment with one organization

may imply institutional loyalty, an ability to get along with others as well as an ability to

contribute to a team. However, the evaluator could wonder whether the candidate has

become stagnant in his or her position and lost the desire to challenge himself or

herself. Similarly, many short-term employments could indicate that the applicant was

50

promoted due to hard work and assertiveness. On the other hand, a short tenure could

also indicate the candidate's impatience or lack of concentration (Wendover, 1998).

For the IT sector a major part of the human capital comes from the group of young IT

graduates. so the Internet is considered best for the recruitment .of recent graduates.

As a company put it most characteristically: The young IT graduate most probably will

first search on the Internet and, secondly, on the University Careers Service only after

that he will look at other traditional sources.

Interview is the most popular and commonly used tool for selection. But research has

shown up that it is not necessarily as efficient as one expects it to be. Personnel

selection experts have found no greater correlation between interview-based

employment decisions and ultimate success on the job than would occur strictly by

chance. In other words, most interviews are about as effective at predicting success on

the job as flipping a coin. The problem is that people are unconsciously inclined to

select other people who most closely fit their image of themselves. It's a very human

failing that stands in the way of matching applicant qualifications to job requirements.

And if you think about the costs of selecting the wrong people, you'll recognize how vital

it is to use every reasonable means to make the best employee selection decisions

[Diess 1997]

Employee retention is as important as selecting the right people for the job. Managers

should understand the considerable costs of employee turnover and regularly monitor

employee satisfaction through formal and informal channels. They should recognize the

importance of developing plans to encourage employee loyalty and work toward

creating an environment that ensures a high level of employee retention.

2003 General Top Five business related Issues:

• Finding and retaining qualified staff

• Succession planning/developing future owners

• Marketing/practice growth

51

■ Seasonality/workload compression

• Fee pressure/pricing of services. [Reported in The American Institute of Certified

Public Accountants,2005]

Some points to regarding recruitment and selection are:

• The recruitment and selection process works best when we've carefully identified

our department's personnel requirements

■ Monitoring employee satisfaction on a regular basis provides managers with

concrete information about the company from an employee perspective.

■ Mistakes like over hiring or hiring the wrong person for the job are costly. That's

why organizations pay careful attention to the recruitment and selection process.

■ Every recruitment effort should begin in our own backyard. That means

considering our employees first.

■ Screening job applicants improves the odds of selecting the right person. A pre-

employment assessment is a valuable tool for screening job applicants. It is a

better predictor of job success than the traditional job interview.

■ The screening process narrows the field of job applicants. The people we invite

back for the hiring interview should be qualified and suitable for the position.

From this group, we want to select the best person for the job.

While discussing some future directions of human resource practices in Singapore Irene

Chew and Mark Goh found from their studies that a company used at least four

channels: First, newspaper advertisements were most frequently used to identity and

recruit employees across the occupational groups, second, employee recommendations

were the second most popular source of recruiting all three occupational categories.

This suggests that employers relied heavily on internal sources of labour market

information, and perhaps they used these sources before searching for employees in

the external labour market.

Third, the use of executive search firms and professional societies were more

popular to recruit employees higher up the organization. For example, over half of

companies use executive search firms to recruit managers as compared to only 20

52

per cent and 14 per cent to recruit supervisors and the rank and file respectively.

Fourth, walk-ins were the third most popular source to identify and recruit supervisors

and the rank and file.

Companies with HR departments tended to use them to recruit the rank and file more

than companies with none.[ Irene Chew, 1991].

Selection of people for managerial jobs cannot be based largely on personality test

results. The article concludes with some ways in which personality testing can

complement other selection procedures.

Thus we may see that recruitment and selection is one of the single most important

decision taken by managements during the life of the business. Efficient controls during

entry into the organisation sets the pace for the future effectiveness of the individual and

the company.

53

3.2 CORRELATION ANALYSIS OF STRATEGIC ISSUES OF RECRUITMENT AND SELECTION AND THEIR PRACTICES

The strategic issues of Human Resources Development are as follows: 1) business

projection and manpower requirement 2), Ad hoc basis recruitment 3), Replacing

employee turnover in department 4) continuous learning, 5) business requirement

behind organizational development 6) career growth and development 7) sparing of

employees from main line business 8), strategic plan and the target set by the

management and, 9) strategic plan and target set by supervisors. These are being

examined in Table 3.2.1 below to study the relationship between them.. This analysis

will bring out to what extent the employees perceive a significantly positive or negative

relationship between the nine strategic issues of Recruitment and Selection The result

in turn will show to what extent some of the Recruitment and Selection strategies are

seen to be effective, while some may need improvement as perceived by the

employees of the financial services institutions.

54

3.2.1 TABLE

Correlation between strategic issues of HRD perceived by the employees of

financial services institution I M

AN

PO

WE

R R

EQ

UIR

EM

EN

T

I TU

RN

OV

ER

IN T

HE

OR

GA

NIZ

ATI

ON

DEV

EL

OP

ME

NT

DE

VE

LO

PM

ENT

MA

IN L

INE

BU

SIN

ES

S

SE

T B

Y TH

E M

AN

AG

EM

EN

T

TAR

GET

SE

T BY

THE

Business

projections and

Manpower

requirements

1

Ad hoc basis

recruitment -.294("*) 1

Replacing

employee

turnover in

department

-.169(**) .046 1

Continuous

learning .133(') -.096(*) -.057 1

Business

requirement

behind

organization

development

.235(**) .055 -.189(**) -.151(**) 1

Career growth

and

development

.020 .094(*) .037 -.015 -.021

Sparing

employees

from main line

business

-.111(**) .008 .013 .279(**) -.326(**) -.062

55

MA

NP

OW

ER

RE

QU

IRE

ME

NT

TUR

NO

VE

R IN

TH

E

OR

GA

NIZ

ATI

ON

DE

VE

LOP

ME

NT

I D

EV

ELO

PM

EN

T

I M

AIN

LINE

BU

SIN

ES

S

SE

T B

Y TH

E M

AN

AG

EM

EN

T

TAR

GET

SE

T B

Y TH

E

Strategic plan

and target set

by the

management

.231(**) -.018 -.170(**) .071 .369(**) .009 -.094(*) 1

Strategic plan

and target set

by the

supervisor

.128(**) .012 -.150(**) .064 .295(**) -.031 .004 .263(**) 1

CORRELATION BETWEEN STRATEGIC ISSUES OF HRD PERCEIVED BY THE

EMPLOYEES OF FINANCIAL SERVICES INSTITUTION

Table 3.2.1 showed the relationship between the strategic issues of HRD perceived by

the employees of financial services institution. The result showed that the business

projection and manpower requirement perceived by the employees had a significantly

positive relationship with the continuous learning, business requirement behind

organizational development, strategic plan and the target set by the management and,

target set by supervisors (0.13, 0.24, 0.23 and 0.13 respectively).

But a significantly negative relationship with, Ad hoc basis recruitment (0.29), Replacing

employee turnover in department (0.17),and sparing of employees from business

(-0.11). The employees who perceived the business projection and manpower

requirement as important, also perceived the requirement for continuous learning,

business requirement behind organizational development, strategic plan and the target

set by the management and, target set by supervisors, as important. However the

aspects of, Ad hoc basis recruitment, Replacing employee turnover in department and

56

employees being spared from operations for further development, have not been

perceived as favorable by employees.

Table 3.2.1 also showed that, the replacement of employees in various departments,

had a significantly negative relationship with strategic targets set by the management

and supervisor (rs= -0.17 and -0. 15 respectively). The employees perceived that the

pace with which the strategic plan and targets are set by the management and

supervisor is not maintained by the pace of recruitment to replace the employee

tu mover

Further the Table 3.2.1 showed that, The business requirement behind organizational

development, perceived by the employees of financial service institution shown positive

relationship with strategic plan and target set by the management as well as supervisor

(rs= 0.37 and 0.29 respectively) and negative relationship with employees being spared

from business operation for further development (rsz0.33).

This result can be interpreted as the employees who felt the business requirement

behind organizational development as important are also felt that the strategic target

and plan set by the management as well as supervisor as equally important, on a

contrary, sparing the employees from operations for further development was not

perceived as important.

Table 3.2..1 also showed that, the strategic target and plan perceived by the

management as well as supervisors shown significantly positive correlation ( 0.26),

which means that the strategic target and plan set by the management as well as the

targets set by supervisors are perceived as equally important by the employees of

financial services institution.

57

CORRELATION BETWEEN STRATEGIC ISSUES OF RECRUITMENT AND

SELECTION SUB SYSTEMS AND THE VARIED RECRUITMENT AND SELECTION

PRACTICES PERCEIVED BY THE EMPLOYEES OF FINANCIAL SERVICES

INSTITUTION

Table 3.2..2 attempts to show the relationship between the strategic issues of

Recruitment and Selection sub systems such as 1) business projection and manpower

requirement2) , Ad hoc basis recruitment and 3) Replacing employee turnover in

department and the varied Recruitment and Selection practices of (a) Searching

through newspapers,(b)Searching through Internet,(c) ,Searching through Campus

selection, (d)Searching through Consultants ,(e)Searching through Employee

referrals,(f) Searching through other sources,(g) Scanning bio-data, (h)Conducting

subject based tests, (i)Conducting psychological test), (j)Group Discussion

,(k)Conducting interviews, (I)Selecting consensus candidate, (m)Assigning Interview

criteria marks ,(n)Department visits during training,(o) Class room lectures ,(p)Talk by

CEO on mission and objectives of the company,(q) Providing hospitality.(r) Making new

employee productive,(s) Providing feedback by the superiors ,(t) Accepting better salary

,(u) Accepting better position and responsibilities ,(v) Joining on time ,(w)Receiving

good rating for performance and(x) Satisfying department needs, as perceived by the

employees of Financial Services Institutions.

This analysis will bring out to what extent the employees perceive a significantly positive

or negative relatiOnship between the three strategic issues and the varied Recruitment

and Selection practices The result in turn will show to what extent some of the

Recruitment and Selection strategies are seen to be effective, while some may need

improvement as perceived by the employees of the financial services institutions.

58

3.2.2 TABLE CORRELATION BETVVEEN STRATEGIC ISSUES OF RECRUITMENT AND

SELECTION SUB SYSTEMS AND THE VARIED RECRUITMENT AND SELECTION

PRACTICES PERCEIVED BY THE EMPLOYEES OF FINANCIAL SERVICES

INSTITUTION

PARAMETERS

BUSINESS

PROJECTIONS

AND MANPOWER

REQUIREMENT

ADHOC BASIS

RECRUITMENT

REPLACING

EMPLOYEE

TURNOVER

Search through news papers -.020 .101* .031

Search through Internet .141** -.107* .001

Search through Campus selection .282- -.018 -.177**

Search through Consultants .367** -.090* .008

Search through Employee referrals .114- -.025 .012

Search through any other -.329** .099* .182**

Scanning biodata .130** -.019 -.090*

Conducting Subject based tests .034 -.039 -.227**

Conducting psychological test .181** -.002 -.206**

Group Discussion .210** .028 -.155**

Conducting interviews .269** .023 .012

Selecting consensus candidate .158** -.066 -.015

Assigning Interview criteria marks .204** .011 -.016

Department visits during training .415** -.038 -.104*

Class room lectures .165- .051 -.036

Talk by CEO on mission and objectives of the company 1 .147** -.063 -.047

Providing platform for employee closeness -.074 .257** .067

Providing hospitality -.112- .322** .041

Making new employee productive -.041 .246** .016

Providing feedback by the superiors .496- -.032 -.242

Accepting better salary t

.026 .009 .098-

Accepting better position and responsibilities .034 .160- .078

Joining on time .079 .029 .198**

Receiving good rating for performance .167** -.058 -.064

Satisfying department needs .124* .152** -.115**

**Correlation is significant at the 0.01 level (2-tailed) *Correlation is significant at the 0.05 level (2-tailed).

59

Table 3.2.2 shows the relationship between the strategic issues of Recruitment and

Selection sub systems and the varied Recruitment and Selection practices as perceived

by the employees of Financial Services Institutions (FSI).

RELATIONSHIP WITH BUSINESS PROJECTION AND MANPOWER REQUIREMENT

The results show that, the business projection and manpower requirement ,as

perceived by the employees had a significantly positive relationship with Searching

through Internet(0.141),Searching through Campus selection(0.282) Searching through

Consultants(0.367),Searching through Employee referrals(0.114), Scanning bio-data

(0.130), Conducting psychological test (0.181), Group Discussion (0.210), Conducting

interviews (0.269) Selecting consensus candidate(0.158),Assigning Interview criteria

marks (0.204),

Department visits during training (0.415) Class room lectures (0.165),

Talk by CEO on mission and objectives of the company (0.147), Providing feedback by

the superiors(0.496),Reciving good rating for performance(0.167) and Satisfying

department needs (0.124).

The business projection and manpower requirement as perceived by the employees

had a significantly negative relationship with Searching through any other source

(-0.329), and providing hospitality (-0.112).

Therefore the employees who perceived the business projection and man power

requirement as important also perceived the Searching through Internet, Searching

through Campus selection, Searching through Consultants ,Searching through

Employee referrals, Scanning bio-data, Conducting psychological test), Group

Discussion ,Conducting interviews, Selecting consensus candidate, Assigning Interview

criteria marks ,Department visits during training, Class room lectures ,Talk by CEO on

mission and objectives of the company, Providing feedback by the superiors ,Receiving

good rating for performance and Satisfying department needs, as important.

However the aspects of Searching through any other, and Providing hospitality have not

been perceived as favourable by the employees.

60

INTERPRETATION

We may interpret that business projections and man power requirements are done in an

effective manner keeping in mind the various significant Recruitment and Selection

practices as perceived by the employees of the Financial Services Institutions (FSI).

RELATIONSHIP WITH AD HOC RECRUITMENT:


Selection sub systems and the varied Recruitment and Selection activities perceived by

the employees of Financial Services Institutions (FSI).

The results show that the Ad hoc basis recruitment, as perceived by the employees had

a significantly positive relationship with Providing platform for employee closeness

(0.257),Providing hospitality (0.322),Making new employee productive (0.246),

Accepting better position and responsibilities(0.160) and satisfying department

needs(0.152)

Therefore the employees who perceived the Ad hoc basis recruitment as important also

perceived the Providing platform for employee closeness ,Providing hospitality, Making

new employee productive , Accepting better position and responsibilities and satisfying

department needs as important.

INTERPRETATION

We may interpret that Ad hoc basis recruitment does serve a useful purpose as

perceived by the employees of the Financial Services Institutions..

RELATIONSHIP WITH REPLACING EMPLOYEE TURNOVER:


Selection sub system of replacing employee turnover' and the varied Recruitment and

Selection activities perceived by the employees of Financial Services Institutions.

The results show that the Replacing employee turnover as perceived by the employees

had a significantly positive relationship with Searching through any other (0.182),

Accepting better salary (0.098) and Joining on time (0.198).

But a significantly negative relationship with Searching through Campus selection

(-0.177), Conducting Subject based tests (-0.227,) Conducting psychological test

(-0.206), Group Discussion (-0.155) and Satisfying department needs (-0.115).

Therefore the employees, who perceived Replacing employee turnover as important,

also perceived the Searching through any other source, accepting better salary and

Joining on time, as important.

However the aspects of Searching through Campus selection. Conducting Subject

based tests, Conducting psychological test, Group Discussion and Satisfying

department needs have not been perceived as favourable by the employees.

INTERPRETATION

We may interpret that "replacing employee turnover" as a practice is not seen as

effective and needs improvement, keeping in mind the various significant Recruitment

and Selection practices as perceived by the employees of the Financial Services

Institutions

62

MODEL

ADJUSTED

R R SQUARE R SQUARE

STD. ERROR OF

THE ESTIMATE

679(a) .461 .436 .37552

3.3 DATA ANALYSIS BY REGRESSION OF RECRUITMENT AND SELECTION PRACTICES

Regression as a statistical tool helps us to examine the effect, one Dependent variable

": Overall business strategy and manpower projection" has on several other

Independent variables which in this case pertain to Recruitment and Selection practices.

3.3.1 TABLE Predictors of recruitment and selection ractices on overall business strate man ower

rdection erceived b the em lo ees of financial services institution

MODEL SUMMARY

a Predictors: (Constant), Satisfying department needs, Selecting consensus candidate,

Conducting interviews, Accepting for better position and responsibilities, Talk by CEO

on mission and objectives of the company, Searching through any other, Searching

through news papers, Scanning bio-data, Searching through Employee referrals,

Accepting better salary, Making new employee productive, Searching through Campus

selection, Department visits during training, Conducting Subject based tests, Receiving

good rating for performance, Assigning Interview criteria marks, Searching through

Consultants, Searching through Internet, Class room lectures, Joining on time,

Providing feedback by the superiors, Group Discussions, Providing hospitality,

Providing platform for employee closeness, and Conducting psychological test.

6:

COEFFICIENTS (a)

PARAMETERS

UNSTANDARDIZED

COEFFICIENTS

STANDARDIZED

COEFFICIENTS T SIG.

B Std. Error Beta

(Constant) -.152 .061 -2.465 .014

Searching through news papers -.019 .038 -.018 -.498 .618

Searching through Internet -.041 .049 -.032 -.847 .397

Searching through Campus selection .076 .043 .065 1.749 .081

Searching through Consultants .163 .037 .163 4.437 .000

Searching through Employee referrals .059 .046 .045 1.286 .199

Searching through any other -.227 .053 -.160 -4.258 .000

Scanning biodata .057 .036 .056 1.568 .117

Conducting Subject based tests -.111 .047 -.098 -2.374 .018

Conducting psychological test -.001 .046 -.001 -.029 .977

Group Discussion .090 .046 .084 1.945 .052

Conducting interviews .256 .053 .161 4.845 .000

Selecting consensus candidate -.003 .039 -.003 -.076 .940

Assigning Interview criteria marks .035 .041 .032 .857 .392

Department visits during training .252 .038 .245 6.668 .000

Class room lectures .014 .039 .014 .370 .711

Talk by CEO on mission and objectives

of the company .011 .042 .009 .252 .801

Providing platform for employee close

ness -.036 .044 -.035 -.813 .417

Providing hospitality -.077 .042 -.077 -1.817 .070

Making new employee productive -.008 .041 -.008 -.203 .839

Providing feedback by the superiors .244 .040 .242 6.021 .000

Accepting better salary -.002 .036 -.002 -.044 .965

Accepting better position and

responsibilities .028 .035 .028 .778 .437

Joining on time .067 .046 .056 1.447 .149

Receiving good rating for performance .050 .057 .032 .876 .382

Satisfying department needs .090 .037 .090 2.414 .016

a Dependent Variable: overall business strategy and manpower projection

64

PREDICTORS OF RECRUITMENT AND SELECTION PRACTICES ON OVERALL

BUSINESS STRATEGY MANPOWER PROJECTION PERCEIVED BY THE


Here we study the effect that one dependent variable ie; overall business strategy and

manpower projection has on other independent variables like :

Search through news papers,

Search through Internet

Search through Campus selection

Search through Consultants

Search through Employee referrals

Search through any other

Scanning biodata

Conducting Subject based tests

Conducting psychological test

Group Discussion

Conducting interviews

Selecting consensus candidate

Assigning Interview criteria marks

Department visits during training

Talk by CEO on mission and objectives of the company

Providing hospitality

Making new employee productive

Providing feedback by the superiors

Accepting better salary

Accepting better position and responsibilities

Joining on time

1 Receiving good rating for performance and

Table3.3.1 shows that the dependent variable, overall business strategy and man power

projection, is significantly affecting changes in the independent variables including

Searching through consultants, Conducting subject based tests, Conducting interviews

Department visits during training Providing feedback by the superiors and Satisfying

department needs .

65

.However it is also seen that the dependent variable, overall business strategy and man

power projection, is not significantly affecting changes in the other independent

variables including :Searching through news papers, Searching through Internet,

Searching through Campus selection, Searching through Employee referrals, Scanning

bio-data, Conducting psychological test, Group Discussion, Selecting consensus

candidate, Assigning Interview criteria marks, Class room lectures, Talk by CEO on

mission and objectives of the company, Providing platform for employee closeness,

Providing hospitality, Making new employee productive ,Accepting better salary,

Accepting better position and responsibilities, Joining on time and Receiving good rating

for performance .

FINDING

From the above we find that a large number of predictors are not significantly influenced

by the policy of overall business strategy and man power projection.

Thus the overall business strategy and man power projection is not seen to be

important in the recruitment and selection practices of: Searching through news

papers, Searching through Internet, Searching through Campus selection, Searching

through Employee referrals, Scanning bio-data, Conducting psychological test, Group

Discussion, Selecting consensus candidate, Assigning Interview criteria marks, Class

room lectures, Talk by CEO on mission and objectives of the company, Providing

platform for employee closeness, Providing hospitality ,Making new employee

productive ,Accepting better salary, Accepting better position and responsibilities,

Joining on time and Receiving good rating for performance, as perceived by the

employees of the institutions studied

But, the overall business strategy and man power projection is seen to be important in

the recruitment and selection practices of ,conducting subject based tests, Conducting

interview, Department visits during training, Providing feedback by the superiors and

Satisfying department needs , as perceived by the employees of the institutions studied.

66

INTERPRETATION:

Thus we may conclude that the overall business strategy and man power projection is

effective to some extent in the recruitment and selection process as perceived by the

employees of the institutions studied.

Regression as a statistical tool is used in the table 3.3.2 below to examine the effect

that, one Dependent variable" Ad hoc basis recruitment" has ,on several other

Independent variable of Recruitment and Selection practices stated below .

3.3.2 TABLE

PREDICTORS OF RECRUITMENT AND SELECTION PRACTICES ON "ADHOC

RECRUITMENT" POLICIES PERCEIVED BY THE EMPLOYEES OF FINANCIAL

SERVICES INSTITUTION

STD ERROR

R ADJUSTED OF THE

MODEL R SQUARE R SQUARE ESTIMATE

1 .424(a) .180 .141 .45776










Providing platform for employee closeness and Conducting psychological test.

67

COEFFICIENTS (g)

PARAMETERS

UNSTANDARDIZED

COEFFICIENTS

STANDARDIZED

COEFFICIENTS T SIG.

B Std. Error Beta

(Constant) .163 .075 2.181 .030

Searching through news papers .096 .046 .093 2.093 .037

Searching through Internet -.062 .060 -.049 -1.043 .297

Searching through Campus selection .057 .053 .049 1.076 .282

Searching through Consultants -.064 .045 -.065 -1.435 .152

Searching through Employee referrals .026 .056 .020 .459 .646

Searching through any other .069 .065 .049 1.058 .290

Scanning biodata .007 .044 .007 .153 .878

Conducting Subject based tests -.047 .057 -.042 -.831 .406

Conducting psychological test .008 .056 .008 .150 .881

Group Discussion .024 .056 .022 .422 .673

Conducting interviews .012 .008 .185 .853

Selecting consensus candidate -.043 .048 -.041 -.892 .373

Assigning Interview criteria marks .081 .050 .074 1.621 .106

Department visits during training -.055 .046 -.054 -1.189 .235

Class room lectures -.025 .047 -.025 -.524 .600

Talk by CEO on mission and objectives

of the company -.136 .051 -.118 -2.672 .008

Providing platform for employee closure ness

.119 .054 .118 2.197 .028

Providing hospitality .217 .051 .220 4.214 .000

Making new employee productive .058 .050 .058 1.166 .244

Providing feedback by the superiors .037 .049 .038 .758 .449

Accepting better salary -.030 .044 -.031 -.697 .486


.075 .043 .076 1.723 .085

Joining on time .067 .056 .057 1.189 .235

Receiving good rating for performance .019 .070 .012 .271 .786

Satisfying department needs .097 .046 .098 2.120 .034

a Dependent Variable: Ad hoc basis recruitment

68

Predictors of recruitment and selection practices on adhoc recruitment policies

perceived by the employees of financial services institution

Table3.3.2 shows that the dependent variable, recruitment on ad hoc basis, is

significantly affecting changes in the independent variables including Searching

through news papers, Talk by CEO on mission and objectives of the company,

Providing platform for employee closeness, Providing hospitality and Satisfying

department needs.

However it is also seen that the dependent variable recruitment on ad hoc basis is not

significantly affecting changes in the other independent variables including:, Searching

through Internet, Searching through Campus selection, Searching through Consultants,

Searching through Employee referrals, Searching through any other, Scanning bio-data,

Conducting Subject based tests, Conducting psychological test, Group Discussion,

Conducting interviews, Selecting consensus candidate, Assigning Interview criteria

marks, Department visits during training, Class room lectures, Making new employee

productive ,Providing feedback by the superiors, Accepting better salary,Accepting

better position and responsibilities, Joining on time and Receiving good rating for

performance..

FINDING


by the dependent variable, recruitment on ad hoc basis. Thus the ad hoc recruitment

policies of the management is not seen to be important in the recruitment and

selection process as perceived by the employees of the institutions studied in the

practices of :,Searching through Internet, Searching through Campus selection,

Searching through Consultants, Searching through Employee referrals, Searching

through any other, Scanning bio-data, Conducting Subject based tests, Conducting

psychological test, Group Discussion, Conducting interviews, Selecting consensus

candidate, Assigning Interview criteria marks, Department visits during training, Class

room lectures, Making new employee productive and Providing feedback by the

69

superiors, Accepting better salary„ Accepting for better position and responsibilities,

Joining on time and Receiving good rating for Performance.

But the recruitment on ad hoc basis by the management is seen to be important in the

recruitment and selection process as perceived by the employees of the institutions

studied in the practices of Searching through news papers, Talk by CEO on mission and

objectives of the company, Providing platform for employee closeness, Providing

hospitality and satisfying department needs, parameters.

INTERPRETATION:

Thus the "ad hoc recruitment" policies of the management are seen to be effective only

to a limited extent in the recruitment and selection process as perceived by the

employees of the institutions studied.

70

Regression as a statistical tool is used in the table 3.3.3 below to examine the effect,

one Dependent variable "replacement for employee turnover" has, on several othel-

Independent variables of Recruitment and Selection practices.

3.3.3 TABLE PREDICTORS OF RECRUITMENT AND SELECTION PRACTICES ON

"REPLACEMENT FOR EMPLOYEE TURNOVER" POLICIES PERCEIVED BY THE


MODEL R ' R SQUARE

ADJUSTED

I R SQUARE

STD. ERROR

OF THE

ESTIMATE

1 .430(a) .185 147 .40371










Providing platform for employee closeness and Conducting psychological test.

71

COEFFICIENTS (et)

Unstandardized

Parameters Coefficients

Standardized

Coefficients T Test

Significanc

e

B Sig Error Beta

(Constant) .251 066 3.804 .000

Searching through news papers -.006 .041 -.007 -.157 .875

Searching through Internet .032 .053 .028 .600 .549

Searching through Campus selection -.077 047 -.075 -1.646 .100

Searchig through Consultants .091 .039 .104 2.313 .021

Searching through Employee referrals .036 .050 .031 .718 .473

Searching through any other .099 .057 .080 1.726 .085

Scanning biodata -.046 .039 -.051 -1.177 .240

Conducting Subject based tests -.136 .050 -.136 -2.691 .007

Conducting psychological test -.054 .050 -.059 -1.081 .280

Group Discussion -.034 .050 -.037 -.692 .489

Conducting interviews .090 .057 .065 1.589 .113

Selecting consensus candidate -.040 042 -.043 -.935 .350

Assigning Interview criteria marks .019 .044 .019 .425 .671

Department visits during training -.076 041 -.084 -1.856 .064

Class room lectures .060 1 .042 .068 1.435 .152

Talk by CEO on mission and -.028

objectives of the company .045 -.027 -.625 .532

Providing platform for employee .113 i .048

closure ness 126 2.365 .018

Providing hospitality -.015 I, .045 - 017 -.329 .742

Making new employee productive -.075 i .044 -.085 -1.718 .086

Providing feedback by the superiors -.141 I , .043 -.160 -3.234 .001

Accepting better salary .108 ; .038 123 2.803 .005

Accepting for better position and .013 1 .038

responsibilities .014 .331 .741

Joining on time 153 : .050 147 3.067 .002

Receiving good rating for -.053 .061

performance -.038 -.869 .385

Satisfying department needs -.033 ; .040 - 038 -.830 .407

a Dependent Variable: Replacing employee turnover in department

72

Predictors of recruitrnent and selection practices on" replacement for employee

turnover" policy as perceived by the employees of financial services institution

Table3.3.3 shows that the dependent variable, 'Replacing employee turnover in

department', is significantly affecting changes in the independent variables including:

Searching through Consultants, Conducting Subject based tests, Providing platform for

employee closeness, Providing feedback by the superiors, Accepting better salary and

Joining on time.

However it is also seen that the dependent variable' Replacing employee turnover in

department', is not significantly affecting changes in the other independent variables

including Searching through news papers, Searching through Internet, Searching

through Campus selection, Searching through Employee referrals, Searching through

any other source, Scanning bio-data, Conducting psychological test, Group Discussion,

Conducting interviews. Selecting consensus candidate, Assigning Interview criteria

marks, Department visits during training, Class room lectures, Talk by CEO on mission

and objectives of the company, Providing hospitality ,Making new employee productive ,

Accepting better position and responsibilities, Receiving good rating for performance

and Satisfying department needs.

FINDING


by the dependent variable 'replacing employee turnover in department'.

Thus the policy of replacing employee turnover in departments' is not seen to be

important in the recruitment and selection process as perceived by the employees of

the institutions studied. in regard to the practices of Searching through news papers,

Searching through Internet, Searching through Campus selection, Searching through

Employee referrals, Searching through any other source, Scanning bio-data, conducting

psychological test, Group Discussion, Conducting interviews, Selecting consensus



73

hospitality, Making new employee productive ,Accepting better position and

responsibilities, Receiving good rating for performance and Satisfying department

needs.

But the policy of " replacing employee turnover in departments", is seen to be important

in the recruitment and selection process as perceived by the employees of the

institutions studied in the practices of Searching through Consultants ,Conducting

Subject based tests, Providing platform for employee closeness, Providing feedback by

the superiors, Accepting better salary and Joining on time.

INTERPRETATION

Thus the policy of replacing employee turnover in departments is not generally seen to

be effective in the recruitment and selection process as perceived by the employees of

the institutions studied.

3.4 DATA ANALYSIS BY ANOVA OF RECERUITMENT AND SELECTION PRACTICES

The analysis of variance between the groups in the (a) pre- globalization era,(b)

transition period and (c) post globalization era, have been studied with respect to the

strategic issues of recruitment and selection as well as the recruitment and selection

practices. This brings out the aspect of whether the practices are significantly differing

in variance as perceived by the employees of these institutions. In case they are found

to be significantly differing, then those recruitment and selection practices are seen as

important, while in case they are seen to be not differing significantly then such

practices are not so important, as perceived by the employees.

74

3.4.1 TABLE

ANALYSIS OF VARIANCE BETWEEN THE PRE GLOBALIZATION, TRANSITION

AND POST GLOBALIZATION ERA FINANCIAL INSTITUTIONS ON STRATEGIC

ISSUES OF RECRUITMENT AND SELECTION SUB SYSTEMS AS WELL AS

VARIED OTHER RECRUITMENT AND SELECTION PRACTICES PERCEIVED BY

THE EMPLOYEES OF FINANCIAL SERVICES INSTITUTIONS

PARAMETERS SUM OF

SQUARES DF

MEAN

SQUARE F SIG.

Between Business Be

projections Groups 22.460 2 11.230 53.486 .000

and Within Groups 115.687 551 .210

requirements ' Total 138.146 553

Between

Ad hoc basis Groups

3.010 2 1.505 6.290 .002

recruitment Within Groups 131.835 551 .239

Total 134.845 553

Between Replacing employee

Groups

11.081 2 5.540 32.297 .000

turnover in Within Groups 94.522 551 .172 departments Total 105.603 553

Between

Searching Groups 7.406 2 3.703 17.240 .000

through news Within Groups papers

118. 357 i 551 .215

Total 125.764 553

Between Searching Groups

.420 2 .210 1.407 .246

through Within Groups 82.167 551 .149

Internet Total 82.587 .553

Between Searching Be Groups

17.451 2 8.725 57.141 .000 through Campus

Within Groups 84.138 551 .153

selection Total 101.588 553

Between

Searching Groups 16.029 2 8.014 36.091 .000

through Within Groups 122.356 551 .222

consultants Tstal 138.384 553

75

PARAMETERS SUM OF

SQUARES DF

MEAN

SQUARE F SIG.

Searching

through

Between

Groups 1.687 2 .843 5.933 .003

Employee Within Groups 78.329 551 .142

referrals Total 80.016 553

Any other

Between

Groups

5.497 2 2.748 24.055 .000

source Within Groups 62.951 551 .114

Total 68.448 553

Scanning Between

Groups 19.521 2 9.760 47.905 .000

biodata Within Groups 112.263 551 .204

Total 131.783 553

Conducting

Subject based

tests

Between

Groups 16.469 2 8.234 50.091 .000


Total 107.049 553

Conducting

psychological

test

Between

Groups 25.282 2 12.641 69.112 .000


Total 126.065 553

Group

Discussions

Between

Groups 1.923 2 .961 4.526 .011


Total 118.977 553


Between

Groups .117 2 .058 .584 .558


Total 55.061 553

Selecting

consensus

candidate

Between

Groups 1.968 2 .984 4.412 .013


Total 124.838 553

Assigning

Interview

criteria marks

Between

Groups 2.582 2 1.291 6.421 .002

I Within Groups 110.785 551 .201

Total 113.366 553

76

PARAMETERS SUM OF

SQUARES DF

MEAN

SQUARE F SIG.

Department

visits during

Between

Groups 16.823 2 a 411 40.807 .000

training Within Groups 113.574 551 206

Total 130.397 553

Class room

Between

Groups 16.595 2 6,2.98 38.324 .000

lectures Within Groups 119.298 551 _217

Total 135.894 553

Talk by CEO

on mission

Between

Groups 5.754 2 2 377 16.724 .000

and objectives Within Groups 94.794 551 ,I72

of the

company Total 100.549 553

Providing

platform for

employee

closeness

Between

Groups 6.642 2 3,321 14.546 .000


Total 132.428 553


Between

Groups 6.399 2 3..200 13.346 .000

Within Groups 132.101 551 -240

Total 138.500 553

Making new

employee

productive

Between

Groups 4.263 2 2..131 9.119 .000


Total 133.040 553

Providing

feedback by

the superiors

Between

Groups 31.425 2 15,713 82.561 .000


Total 136.289 553


Between

Groups 13.958 2 6-979 30.978 .000

\ Vithin Groups 124.136 551 -22o

Total 138.094 553

77

PARAMETERS SUM OF

SQUARES DF

MEAN

SQUARE F SIG. 1

Accepting for

better position

and

responsibilitie

s

Between

Groups 10.550 2 5.275 22.747 .000


Total 138.319 553

Joining on

time

Between

Groups 20.448 2 10.224 72.243 .000

Within Groups 77.978 551 .142 1

Total 98.426 553

Receiving

good rating for

performance

Between

Groups .273 2 .136 1.372 .255


Total 55.061 553

Satisfying

department

needs

Between

Groups 10.847 2 5.424 23.495 .000


Total 138.038 553

78

ANALYSIS OF VARIANCE BETWEEN THE PRE GLOBALIZATION, TRANSITION

AND POST GLOBALIZATION ERA FINANCIAL INSTITUTIONS ON STRATEGIC

ISSUES OF RECRUITMENT AND SELECTION SUB SYSTEMS AS WELL AS

VARIED OTHER RECRUITMENT AND SELECTION PRACTICES PERCEIVED BY

THE EMPLOYEES OF FINANCIAL SERVICES INSTITUTIONS

From the analysis of variance between the groups in the pre globalization era, transition

and post globalization era, it may be seen that the strategic issues of recruitment and

selection as well as the recruitment and selection practices are significantly differing as

perceived by the employees of these institutions.

The areas of significant difference are:

Searching through news papers

Searching through Campus selection

Searching through Consultants

Searching through Employee referrals

Searching through any other

Scanning bio-data



Group Discussions




Class room lectures


Providing platform for employee closeness






79

Joining on time

Satisfying department needs

The areas where the groups did not differ significantly were:

Searching through Internet, Conducting interviews and Receiving good rating for

performance.

It may be seen from the above that, the employees who perceived the strategic issues

of Recruitment and Selection as important during the pre-globalization era, transition

and post globalization era, also see the Recruitment and Selection practices of,:

Searching through news papers, Searching through Campus selection, Searching

through Consultants, Searching through Employee referrals, Searching through any

other ,Scanning bio-data Conducting Subject based tests, Conducting psychological

test, Group Discussions, Selecting consensus candidate, Assigning Interview criteria

marks, Department visits during training, Class room lectures, Talk by CEO on mission

and objectives of the company, Providing platform for employee closeness, Providing

hospitality, Making new employee productive, Providing feedback by the superiors,

Accepting better salary, Accepting better position and responsibilities, Joining on time

and Satisfying department needs, as important.

However they do not perceive the practices of Searching through Internet, Conducting

interviews and Receiving good rating for performance, as important.

INTERPRETATION:

This 'shows that but for a few exceptions the Recruitment and Selection practices has

been continuing to be effective over the different periods as perceived by the employees

of these institutions.

The analysis of variance between the (a) public limited companies,(b) private Indian and

(c) private foreign financial institutions on strategic issues of recruitment and selection

80

sub systems as well as varied other Recruitment and Selection practices are studied in

the table below. This brings out the aspect of whether the practices are significantly

differing in variance as perceived by the employees of these institutions. In case they

are found to be significantly differing, then those Recruitment and Selection practices

are seen as important, while in case they are seen to be not differing significantly then

the perception is that such practices are not so important, and therefore not effective as

perceived by the employees.

81

3.4.2 TABLE

ANALYSIS OF VARIANCE BETWEEN THE PUBLIC LIMITED, PRIVATE INDIAN AND PRIVATE FOREIGN FINANCIAL INSTITUTIONS ON STRATEGIC ISSUES OF RECRUITMENT AND SELECTION SUB SYSTEMS AS WELL AS VARIED OTHER

RECRUITMENT AND SELECTION PRACTICES PERCEIVED BY THE EMPLOYEES

PARAMETERS SUM OF SQUARES DF 1

MEAN SQUARE F SIG.

Business projections and Manpower requirements

Between Groups

.986 2 .493 1.980 .139

4


Total 138.146 553

Ad hoc basis recruitment

Between 1.018 Groups

.509 2 096 - 1 .124

133.827 VVithin Groups

551 .243

134.845 Total

553

Replacing employee turnover in departments

Between Grouss

1.295 .647 3.419 . .033

Within Groues 104.308 551 .189

105.603 Total

553



.818 3.630 .027

_,


551 .225 '

125.764 Total

553

Searching

through Internet


2 5.298 40.547 .000


551 .131

82.587 Total

553

Between 9.859 Searching

Groups 4.930 29.611 , .000

through 91.729 VVithin Groups

551 .166 Campus

selection Total 101.588 553 , 7

Between 3.462 Searching

Groups 1.731 7.068 , .001

I _1

through 134.923

Within Grou_ps Consultants

551 .245 .

138.384 553 Total

82

PARAMETERS SUM OF SQUARES DF

MEAN SQUARE F SIG.

Searching

through

Employee

referrals

Between Grou es

8.157 2 4.079 31.274 ! .000

Within Grou ss 71.859 551 .130

Total 80.016 553

Anyother Between Grou • s

.083 2 .042 .336 .715


Total 68.448 553

Scanning

biodata

Between Groups

11.732 2 5.866 26.923 .000


Total 131.783 553

Conducting Between Groups

17.358 , 2 8.679 53.319 .000

Subject based Within Groups

89.690 551 .163 tests

Total 107.049 553


15.425 2 7.712 38.409 .000

psychological Within Groups

110.640 551 .201 test

Total 126.065 I 553

Group , Between

Groups 3.833 2 1.916 9.171 .000

Discussions , Within Grouss

115.144 551 .209

!i Total 118.977 553

i Conducting ! Between interviews Groups

.418 2 .209 2.109 .122


Total 55.061 553

Between 4.853 Selecting ' Groups

2 2.427 11.143 .000

consensus 119.985 Within Groups

551 .218 candidate

124.838 Total

553

83

PARAMETERS SUM OF SQUARES

MEAN DF SQUARE F SIG.

Assigning

Interview

criteria marks

Between Groups

4.092 i 2.046 10.318 .000

Within Groups

109.274 551 .198

Total 113.366 553

Department

visits during

training


2 2.220 9.709

i

.000

125.958 Within Groups

551 .229 1---

Total 130.397 553

Class room lectures

Between Groups

21.914 2 10.957 52.967 , .000


Total 135.894 553

--t

10.017 .000 Talk by CEO on

mission and

objectives of

the company

Between Grouis

3.528 2 1.764


W

551 .176

Total 100.549 553 ---T

71.083 ' .000 Between 27.161 Providing

' Groups 13.580

platform for

employee

closeness


551 .191

Total 132.428 553



2 6.009 26.176 .000


551 .230

138.500 Total

553

Making new Between 2.500 Groups

2 1.250 5.275 .005

employee 130.540

Within Groups 551 .237

productive 133.040

Total 553

Between 13.721 2 6.861 Providing

' Groups 30.841 .000

'I- feedback by the ^

122. 568 Within Groups L

551 .222 1 i superiors -II

136.289 Total

553

84

PARAMETERS SUM OF SQUARES

MEAN DF SQUARE F SIG.


i

Between Groups

6.752 2 j 3.376 14.162 .000


Total 138.094 553

Accepting for

better position

and

responsibilities

Between Groups

12.670 6.335 27.780 .000


551 i .228

Total 138.319 553

Joining on time Between 15.811 Groups

7.905 52.725 1 .000


551 .150

Total 98.426 553

Receiving good

rating for

performance

Between i Groups

5.086 2 2.543 28.041 .000

Within Groups 49.975

. 551 , .091

Total 1 55.061 553

Satisfying Between 21.811 Groups

2 10.906 51.701 .000

department 116.226

Within Groups 1 551 .211

needs

Total 138.038 553

85

ANALYSIS OF VARIANCE BETWEEN THE PUBLIC LIMITED, PRIVATE INDIAN AND PRIVATE FOREIGN FINANCIAL INSTITUTIONS ON STRATEGIC ISSUES OF RECRUITMENT AND SELECTION SUB SYSTEMS AS WELL AS VARIED OTHER

RECRUITMENT AND SELECTION PRACTICES PERCEIVED BY THE EMPLOYEES

From the analysis of variance between the public limited, private Indian and private

foreign financial institutions on strategic issues of Recruitment and Selection sub

systems as well as varied other Recruitment and Selection practices perceived by the

employees, it may be seen that the strategic issues of Recruitment and Selection as

well as the Recruitment and Selection practices are significantly differing as perceived

by the employees of these institutions.


Replacing employee turnover in department


Searching through Internet





Scanning biodata



Group Discussions




Class room lectures


Providing platform for employee closeness



86




Joining on time

Receiving good rating for performance and

Satisfying department needs

The areas where the groups did not differ significantly were:


Ad hoc basis recruitment and Conducting interviews.

FINDING

It may be seen from the above that, the employees in the public limited, private Indian

and private foreign financial institutions who perceived the strategic issues of

Recruitment and selection as important ,also see the recruitment and selection

practices of:, Replacing employee turnover in department, Searching through news

papers, Searching through Campus selection, Searching through Consultants,

Searching through Employee referrals, Searching through Internet„ Searching through

any other source ,Scanning biodata Conducting Subject based tests, Conducting

psychological test, Group Discussions, Selecting consensus candidate, Assigning

Interview criteria marks, Department visits during training, Class room lectures, Talk by

CEO on mission and objectives of the company, Providing platform for employee

closeness, Providing hospitality, Making new employee productive, Providing feedback

by the superiors, Accepting better salary, Accepting better position and responsibilities,

Joining on time, Receiving good rating for performance and Satisfying department

needs ,as important.

INTERPRETATION:

This shows that apart from a few exceptions the Recruitment and Selection practices

have been continuing to be effective in the different types of institutions [by ownership]

in the financial services sectors, as perceived by the employees of these institutions.

87

The analysis of variance between the major financial services sectors such as (a)

Indian and (b)foreign financial institutions,(c)mutual funds,(d) custodians, (e) credit

rating agencies,(f) stock exchanges,(g)insurance companies,(h) regulator and

(i)depository, on strategic issues of recruitment and selection sub systems as well as

varied recruitment and selection practices are studied in the table below.This brings out

the aspect of whether the practices are significantly differing in variance as perceived

by the employees of these institutions. In case they are found to be significantly

differing, then those recruitment and selection practices are seen as important, while in

case they are seen to be not differing significantly then the perception is that such

practices are not so important and therefore not effective, as perceived by the

employees.

88

3.4.3 TABLE ANALYSIS OF VARIANCE BETWEEN THE MAJOR FINANCIAL SERVICES

SECTORS SUCH AS INDIAN AND FOREIGN FINANCIAL INSTITUTIONS, MUTUAL FUNDS, CUSTODIANS, CREDIT RATING AGENCIES, STOCK EXCHANGES,

INSURANCE COMPANIES, REGULATOR AND DEPOSITORY ON STRATEGIC ISSUES OF RECRUITMENT AND SELECTION SUB SYSTEMS AS WELL AS

VARIED OTHER RECRUITMENT AND SELECTION PRACTICES PERCEIVED BY THE EMPLOYEES

PARAMETERS SUM OF SQUARES DF MEAN

SQUARE F SIG.

Business projections

and Manpower

requirements

Between Groups

34.069 8 4.259 22.300 .000


Total 138.146 553


Between Groups

17.298 8 2.162 10.025 .000


Total 134.845 553

Replacing employee turnover in

departments

Between Groups

21.497 8 2.687 17.413 .000


Total 105.603 553

Searching through news

papers

Between Groups

23.221 8 2.903 15.427 .000


Total 125.764 553

Searching

through

Internet

Between Groups

17.742 8 2.218 18.640 .000


Total 82.587 553

Searching

through

Campus

selection

Between Groups

24.889 8 3.111 22.106 .000

Within Grouss 76.700 545 .141

Total 101.588 553

89

PARAMETERS SUM OF SQUARE

S DF MEAN

SQUARE F SIG.

Searching

through

Consultants

Between Groups

36.047 8 4.506 23.996 .000


Total 138.384 553

Searching

through

Employee

referrals

Between Groups

12.445 8 1.556 12.547 I .000


Total 80.016 553

Any other

Between Groups

27.464 8 3A33 45.653 .000

.... . vvithin Groups

40.983 545 .075

Total 68.448 553

Scanning

biodata

Between Groups

37.436 8 4.680 27.031 .000


Total 131.783 553

Conducting , Between I Groups

46.373 8 5.797 52.067 .000

Subject based

tests Within Groups 60.676 545 .111

Total 107.049 553

Conducting

psychological

test

Between Groups

70.227 8 8.778 85.681 .000


Total 126.065 553

Between Group Groups

44.604 8 5.576 40.857 .000

74.372 Discussions Within Groups 545 .136

Total _, 118.977 553

90

PARAMETERS SUM OF SQUARE S

DF MEAN SQUARE

F SIG.


2.129 8 .266 2.741 .006

interviews Within Groups 52.932 545 .097

Total 55.061 553

Between Groups

24.088 8 3.011 16.288 .000

Selecting

consensus

candidate


Total 124.838 553

I

Assigning

Interview

criteria marks

Between 15.399 Grou•s

8 1 1.925 10.708 .000


Total 113.366

1

553

Department

visits during

training

Between Groups

25.740 8 i 3.217 16.755 .000

Within Groups 104.658 545 I .192

Total 130.397 553

Class room lectures _.,

Between Groups

28.997 8 3.625 18.480 .000


Total 135.894 553

Talk by CEO

on mission

and objectives

of the

company


8 i 1.638 10.206 .000

Within Groups 87.448 545 j .160

Total 100.549

III

553

Providing

platform for

employee

closeness

Between 55.728 1 Groups

8 1 6.966 49.498 .000

i Within Groups 76.700 545 I .141

! Total 132.428 553


Between , Groups

34.462 8 4.308 22.566 .000

' Within Groups 104.038 545 I .191

Total 138.500 553

91

PARAMETERS SUM OF SQUARE

S DF

MEAN SQUARE

F SIG.

Making new

employee Between Groups

33.086 8 4.136 22.550 .000

productive Within Groups

99.953 545 .183

Total 133.040 553

Providing Between Groups

49.062 8 6.133 38.318 .000

feedback by

the superiors Within Grouis

87.227 545 .160

Total 136.289 553


Between Groups

40.280 8 , 5.035 28.054 .000

Within Groups

97.814 545 179

Total 138.094 553


Between Groups

24.928 8 3.116 14.976 .000

Within Groups

113.392 545 208

Total 138.319 553

Joining on time Between Groups

41.735 8 5.217 50.152 .000

Within Groups

56.691 545 .104

Total 98.426 553

Receiving good rating for performance

Between Groups

9.609 8 1.201 14.401 I .000

Within 145.453 Groups

545 .083

Total 55.061 553

Satisfying

department

needs


8 5.669 33.334 .000

Within 92.686 Groups

545 .170

Total 138.038 553

92

ANALYSIS OF VARIANCE BETWEEN THE MAJOR FINANCIAL SERVICES SECTORS SUCH AS INDIAN AND FOREIGN FINANCIAL INSTITUTIONS, MUTUAL

FUNDS, CUSTODIANS, CREDIT RATING AGENCIES, STOCK EXCHANGES, INSURANCE COMPANIES, REGULATOR AND DEPOSITORY ON STRATEGIC ISSUES OF RECRUITMENT AND SELECTION SUB SYSTEMS AS WELL AS

VARIED OTHER RECRUITMENT AND SELECTION PRACTICES PERCEIVED BY THE EMPLOYEES

From the analysis of variance between the major financial services sectors such as

Indian and foreign financial institutions, mutual funds, custodians, credit rating agencies,

stock exchanges, insurance companies, regulator and depository on strategic issues of

recruitment and selection sub systems as well as varied Recruitment and Selection

practices perceived by the employees, it may be seen that the strategic issues of

Recruitment and Selection as well as the Recruitment and Selection practices are

significantly differing as perceived by the employees of these institutions.




Replacing employee turnover in department


Searching through Internet





Scanning bio-data



Group Discussions





93

Class room lectures


Providing platform for employee closure ness





Accepting for better position and responsibilities

Joining on time

Receiving good rating for performance and

Satisfying department needs.

FINDING:

It may be seen from the above that, the employees in the major financial services

sectors such as Indian and foreign financial institutions, mutual funds, custodians, credit

rating agencies, stook exchanges insurance companies, regulator and depository who

perceived the strategic issues of Recruitment and selection as important, also see the

recruitment and selection practices of Business projections and Manpower

requirements, Adhoc basis recruitment, Replacing employee turnover in department,

Searching through news papers, Searching through Campus selection, Searching

through Consultants. Searching through Employee referrals, Searching through

Internet„ Searching through any other ,Scanning biodata Conducting Subject based

tests, Conducting psychological test, group Discussions, Selecting consensus



platform for employee closeness, Providing hospitality, Making new employee

productive, Providing feedback by the superiors, Accepting better salary, Accepting

better position and responsibilities, Joining on time, Receiving good rating for

performance and Satisfying department needs ,as important.

94

INTERPRETATION:

This shows that without exception the Recruitment and Selection practices have been

continuing to be effective over the different financial services sectors, as perceived by

the employees of these institutions.

95

EVALUATION OF RECRUITMENT AND SELECTIONshodhganga.inflibnet.ac.in/bitstream/10603/11928/7/07...3. EVALUATION OF RECRUITMENT AND SELECTION 3.1 LITERATURE REVIEW The importance of recruiting

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