Relince life insurance project recruitment and selection

A SUMMER TRAINING REPORT

ON

“RECRUITMENT AND SELECTION PROCESS AT RELIANCE LIFE

INSURANCE ”

Submitted in partial fulfilment for the award of the degree

Master of Business Administration

Chhattisgarh Swami Vivekanand Technical University, Bhilai

Submitted by,

Bhupesh Sahu

MBA – Semester -3rd

(Session 2014)

Guided By,Approved By,

DR. PARUL JAISWALHead, SSEC

DECLARATION

I the undersigned solemnly declare that the report of the research work entitled

“RECRUITMENT AND SELECTION PROCESS AT RELIANCE LIFE INSURANCE ” area

is based on my own work carried out during the course of my study under the

supervision of

I assert that the statements made and conclusions drawn are an outcome of

my research work. I further declare that to the best of my knowledge and belief the

report does not contain any part of any work which has been submitted for the

award of MBA degree or any other degree/diploma/certificate in this University or

any other University of India or abroad.

_________________(Signature of the

Candidate)Bhupesh Sahu

CERTIFICATE

This is to certify that the work incorporated in the report “RECRUITMENT AND

SELECTION PROCESS AT Reliance Life Insurance ” is a record of research work

carried out by BHUPESH SAHU bearing Roll No.:5367613003 under my/our

guidance and supervision for the part fulfillment for the award of MBA Degree of

Chhattisgarh Swami Vivekanand Technical University, Bhilai (C.G.), India.

To the best of my knowledge and belief the thesis

i) Embodies the work of the candidate herself,

ii) Has duly been completed,

iii) Is up to the desired standard both in respect of contents and language for

external viva.

_________________

(Signature of the Supervisor)

Asst.Professor

Acknowledgements

A written word often has the unfortunate tendency to degenerate genuine gratitude

into stilled formality. But this is the only way I can express my heartfelt thanks. My

special thanks to my parents for the co-operation, encouragement and moral

support extended to me without which it was quite impossible for me to complete

this project. I would like to take this privilege to thank our Head of the

Department, Dr. PARUL JAISWAL who has given me this opportunity to do this

project. I am really indebted to my teacher of Management Department

Assistant Professor, under whose guidance we learnt various subjects of

Management and reach the stage of preparing this research report. I also convey

my sincere gratitude to other faculty members of SSEC for their kind support. I

extend my warm and sincere thanks to respondents of Durg and Bhilai , who have

given their precious time to fill the questionnaire which helped me to reach the

conclusions. I feel proud to prepare this research report under the guidance of all

eminent and renowned faculties who have provided their valuable guidance during

the preparation of this research report.

BHUPESH SAHU

Enrollment No:-A

[iv]

TABLE OF CONTENT

.Declaration by the Student ……………………………………………………………………………………………… Certificate from the Supervisor / Company ……………………………………………………………………… Acknowledgments …………………………………………………………………………………………………………..

Chapter 1. Introduction to the study ……………………………………………………………………………….

Chapter 2. Industry Profile

Chapter 3. Literature Review

Chapter 4. Research Methodology

a. Objectives

b. Research Plan

c. Sampling Plan

d. Data Collection

Chapter 5. Data Analysis

Chapter 6. Findings of the study

Chapter 7. Recommendations

Chapter 8. Limitations

Chapter 9. References

Questionnaire/ Instrument used

CHAPTER :1

INTRODUCTION

INTRODUCTION

The insurance sector has gone through a number of phases and changes. Since 1999, when the government opened up the insurance sector by allowing private companies to solicit insurance and also allowing FDI up to 26%, the insurance sector has been a booming market.

The insurance sector in India has come a full circle from being an open competitive

market to nationalization and back to a liberalized market again. The business of

life insurance in India in its existing form started in India in the year 1818 with the

establishment of the Oriental Life Insurance Company. in Calcutta by Anita Bhavsar

Despite the fact that general insurance business has been growing at a healthy rate

of 16 per cent annually between 2004-05 and 2008-09, its penetration level is just

0.60 per cent of India’s GDP against world average of 2.14 per cent. India ranks

136th on penetration levels and Life Advisors behind China(106), Thai (87),

Russia(86), Brazil(85), Japan(61), and the US(9). The penetration of general

insurance in india remains low on account of low consumer preference, Life

Advisorrgely untapped rural markets and constrained distribution channels (Crisil &

Assocham).

Recruitment and selection is the process of identifying the need for a job, defining the

requirements of the position and the job holder, advertising the position and choosing the

most appropriate person for the job. Human Resource Management includes all activities

used to attract & retain employees and to ensure they perform at a high level in meeting

organizational goals. It means employing people, developing their resources, utilizing,

maintaining and compensating their services in tune with the job and organizational

requirements.

SIGNIFICANCE OF THE STUDY

A research has its own importance in any business organization. It is a systematic and

scientific investigation of any idea either precise or abstract from continuous basis of

learning. As we know in present times, the modern world is progressing at a very high

pace. Due to high competition and increased expectations, every organization needs

effective recruitment and selection process. By this study new segments of recruitment

and selection has been discovered. This will help to enhance the capability of Reliance Life

Insurance in using the recruitment and selection process more effectively.

This project would be significant for researcher because this is the opportunity for putting

theortical knowledge into practical application.

This project would be significant for the readers as it is providing them knowledge about

recruitment and selection process.

CONCEPTUALIZATION

Recruitment

Recruitment is defined as, “a process to discover the sources of manpower to meet

the requirements of the staffing schedule and to employ effective measures for

attracting that manpower in adequate numbers to facilitate effective selection of an

efficient workforce.”

Edwin B. Flippo defined recruitment as “the process of searching for prospective

employees and stimulate them to apply for jobs in the organization.” Recruitment is

a ‘linking function’-joining together those with jobs to fill and those seeking jobs. It

is a ‘joining process’ in that it tries to bring together job seekers and employer with

a view to encourage the former to apply for a job with the Life Advisor.

Recruitment is distinct from Employment and Selection. Once the required number

and kind of human resources are determined, the management has to find the

potential Life Advisors where the required human resources are/will be available

and also find the means of attracting them towards the organization before

selecting suitable candidates for jobs. All this process is generally known as

recruitment. Some people use the term “Recruitment” for employment. These two

are not one and the same. Recruitment is only one of the steps in the entire

employment process. Some others use the term recruitment for selection. These

are not the same either. Technically speaking, the function of recruitment precedes

the selection function and it includes only finding, developing the sources of

prospective employees and attracting them to apply for jobs in an organization,

whereas the selection is the process of finding out the most suitable candidate to

the job out of the candidates attracted (i.e., recruited).Formal definition of

recruitment would give clear cut idea about the function of recruitment.

PURPOSES AND IMPORTANCE OF RECRUITMENT

The general purpose of recruitment is to provide a pool of potentially

qualified job candidates. Specifically, the purposes are to:

• Increase the pool of job candidates at minimum cost.

• Help increase the success rate of the selection process by reducing the number of

visibly, under qualified or overqualified job applicants.

• Help reduce the probability that job applicants, once recruited and selected, will

leave the organization only after a short period of time.

• Induct outsiders with a new perspective to lead the company.

• Infuse fresh blood at all levels of the organization.

• Develop an organizational culture that attracts competent people to the company.

• Search or head hunt/head pouch people whose skills fit the company’s values.

• Devise methodologies for assessing psychological traits.

• Search for talent globally and not just within the company.

• Design entry pay that competes on quality but not on quantum.

SOURCES OF RECRUITMENT

Every organisation has the option of choosing the candidates for its recruitment

processes from two kinds of sources: internal and external sources. The sources

within the organisation itself (like transfer of employees from one department to

other, promotions) to fill a position are known as the internal sources of

recruitment. Recruitment candidates from all the other sources (like outsourcing

agencies etc.) are known as the external sources of recruitment.

SOURCES OF RECRUITMENT

FACTORS AFFECTING RECRUITMENT

Potential advantages

Internal

Worker morale and motivation is enhanced

Organization has a better opportunity to assess knowledge & skills of the candidate

Candidate has existing knowledge about the organization

Less orientation may be needed

Additional training may be required

External

• New ideas and insight

• New knowledge and experience

• Larger pool of talent to recruit from

• Recruiting and selecting may be more time-consuming

• Longer adjustment period may be needed

• Induction costs may be higher

Effective recruitment process:

Step 1: Ensure an up-to-date job description

Step 2: Develop an effective recruitment strategy

Step 3: Evaluate the recruitment strategy.

MODERN TECHNIQUES OF RECRUITMENT:

Walk-in: - As per this technique, the potential candidates are required to attend for an

interview directly and without a prior application on a specified date, time and at a

specified place.

Consult-in: - The busy and dynamic companies encourage the potential job seekers to

approach them personally and consult them regarding the jobs.

Head-hunting: - These are also known as search consultants. The companies request the

professional organizations to search for the best candidates particularly for the senior

executive positions.

Tele-Recruitment: - This technique involves the use of the Internet, to advertise job

vacancies and also for the candidates to apply online.

Overview of selection techniques

Evidence-based best practice for three of the most commonly used selection techniques is

outlined below.

1. Curriculum vitas / résumés and written applications

A curriculum vitae (CV) / résumé provides valuable information relating to a person’s

professional Qualifications and experience. All information in the CV should be verified

where appropriate (e.g., asking applicants to explain gaps in employment history).

Requesting job applicants to address specific c selection criteria (i.e., essential and

desirable) can improve the efficiency of reviewing CVs.

2. Conducting interviews

Structured interviews are recommended. A structured interview involves asking each

candidate the same set of questions and assessing their responses on the basis of pre-

determined criteria. Questions and assessment criteria should be based on accurate,

updated job descriptions. It is also helpful to develop criteria to categories responses (e.g.,

as excellent, good, average and unsatisfactory). An interview panel consisting of a

representative selection of people may also be helpful. Two common types of structured

interview questions are:

• Situational questions which ask candidates about hypothetical scenarios that may be

encountered in the job and how they would respond in that situation

• Experienced-based questions which focus on specific examples of the candidate’s prior

work experiences and their responses to past situations that are relevant to the job in

question.

3. Reference checks

Referees are useful for identifying past employment problems and clarifying the accuracy

of information presented in an interview or CV. Only a small percentage of all reference

checks are negative, therefore, it is often difficult to differentiate between candidates on

the basis of reference checks alone.

Induction and orientation of new workers

An effective induction helps new workers understand their role and where they “fit” within

the organization. It also equips them with the tools they need to perform their work role.

Two useful induction tools are:

1. Induction manual / kits which may contain:

• An induction checklist

• Organizational philosophy / ethics / history

• Strategic values of the organization

• An organizational chart / structure etc.

2. Mentoring / “buddy” system

New workers can be paired with experienced workers from a similar area to “show them

the ropes”.

Alternatively, a more formal / structured mentoring system can be a useful induction

strategy in

Which new workers are paired with a mentor who can assist them with their ongoing

professional development?

Types

There are mainly four kind of tests:-

1. achievement test(profeceancy test ): to test the skills or knowledge acquired

by the candidate due to his training and achievement for example typing

test,shorthand test,operating calculators etc.

2. Aptitude test(Potential test) : to judge latent ability to learn a new job,in

order to judge memory,reasoning,speed of perception,fluency in language,to

judge the capacityto learn a particular type of mechanical work etc.

3. Pschometer or skill test : measure to ability to do a specific job

4. Personality test : to judge individual value system,emotional

reaction,maturity,confidence,to judge the dominance,selfconfidence,self

sufficiancyetc.

FOCUS OF THE PROBLEM

The insurance industry is expanding very fast and there is big scope in this sector in

future, insurance companies recruit Life Advisors and take work from them on commission

bases. The whole growth of company depends upon the capability of Life Advisor.So the

main problem is to recruitment and selection of capable candidates for life advisors

RECRUITMENT PROCESS OF RELIANCE LIFE INSURANCE :

Primary Sources

Through Agency Manager References

Cold Calling

Through Interns

Kind Of Recruitment Process Basically, it is a 4 rounds procedure:

Initially Candidate has to fill 825/-Rs.

NAAF

(New Agent Application Form) then

Screening is done by Agency Managers.

Business Opportunity Presentation

(BOP) is done by ADM (Agency

Development Manager).

Then, Branch Manager will Interview

the candidate.

After this Training will be provided to

Candidate.

And then Candidate has to undergo

IRDA Exam.Strategies Followed

No Strategies are followed as such.

Criteria for becoming

Financial Advisor(Life

Basic criteria is:

Graduate.

Advisor) Age > 25

Married Preferred.

Female Preferred

No. of days allocated for

training

18-20 days are allocated for Training.

In a month,no.of candidates

Recruited as Financial

Advisors

40-50 candidates are recruited as Life

Advisors.

Training

Reimbursement/Commission

No Training Reimbursement is given to Life

Advisors.

In a year,no.of times

Training provided

Once in a month.

Reliance Life Insurance strictly follows the

norms of IRDA

so; if anyone is not fulfilling the criteria then

he cannot be awarded with any position in the

company.

Career Path Life Advisors get a good Career Path so they

can become Agency Manager as well as

Training Manager.

How is it Different

Basically, Reliance Life Insurance

concentrates on :

Professionalism

Pragmatism

Integrity

And also they want to become preferred

company for financial protection so, they

take candidate needs into consideration a

lot as they have multi-channel execution

capability.

CHAPTER :2

INDUSTRY PROFILE

INDUSTRY PROFILE

History of insurance sector in india

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (

Manusmrithi ), Yagnavalkya ( Dharmasastra ) and Kautilya ( Arthasastra ). The writings

talk in terms of pooling of resources that could be re-distributed in times of calamities such

as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day

insurance. Ancient Indian history has preserved the earliest traces of insurance in the form

of marine trade loans and carriers’ contracts. Insurance in India has evolved over time

heavily drawing from other countries, England in particular.

1818 saw the advent of life insurance business in India with the establishment of

the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In

1829, the Madras Equitable had begun transacting life insurance business in the Madras

Presidency. 1870 saw the enactment of the British Insurance Act and in the last three

decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire

of India (1897) were started in the Bombay Residency. This era, however, was dominated

by foreign insurance offices which did good business in India, namely Albert Life

Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian offices

were up for hard competition from the foreign companies.

In 1914, the Government of India started publishing returns of Insurance Companies in

India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to

regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable

the Government to collect statistical information about both life and non-life business

transacted in India by Indian and foreign insurers including provident insurance societies.

In 1938, with a view to protecting the interest of the Insurance public, the earlier

legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive

provisions for effective control over the activities of insurers.

The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there

were a large number of insurance companies and the level of competition was high. There

were also allegations of unfair trade practices. The Government of India, therefore, decided

to nationalize insurance business.

An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance sector

and Life Insurance Corporation came into existence in the same year. The LIC absorbed

154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign

insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was

reopened to the private sector.

The history of general insurance dates back to the Industrial Revolution in the west

and the consequent growth of sea-faring trade and commerce in the 17th century. It came

to India as a legacy of British occupation. General Insurance in India has its roots in the

establishment of Triton Insurance Company Ltd., in the year 1850 in Calcutta by the

British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This was the first

company to transact all classes of general insurance business.

1957 saw the formation of the General Insurance Council, a wing of the Insurance

Associaton of India. The General Insurance Council framed a code of conduct for ensuring

fair conduct and sound business practices.

In 1968, the Insurance Act was amended to regulate investments and set minimum

solvency margins. The Tariff Advisory Committee was also set up then.

In 1972 with the passing of the General Insurance Business (Nationalisation) Act, general

insurance business was nationalized with effect from 1st January, 1973. 107 insurers were

amalgamated and grouped into four companies, namely National Insurance Company Ltd.,

the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the

United India Insurance Company Ltd. The General Insurance Corporation of India was

incorporated as a company in 1971 and it commence business on January 1sst 1973.

This millennium has seen insurance come a full circle in a journey extending to nearly

200 years. The process of re-opening of the sector had begun in the early 1990s

and the last decade and more has seen it been opened up substantially. In 1993, the

Government set up a committee under the chairmanship of RN Malhotra, former Governor

of RBI, to propose recommendations for reforms in the insurance sector.The objective was

to complement the reforms initiated in the financial sector. The committee submitted its

report in 1994 wherein , among other things, it recommended that the private sector be

permitted to enter the insurance industry. They stated that foreign companies be allowed

to enter by floating Indian companies, preferably a joint venture with Indian partners.

Following the recommendations of the Malhotra Committee report, in 1999, the

Insurance Regulatory and Development Authority (IRDA) was constituted as an

autonomous body to regulate and develop the insurance industry. The IRDA was

incorporated as a statutory body in April, 2000. The key objectives of the IRDA include

promotion of competition so as to enhance customer satisfaction through increased

consumer choice and lower premiums, while ensuring the financial security of the

insurance market.

The IRDA opened up the market in August 2000 with the invitation for application for

registrations. Foreign companies were allowed ownership of up to 26%. The Authority has

the power to frame regulations under Section 114A of the Insurance Act, 1938 and has

from 2000 onwards framed various regulations ranging from registration of companies for

carrying on insurance business to protection of policyholders’ interests.

In December, 2000, the subsidiaries of the General Insurance Corporation of India were

restructured as independent companies and at the same time GIC was converted into a

national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in

July, 2002.

The insurance sector is a colossal one and is growing at a speedy rate of 15-20%.

Together with banking services, insurance services add about 7% to the country’s GDP. A

well-developed and evolved insurance sector is a boon for economic development as it

provides long- term funds for infrastructure development at the same time strengthening

the risk taking ability of the country.

Tracing the developments in the Indian insurance sector reveals the 360-degree turn

witnessed over a period of almost 190 years.

The business of life insurance in India in its existing form started in India in the year 1818

with the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business

in India are:

1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate

the life insurance business.

1928 - The Indian Insurance Companies Act enacted to enable the government to collect

statistical information about both life and non-life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956 - 245 Indian and foreign insurers and provident societies taken over by the central

government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with

a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the

Triton Insurance Company Ltd., the first general insurance company established in the

year 1850 in Calcutta by the British.

Insurance Regulatory and Development Authority(IRDA)

The Insurance Regulatory and Development Authority (IRDA) is a national

agency of the Government of India, based in Hyderabad. It was formed by an act

of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to

incorporate some emerging requirements. Mission of IRDA as stated in the act is

"to protect the interests of the policyholders, to regulate, promote and ensure

orderly growth of the insurance industry and for matters connected therewith or

incidental thereto."

Company profile

ABOUT RELIANCEGROUP

The Reliance Group founded by Dhirubhai H. Ambani (1932-2002) is India's largest

business house with total revenues of over Rs 99,000 crore (US$ 22.6 billion).

The Group's activities span exploration and production (E&P) of oil and gas, refining

and marketing, petrochemicals (polyester, polymers, and intermediates), textiles,

financial services and insurance, power, telecom and infocom initiatives. The Group

exports its products to more than 100 countries the world over. Reliance emerged

as India's Most Admired Business House, for the third successive year in a TNS

Mode survey for 2003.

Reliance Group revenue is equivalent to about 3.5% of India's GDP. The Group

contributes nearly 10% of the country's indirect tax revenues and over 6% of

India's exports. Reliance is trusted by an investor family of over 3.1 million -

India's largest.

One out of every four investors in India is a Reliance shareholder.

With globally competitive capital and operating cost positions, Reliance Group

dominates the rapidly growing Indian market deriving over 80% of its revenues

from the domestic market.

There was a split in Reliance group in 2005 and it was broken into two separate

companies:

• Reliance Industries Limited

• Reliance Anil Dhirubhai

Ambani Group (ADA Group)

VISION

To build a global enterprise for all our stakeholders, and

A great future for our country,

To give millions of young Indians the power to shape their destiny,

The means to realize their full potential…

VALUES

• Shareholder Interest

We value the trust of shareholders, and keep their interests paramount in every business

decision we make, every choice we exercise

• People Care

We possess no greater asset than the quality of our human capital and no greater priority

than the retention, growth and well-being of our vast pool of human talent

• Consumer Focus

We rethink every business process, product and service from the standpoint of the

consumer – so as to exceed expectations at every touch point

• Excellence in Execution

We believe in excellence of execution – in large, complex projects as much as small

everyday tasks. If something is worth doing, it is worth doing well.

• Team Work

The whole is greater than the sum of its parts; in our rapidly-changing knowledge

economy, organizations can prosper only by mobilizing diverse competencies, skill sets and

expertise; by imbibing the spirit of “thinking together” -- integration is the rule, escalation

is an exception

• Proactive Innovation

We nurture innovation by breaking silos, encouraging cross-fertilization of ideas &

flexibility of roles and functions. We create an environment of accountability, ownership

and problem-solving –based on participative work ethic and leading-edge research

• Leadership by Empowerment

We believe leadership in the new economy is about consensus building, about giving up

control; about enabling and empowering people down the line to take decisions in their

areas of operation and competence…

• Social Responsibility

We believe that organizations, like individuals, depend on the support of the community for

their survival and sustenance, and must repay this generosity in the best way they can.

• Respect for Competition

We respect competition – because there’s more than one way of doing things right. We can

learn as much from the success of others as from our own failures

The Reliance Anil Dhirubhai Ambani Group works in:

• Reliance Communication

• Reliance Energy

• Reliance Capital

• Reliance Mutual Fund

• Reliance Life Insurance

• Reliance General Insurance

• Reliance Health

• Reliance Entertainment

• Reliance Infrastructure

PRODUCTS POLICIES

Reliance Life Insurancehas a wide array of insurance plans that have been designed with

the philosophy that different individuals are bound to have differing insurance needs.

The ideal insurance plan is one that addresses the exact insurance needs of the

individual that will depend on the age and life stage of the individual apart of the host of

other factors.

LIFE INSURANCE PLANS:

Under Life insurance plans, Reliance Life Insuranceoffers plans under the following major

categories:

Education Insurance Plans

Wealth creation Plans

Premium Guarantee Plans

Protection Plans

Reliance Life Insurance Smart Maturity Benefit Plan

Reliance Life Insurance Super Endowment Plan

Reliance Life Insurance Guaranteed Money Back Plan

Reliance Life Insurance Money Multiplier Plan

Reliance Cash Flow Plan

Reliance Endowment Plan

Reliance Super Five Plus

Reliance Whole Life Plan

Reliance Connect 2 Life Plan

PRODUCT PORTFOLIO

Insurance Solutions for Individuals

Reliance Life Insurance offers a range of innovative, customer-centric products that

meet the needs of customers at every life stage. Its products can be enhanced with up to 4

riders, to create a customized solution for each policyholder.

Savings & Wealth Creation Solutions

Protection Solutions

Education Solutions

Retirement Solutions

Health Solutions

Group Insurance Solutions

CHAPTER: 3

LITERATURE REVIEW

Literature Review

Philip G. Swaroff, Lizabeth A. Barclay, Alan R. Bass(2006) has written in his article

relations between recruiting source, employee tenure and productivity were examined for a

sample of 618 technical salespersons over a 2-year period. Unlike earlier research, a

relation between recruitment source and job tenure was not found, nor was recruiting

source found to be related to employee productivity. Explanations for differences between

the present findings and earlier research include: characteristics of this particular job; the

fact that multiple jobs and levels were not always considered; and the turnover rate of the

sample job. Additional findings lent some support to Schwab's (1982) suggestion that

recruiting sources may be differentially effective to the extent that they reach different

populations. A comparison of research results with text book presentations and practitioner

articles is also provided, with a discussion of the gap between research and practice.

Charieoliver(2008) has said on her research paper that the key to successful recruitment

is to ensure that the criteria of suitability are overt and relevant to the job itself. Once

these criteria are agreed and shared it is possible to make more rational decisions about

someone's suitability for a job, based on evidence rather than ‘gut feeling’ or instinct.

Effective recruitment and selection should not be about the luck of the draw. Systematic

planning and preparation will increase the likelihood of taking on the right person. The key

to effective recruitment is preparation: knowing the job and what is required of someone

to perform it well. The costs of recruiting the wrong person can be significant. The cost of

employing someone may be at least twice their salary when factors such as training,

expenses and employer's contributions to their pension are added.

Rakesh sharma(2008) has written in his book that a company's success begins in the

recruitment process during which the screening and vetting procedures shape and convey

the company's demands to aspiring candidates. Therefore, it is essential for an

organization to construct an explicit and standardized mode by which skills, qualifications

and personal attributes are illuminated and used in the decision-making process leading to

employment. The author discusses a dual interview and supplementary self-evaluation

process to be used to fill a new position of print media editor.

CHAPTER: 4

RESEARCH METHODOLOGY

OBJECTIVES OF THE STUDY

• To study and understand the process of Recruitment and Selection of Financial

Adviser at Reliance Life Insurance .

• To study that the Recruitment and Selection Process at Reliance Life Insurance for

Financial Adviser satisfactory or not.

• To know the various profiles for getting capable Financial Advisor in Reliance Life

Insurance .

Research problem:- To get the potential Life Advisors for the sake of company’s

benefit.

Research Design :- Descriptive and Exploratory Research Design. Study is

descriptive because it describes the process of recruitment and selection and study is

exploratory because some more new profiles or segments are discovered for recruitment.

Universe & Sample size;- Reliance Life Insurance Bhilai

Life Advisors-50

Sampling Technique;- convenient sampling

Data Collection and Sources:- Data is collected through primary and

secondary sources where primary data collection was done by structured questionnaire and

secondary data was collected from magazines, newspaper ,books, etc.

Analysis pattern:- pie chart and bar chart were used for analysis.

METHODOLOGY

The study was conducted in Durg And Bhilai Nagar. For the study a questionnaire was

formulated and administered to the respondent. The medium of this questionnaire was

English. The Questionnaire was administered face to face with respondents. Some of these

were filled up after a small conversation relevant to the subject of study.

Research Design:-

In my research I have applied the descriptive design.

Descriptive Research;

In this research I have conducted Descriptive Research to study the ‘factors of customers

preference for shampoo in the area of Durg and Bhilai Nagar. Descriptive research includes

surveys and fact-finding enquiries of different kinds. The method of research utilized in

descriptive research is survey methods of all kinds, including comparative and co-relational

methods

Research Method;

Survey Method :

In this research, method utilized to conduct research is that “Survey Method”. Survey

method is one of the method of descriptive research and very popular and widely used

method of gathering data. This method is particularly used with quantitative research. In

this method, collection of data is done through questionnaire. Questionnaire is taken by

the researcher to the respondents with invitation for filling the questionnaire.

DATA COLLECTION METHOD

As a data collection method I have used the Questionnaire Method.

Rationale for using questionnaire method

Questionnaire had been prepared to get the response of the people as per guided by

the organizational guide. To provide the best end results without any kind of biasness,

which can give a brief idea about sampling and would be beneficial for making inferences

for tabulations and calculations with research instruments? I made a survey through

questionnaire as prepared by me.

Sources of Data

The task of data collection begins after a research problem has been defined and

research design checked out. While deciding about the method of data collection to be used for

the study.

THE TWO TYPE OF DATA IS.

PRIMARY DATA

SECONDARY DATA

Primary DataThe primary data for the study was collected by personally administering the

questionnaire to respondent and observation.

Secondary DataThe secondary data for the study was collected for other information from books

Magazines and internet etc.

Questionnaire Design

Sample SizeData have been collected through the survey method while survey has been

conducted in two areas:

1). Bhilai Nagar

2). Durg

All the data are primary in the nature as they had been collected first hand and

personally. All the area had segmented according to the population of this area. We

have considered 50 as sample size. we made a survey by questionnaire as prepared by

me. Sample size has been kept to 50-sample unit.

CHAPTER: 5

DATA ANALYSIS AND RESULT

1. What is your qualification?

Qualification respondents

12th 10%

Graduation 60%

Postgraduation 20%

professional course 10%

any other 0%

respondents

0%10%

20%30%

40%50%

60%70%

12th

grad

uatio

n

post

grad

uatio

n

prof

essio

nal c

ours

e

any

othe

r

respondents

Interpretation

According to survey qualification of most of the Life Advisor are graduation.

2. Marital status

Marital status response

Married 40%

Unmarried 60%

married

unmarried

Interpretation

More than half the number of employees out of sample are unmarried.

3. How much time you living in Durg or Bhilai?

Living status respondents

below 5yrs 20%

5-10yrs 30%

10-15yrs 20%

15-20yrs 20%

above 20yrs 10%

0%

5%

10%

15%

20%

25%

30%

35%

below 5yrs 5-10yrs 10-15yrs 15-20yrs above 20yrs

Series1

Interpretation

Maximum 30% respondents are living in Gurgaon since 5-10 years.

4. What is your family annual income?

family income(per annum)

Below 50000 0

50000-100000 10%

100000-200000 20%

200000-300000 30%

above 300000 40%

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

below 50000 50000-100000 100000-200000 200000-300000 above 300000

Series1

Interpretation

Most of the respondents have more than three Financial Adviser annual household income.

5.Why did you become Financial Adviser at Reliance Life

Insurance?

Carrier 0

Money 60%

Reward 10%

Brand name 30%

Other 0%

0

0.1

0.2

0.3

0.4

0.5

0.6

Carrier

Money

Reward

Brand name

Other

Interpretation

Most of the advisers has joined Reliance life Insurance because of money and brand name.

6. Reliance Life Insurance helps to earn an additional income

through commission ?

strongly agree 0

Agree 25%

Neutral 0

Disagree 75%

strongly disagree 0

0

0.2

0.4

0.6

0.8

strongly agree

Agree

Neutral

Disagree

strongly disagree

Interpretation

Most of the respondents are dissatisfied with commission of Financial Advisor.

7. Are you satisfied with the registration fees of Financial

Advisor of Reliance Life Insurance?

strongly agree 0

Agree 20%

Neutral 10%

Disagree 70%

strongly disagree 0%

strongly agree

agree

neutral

disagree

strongly disagree

Interpretation

Most of the respondents are disagree with registration fees.

8. Are you doing this job as part time or full time?

part time 10%

full time 90%

part time

full time

CHAPTER: 6

FINDINGS OF THE STUDY

FINDINGS OF THE STUDY:-

• Most of the advisors are graduate.

• It is being understood that most of the respondent feel that the registration

fees for the Financial Advisor is very high.

• It is found that the advisors have joined Reliance because of money and

brand name.

• Most of the Advisors have joined as full timers.

• Most of the Life Advisor are not satisfied with their commission of company.

• The family income of the respondents are above Rs.300000.

CHAPTER: 7

RECOMMENDATION

Recommendations

1. The Company should reduce the registration fee for the Financial Advisor as it is

quite high.

2. The company should make the plan more carrier oriented.

3. The company should increase commission percentage to satisfy the advisors

expectation.

4. Company should give more focus on recruitment plans so that they can lure more

people.

CHAPTER:- 8

LIMITATION

Limitations:-

• Time was the biggest limitation. The project requires a thorough study which requires a

considerable amount of time.

• The study is based on both primary as well as secondary data and has the limitations

pertaining to the usage of both kinds of data.

• Respondents may be biased while filling the questionnaire.

CHAPTER:- 9

CONCLUSION

Conclusion:-As we know Recruitment is distinct from Selection. Once the required number and kind of

human resources are determined, the management has to find the places where the

required human resources are/will be available and also they have to find the means of

attracting them towards the organization before selecting suitable candidates for jobs. The

study reveals that the company is not able to recruit potential Financial Advisors because

of high registration fees. Also the Life Advisors are dissatisfied with their commission

policy.

At the end of the study, we can conclude that though there is satisfactory recruitment

process but company have to do some amendments in their recruitment process to get

potential Financial Advisors like company should choose satisfying commission policy.

REFERENCES

Books :

a) Blackman(2002), Human Resource Management, Tata Mcgraw Hill Publications.

b) Kotler Philips(2009),Marketing Management, Dorling Kindersley(India) Pvt.Ltd.

c) Kothari, C. R.(2005), Quantitative Technique, Vikas Publishing House Pvt. Limited,

New Delhi

d) Vecchio P Robert (2008), HRM Review, The Icfai University Press

Websites :

a) www.bhartiaxalife.com

b) www.citehr.com

c) www.irda.nic.in

d) www.paradize.com

QUESTIONNAIRE

Hello sir/madam,

I am an M B A student and conducting a very prestigious marketing project on “

Recruitment and Selection of Life Advisor in Reliance Life Insurance .” You are requested to

cooperate me by filling this questionnaire.

NAME ________________________________

GENDER a) Male b) Female

AGE a) Less than 25 b) 25-35 d) more than 35

1. What is your qualification?

a) 12th

b) graduation

c) postgraduation

d) professional course

e) any other

2. Are you married?

a) yes b) no

3. How much time you living in Durg or Bhilai?(in years)

a) 0-5

b) 5-10

c) 10-15

d) 15-20

e) above 20

4. What is your family income?(in Rs per annum)

a) below 50,000

b) 50,000-1,00,000

c) 1,00,000-2,00,000

d) 2,00,000-3,00,000

e) above 3,00,000

5.Why did you become financial adviser at reliance life insurance?

a) Carrier

b) Money

c) Reward

d) Brand name

e) Others

6. Reliance Life Insurance helps to earn an additional income through commission ?

Strongly Agree Strongly Disagree

1 2 3 4 5

7. Are you satisfied with the registration fees of Financial Advisor of Reliance Life

Insurance?

Strongly Agree Strongly Disagree

1 2 3 4 5

8. Are you doing this job as part time or full time?