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INTRODUCTION:
Recruitment and Selection
Recruitment: ³It is the process of finding and attracting capable applications for
employment.´ Recruitment is a process to discover the sources of manpower tomeet requirement of the staffing schedule and to employ effective measures for
attracting that manpower in adequate numbers to facilitate effective selection of an
efficient working force.
The process begins when new recruits are sought and ends when their applications
are submitted. The result is a pool of applications from which new employees are
selected.
Recruitment represents the first contact that a company makes with potentialemployees. It is the next step in the procurement function, the first being the
manpower planning.
Sources of recruitment:
Internal
External
Internal recruitment: It seeks applicants for positions from those who are
currently employed.
Present employees
Direct referrals
Former employees
New joinee referrals
External recruitment: These sources lie outside the organization
Advertisements
Campus recruitments
Walk-ins
Consultants
Job portals
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Internal recruitment:
Recruiting from among the existing workforce refers as internal recruitment and it
offers many advantages. Seeing your employees at work on a day-to-day basis willenable you to evaluate their particular strengths and weakness accurately and choose
the most suitable person for the position. When the company recruits from within the
organization the employees will feel important and highly valued since it appears that
the organization immediately turns to them whenever a vacancy occurs. Usually it
depends on the post as well to decide whether there is an availability of internal
candidate or an external one.
Advantages
It is less costly
Candidates are already oriented towards the organization.
Organization has better knowledge about the candidates
Enhancement of employee¶s morale and motivate them to work more
Good performance is then rewarded
The employee is already familiar with the work culture and the organization¶senvironment.
Disadvantages:
It perpetuates the old concept of doing things.
Candidate¶s current work may be affected.
Politics play a greater role.
Moral problem, for those who are not been motivated.
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External recruitment:
External recruiting is nothing but recruiting the people in your organization from
outside the company. It will help the company to make best use of other sources that
are laying outside the organization like for example campus recruits is an effective
and efficient way of recruiting when a company wants new minds that are more
creative and go-getters for any task. If a company wants to concentrate only on its
core activities and wants to relieve the burden of the task of recruitment then the more
feasible option would be third party recruiting or recruitment process outsourcing
RPO. The experienced persons but unemployed can be recruited into the company
which may reduce the training cost if they are from same industry. When a company
is involved in large expansions and is more oriented towards achieving high growth
and high market share, with more focus on quality of the product and high customer
satisfaction then it is inevitable for any organization to go for external recruiting.
Advantages:
Benefits of new skills new talents and new experience to the organization
Compliance with reservation policy becomes easy
Scope of jealousy and heartburns avoided.
No politics and biasness involved.
Disadvantages:
It is a very costly affair
Adjustment of new employees to the organization culture takes longer time.
Better moral and motivation associated with internal recruiting is denied to the
organization.
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Selection
Definition: ³It is the process of differentiating between applicants in order to identify
those with a greater likelihood of success in a job´.
Selection is the process of picking individuals with requisite qualification andcompetence to fill jobs in the organization. It is a long process commencing from the
preliminary interview of the applicants and ending with the contract of employment.
The objective of the process is to determine whether an applicant meets the
qualification for a specific job and to choose the applicant who is most likely to
perform well in that job.
Suitability for a job is typically assessed by looking for skills e.g. communication,
typing, and computer skills. Qualifications may be shown through résumés, job
applications, interviews, educational or professional experience, the testimony of
references, or in-house testing, such as for software knowledge, typing skills,
numeracy, and literacy, through psychological tests or employment testing.
In some countries, employers are legally mandated to provide equal opportunity in
hiring. Business management software is used by many recruitment agencies to
automate the testing process. Many recruiters and agencies are using an A pplicant
tracking system to perform many of the filtering tasks, along with software tools for
psychometric testing.
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Objectives of the study
To understand the recruitment procedure with reference to insurance sector.
To find out whether the alternative sources are been able to reduce
dependency on consultancy on the company.
To find out whether the cost has decreased in the last four years by increasing
the dependency.
To compare the recruitment procedure of other companies to improvise on the
present recruitment procedure.
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Research methodology
Research methodology is a way to systematically solve the research problem .it may
be understood as a science of studying how research is done scientifically. The study
of research methodology gives us the necessary training in gathering materials,
arranging them, participating in filed when required and training in techniques for the
collection of data appropriate for a particular problem.
Thus in research we talk not only of the methods used but also the logic behind the
method we use in the context of our research, so the result can be evaluated by the
researcher or others concerned. Research Methodology is the most practical way of
obtaining and analyzing data and it plays an important role in project.
Research methodology followed by TATA-AIG
Methodology adopted:
Questionnaire
Field study
Questionnaire
A structured questionnaire was used to study the recruitment procedure of three
financial companies which consist of understanding of the cost involved in the whole procedure and various methods by which the sourcing of candidates are done.
Field study
In the field study the actual process of sourcing of candidates and recruitment of the
three companies were examined and witnessed and a comparison was done with the
help of this a comparative study was done.
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Hypothesis
Generally there are two types of hypothesis null and alternate. Null hypothesis
assumes that the difference. If any in the observed data is attributed to random error.
Null hypothesis is denoted as h0 hypothesis should be developed before sample is
drawn. Hypothesis should be specific, it should be fit for testing.Here in this project the hypothesis is:
³Whether the alternate sources of recruitment like new joinee referrals, placemint,
direct walk-in or job portals reduce the dependency on consultancy.´
Sources of data
Primary data
Secondary data
Primary data:
This data is been collected by the person who is doing the project it is very
accurate as compared to secondary data but it has its demerits like it is time
consuming process and the same time it is a costly affair. Here in this project
the secondary data was collected by using a questionnaire and by visiting the
three companies.
Secondary data:
Information which is been collected by other individuals and when we use it for our
project work that is called as secondary data. Information is collected by various
documents, magazine and also by referring reference books.
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Sample size:
The questionnaire used in report was made considering 3 financial companies into
consideration and then the questionnaire was filled by the HR manager.
Methodology
Interview with hr
manager of three
companies
Questionnaire
Collection of data
Analysis of data
Interpretation
Conclusion
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Scope and Limitation:
Scope: The recruitment decision is the prime importance in every organization. It is a
vehicle for the best possible person for the post. This can be used by the students and
the organization.
So the scope of this project is to understand the recruitment procedure of an insurance
company and also a comparative analysis between three financial companies to
reduce the cost of the sourcing of candidates.
For the company the scope is that with the help of this project they can implement the
innovative ways of reducing the turnaround time and the cost of the recruitment
procedure.
Limitation: During the tenure of the project at TATA-AIG there were certainconstraints because of which certain points are not described and certain points are
not done in detail.
Time was the most important factor, as time was limited and in which the whole
project had to be completed within the given time.
There was only agency vertical I could do the project because of the vastness of the
company function and the time constraint because of that it was difficult to come to a
conclusion of the project that whether the turnaround time and the cost of the
procedure has reduced.
Because there was more emphasis was on the reducing the dependency on
consultancy through alternate sources the other procedures of the company was not
been studied deeply.
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Indian Insurance Industry
The Insurance sector in India governed by InsuranceAct, 1938, the Life Insurance
CorporationAct, 1956 and General Insurance Business ( Nationalization) Act, 1972,
Insurance Regulatory and Development Authority (IR DA) Act, 1999 and other related
Acts. With such a large population and the untapped market area of this population
Insurance happens to be a very big opportunity in India. Today it stands as a business
growing at the rate of 15-20 per cent annually. Together with banking services, it adds
about 7 per cent to the country¶s GDP .In spite of all this growth the statistics of the
penetration of the insurance in the country is very poor. Nearly 80% of Indian
populations are without Life insurance cover and the Health insurance. This is an
indicator that growth potential for the insurance sector is immense in India. It was due
to this immense growth that the regulations were introduced in the insurance sector
and in continuation ³Malhotra Committee´ was constituted by the government in
1993 to examine the various aspects of the industry. The key element of the reform
process was Participation of overseas insurance companies with 26% capital. Creating
a more efficient and competitive financial system suitable for the requirements of the
economy was the main idea behind this reform. Since then the insurance industry has
gone through many sea changes .The competition LIC started facing from these
companies were threatening to the existence of LIC .since the liberalization of the
industry the insurance industry has never looked back and today stand as the one of the most competitive and exploring industry in India. The entry of the private players
and the increased use of the new distribution are in the limelight today. The use of
new distribution techniques and the IT tools has increased the scope of the industry in
the longer run.
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Brief History of Insurance in India
The history of life insurance in India dates back to 1818 when it was conceived as a
means to provide for English Widows. Interestingly in those days a higher premium
was charged for Indian lives than the non-Indian lives as Indian lives were considered
more risky to cover.
Insurance regulation formally began in India with the passing of the Life Insurance
Companies Act of 1912 and the provident fund Act of 1912. Several frauds during
20's and 30's sullied insurance business in India. By 1938 there were 176 insurance
companies. The first comprehensive legislation was introduced with the Insurance Act
of 1938 that provided strict State Control over insurance business. The insurance
business grew at a faster pace after independence. Indian companies strengthened
their hold on this business but despite the growth that was witnessed, insuranceremained an urban phenomenon.
The Government of India in 1956, brought together over 240 private life insurers and
provident societies under one nationalized monopoly corporation and LIC was born.
Nationalization was justified on the grounds that it would create much needed funds
for rapid industrialization. This was in conformity with the Government's chosen path
of State lead planning and development.
Insurance Sector Reforms
In 1993, Malhotra Committee headed by former Finance Secretary and R BI Governor
R. N. Malhotra was formed to evaluate the Indian insurance industry and recommend
its future direction.
The committee was set up with the objective of complementing the reforms initiated
in the financial sector. The reforms were aimed at "creating a more efficient andcompetitive financial system suitable for the requirements of the economy keeping in
mind the structural changes currently underway and recognizing that insurance is an
important part of the overall financial system where it was necessary to address the
need for similar reforms"
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While the company submitted its report in 1994, it took another six years before the
enabling legislation was passed in the year 2000, legislation amending the Insurance
Act of 1938 and legislating the Insurance Regulatory and Development Authority Act
of 2000. The same year that the newly appointed insurance regulator - Insurance
Regulatory and Development Authority IR DA -- started issuing licenses to private lifeinsurers.
Classification of Insurance business- India
In India, insurance business is classified primarily as life and non-life or general. Life
insurance includes all risks related to the lives of human beings and general insurance
covers the rest. General insurance has three classifications viz., Fire (dealing with all
fire related risks), Marine (dealing with all transport related risks and ships) and
Miscellaneous (dealing with all others like liability, fidelity, motor, crop, personal
accident, etc). Personal accident and sickness insurance, which are related to human
beings, is classified as 'non-life' in India, but is classified as `life', in many other
countries. What is ' Non-life' in India is termed `Property and Casualty' in some other
countries.
Insurance Business
Life Insurance Non- Life Insurance
Fire Marine Miscellaneous
Covers
Fire
Related
Risks
Covers
transport
related risks
and ships
Covers liability,
fidelity, motor,
crop, personal
accident etc.
Covers death
and disability
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Life Insurance
Human Life is an income generating asset which can be lost due to premature death or
become non-functional due to an accident or sickness. Life insurance does not
PR OTECT LIFE ± it tries to minimize the impact of an untimely death on those
dependent on that income. Life Insurance claims can be made if:
i. Occurrence has to be random
ii. Occurrence has to be Accidental
iii. Not the Deliberate creation of the Insured Person
Innovations in Life Insurance Industry
Economic growth in the emerging markets has time and again outpaced the developed
and industrialized countries. Alongside the rising importance of emerging economies,
their life insurance sectors are also drawing more attention.
It¶s been four years since the life insurance sector was opened up for private players
in India. The reasons that prompted the government to bring in reform in this sector
are well known. While the public sector life insurance companies made enormous
contribution in the spread of awareness about insurance, and expanded the market, it
was recognized that their reach was still limited, the range of products offered
restricted and the service to the consumer inadequate. It was also felt that the rapid
economic growth witnessed in the 90s couldn¶t be sustained without a thriving
insurance sector.
Today, the private sector accounts for nearly 20% of the market. The market share of
the private players has to be seen in the context of this enlarged market. There has
been a flurry of private players providing a wide range of innovative products,services and customized solutions. Emerging markets²such as China, India, Mexico
and Russia² are home to some 86% of the world¶s population. Collectively, they
account for 23% of world economic output. Yet, insurance business is
underdeveloped in these markets.
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Present Scenario
The Government of India liberalized the insurance sector in March 2000 with the
passage of the Insurance Regulatory and Development Authority (IR DA) Bill, lifting
all entry restrictions for private players and allowing foreign players to enter the
market with some limits on direct foreign ownership. Under the current guidelines,
there is a 26 percent equity capital for foreign partners in an insurance company.
There is a proposal to increase this limit to 49 percent. Premium rates of most general
insurance policies come under the preview of the government appointed Tariff
Advisory Committee.
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. Tracing the
developments in the Indian insurance sector reveals the 360-degree turn witnessedover a period of almost two centuries.
All life insurance companies in India have to comply with the strict regulations laid
out by Insurance Regulatory and Development Authority of India (IR DA). Therefore
there is no risk in going in for private insurance players.
With a huge population base and large untapped market, insurance industry is a big
opportunity area in India for national as well as foreign investors. India is the fifth
largest life insurance market in the emerging insurance economies globally and is
growing at 32-34% annually. This impressive growth in the market has been driven
by liberalization, with new player¶s significantly enhancing product awareness and
promoting consumer education and information. The strong growth potential of the
country has also made international players to look at the Indian insurance market.
Moreover, saturation of insurance markets in many developed economies has made
the Indian market more attractive for international insurance players, according to
Booming InsuranceMarket in India (2008-2011)´.
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Indian Scenario:
Indian economy is the 12th largest in the world, with a GDP of $1.25 trillion and 3rd
largest in terms of purchasing power parity. With factors like a stable 8-9 per cent
annual growth, rising foreign exchange reserves, a booming capital market and a
rapidly expanding FDI inflows, it is on the hinge of an ever increasing growth curve.
Indians have a tendency to invest in properties and gold followed by bank deposits.
They selectively invest in shares also but the percentage is very small--4-5%. This in
itself is an indicator that growth potential for the insurance sector is immense. It¶s a
business growing at the rate of 15-20% per annum and presently is of the order of
$47.9 billion. India is a vast market for life insurance that is directly proportional to
the growth in premiums and an increase in life density.With the entry of private
sector players backed by foreign expertise, Indian insurance market has become more
vibrant. Competition in this market is increasing with company¶s continuous effort to
lure the customers with new product offerings. However, the market share of private
insurance companies remains very low -- in the 10-15% range. Even to this day, Life
Insurance Corporation (LIC) of India dominates Indian insurance sector. The heavy
hand of government still dominates the market, with price controls, limits on
ownership, and other restraints. The upward growth trend started from 2000 was
mainly due to economic policies adopted by the Indian government. This year saw
initiation of an era of economic liberalization and globalization in the Indian economyfollowed by several reforms and long-term policies that created a perfect roadmap for
the success of Indian financial markets. On the basis of several 26 macroeconomic
factors like increase in literacy rate & per capita income, decrease in death rate and
unemployment, better tax rebates, growing GDP etc., we estimate that the Indian
insurance sector will grow by $28.65 billion and reach $76.54 billion by 2011 with a
CAGR of 12.44% and a growth of 59.82%.
The Indian life insurance market generated total revenues of $41.36 billion in 2007,
thus representing a compound annual growth rate (CAGR) of 11.84% for the period
spanning 2000-2007. Life insurance market had a growth of $22.46 billion within a
period of 7 years with a growth rate of 118.24%. Estimated life premiums rose from
I NR1, 470,800 million ($36.77 billion) in 2006 to I NR1, 301,540 million
($32.54billion) in 2005. We envisage that life premiums in 2011 will be $65.96
billion, a growth larger than they were in 2007. The performance of the market is
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forecast to accelerate, with an anticipated CAGR of 9.78% for the four-year period
2007-2011 expected to drive the market to a value of $65.96 billion by the end of
2011. There would be a growth of $24.6 billion i.e. 59.48% in the next 4 years. Non-
life premiums in India were $6.53 billion in 2007. Gross written premium (GWP) in
the Indian non-life insurance market reached a value of $5.75 billion in 2006, thisrepresenting an annual growth of 13.55% for the period spanning 2006-2007.
Estimated non-life premiums rose from I NR230 billion ($5.75 billion) in 2006 to
I NR261 billion ($6.53 billion) in 2007. We anticipate that non-life premiums will
grow by a CAGR of 9.40% between 2007-2011. We are looking for non-life
premiums to rise by $405 million over the five years to the end of 2011 with a growth
rate of 62.02%.
The general insurance industry grew by 16% in 2006-07 as private insurers continued
their robust performance, while public sector players like New India Assurance and
Oriental Insurance improved their show. Despite continuous fall in business of
government-owned National Insurance, the 12 non-life insurers collected Rs 20,378
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crore in first year premium in the last fiscal compared to Rs 17,531 crore collected in
2005-06, according to data compiled by regulator IR DA.
New India Assurance collected Rs 4,762 crore in premium and continued to lead the
non-life sector by cornering 23.36% of the market. National Insurance was at the
second spot by collecting Rs 3,524 crore in premium, a decline of 7%, but had a
market pie of 17.29%. Oriental Insurance mopped up Rs 3,518 crore in premium
income after logging 16.6% growth in business to corner a market share of 17.26%.
Another PSU insurer United India grew by a modest 6.8% to collect Rs 3,147 crore in
premium and had 15.44% of the market. The eight private players expanded their
business by 52% to collect Rs 5,427 crore in premium income and increased their
combined market share to 26.6% from 20.2% a year ago. 28 ICICI Lombard led the
private players by logging 80% growth in premium at Rs 1,592 crore, followed by
Bajaj Allianz, which grew by 50% to collect Rs 1,287 crore in premium. ICICI
Lombard had a market share of 7.81% and Bajaj Allianz had 6.31% of the market.
Growth of Life Insurance Industry
Total life insurance premium in India is projected to grow Rs 1,230,000 crore by
2010-11. A booming life insurance market has propelled the Indian life insurance
agents into the µtop 10 country list¶ in terms of membership to theMillion Dollar
Round Table (MD
RT) ² an exclusive club for the highest performing life insuranceagents.
Taking into account the changing socio-economic demographics, rate of GDP growth,
changing consumer behaviour and occurrences of natural calamities at regular
intervals, the Indian life insurance market is expected to reach the value of around Rs
1683 Billion in the year 2009.
India's insurance industry has changed significantly in the past two years, as a range
of global European and US insurance companies have been launched in Mumbai andDelhi. Previously depressed salary rates, limited employee movement and low
penetration in the insurance sector have been replaced with a boom in demand for
talented insurance specialists.
Convergence, globalization, and consolidation - as well as new technologies and
changing demographics - are impacting the pace and level of change in the insurance
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industry. As a result, insurance companies will be challenged to remain competitive,
and ultimately, to thrive. Having talent that can both adapt to change and meet
customer demands, has become a priority.
Insurance companies continue to face challenges in both recruiting skilled
professionals and fully developing home-grown talent. The present situation in India's
insurance sector is a welcome development as it enhances the strength of employers
as well as the career opportunities of insurance industry professionals. However, there
is still a lack of qualified talent to take many positions as actuaries and insurance
specialists which is currently skewing the demand-supply
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2.1.3 Company Profile
Tata Enterprises with 82 companies, spread over seven sectors and with an annual
turnover exceeding US $ 8.8 billion, employs more than 262,000 people. Tata Grouphas shown over years that it is a value driven company and has pioneering
contributions in various fields including insurance, aviation, iron and steel. In terms of
capital market performance as many as 40 listed Tata companies account for nearly
5% of the total market capitalization of all listed companies. The Group has had a
long association with India's insurance sector having been the largest insurance
company in India prior to the nationalization of insurance.
The Tata Group
Tata is a rapidly growing business group based in India with significant international
operations. Revenues in 2007-08 are USD 62.5 billion (around Rs. 251,543 crores), of
which 61% was from business outside India. The Group¶s Net Profit for 2007-08 is
USD 5.4 billion (around Rs. 21,578 crores). TheGroup employs around 350,000
people worldwide. The Tata name has been respected in India for 140 years for its
adherence to strong values and business ethics. The business operations of the TataGroup currently encompass seven business sectors - Communications and
Information Technology, Engineering, Materials, Services, Energy, Consumer
Products and Chemicals. The Group's 28 publicly listed enterprises have a combined
market capitalization of around $60 billion, among the highest among Indian business
houses, and a shareholder base of 2.9 million. The major companies in the Group
include Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata
Chemicals, Tata Tea, Indian Hotels, Tata Teleservices and Tata Communications.
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American International Group, Inc. (AIG)
American International Group, Inc. (AIG), a world leader in insurance and financial
services, is the leading international insurance organization with operations in morethan 130 countries and jurisdictions. AIG companies serve commercial, institutional
and individual customers through the most extensive worldwide property-casualty and
life insurance networks of any insurer. In addition, AIG companies are leading
providers of retirement services, financial services and asset management around the
world. AIG's common stock is listed on the New York Stock Exchange, as well as the
stock exchanges in Ireland and Tokyo.
Tata AIG Life Insurance Company Ltd.
Tata AIG Life Insurance Company Limited (TALIC) is a joint venture company,
formed by the Tata Group and American International Group, Inc. (AIG). Tata AIG
Life combines the Tata Group¶s pre-eminent leadership position in India and AIG¶s
global presence as one of the world¶s leading international insurance and financial
services organization. Tata AIG Life Insurance Co. Ltd. is capitalized at Rs. 185
crores of which 74 per cent has been brought in by Tata Sons and the American
partner brings in the balance 26 per cent.. The alliance between the two stood for trust
and experience in the minds of the Indian consumers. Tata AIG Life Insurance
Company was licensed to operate in India on February 12, 2001 and started
operations on A pril 1, 2001. The company headquartered in Mumbai, with branch
operations in Delhi, Chennai, Hyderabad, Bangalore Calcutta, Pune and Chandigarh.
Tata AIG Life Insurance Company Ltd. "Tata AIG Life" offers a broad array of life
insurance products to individuals, associations and businesses of all sizes, with a wide
variety of additional coverage to ensure our customers can find an insurance product
to meet their needs.
Tata AIG Insurance provides facilities to both corporate and individuals. Starting its
operations on A pril 1, 2001, it seeks to serve different categories of people. It
acquired its license for carrying out operations in India on February 12, 2001. Tata
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AIG Insurance Solutions is one of the most prestigious organizations in the business
world. It employs thousands of employees and offers various opportunities to people
to build a prospective career. As a leading name in the financial world, it identifies the
potential and experience of the individual. This insurance company identifies the
clients needs and works accordingly. It stresses on innovative aspect and opening of new markets. It believes in new economy and latest Internet technology.
Tata AIG Insurance offers a number of products for the General Insurance holders.
General insurance products include:
y Individual insurance
y Small business insurance
y Corporate insurance
Tata AIG Insurance offers flexible life insurance to the individuals, business
organization and other association. For the corporate, there are various insurance
products like group pensions, employee benefits, work place solutions and credit life.
For the individuals, Tata AIG Insurance offers various products for adults, children
and for retirement planning.
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List of Products offered by TATA AIG:
The life insurance plans are generally divided into two types: (a) Traditional plans (b)
Unit linked insurance plans (ULIP). Traditional plans are basically insurance plussavings whereas ULIPs are insurance plus investment. Further they are classified into
pure protection, savings, investments, pension and living benefits. The classifications
are shown in the table below.
Traditional Plan:
Pure
Protection
Savings Investment Pension Living
Benefits
Raksha 1.Maha Life
Gold
1. Nirvana
Plus
2.Easy retire
3.Riders
1.Health
protector
2.Riders
Unit linked insurance plans (ULIPs):
Pure
protection
Savings Investments Pension
Living
benefits
1.Invest
Assure Gold
2.Invest
Assure II
1. Invest
assure plus
2.Invest
assure flexi
1.Invest
assure future
1.Health
investor
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TATA-AIG insurance company is divided into general and life insurance.
Agency vertical is further divided into four divisions:
Business associate model:-BA sales (Executive/AM/manager) all these positions are
on the payrolls of the company.
Unit manager model: - they are under the rolls of the
company
Whereas agents are on the commission basis.
Similarly there are basically three divisions which I used to recruit for sales manager,
BA sales executive.
TATA - AIG
Life Insurance
AgencyAlternate
ChannelsS
D
General Insuarance
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Recruitment procedure followed by TATA-AIG LTD.
Hiring process
Scope: To understand the process of hiring through various sources.
Process Steps: 1.Head of Department / Line Manager shares the open positions with
the Hiring Managers along with the job description if present to the hiring team. The
following are the reasons for the open position-
o PIP (performance improvement plans)
o Replacement due to attrition
o New position due to opening of new branch
o Expansion of the present department.
o A bsconding.
o Resignation.
2. The line manager gives the open position to the HR department /hiring team who in
turn starts sourcing for positions through different channels.
There are many ways the HR department source CVs from
o Consultants (its most easy and expensive option)
A
lternate options are:o Naukri
o Employee referral ( placemint+)
o New joinee referral
o TALIC website
o Walk-in/direct
3. Once the CVs are procured then there is 1st level screening done by the hiring
teamo Basic profile match.
o Education qualification.
o Work experience.
o Location.
o CTC (cost to the company)
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4. If the above criterion matches the requirement then the candidate is short listed
and there is an HR round conducted followed by functional round of interview
then once the candidate is short listed then the zone HR sends a pre-
employment mail and ask the candidate the necessary documents.
The following are the necessary documents required
o Offer letter/A ppointment letter.
o Last two month salary slips.
o Name and contact details of the two referees.
o Pay revision letter or Increment / Bonus letter.
o Incentive proof.
o Pre-Employment Health Declaration form.
5. All the documents are send to the corporate HR who then sends a fitment sheet
to zone who in turn will fill the fitment sheet and give back to the corporate
HR. The corporate will then will release the offer and the candidate is asked to
accept the offer.
6. Once the reference check is positive then appointment letter is generated by
the corporate.
7. The candidate has to acknowledge the offer letter read and then sign it keep
one copy of it with him and send the other copy.
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Employee requisition
The hiring procedure starts when there is a vacant position in the system .So there are
many situations when there is an open position in the system.Mainly the line manager
tells the hiring department that there is the open position and if he JD is not availablethen he creates a JD (job description) and sends to the hiring team.
Generally the main source to know about the open position is the intimation from the
line manager and there are secondary sources like PIP (performance improvement
plans) is to find the employees who are not performing and so that they can find what
are the future open positions, generally 45 days are given to the employee to improve
their performance.
Absconding is also one of the reason when the person does not report to the
organization even after he is been informed .Then as warning he is been given three
letters and he is being told to report to origination, if he does not respond to the first
letter then the second letter is sent to him and he is been warned and the third letter is
given when he has to be terminated.
At times there is a business case where he company wants to introduce a branch at
that time there is hiring done on a large scale, hiring of suppose 15 people then it
becomes business case and the line manager intimates the HR department.
a) Consultants: This is the easiest way of getting resumes and the most expensive at
the same time.
Generally consultants are decided by two ways one is the PAN India i.e. for the
metros they have large number of position to be covered and other option is small
areas local consultants.
There are various parameters by which consultants are decided they are:
o How big is the consultancy?
o How well known is the consultancy?
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o How many team members are there in team?
It depends upon the needs of the company what kind of consultants they want to
choose, if they want to source for metro cities like Mumbai, Pune and Ahmedabad etc
that time they have to go for big consultants (PAN India).
Empanelment: It is a legal process where there is a deal between the company and
the consultants. This is done to find whether the consultants are:
o Genuine.
o If they source a CV what is the amount of invoice make.
o If they source a candidate and the candidate leaves the companies so the
consultants are suppose to take money from them? Tata-aig always works with
the empanelled consultants.
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Process Steps
1. Head of Department / Line Manager Shares the open positions with the Hiring
Managers by way of SSR / JD / Position details.2. The open position will either be due to exit of an employee or a new role in the
function.
3. The Hiring Manager lists out the critical factors of the open position like job
responsibilities, years of work experience and educational qualification from the
Job Description / details provided by Head of Department / Line Manager.
4. The Hiring Manager also works out a salary range for the position based on
Function and Band / Grade of the vacancy. He / she will also check salary of some
of the employees who are in the same function, doing similar role.5. The requirements are passed on to Placement Consultants through email /
telephone / handing over a hard copy during consultant¶s visit to the office.
6. The Placement consultants also check the interest level of the candidates before
sending the resumes to the HiringManager.
7. Once the Hiring Manager receives the profiles from the Placement consultants, he
/ she will do the first level screening.
8. The first level screening involves checking each resume with the required
educational qualification, number of years of work experience, type of experience
and current salary; this is to ascertain if the candidates profile fits with the basic
criteria of the vacancy.
9. The selected resumes are forwarded to Line Manager for second level of
screening.
10. The Line Manager, after necessary interviewing, informs the Hiring Manager of
his shortlist. The profiles short listed by the Line Manager are then called for
interview.
11. The Hiring Manager informs the Placement Consultant of the profiles selected for
interview. He / she also intimate the interview date, time & venue to the
consultant.
12. The Hiring Manager will also inform the consultant reasons for not selecting some
/ all profiles sent by them.
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13. The candidates come for interview and are met by Line Manager and Hiring
Manager
14. Line Manager & Hiring Manager decide on the final shortlist and select a
candidate they feel is best suited for the role.
15. The Hiring Manager informs the Placement Consultant about the selection.16. In case the Line Manager and / or Hiring Manager do not like the candidates, the
placement consultant is informed and asked to source more profiles.
17. The Placement consultant stays in touch with the candidate till he / she joins the
company.
18. The Placement consultant also undertakes pre-employment reference check of the
candidate through two referees.
19. Once the candidate comes on board, the Placement Consultant raises an invoice
for placement of the candidate.
Alternate options
a) Placemint +: The success of every Company depends on the quality and
effectiveness of its people. It is a constant endeavour at Tata AIG to bring onboard
talent into various roles in the Company, who are capable of taking the Company to
greater heights.
They recruit though various methods, - consultants, Internet, direct CVs and
importantly through Placemint+. As employees, each of us is best equipped to
understand our Company, its plans and its strengths and opportunities.
Placemint+ is an in-house Employee Referral Program, which provides employees the
forum and indeed the opportunity to refer the company, candidates ± usually people
who in their assessment are very good, and who would fit specific roles in the
Company.
The primary objectives of Placemint+ are to increase the band of quality candidatesavailable for recruitment, to enhance levels of business awareness in the company and
to expedite time for filling vacant positions.
The process is simple, and the contribution enormous! It is a matter of pride that on an
average, over the last 2 years, 30%+ of the total number of new hires are through this
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referral program. The Placemint+ money will be paid out to the referee only on the
confirmation of the referred candidate.
NonEligibility
However the following staffs is not eligible for Placemint+ financial rewardso The Department Manager to whom the position being filled in reports directly
/ indirectly
o The Head of the function of the Department for which the position is being
filled in
AVPs and above
o Employees from the Human Resources function
b) Job portals:
Generally there are certain things which are taken to consideration when Tata-Aig
collaborates with job portals:
o Relevance-suppose it has a large database of financial services which Tata-aig
deals in
o How big is the job portal?
o Freshness of resumes?
o Cost involved in the deal?
o After sales services like training the employees who are suppose to use the
site?
These are some parameters which are checked while the company signs a contract
with the company.
c) TALIC website:
This website helps the company for recruitment and the job posting which is
monitored by the HR department. There is an advertisement done on TALIC website
where they show the open positions against which branch, and then the candidate who
is interested will drop his detailed copy pf his resume then the HR team will go
through his resume and then call him for interview if he is suitable for the job.
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Three major processes can be described as:
o Collation of current open position as per department
o Updating the current open position as per department on the website.
o Monitoring profiles through career.life.id
It is the responsibility of the HR recruitment team to utilize the TALIC website as an
effective means of sourcing talent by the posing current open positions.
This is how the process is been followed:-
o Prepare list of open positions
o Prepare short (5-10 line) description of each role.
Generate a word document consisting of a consolidated list of all positions along
with their respective description.
It is the responsibility of HR department to ensure that marketing team has uploaded
the open position of the TALIC website.
Data of current open positions department wise, to be provided to marketing
representative by HR recruitment representative one week prior to end of every
month.
This data is to be updated to the TALIC website in the first week of every month.
Process steps
o Last week of every month consolidated job openings data is to be provided to
marketing dept by HR recruitment.
o Marketing to upload the formatted and final data on the TALIC website by the
first week of the month.
o Monitoring profiles through career.life.id
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HR recruitment department will ensure that response received through the TALIC
website is monitored on a regular basis.
Once the CVs are procured then there is 1st level screening done by the hiring team
where the following things are checked:
o Basic profile match.
o Education qualification.
o Work experience.
o Location.
o CTC (cost to the company)
After these parameters are checked then the interview is been scheduled by
the HR team and the candidate¶s HR round is conducted.
Interview
HR hiring team and/or external recruitment consultants will have first screening of the
resume and short listed resumes will be referred to hiring supervisor /manager for
review and HR executive will helps arranging the interviews of hiring
supervisor/manager.
The candidate shall undergo at least one interview with hiring supervisor/manager and
or HR hiring team.C
andidate interview evaluation sheet will be used to record theinformation obtained from the interview candidates referred by their imminent direct
supervisor will be interviewed by an independent functional executive. In case staff
employed by TALIC partners/vendors are to be recruited the same shall be put up for
approval with VP-HR any other competent approving authority. These items have
been incorporated in the interview evaluation form and revised interview evaluation
forms attached as Annexure.
HR executive will notify the candidate on selection and will send him for the line
manager interview where the line manager basically checks two things:o Performance
o Potential.
1) Performance: Line manager firstly checks is communication skills and his
persuasion skills. How easily can he influence the BA (business associates) to motive
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the agents and get business from them? Line manager also checks the candidate¶s
performance which is generally during the first three months of the year. This is when
the insurance business at its peak, this is the time when the tax aviation and the later
three months are when the BA or the sales manager builds his team and generates
business.2) Potential: The line manager also checks the potential of the candidate by
asking question like:
1. How many agents can you get when you join the company?
2. How much amount of business can you generate for the company?
Once the line manager has short listed the candidate by usually two rounds, and then
the line manager has to intimate the HR team then the HR managers has to sent the
pre-employment mail to the shortlisted candidate and ask the candidate to submit
some documents.
With the help of these documents the company comes to know that candidate is
genuine. The following are the necessary documents required
o Offer letter/A ppointment letter.
o Last two month salary slips.
o Name and contact details of the two referees.
o Pay revision letter or Increment / Bonus letter.
o Incentive proof.
o Pre-Employment Health Declaration form.
Once all the documents are been collected from candidate then the process initiation
mail is been given to the corporate to start the process, the corporate maintains a file
where the candidate¶s resume along with necessary documents are been filed. The
corporate then sends the fitment sheet which is divided into two sections they are
present and proposed.
Here the present designation and the CTC is mentioned this fitment sheet is send to
the zone branch where the HR manager files the amount of the CTC and the proposed
designation then the fitment sheet is send back to corporate to sign.
HR hiring team shall obtain at least one reference from the candidate if no
information of reference is provided in the compensation summary sheet.
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Undertake reference and salary check and medical check-up upon the receipt of the
compensation summary sheet, HR hiring team shall verify the amount versus the
amount shown in previous salary pay slips, last appointment letter and revision
letter(if any)for the proof of income .The compensation summary sheet will be kept
for salary proposal.
B) HR hiring team or external recruitment consultants will conduct the candidate
check. Recruitment check form will be used to record the information obtained from
the references.
The candidate must have a medical check-up be for joining the company HR hiring
team will provide short briefing to the candidate of the procedures and advice
available medical clinic for information the medical check-up report will be
forwarded to HR hiring team for documentation.
United health care is currently appointed to provide pre-employment check-up to the
candidate to the list of medical tests is provided in appendix.
Salary proposal and confirmation: HR hiring team will ask the HR executive
(responsible for (payroll) for at last one internal benchmark with similar background
band and experience or fitment will be made as per the approved salary fitment range.
HR hiring team will also make use of the information in the compensation summary
sheet as the reference for salary proposing salary and recording the details. All
signoffs to be done as per the approval authority matrix.
OFAC checking
HR hiring team lead will check the name of the candidate against the OFAC database
before sending the acceptance of offer. The office of foreign assets control (OFAC)
database which comprises various global watch lists.
Result of OFAC checking will be printed out and field of record if the name of the
candidate matches with those on the checklist .The candidate will not be considered
for offer. HR hiring team head will also require checking against the OFAC database
of existing staff every 6 months termination of employment is required if the name of
staff matches to the database.
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Acceptance of offer
Upon the clearance of reference, medical checkup and salary confirmation etc. HR
hiring executive will prepare the letter of acceptance of offer and forward to thecandidate. The reply in authenticated email of the conformation of offer is acceptable
when the candidate turns down the offer or decides not to join the company it is
suggested to keep those unsuccessful records for retrieval in case of any related
opening to be posted in future the unsuccessful records be destroyed if no further
usages being evaluated.
Delivery of appointment letter:
Upon the receipt of the acceptance of offer HR hiring team will prepare the
appointment letter. All sign off to be done as per the approval authority matrix. The
appointment letter will be sent along with the joining kit (forms to be submitted after
the commencement of the employment) the candidate will be required to sign on a
copy of the appointment letter as the acceptance of official offer.
b) HR hiring team will forward to the HR operation team a salary compensation sheet
(fitment sheet) which will be used by and helps HR executive to design new staff
code and key in compensation data into the payroll file.
Documentation of hiring activity: HR hiring team will open personal file to file all
submitted documents as well as to complete a hiring activity sheet. The information
related to this hiring the sheet will to be prepared by responsible hiring executive and
will be reviewed by hiring team head. The personal file shall be maintained properly
and updated timely during the tenure of employment.
Once the reference check is positive then appointment letter is generated by the
corporate.
The candidate has to acknowledge the offer letter and sign it keep one copy of it with
him and send the other copy.
Before one joining we send him a mail stating about the documents required during
joining formalities, they include:
1) Resignation Acceptance Letter / Relieving Letter of your current
organization ± These documents must be handed over on the day of joining to
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ascertain the candidate¶s employment with the company. A bsence of the same
will delay the candidate¶s date of joining with TALIC.
2) Residential Proof ± One of the mentioned proofs are required for domicile
verification i.e. Valid Passport, Voters ID Card, Utility Bill-Telephone,
Electricity (in your name), Bank statement-Current, Rent Agreement,
Insurance Premium Receipt, Ration Card.
3) Education Qualification Documents ± ORIGINAL & PHOTOCOPIES ±
This will include Mark sheets & Certificates for SSC, HSC, Graduation and
Post-Graduation coupled with additional qualification pursued and completed.
Mark sheets have to be sent with Certificates only and not in exclusion.
4) Photo ID Proof - Driving License, Passport, Voter ID card, PAN Card.
5) Employment Details from Last employers ± This will include A ppointmentLetter, Salary Slips, & Resignation Acceptance Letter / Relieving Letter.
6) Five recent photographs
7) Required to keep the following details handy : PF account number and
Corporate address of the previous organization
Among all the documents the resignation letter of current organization mandatory.
Then the candidate is asked to fill the neokit and the company accepts the
appointment letter from him, then his joining day is considered.
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Flowchart of recruitment procedure
DOCUMENTATION OF HIRING ACTIVITY
ACCEPTANCE OF OFFER
INITIATION MAI¡
AND REFERENCE CHECK
CO ¢ ¢ ECTION OF DOCUMENTS
PRE EMPLOYMENT MAIL PROCEDURE
INTERVIEW PROCESS BY HR AND FUNCTIONAL HEAD
SOURCING THROUGH CONSULTANTS AND ALTERNATE SOURCES.
EMPLOYEE REQ UISITION
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In order to understand the process in detail and also to know the innovative steps on
cost reduction I have considered three financial companies namely:
J PMorgan Financial services
Angel Broking
ICICI Prudential life Insurance Company
These three companies are taken into consideration because:
o They are all financial companies so it would be easy to compare their
recruitment process.
o They all sell financial products so it would be easy to understand the profiles
and also their recruitment procedure.
Questionnaires are an inexpensive way to gather data from a potentially more than one
respondent. Often it is the only feasible way to reach a number of reviewers large enough to
allow statistically analysis of the results. A well-designed questionnaire that is used
effectively can gather information on both the overall performance of the test system as
well as information on specific components of the system. If the questionnaire includes
demographic questions on the participants, they can be used to correlate performance and
satisfaction with the test system among different groups of users.To get the clear understanding about the recruitment process of each company a
questionnaire is made, with the help this questionnaire all the aspects like the sourcing
of profiles or cost reduction is considered.
This questionnaire is then filled by the senior level managers who have replied to the
best of their knowledge.
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J PMorgan Financial Services:
JP Morgan deals in the Investment Bank, Treasury and Securities Services, Asset
Management and Private Banking. Individuals and families require investment
products and services that serve a host of needs.J
.P.M
organ offers individual andfamily investors a world-class asset and wealth management platform through our
Private Bank, Asset Management and PrivateWealth Management teams.
Services are designed to help clients to build wealth, manage it prudently and pass it
on to future generations. They foster long-term client relationships by offering
tailored solutions designed to help individual investors and families achieve their
unique financial goals. The following are the products which company offers for their
clients:
Solutions for individuals and families include:
o InvestmentManagement and Advice
o Managed Accounts
o Mutual Funds
o Private Wealth Management
o Retirement Savings
o Short-Term Cash Managemento Trust Services
o Wealth Transfer.
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ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank -
one of India's foremost financial services companies-and prudential plc - a leading
international financial services group headquartered in the United Kingdom. Totalcapital infusion stands at Rs. 47.80 billion, with ICICI Bank holding a stake of 74%
and Prudential plc holding 26%.
They began their operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IR DA). Today, they are nation-wide
team comprises of 2099 branches (inclusive of 1,116 micro-offices), over 276,000
advisors; and 18 banc assurance partners.
ICICI Prudential is the first life insurer in India to receive a National Insurer Financial
Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI
Prudential has been voted as India's Most Trusted Private Life Insurer, by The
Economic Times - AC Nielsen OR G Marg survey of 'Most Trusted Brands.
ICICI Prudential deals in various segments:
o Life Insurance
o Health Insuranceo Retirement
o Tax Planning
o Group Insurance
o Pensions
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Angel broking:
Angel Broking's tryst with excellence in customer relations began in 1987. Today,
Angel has emerged as one of the most respected Stock-Broking and Wealth
Management Companies in India. With its unique retail-focused stock trading
business model,Angel is committed to providing ³Real Value for Money¶ to all its
clients.
The Angel Group is a member of the Bombay Stock Exchange (BSE), National Stock
Exchange ( NSE) and the two leading Commodity Exchanges in the country: NCDEX
& MCX. Angel is also registered as a Depository Participant with CDSL.
BSLI the pioneer of Unit Linked Life Insurance plans amongst the private life
insurers in India, has entered into an Exclusive Alliance with Angel Broking under
which, the country¶s leading personal financial service provider will sell Birla Sun
Life Insurance Plans, as its Corporate Agent, through its widespread network of more
than 100 branches, 3500 business associates with the largest network of broking
terminals in the country .
Angel Broking has been awarded ³The Major Volume Driver´ award by BSE for
three consecutive years. It currently employs over 2200 employees and is servicing
more than 3 lakhs retail customers. Angel Broking has been actively pursuing
initiatives to enhance its product basket in order to provide a complete array of
financial products to its customers making it a One Stop Shop catering to all financial
needs of a retail client. Through this exclusive arrangement, BSLI envisages that
Angel Broking will augment BSLI¶s distribution reach significantly and also bring itsvast retail sales experience to generate significant volumes for BSLI all across the
country.
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FEEDBACK OF QUESTIONNAIR E
SR.
NO. QUESTIONSANGEL BROKING J PMORGAN ICICI
PRUDENCIAL
1. What is the hiring
process followed
in your
organization?
When there is opening
of positions, there is
manpower planning
done then the HR
department tries to
create online vacancy
for the job.
After doing that the
CVs are procured
through various
sources and then theinterview are lined up
to the HR manager
once shortlisted by the
HR team then the
profile goes to the line
manager who screens
the candidate and
shortlists him.
Then after Finalizing
Salary negotiation,
online Interview
Hiring process
starts with job
requisition which
is given by the
various
departments to the
HR team.
Then followed by
sourcing the
resumes with the
help of the (JD)which is been
prepared by the
line manager of
that particular
department.
After doing that
there is a personal
interview with HR
manager, once the
hr manager
First the various
departments give
the requisition of
opening in their
departments.
Following that the
line manager of
that department
creates a job
description (JD)
which helps thesourcing team and
the candidates to
have a clear idea
of the job
responsibilities of
that position.
Then the sourcing
department line-
up the candidates
for the interview
process generally
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Assessment Form
(IAF) is being filled
by HR M and offer
letter is issued from
Central SupportOffice (CSO),
Mumbai by HR
O perations.
Then after the
documentation and
reference check the
candidate is onboard.
shortlists the
candidate then the
line manager takes
the interview.
Following that
there is a written
aptitude test at
times which is
necessary
according to the
post.
there are two
interviews
conducted
namely: the HR
interview which isfollowed by the
line manager
interview.
Once that is done
the reference
check and the
documentation is
done then
candidate is hired
and the position is
closed.
2. What are the
alternate sources
of hiring apart
from consultants?
The alternate sources
of hiring which
followed by angel
broking are
Campus placement.
Advertisement
Recruitment Vendors
Job Portal
Employee ReferralHR Network.
The alternate sources
of hiring which
followed by J P
MOR GAN are
Campus
placement
Vendors
Direct walk-in
Employeereferrals
Internal
mobility.
The following are the
alternate sources of hiring apart from the
consultants:
Reference
IJP (internal
job posting)
Direct
application.
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3. Which
system/software
module is used for
recruitment in
your organization?
They have their own
module of recruitment
which has been
developed in house
within the
organization.
J P Morgan uses
PeopleSoft which
makes the
procedure of
recruitment
automated and
fast.
There is a
Recruitment portal
which is used for
process of hiring
in ICICI
Prudential. It is
makes the
recruitment
process fast and
the overall cost is
also reduced.
4. How are the
requisitions for
job opening
raised?
The manpower
planning for the
month / quarter have
all the data based
which is normallycommunicated to HR
department by
Business team over
mail.
The requisition is
been raised by the
HiringManagers
and the line
manager inPeopleSoft so that
the process is
clear and visible
by the whole
team.
The requisition for
the job opening is
raised on the
recruitment portal.
5. What is the
process for
posting jobs? Is it
done centrally or
at department
level?
Angel broking has
their own job posting
module where they do
their posting
department wise and
the HR team come to
The process of
posting jobs is
done department
wise in people
soft, and can be
viewed by
The process of
posing jobs is
done centrally.
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know about the job
posting.
everybody.
6. Do you have IJP
(internal job posting) in your
organization, if
yes what is the
preference given
to internal
candidates?
Angel broking do not
have any laid down process, but usually
when they feel that
the internal candidate
would be more
suitable for the profile
they give preference
to the internal
candidate.
J P Morgan has
internal job posting (IJP) and
the internal
candidates are
always given
more preference
before looking at
the external
candidate.
ICICI Prudential
has an internal job posting in
their
organization and
the first
preference is
given to the
internal
candidates.
7 What are the basic
parameters which
are followed for
sourcing CVs?
Angel broking gives
preference to Domain
Knowledge and
relevant experience
while sourcing for
CVs. Also education
is given importance.
The following are
the parameters
which are taken
into consideration
while sourcing for
CVs:
y Tenure,
y work
experience
y skill sets
y Salary range.
For sourcing
CVs they first
give preference
to education and
then the salary
bracket.
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8. What are various
means of sourcing
CVs which are
cost effective?
The most cost
effective source of
sourcing CVs is
Employee ReferralScheme following
that is job portal
which is cost
effective as both of
the ways are in-house
and do not need
external source.
The following are
the means of
sourcing CVs
which are cost
effective:
y Job
portals,
y Direct
referrals
y Reference
y E-groups.
Employee
Referrals, IJP
(internal job
posting), directapplication and
also their
recruitment
portal are the
various alternate
sources which
are cost
effective.
9. Is there a hiring
plan prepared
every month?
Which period in
the year has the
highest openings?
Generally there is a
monthly plan
prepared in Angel
broking and there is
no specific period in
which they have
higher openings. The
hiring trend is based
on the Business
Requirements i.e. as
and when it is
required.
There is no
standard process
of hiring plan; it
depends upon the
type of business.
ICICI Prudential
makes the hiring
plan annually
and it does not
depend on a
particular monthit
depends on the
business
requirement.
10.
What is the
process of
tracking
candidates who
Angel broking do not
have any such
mechanism to track
the candidates who
have reneged in the
The process of
tracking
candidates who
have reneged in
the past can be
There is the
recruitment
portal which
tracks the
candidates who
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have reneged in
the past?
past. found out via
PeopleSoft
software.
have reneged in
the past.
11. How is the
recruitment
expenses tracked?
In Angel broking allthe billing is
processed centrally,
so the tracking does
not become an issue
and all the bills are
cleared smoothly.
All the expenseswhich are related
to recruitment are
tracked via
PeopleSoft.
There is aseparate budget
team which
tracks the
recruitment
expenses.
12. Which are the
variousMIS
reports
maintained for
recruitment?
There are multiple
trackers which are
maintained by the
company like new
joinee, offers
issuance, back filling
and new vacancies,which are tracked for
making the
recruitment procedure
easy.
There are various
MIS maintained
by the hiring team
for the process of
recruitment
among them are
Cost sheet,Sources tracker,
Turn around
Time,
conversions.
Conversion ratio,
source details are
the MIS reports
maintained for
recruitment.
13. Which are the
different job
portals used by
the organization?
Angel broking uses
almost all the popular
job portals for recruitment.
J P MOR GAN
uses all the
popular job
portals for
recruitment.
Job portals are
not at all used in
the organization
as they are the
most expensive
method of
sourcing CVs.
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14. On an average
what is the
achievement
target every
month?
Generally the HR
team achieves the
targets which are
given to them everymonth.
There is no
specific target
which they have
to complete.
They don¶t have
a specific target
which they have
to complete.
15. What is the
average cost
per hire?
They see it in
perspective of profile
& loss and not the
cost per hire.
The average cost
is decided by the
budget of the
company.
The budget team
decides the
average cost per
hire.
17. Compared to
previous years
has the
recruitment cost
increased or
reduced?
Compared to previous
years the recruitment
cost has reduced
owing to increase in
use of employeereferral and job
portals and reduce
dependency on
consultants on the
great extent.
Compared to
previous years the
recruitment cost
has reduced
because they havea recruitment
portal owing to
which the
recruitment cost
has reduced to a
great extent.
Compared to
previous years
the recruitment
cost has reduced.
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18. What are the
various cost
effective
measures you
have taken to
reduce the
recruitment cost?
Angel broking have
completely banned
using consultants for
sourcing of resumesand they depend 50%
on employee referral
and 50% on job
portals.
The company has
introduced a
recruitment portal
which is an in-house portal with
the help of that
portal this is a
cost effective
measure taken by
the company.
They have
completely
banned
consultants or the job portals
they use
recruitment
portal where they
advertise the
openings and
then the
candidates sends
their resumes
through them.
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CONCLUSION AND FINDINGS.
With the help of the questionnaire the hypothesis stands valid because with the help of
alternate sources and implementing a recruitment portal the company can actually
reduce the recruitment cost and also the turnaround time is also reduced to the greatextent.
According to survey the three companies the alternate sources are employee referral,
job portals, new joinee referral .though companies are having various alternate
sources of recruiting people still they are highly dependent on consultants for their
major sourcing similarly TATA-AIG has alternate sources like Placemint, direct
referral, Job Portals etc.
The system software which the companies use is their own internal software or the
recruitment module where the candidate is in which status and similarly they use
PeopleSoft as software.
Manpower planning or the requisition which generally this is done by the line
manager or HR manager but the by a recruitment manual process can be done faster.
All the companies follow the system of (IJP) Internal job posting which is a very good
option as far as reduction of cost is concerned but at the same time it cannot be used
always because the company post the employee to fill the position without hampering
the present process.
The companies have their internal software to track the candidates who have reneged
in the past or they can be traced with the help of PeopleSoft.
Generally the expenses are processed centrally so the tracking the expenses becomes
easy or the or the company uses the PeopleSoft as a software for tracing the expenses.
There are various MIS reports like cost sheet, turnaround time, conversions and cost
sheets which are been provided.
The cost effective methods of sourcing for CVs are referral scheme and job portal and
(IJP) internal job posting, along with that one way of reducing the recruitment cost is
introducing an internal recruitment portal.
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In Today competitive world because of globalization & liberalization the organization
has to abreast their people with latest information and knowledge in the field of
technology & matters of administration as well.
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Suggestion.
Taking into consideration the above aspect and after discussing with the managers of
the company. They can use the following suggestions and using the following sources
for recruitment.
Upgrading employment branding
Reinvigorating referral programs
Renewing the focus on quality of hire.
Reinforcing the business case for recruiting
Utilizing social networks.
Utilizing video.
Upgrading succession planning
Using employee blogs for recruiting
Using mobile phone recruiting
Revitalizing corporate jobs page.
Using a CR M(customer relationship management)model for hiring
Hiring innovators.
Hiring teams instead of an individual
Targeting public-sector employees, ex-servicemen
Hiring housewives, senior citizens, fresh school pass-outs for - part-time work
Partnering with educational and training institutes
Job fairs
Pre-placement offers (PPOs)
Recruitment through blogs: It is innovative practice paving it way in to the
recruitment world if one reads the blog attentively it conveys more work
abilities about the blogger implicity.Corporate HR is surfing blogs to unearth
candidates, expanding their talent pool and gaining insights that they can¶t getfrom resumes and interviews. If the candidate has written a blog, it helps to
know the mental makeup of the person.
A blog can be an effective tool to gauge into someone attitude quite easily.
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An HR person can use a blog to understand the likes and dislikes of the candidates as
it allows them to structure the right environment for the candidate. There are some
issues that are rarely addressed during an interview:
Like passion of candidate about his job profile
How innovative the candidate
How does the candidate with criticism
Convincing power.
Also there is a very innovative way of recruiting which is an e-recruitment portal:
Leaders in the e-recruitment software markets have products
E-recruitment:-the buzzword and the latest trends in recruitment is the ³e-recruitment´ and also known as online recruitment it is the use of technology
or the web based tools to assist the recruitment processes. The tool can be
either a job website like naukri.com the organization is corporate website or its
own intranet. Many small and large organization use internet as source of
recruitment. They advertise job vacancies through worldwide web. The job
seekers send the applications or CV through and email using the internet.
Alternatively job seekers place their CVs in World WideWeb which can be
drawn by the prospective employees depending upon their requirements. Theinternet penetration in India is increasing and has tremendous potential.
According to a study by job is among the top reasons why new users will
come on to the internet besides email.
Advantages of e recruitment:
Low cost
No intermediaries
Reduction in time for recruitment
Recruitment of right type of people.
Efficiency of recruitment process.
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Leaders in the e recruitment software market have products that can meet the
challenges presented by large, complex global organization these vendors have strong
track records and demonstrate strong sales and marketing execution.
Typically they have well articulated strategies that include an in-depth focus (for e.g.workforce planning contingent workforce management vertical markets and
geographical expansion on talent acquisition or a broader focus on talent management
(for e.g. performance management secession management and compensation
management.)
Kenexa recruiter e-recruitment offerings seamless integrate with its comprehensive
talent management solutions which include performance management, succession
planning career development.
Kenexa global solutions include applicant tracking on boarding, recruitment process
outsourcing employee branding, skill and behaviour assessments structured interviews
and performance management multi people rated feedback surveys, employee
engagement surveys and HR analysis. Also TATA-AIG can come up with their own
recruitment portal which will help them in the whole process of recruitment.
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Annexure
Questionnaire
1) What is the hiring process followed in your organization?
2) What are the alternate sources of hiring apart from consultants? If possible give
in percentages?
3) Which system/software module is used for recruitment in your organization?
4) How are the requisitions for job opening raised?
5) What is the process for posting jobs? Is it done centrally or at department level?
6) Do you have IJP (internal job posting) in your organization, if yes what is the
preference given to internal candidates?
7) What are the basic parameters which are followed for sourcing CVs?
8) Is there a hiring plan prepared every month? Which period in the year has the
highest openings?
9) W
hat is the process of tracking candidates who have reneged in the past?
10) How is the recruitment expenses tracked?
11) Which are the various MIS reports maintained for recruitment?
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12) Which are the different job portals used by the organization?
13) On an average what is the achievement target every month?
14) What are various means of sourcing CVs which are cost effective?
15) What is the average cost per hire?
16) Compared to previous years has the recruitment cost increased or reduced?
If the cost has increased what are the steps which would implemented to reduce
costs?
If the cost has reduced what is the measure you have taken in terms of source
mix?
o Consultants
o Employee referral
o Job portals
o Notice pay reimbursement etc?
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Offer letter of TATA-AIG:
Date:
Mr/ Ms.:
Address:
Dear __________________,
Subject: Offer of Employment
This is with reference to your candidature for the post of Wealth Planning Officer at
Tata AIG Life Insurance Company Ltd. Subsequent to our meetings and discussions;
we are pleased to make you an offer for the same, to be based out of
___________________, at a cost to company of Rs. ____________ per annum.
Your proposed compensation breakup is as follows:
Wealth Planning Officer
Annual Monthly Annual
Basic 4,167 50,000
HR A 2,083 25,000
Conveyance Allowance 800 9,600
SupplementaryAllowance 10,968 131,620
Medical Allowance 1,250 15,000
Communication
Allowance 600 7,200
Statutory Bonus 292 3,500
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PF 500 6,000
Gratuity* 173 2,080
CTC 20,833 250,000
Note:
1. In addition to the above, employees posted in New Delhi, Chennai, Bangalore,
Hyderabad, Kolkata and Mumbai, will be entitled to an additional allowance
of Rs. 30,000/- per annum. This allowance will be added to the Supplementary
Allowance. In the event of an employee moving out of the above cities, this
allowance shall be discontinued.
2. You will be eligible for performance linked incentive scheme as per the
company¶s policy.
This offer is subject to you clearing a medical examination conducted by the
Company certified doctor, receipt of satisfactory references and successful
completion of background verification, including but not limited to, proof of
education and professional qualifications, employment history and proof of identity,
which are satisfactory to us. In the event of any of the above being unsatisfactory to
the company, the Company reserves its right to revoke your offer of employment.
This offer is made relying upon the information furnished and representation made by
you from time to time. If any information or representation is found to be incorrect or
if any material information is detected by us to have been suppressed by you or any
action is found to be in contravention to the Company¶s code of conduct or rules of
the Company, the Company will have the right to revoke your offer of employment at
any time without notice.
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The offer stated above is valid for a period of 7 days from the date of this offer letter.
Yours sincerely, Agreed
to and accepted
Date:____________
Assistant Vice President -Human Resources
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Pre Employment Health Declaration
Name:
_____________________________________________
Date of Birth: Gender:
Height _______________
cms.
Weight _______________
Kgs
Blood Group _____________
PersonalHistory:
Smoking:
Tobacco Products:
Alcohol:
Allergies:
Permanent / Partial disability (if any):Impaired sight/Color vision defects (if any):
If you wear eye glasses / lenses mention power - Left eye: Right eye:
Yes No
Yes No
Yes No
Yes No
Yes No
Yes No
1. Have you ever been treated or diagnosed for any of the following:
Diabetes:
High Blood Pressure:
Heart Disease:
Asthma:
Lung Disease:
Yes No
Yes No
Yes No
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Cancer:
Kidney Disease:
Mental Disorder:
Hepatitis or Liver disorder:
Yes No
Yes No
Yes No
Yes No
Yes No
Yes No
2. In the last 6 months have you consulted a physician or currently
receiving any medical treatment, advise for any condition (other than
minor impairment such as cold or flu)
Yes No
3. In the past 2 years have you ever had any illness, injury, surgical
operation, received treatment for any ailment for a continuous period of
more than 2 weeks or been confined in a hospital, clinic or similar
institution for any condition (other than minor impairment such as cold or
flu).
Yes No
4. Have you or your spouse received or expect to receive any medical
advise, counseling or treatment in connection with sexually transmitted
disease, AIDS, AIDS Related Complex or any other AIDS related
condition, or had a blood test for antibodies to the AIDS virus (HIV test)
Yes No
5. Have you ever been advised not to travel by any mode of transport due
to medical or health reasons?
Yes No
6. FEMALE ONLY: Are you pregnant? If ³Yes´, please state the expected
date of delivery _______________(mm/dd/yyyy)
Yes No
7. a) Have you had or advised to undergo any of the following tests or
investigations in the past 12 months. If ³Yes´ please ¥ which of the
following:
Blood tests X- ray USG ECG Biopsy Endoscopy
Yes No
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Others : ___________
Reason for tests:
___________________________________________________________
__________________________
7 b) Were there any abnormalities found in any of the tests conductedYes No
8. Present state of health :
Good/Fair/Poor
³I hereby testify that all the aforesaid information is true and correct to the best of my
knowledge and belief and I accept that if any information is subsequently found to be
false, I will be liable to be immediately disqualified or dismissed from service without
any notice or liability accruing to TATA AIG Life Insurance Company Limited in this
regard´.
Place: Date: Signature
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Reference check
Reference Check of :
1. How do you know this person?
2. Has your association been professional or personal? If professional ± No of years
3. What was his main reason for leaving the organization?
General Assessment: How would you rate him on:
b) Integrity Excellent Good Average Poor
d) Commitment and Excellent Good Average Poor
Dedication to work
e) Team work Excellent Good Average Poor
f) Motivation/Initiative Excellent Good Average Poor
g) Problem Solving Excellent Good Average Poor
Capabilities
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j) Attendance/ Excellent Good Average Poor
Punctuality
k) Performance Excellent Good Average Poor
7) Is there anything in this person¶s performance history that would raise a question of their
employability?
8) If you had the opportunity to re-employ him/her.Would you do so: Yes / No.
Address Verifed??
Name of the person providing this assessment:
Designation:
Organization:
Phone No. (Office) __________________ (Residence) ________________ (Mobile)
__________________
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Interview evaluation letter
Name of Candidate: Role being interviewed for:
Interviewer(s): Branch:
Source: Search Firm/Internet/Referral/Direct Reporting Head:
Has the candidate been interviewed by TALIC
Earlier? Yes/ No
If yes Zone_____________,
Location_______________ Position
interviewed
for________________________
When____________________
If SF/ Net/Referral mention name: Replacement/ New Hire:
Is the Referee eligible for referral money: Replacement for:
SiTAR A eligibility:
Criteria Rating
(1-Poor, 2-
Below Average,
3- Average, 4-
Good, 5-
Excellent)
Remark
Personality
Initial Impact & Presentation
Mobility & Need for Job
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Competencies:
Communication
(Clarity,Delivery & Listening
skills)
Professional/Technical
Knowledge
Experience
Knowledge & skills
Market Awareness
Initiative(Seeking
info,Gathering ideas,Action)
Individual Leadership/
Influencing
Accomplishing Tasks
Building & Maintaining
Relationships
Delegating Authority &
Responsibility (Accomplishing
Tasks through delegation by
identifying right opportunity and persuasiveness)
Team Building (Giving
feedback, Guiding and
supporting)
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Overall Evaluation: Highly Suitable/Suitable/Average/ Not Suitable
Whether Candidate have ever been convicted under any law
Yes/No
Can be considered for other positions:
Comments
Adaptability and Flexibility
(Tasks & People)
Motivational Fit:
Ability to meet increasing
work challenges
Ability to perform tasks at a
fast pace
Diverse Perspectives (Working
with people having wide range
of backgrounds and
perspectives)
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DECLARATION
I, son / daughter / wife of have accepted the offer for
the position of dated for (location).
1. I hereby declare that, I have not been convicted by any Court or Tribunal till date, and neither
are any criminal matter pending against me in any court of law in India or abroad.
Signature
«««««««««««
2. I hereby declare that following cases are pending against me for which the decision of the
court is awaited
Case Details Case No & Date Court & Location
a. ««««««««« «««««««.. «««««..
b. ««««««««« «««««««.. «««««..
c. ««««««««« «««««««... «««««..
d. ««««««««« «««««««... «««««..
Signature
«««««««««««
3. I hereby declare that following cases were registered against me for which I was imprisoned
and the case is now closed.
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Case Details Case No & Date Court & Location
a. ««««««««« «««««««.. «««««..
b. ««««««««« «««««««.. «««««..
c. ««««««««« «««««««... «««««..
d. ««««««««« «««««««... «««««..
Signature
«««««««««««
4. I hereby declare that I have no association with any of the terrorist groups/organization and
any such organization which is banned by the Government in India or by any foreign government
having diplomatic relations with India. I further declare that I have not been a member/part of such
organization in the past.
Signature
«««««««««««
Place: Date: