A Summer Trainng Report on Recruitment & Attrition Management

A Project Study Report On pedagogy low optn at ICICI prudent biographyspan INSURANCE CO. LTD. Titled Recruitment and scratch forethought Submitted in incisionial fulfillment for the Award of degree of superordinate of Business Administration Submitted By Submitted To- ANITA SINGHAL Ms. Sonali Singh Chauhan MBA Part 3rdLecturer of MBA Department 2011 2013 PREFACE suppositional companionship without practical knowledge is of little order. Theoretical studies in the phratryroom argon non sufficient to actualize the functioning of complex & spacious surfaced disposal.A savant of management hold up realise a theoretical knowledge, except he/she essential(prenominal) run through a practical knowledge too, so that he/she dejection be able to tackle the unhomogeneous problems that arise in chore. Therefore, it be fill outs necessary for a management student to whollyow any honk fail. Practical knowledge supplements the theoretical studies and c altogether everyplaces all the practical bea, which is left uncoered in classroom. A systematic practical discip declension is necessary for a trainee to bring in him the confidence for luculent argument proceeding & mental preparation which enables him to take up future job responsibility.It exposes student to invaluable treasure of poses. I had received didactics at ICICI prudent redress Co. Ltd. Jaipur (Raj. ), in the Recruitment and detrition Management. During the rearing program, I got the prospect to learn valuable things regarding management. It was my fortune to get the procreation in a very healthy atmosphere. The management of the company offered cultivation situation, sufficient facilities & reading opportwholeies to fulfill the objectiveives of readiness. The overall gain to me entrust be reflected in the profound itself.This project has really exposed me to a far fresh institution & I devoutly fancy that ICICI prudential indemnification Co. impart go through with(predicate) my try equally valuable as I found it in shaping my course. Acknowledgement A enquiry nurture bunsnot be established without the help charge of various individual & institutions. I expressed my sincere thanks and gratitude to all those who made it possible for me to complete this report. With great amusement and sincerity I conjure to express my deepest disposition of gratitude towards Mr.AMIT GOYAL (Branch Manager) for their valuable guidance and Practice suggestions and for patiently enduring my numerous queries I would higher(prenominal)ly g gradeful to Mr. Sudhanshu Shanker (Senior Manager kind-hearted Resources) who assigned this project to me and providing me the opport social unity to complete this project with their guidance and be. I wish to thank ICICI prudent carriage Insurance Co. Jaipur, (Raj. ) for providing me an opportunity to work with them on this project. My stay in the geological formation has been a great scholarship experience.This movie has greatly enriched me with knowledge. (ANITA SINGHAL) MBA 3rd SEM Executive thick menu of film directors The ICICI prudential keep Insurance community Limited Board comprises re rateed people from the finance perseverance both from India and abroad. Ms. Chanda D. Kochhar, Chairperson Mr. N. S. Kannan, film director Mr. K. Ramkumar, music director Mr. Barry Stowe, Director Mr. Adrian OConnor, Director Mr. Keki Dadiseth, unconditional Director Prof. Marti G. Subrah galore(postnominal)am, Independent Director Ms. Rama Bijapurkar, Independent Director Mr.Vinod Kumar Dhall, Independent Direct INDEX Chapter NO. thing PAGE NO. 1 induction TO THE INDUSTRY 7 2 INTRODUCTION TO THE ORGANISATION 10 3 RESEARCH METHODOLOGY 33 3. 1 TITLE OF THE STUDY 33 3. 2 DURATION OF THE roam 33 3. 3 OBJECTIVE OF STUDY 33 3. 4 persona OF RESEARCH 34 3. 5 adjudicate SIZE AND METHOD OF SELECTING SAMPLE 35 3. 6 SCOPE OF STUDY 35 3. 7 confineme nt OF STUDY 36 FACTS & FINDINGS 38 5 info outline AND ex be after(prenominal)ation 40 6 SWOT ANALYSIS 54 7 cultivation 57 8 RECOMMENDATION & SUGGESTIONS 59 9 appendage 62 10 BIBLIOGRAPHY 65 CHAPTER 1 INTRODUCTION TO THE INDUSTRY Overview of the smell Insurance Sector in India With fully grownst number of life policy policies in b takemail in the world, Insurance happens tobe a mega opportunity in India.Its a business growing at the rate of 15-20 per penny every year andpresently is of the order of Rs 450 billion. Together with brinking companying run, it adds about 7 percent to the plains GDP. Gross exchange indemnity premium collection is well 2 per cent of GDP and pecuniary resource available with LIC for perpetratements be 8 per cent of GDP. Yet, nearly 80 per cent of Indian nations argon without life indemnity cover, health indemnification and non-life amends continue to be below international standards. And this part ofthe population i s wishwise slip to weak social security and bonus systems with hardly any old age income security.This itself is an indicator that harvest-tide voltage for the insurance levelament is immense . A well-developed and evolved insurance sector is compulsory for economic development as it hand overs long circumstance neckcloths for theme development andat the same time strengthens the risktaking ability. It is estimated that over the next ten eld India would collect investments of the order of ane trillion US dollars. The Insurance sector, to many extent, can enable investments in bag development to sustain economic return of the country.With a large cr decl atomic number 18 outlay and long gestation periods, infra mental synthesis projects are fraught with a multitude of risks throughout the development, construction and operation stages. These allow risks associated with project implementation, including geological risks, of importtenance, commercial and politica l risks. Without covering these risks the m hotshottary institutions are not will to commit funds to the sector, especially because the financing of to the highest degree individual(a) projects is on a leaped or non- recourse seat. Insurance companies not precisely provide risk cover to nfrastructure projects, they also contri notwithstandinge long-term funds. In fact, insurance companies are an i freshet source of long term debt and rectifyfulness for infrastructure projects. With long term indebtedness, they get a profound asset- liability match by investing their funds in much(prenominal)projects. IRDA regulations require insurance companies to invest not less than 15 percent of theirfunds in infrastructure and social sectors. International Insurance companies also invest theirfunds in such projects. Insurance is a federal subject in India. There are two legislations that govern the sector-The Insurance Act- 1938 and the IRDA Act- 1999.The governing of India liberali zed the insurance sector in March 2000 with the passage of the Insurance regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing outside players to levy the food market place with about limits on direct foreign ownership. lowthe current guide derivations, there is a 26 percent justice cap 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 purview of the government ap dited Tariff Advisory Committee.The opening up of the sector is likely to lead to greater spread and compound of insurance in India and this may also take restructuring and revitalizing of the domain sector companies. A host of private insurance companies operating in both life and non-life segments harbour started interchange their insurance policies since 2001. CHAPTER 2 INTRODUCTION TO THE ORGANIZATION community Profile ICICI p rudent Life Insurance Company is a joint venture between ICICI Bank one ofIndias for the first time financial services companies-and prudential plc a trail international financial services group headquartered in the United Kingdom.Total capital infusion stands at Rs. 37. 72 billion, with ICICI Bank holding a stake of 74% and prudential plcholding 26%. We began our trading operations in December 2000 after receiving commendation from Insurance Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of over 954 branches in addition to 1,015micro-offices, over 296,000 advisors and 21 banc assurance partners. ICICI prudential was the first life insurer in India to receive a National Insurer pecuniary Strength rating of AAA (Ind) from Fitch ratings.For three years in a row, ICICI Prudential hasbeen voted as Indias Most trust Private Life Insurer, by The Economic Times AC NielsenORG Marg survey of Most Trusted Brands. As we grow our distribution, product r ange and customer base, we continue to inexhaustibly uphold our commitment to deliver world-class financial solutions to customers all overIndia. Company Promoters ICICI Bank ICICI Bank Limited(NYSEIBN) is Indiaslargest private sector shoreand the second largest bank in the country, with consolidated amount assets of $121 billion as of March 31, 2008.ICICI Banks subsidiaries include Indias leading private sector insurance companies and among its largest securities federal agentage firms, mutual funds and private equity firms. ICICI Bankspresence currently spans 19 countries, including India. Prudential Plc realized in London in 1848, Prudential plc, through its businesses in the UK, Europe, US, Asia and the set East, provides retail financial services products and services to to a greater extent than 20 trillion customers, indemnityholder and unit holders and manages over ? 267 billion of funds worldwide (as of December 31, 2007).In Asia, Prudential is the leading European li fe insurance company with life operations in China, Hong Kong, India, In dosia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential is one of the largest retail fund managers for Asian sourced assets ex-Japan. Its fund management business has expanded into ten markets, comprising of China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates. Vision and military focusing Statement Their vision is to make ICICI Prudential Life Insurance Company the dominant in the buff insurer in the life insurance manufacture.This they hope to achieve through their commitment to excellence, focus on service, speed and innovation, and leverage our technological expertise. The succeeder of the geological formation will be founded on its unwavering focus on values and clarity ofpurpose. These include Understanding the involve of customers and offering them superior products and service expression long lasting tr affichips with their partners providing an enable environment to foster growth and learning for their employees and preceding(prenominal) all building transparency in all ourdealings. They believe that they can play a significant role in redefining and reshaping the sector.Given the musical note of their parentage and the commitment of their team, they sense that there willbe no limits to their growth. Board of Directors. The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Ms. Chanda D. Kochhar, Chairperson Mr. N. S. Kannan, Director Mr. K. Ramkumar, Director Mr. Barry Stowe, Director Mr. Adrian OConnor, Director Mr. Keki Dadiseth, Independent Director Prof. Marti G. Subrahmanyam, Independent Director Ms. Rama Bijapurkar, Independent Director Mr. Vinod Kumar Dhall, Independent DirectPrinciples and Types of Insurance Principles of Insurance Insurance is a risk transfer mechanism it transfers the financial risks of everyday life from you to an insurance company, but only in toll of the financial consequences of risk. Without insurance, if you car was damaged, it would cost you a lot of cash to found it or to buy an some other one. It could cost you sluice more to ante up for wages to someone else involved in an accident. Insurance protectsyour financialinterests. Itcannot comfort theemotional consequences of an accident. It cannot provide for humanitarian ideals.It cant help you with sentimental sleddinges. But decent utilise, it will protect your financial investment in your car and your lawful obligations should you befool an accident. Insurable Interest Before you can insure anything, you must curb a wakelessly recognised financial interest in what you are insuring. For get insurance, you cant take out an insurance policy on the cardriven by the latest film star in the hope that it will crash and you can claim. That is nothing more than gambling. You have n o financial interest in thewellbeing of the object insured and would gain by its destruction.But you can insure the car you own, or drive. You would sufferfinancially if it is damaged or stolen andbene decease from its continued existence. amends This word is apply to describe the type of pay you would receive. A motor policy and a household policy are both a contract of indemnity. It means, subject to the terms of the contract, you are entitled to be put back in the same financial position after a loss as you were in in the first place the loss. In terms of a new for old policy the measure of indemnity is concur at the point of sale rather than the time of claim.The term is also sometime used to indicate if your insurerwill meet the claim at all. A refusal to indemnify is a refusal to pay the claim. ATTRITION It is important to understand the high contrition rate in Indian insurance sector, which stands presently close to 35% taking into consideration the Recruitment and sur vival of the fittest of Insurance sales personnel, and various reasons behind the attrition rate are as follows dictatorial Attrition In an ideal world, employees work hard, love their job, worship their workplace, go through like a family and would never withdraw from.But in the real world, employees quit at the drop of a hat. In todays scenario, it is the major take exception before the insurance companies to control the high attrition rate. As the Indian insurance industry grows exponentially, companies are taking the big leap from survival of the fittest strategy to competitive strategy. Hence, there is a constant thirst for the trump and the brightest of employees, and the return is heavy attrition. In addition, there are several other reasons as to why employees quit. The reasons are too varied to be clubbed together, but the bottom line remains the sameit is all about capitalTherefore, it is no wonder that the compensation levels in the industry are object north. Companies are literally bidding for talent and luring away employees with attractive salaries and duty assignments. mend HR experts define it the function of demand and cut, it is a serious appertain for employee memory board. A Critical Issue After IT and BPO, it is now the insurance sector that is facing the materialisation of high attrition rates. For most HR managers, employee retention is the biggest gainsay. Talent or human resource is a major asset for any company.Company Invest high amount of money for their enlisting, natural selection and training and what happens to company if these talents or employees leave the organization in short art object seeking new opportunities. Indian Insurance Industry is one of the accelerated growing knowledge based sector with annual attrition rate of around 30-35% compared to the global insurance attrition rate of 10-12% per annum. Current statistics manoeuver that higher attrition rate problem mainly exists in marketing and R D parts. Major reasons for high attrition rate, stated by employees during the survey are- 1.In fitted salary or compensation plan. The immediate gain in salary package was found to be responsible for job transmute in 61 per cent of the cases. 2. Poor management 3. Uninteresting job 4. Lack of motivation Job Lacking Opportunity for Future surgeryion Leaving company by the employee not only leads to loss of money for the company in his training and development of knowledge but it also increase the threat of reading security if employee moves to rival company and loss of the business. Whenever a well-trained and well-adapted employee leaves any organization, it creates a vacuum.The organization loses key scientific disciplines, knowledge and business relationships, and it is not an easy task to find a sustainable substitute. event is worse when it happens at a critical ( s altitudeping point making) position, as there is a scar city of such technical resources in the market. At trition directly affects the company. Recruiting and training program for employees is an expensive affair. The company has to invest a lot slice get ining an employee. Attrition is a universal phenomenon and no industry is devoid of it, but the degree fluctuates from industry to industry.Major insurance companies in India are age-old and established, having their own assimilation and work practices and therefore, employee turnover will be a car park phenomenon in such companies. Attrition is a serious issue in the insurance industry because the industry is knowledge-based and hence employees are its assets. umteen HR experts believe that money, though a key factor, is not the only one which makes employees quit. Attrition also happens when people hate their working conditions, do not like their team-mates or possibly do not like what they are doing.There are also cases when people leave their job for family reasons or when they wish to migrate. Experts also believe that orga nizational culture has a great usurpation on who stays and who goes. And the culture of an organization is determined by the flavour of the relationship between bosses and their subordinates. According to a popular saying, employees never leave the company, they leave their bosses. An inefficient boss creates poor work culture, which is one of the snitch reasons for quitting. Employers much fail to understand the importance of providing opportunities for development of their employees or their career growth.A conducive working atmosphere, undecomposed culture, training and career growth with adequate salary are some provisions that control attrition. Every employee comes to his organization with some aspiration. An organization is viewed as a place where employees meet their aspirations of growth and development, values of trust, teamwork and transparency. If a company respects them and their acquirements, realize their voltage and provide them with a healthy environment to l earn and grow with flexible compensation, employees take that as a strong reason to stay on.Recognizing the contribution of enceinte achievers also inspires others to try hard and put in their scoop. A right-hand(a) organizational behavior also focuses on areas like training, career development and believe in equipping workforce damp on the victor front. Experts say that nifty organizational behavior is instrumental in extending the raise of employees in the organization as it increases their self-esteem, confidence, morale and motivation. A substantial growth of employees self-esteem is as important as the concept of learning in the industry.Otherwise, experts fear that insurance organizations will meet a worrisome fate as far as retention policies are concerned. Attrition is the Function of Demand and Supply The demand comes from the growth of the industry and the policy of the company. These two things decide whether there is a demand of fresher or experient employees. O n the other hand, the supply comes from the educational institutions and the market. Normally the supply from the educational institutions is enough to meet the demands of the insurance industry, there is a deprivation of experienced people in the industry, which in turn has created an imbalance.The imbalance is all important(p) to the growth of the industry. While the industry is growing, not all companies are adequate to(p) of taking fresh people and groom them. Hence, the current status demands experienced people and shortage of skills or retaining real employees pose an issue for the industry. In the current scenario, the demand of experienced and proper employees is actually outstripping the supply. In such a situation, higher salary structures pose a major challenge in controlling attrition levels in the industry. Moreover, the salary growth plan is not well defined as well. either this encourages poaching by companies offering higher salaries.Though the salary is decide d keeping in line with the market trends, the qualification, experience and the attitude of the individual matters. Salary or even increases are dependent very much on what kind of value adding the person is or will do in the organization. Besides, HR experts from the industry believe that out paying is not a winning play for companies. The organizations reward strategy reflects its power to drive quality employees. Apart from salary, recognition of work is a healthy retention strategy. If the organization values its employees, recognizes and appreciates their skills and work, it pays.It is important to keep an eye on fast encompass people who are intelligent and excellent bring abouters. Performance is a primal requirement therefore, excellent performers should be valued. They should be identified, nurtured and provided growth opportunity. HRs Role and Strategies in ICICI prudential LIFE INSURANCE CO. As the struggle for minify employee attrition rates is intensifying, recruit ers are putting renewed efforts in identifying talent, which is committed and productive. However, root everyone is competing for talent, in experts opinion, a hiring spree can be a bollix sometimes.Stringent enlisting serve could help reduce attrition to a authentic extent. An internal referral mechanism is also very useful in reducing attrition rates in companies. A thorough analysis of a views circumstance or behavior pattern, adaptability or liking would help the organization with good resource pool and less attrition rates. Hiring slayers rather than stars is withal another strategy. According to experts, some of the most talented people often have the tendency to move on. The reason being their eagerness to hike by shifting from one company to another. Frequent job hoppers are not the ultimate gainers. They gain or earn only in terms of money but those who opt to work in one organization for long are able to learn and gain experience which pays in the long term, An ef ficient HR focuses on creating a good work culture and work out different strategies in line with organizational philosophy. According to experts, HR managers must use the combination of growth, learning opportunity and pay attention to employees individualized necessarily and participation. The needs of the employees should be regularly gauged through open communication, polls and feedback mechanisms to uphold consistency in instruction execution and high motivation levels.Insurance employers need to understand the same and deal this issue on a war footing so as to avoid loss of good employees and, also the business. This brings to the issue of recruitment and selection. If these sign stairs are flawless, it also helps in reducing the attrition. SIGNIFICANCE OF recruitment AND SELECTION PROCESS Recruitment and selection refers to the chain and sequence of activities pertaining to recruitment and selection of employable candidates and job seekers for an organization. Every ent erprise, business, and entrepreneurial firm has some well defined workplace and recruitment policies and hiring actions.Importance of Recruitment is presumptuousness below pull and encourage more and more candidates to apply in the organization. * Create a talent pool of candidates to enable the selection of trump out candidates for the organization. * Determine present and future requirements of the organization in conjunction with its personnel planning and job analysis activities. * Recruitment is the passage which link the employers with the sum up the pool of job candidates at minimum cost. * Help increase the success rate of selection process by decreasing number of visibly under qualified or overqualified job applicators. Help reduce the prospect that job applicants once recruited and selected will leave the organization only after a short period of time. * Meet the organizations legal and social obligations regarding the composition of its workforce. * Begin identi fying and preparing potential job applicants who will be appropriate candidates. * addition organization and individual effectiveness of various recruiting techniques and sources for all types of job applicants. Factors administration Recruitment External Factors * Supply and demand * Unemployment rate * Labor market * Potential social Sons of soil * Image Internal Factors * Recruitment policy of the organization * Composition of temporary and part time employees. * Preference to local anesthetic people even by multinationals as they understand local language. * size of recruitment * Cost of recruiting Fig. 1 The General Recruitment Process 1. account emptiness 2. Prepare job commentary and person specification 3. advert the vacancy 4. Managing the response 5. Short-listing 6. Arrange converses 7. Conducting audience and termination making. The recruitment process is immediately follow by the selection process i. . the nett interviews and the decision making, conveying the decision and the appointment formalities. Recruitment and Selection are perhaps the most important tasks for an organization. Recruitment refers to the process of look for and appointing future candidates in an organization. An organization must undertake the recruitment procedure if it wants to appoint the right people under its employment. According to Edwin B. Flippo, Recruitment is the process of searching the candidates for employment and stimulating them to apply for jobs in the organization. A process of determination and attracting capable applicants for employment. 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 is the activity that links the employers and the jobseekers. Sources of recruitment Why Does Organization Prefer Internal Sources? * Internal recruitment can be used as a technique of motivation. suitability of internal candidat e can be judged better than the external. * Candidates as know devils are better than unknown angels. Employees psychology needs can be met by providing an opportunity for advancement. * Employees economic needs can be met by providing an opportunity for advancement. * Cost of selection can be minimized. * Cost of training, induction, orientation, and so oncan be minimized. SELECTION PROCESS in ICICI prudent LIFE INSURANCE CO. The main objective of a selection procedure is to determine whether an applicant meets the qualification for a specific job, and then to exact the applicant who is most likely to perform well in that job.The stainless process of selection begins with an initial screening interview and concludes with a final employment decision. When a selection policy is formulated, organizational requirement like technical and professional dimensions are kept in mind. Selecting a equal candidate can be the biggest challenge for any organization. According to Dale Yoder Selection is the process in which candidates for employment are divided into 2 classes those who are to be offered employment and those who are not. 1) Pre Interview wake This is generally the starting point of any employee selection process.Pre Interview screening eliminates unqualified applicants and helps fork over time. Applications received from various sources are scrutinized and irrelevant ones are discarded. A preliminary exam Interview is driveed. 2) Preliminary Interview The application of candidate whose screening is prospered is found to be eligible for the preliminary interview which covers the personal as well professional details of the prospective candidate. 3) Final Interview This interview is formal in depth conversation conducted to mensurate applicants acceptability. 4) medical examination ExaminationIf all goes well, then at this stage, a medical question is conducted to make sure that the candidate savors sound health and does not suffer from any se rious ailment. 5) Checking summonss Most application forms include a role that requires prospective candidates to put down names of a few references. References are contacted to get a feedback on the person in question including his behavior, skills, conduct etc. 6) Job Offer A candidate who gets all the steps is finally considered right for a particular job and is presented with the job offer. An applicant can be dropped at any conducen stage if considered mentally ill for the job.Only after successfully clearing all the hurdles, an applicant can enjoy the feeling of being selected for a particular job. 7) Induction syllabus rude(a) entrants after joining are given induction programme. It helps the new employee to understand and develop a sense of identification with the company and he can clearly understand his job and will be able to perform his work in good manner. HR POLICIES AND PROCEDURE HR department deals with the management of human resources. It is responsible fo r the creation of harmonious working relations among the participants of the organization.It effectively deals with the process of planning, directing, developing, and utilization of human resources available to the company. force-out department basically involved with the management of personnel or human resources. Personnel management is the planning, organizing, directing, and controlling the procurement, development, integration, maintenance and separation of the human resources to the end that individual, organizational and social objectives are accomplished. Recruitment Checklist of ICICI PRUDENTIAL LIFE INSURANCE CO. * Has the vacancy been agreed by the responsible HOD? Is there up-to-date job description? * What are the conditions of employment for their vacant positions? * Has a candidate specification been prepared? * Has the manpower segregation form been submitted earlier? * Has the job advertisement been agreed? * Have the interview arrangement been made? * Have unsu itable candidates held in reserved been informed? Explanation of Recruitment Process Steps in Recruitment process are as follows 1) necessary Gathering essential gathering starts with the job description provided by the different department.The manpower requisition forms are provided by the HR department and then filled by the respected departments. Job description contains criteria such as qualification, professional experience, designation in the organization, urgency of manpower requirement in the organization. 2) Analysis of the Requirement It is a clear requirement with a detailed explanation. A clear understanding enables a recruiter to provide a valuable manpower to the require department in terms of giving them a right candidate that matches up their requirement and to provide a candidate with good opportunity to sharpen his skills and achieve his personal goals. ) Sourcing of CVs In order to find the relevant pen for the job, it is very essential to search the CVs. This can be done in following ways * Casual application from local places. * Contacts through the present employees. * Data bank * Portals, such as Naukri. com * Former employee * Campus interview. 4) Screening of CVs This is very important step. It decides whether the CV matches the job description given by the department head. In this step the recruiter has to study the following details in deep- Date of birth Highest qualification Experience Skills Expected salary, etc. ) Arranging the interview After screening the CVs, the interview schedule is schedule by the recruiter. Once the schedule is fixed, candidates are called for interview. 6) At the time of interview Candidate is given the personal information form to fill before the interview. Personal data form covers all the in depth information of candidate. Personal data form and resume attached to it is handed over to the interviewer before an interview. Then preliminary interview and final interview is conducted. 7) Medical Checkup Selected candidates are sent to medical medical exam with pre medical checkup form.The main objective of this test is to detect whether the applicant is physically fit to perform work or not and to protect the employer from worker compensation claims. 8) Reference Check Reference check is made for an experienced candidate. Many employer request name, contact number, address of reference for verifying the additional background information of the candidate. 9) Documentation After the reference check is confirmative, candidate is called for that procedure of documentation. After documentation the candidates are provided with offer letter. 10) Induction ProgrammeNew entrants are given induction programme. It helps the new employee to develop the sense of identification with the company. The newly entrants is given information about the major products, departments and organization, key statistics. This helps the newly joined employees to understand their work in a better way. Criteria for Recruiting a Medical Representative A Check List 1. long time It is advisable to select them young, usually between 21 and 25 years. 2. grooming Depending upon the level of technical knowledge required for promoting your products you can decide on this. 3. ExperienceIt may be advisable to select a fresh grad with good scholastic get down and extracurricular activities. Some companies prefer restrict experience of a year or two in exchangeable companies. In the case of an experienced candidate look for his accomplishment, tract record, etc. 4. Appearance A pleasing personality is always preferred. 5. Manners He / she should have good manners as he moves in a sophisticated highly educated class. 6. Voice and Expression There should be clarity of voice, modulation and grammar 7. Reactions Alertness, quickness of response. 8. Drive Ability to stimulate, en hencee others and self-assurance. . countersign Comprehension, reasoning ability, keenness and smartness is expec ted of him/her. 10. Interest Sincerity of ambitions and personal goals, interest in other people. CHAPTER 3 RESEARCH METHODOLOGY The pump concept underlying research is its methodology. The methodology controls the study, dictates the acquisition of the data, and arranges them in logical relationships, sets up a means of refining the raw data, contrives an approach so that the meanings that lie below the surface of those data wrick manifest, and finally issue a destruction or series of conclusions that lead to an expansion of knowledge.The immaculate process is a unified effort as well as an appreciation of its component parts. According to J. W. B. est, Research is considered to be formal, systematic, intensive process of carrying on the scientific method of analysis. It involves a more systematic structure of investigation usually resulting in some sort of formal record of procedures and report of result or conclusions. According to P. M. Cook, Research is an honest, exhaust ive, intelligent searching for facts and their meanings or implications with reference to a given problem.It is the process of arriving at tried and true solutions to problem through planned and systematic collection, analysis and interpretation of data. The best research is that which is reliable, verifiable and exhaustive so that it provides information in which we have confidence. 3. 1 Title of the Study Recruitment and Attrition Management 3. 2 Duration of the Project 2 Months (25th June to 24th August) 3. 3 Objective of the study The objectives of the study are as follows * To understand the concept and mechanism of insurance. * To have an overall view of the Recruitment Process in a leading private sector company. To get a firsthand knowledge as regards to the proper implementation of the extent Recruitment Policies in ICICI PRUDENTIAL LIFE INSURANCE and its preparedness to meet the new challenges in the area of Recruitment. * To surveil the Human Resource Policies of ICICI PRUDENTIAL LIFE INSURANCE and compare with them Human Resource philosophy given in the literature. * To observe any legal requirement which apply to the recruitment and selection process. * To get familiar with the organization. * acquire practical experience regarding the organizational function. To learn about the policies and functions of the organization. * To understand the culture in the organization and its effect on employees. * To get industrial exposure and experience. 3. 4 Type of the Research To get complete knowledge about the recruitment and selection activities information are gathered on the basis of both primary election and secondary sources. PRIMARY DATA Primary data are those which are a fresh and for the first time and thus happen to be original in character. Primary data were calm by direct interview with the authorities and staffs and by observation and participation.SECONDARY DATA Secondary data are those which have already been self-collected by someo ne else and which have been passed through the statistical process. Secondary data were collected from various records kept in departments, company profiles, magazines and websites. 3. 5 Sample size and Method of selecting sample SAMPLING SIZE nose candy It means how many people to survey. SAMPLING UNIT The researcher must define the commit population that will be surveyed the sampling unit for my survey is wholesalers, retailers, masons, contractile organ and consumer of Rajasthan State.SAMPLING PROCEDURE RANDOM SAMPLING ascribable to the time limitation and lack of sufficient knowledge I confined my study till stochastic sampling. 3. 6 Scope of the Study Recruitment is the process of searching for prospective employees and stimulating them to apply for job in the organization. Recruitment is a positive process of searching for prospective employees, whereas selection is a negative process because it involves rejection of unsuitable candidates. Today the scope of the recruitmen t is very broad. The scope of the recruitment at ICICI PRUDENTIAL LIFE INSURANCE CO. enerally covers the following steps * sweetening of productivity. * Quality manpower. * Committed job assignment. * Development of teamwork. * Better utilization of existing manpower 3. 7 Limitation of the Study The present research work is undertaken to maximize objectivity and minimize the errors. However, there are certain limitations of the study, which are to be taken in to consideration for the present research work. * The study was conducted only for the performance of Insurance advisors, Adayar branch Chennai city. It may not be suitable for other organizational employees. The advisors behavior may not be same in other branches in Chennai city or country, because of the difference in their performance, target, motivation, attitude, approaches with customers, culture, and working environment etc. * The research was done based on the details provided by the 70 advisors the conclusion derived may not be wholly applicable to all branches in the city. The study is conducted with the help of the database provided by the Unit manager. * As the target population is large and due to the time constraint, convenience sampling technique was used to select the respondent. Chapter-4 FACTS AND FINDINGS Majority of the respondents believed that larger risk coverage of their policy was the main feature that attracted them to buy that policy, low premium was the next important feature. * ICICI Prudential is the largest private player in the insuranceindustry in India. * Due to the increasing concern of people towards their health/life the life insurancebusiness has good prospects. * There are few short term plans which are not known to thepublic. * Company has high policy charges which are not affordable by the lower middle and lower class people. * Out of check population of 1 billion of country, only 22% have insurance cover.So we can say that there is still large potential for bot h the public and private companies. Private companies have to give varied customized product to compete with the LIC which is holding about 97% of the enumerate market. CHAPTER-5 ANALYSIS AND INTERPRETATION 1. What is the biggest turn a profit of life insurance? SL. NO answer NO OF RESPONDENTS PECENTAGE % 1 Security 40 80 2 commission 5 10 3 Protection of wealth 5 10 4 all 0 0 marrow 50 speed of light Analysis Interpretation The above graph shows that the biggest benefit of life insurance is security with 80% and the next two shows the equal % that is 10% benefit ) Is there any performance incentives? SL. NO reception NO OF RESPONDENTS PECENTAGE % 1 yes 47 94 2 no 3 6 total 50 coulomb Analysis Interpretation The above graph shows the performance incentives are vitamin C% given in the company. 3) How do you recruit employees in ICICI PRUDENTIAL LIFE INSURANCE CO.? SL. NO reaction NO OF RESPONDENTS PECENTAGE % 1 References 3 6 2 Advertisements 5 10 3 Consultancy 35 70 4 Walk -ins 7 14 total 50 blow ANALYSIS INTERPRETATION The hiring process in this company is done by consultancy of 35 respondents and next is through walk-ins. ) How ofttimes you recruit employees? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 6 months 5 10 2 1 year 0 0 3 3 months 5 10 4 Every month 40 80 total 50 100 ANALYSIS INTERPRETATION In this company the employees are recruited frequently for every month for this the respondents are 80%, after this 3 months and 6 months are 20%. 5) What is the range on scale of getting maximum good quality profiles? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 just 35 70 2 Good 10 20 3 Very good 5 10 4 excellent 0 0 total 50 100ANALYSIS INTERPRETATION The above graph shows that the range of getting good quality profiles are comely are 70%,and good are 20% and very good is shown by 10%. So no excellent are there. 6) Under what criteria do you consider while screening the profile? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 Age 5 1 0 2 adroitness 7 14 3 Work experience 38 76 4 References if any 0 0 total 50 100 ANALYSIS INTERPRETATION The above graph shows while screening the profile work experience is given more importance by 76%, and next by qualification by 14%. ) What is the % of candidates who clear the aptitude test? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 100 0 0 2 70 10 20 3 80 35 70 4 50 5 10 total 50 100 ANALYSIS INTERPRETATION The above graph shows the % of 70% of the candidates clear the aptitude test. 8) Do you normally provide training skill development to new recruits? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 yes 42 84 2 no 8 16 total 50 100 ANALYSIS INTERPRETATION The above graph shows the training provided to new recruits is yes by 84% and no by 16%.So training is provided to some extent. 9) How many steps include in selection process? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 5 7 14 2 6 0 0 3 8 0 0 4 4 43 86 total 50 100 ANALYSIS INTERPRETATION The above graph shows the selection processes include loosely 4 and sometimes 5 in this it show 86% include 4 steps. 10) After selection of candidates what is the time for offer release? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 similar day 0 0 2 3-5 days 37 74 3 1-2 days 10 20 4 7 days 3 6 total 50 100 ANALYSIS INTERPRETATIONThe above graph shows after selection the offer letter is given to the selected candidate in 3-5 days and if the candidate is good then 1-2 days 11) What is the employment rate in ICICI PRUDENTIAL LIFE INSURANCE in a year? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 70 5 10 2 80 35 70 3 90 10 20 4 100 0 0 total 50 100 Analysis INTERPRETATION The above graph shows the employment rate in ICICI PRUDENTIAL LIFE INSURANE is 70% in a year and 35 are real. 12) What is the experience required for HR position in ICICI PRUDENTIAL LIFE INSURANCE? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 3 years 5 10 2 4 years 15 30 3 2 years 0 0 4 5 years 30 60 total 50 100 ANALYSIS IN TERPRETATION The experience required for HR position in ICICI PRUDENTIAL LIFE INSURANCE CO. is 5 years and accepted by 30 members. 13) What is attrition rate in ICICI PRUDENTIAL LIFE INSURANCE? (No. of employees exit the company in a year) SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 50 40 80 2 60 10 20 3 80 0 0 4 30 0 0 total 50 100 ANALYSIS INTERPRETATION The attrition rate in ICICI PRUDENTIAL LIFE INSURANCE is 50%, and accepted by 40 members. CHAPTER-6 SWOT ANALYSIS S.W. O. T Analysis of ICICI Prudential Life Insurance Strength * ICICI Prudential is one of the largest financial institutions of India. * gold power, which makes them ignorant about the gestation period. * Motivation factors provided by the Company. * Service quality, which is the crux of their mission. * A huge data base of corporate clients, retail customer, and bank customersof ICICI. * Highest paid up capital depositedin IRDA, in comparison to all players. * Training provided to all people associating with ICICI Prudential. Weakness * High targets for financial advisors and for the salesdepartments. Many competitors in the market offer same product by the title difference in the premium and offerings. * Very huge premium of policies. * Problematic to advisors also. * Sustainable to risk associated with investments in money market. Opportunities * Health insurance and pension schemes, an estimated market potential ofapproximately $15 billion. * Tie up with more corporate agents all over India. And Tie up with broker(agent) also. * Strong brand of company helpsto boost sales in market. * Attract more people of providing customer centric products. Threats * Players like Bajaj and Birla Sunlife with low premium for the similarplans. People are not apprised of different distribution channels. * Threat from existing insurance players. * Threat from new entrants. * Changes in the policy of IRDA. CHAPTER-7 CONCLUSION Over the last few decades companies have increasingly begun to realize the importance of customer satisfaction. Where trading environments have effect saturated and customers increasingly hard to come by, customer retention has become imperative as the customer-to-business level in the Indian context the disconfirmation double is still the predominant paradigm influencing the customer satisfaction process.As it is pivotal in this competitive era of globalization as every player in this banking industry is making various efforts to increase its pie share or if no increase at least maintains their market share. In relation to the primary research analysis undertook by me, inference can be portrayed that people are incline towards the LIC as they find them more reliable and they also prefer because of their long term relationship with the customer segment. So last we can say that for the insurance sector to succeed they must pay close attention to the revealed choice criteria of the customer in their decision making activity.Therefore customer relationshi p management programs must be knowing to keep the customers intact that includes aligning product and service offerings with customer needs can only be achieved when sufficient knowledge of customer requirement has been captured. Thus accurately understanding the customers need is the most important step towards achieving customer satisfaction. CHAPTER-8 RECOMMENDATION AND SUGGESTON There are some recommendations Open some more branches in semi urban and homespun area ICICI Prudential has almost its branches in urban area ormetros. So in order to increase the no. f customer, ICICI Prudential should increase the approach towards potential customers. For that it has to increase the branches in the semi urban cities like C, D gradecities. And the rural marketing is the best weft forICICI Prudential to increase its base in the market. Improve customer services In order to take the advantage of being industry drawing card in private sector, ICICI Prudential has to improve its customer services. According to my experience in the company, a good number of customers forget to pay their premium at time so it causes a big loss to the company.ICICI Prudential has already collaborated with the ICICI bank for its Banc assurance facility and thencan include another feature in it. ICICI bank can offer a bankaccount with the life insurance policy in which an standard atmosphere card will beprovided. This card will haveall the information regarding the policy as like future premium payment dates, payment made, money value ofthe policy at that date, value of the unit linked plan andall other information what the customer want. This will help the customer to pay premium ontime and fork up their losses.This will be mutually helpful for both sister companies, ICICI bankwill get new account andICICI prudential will be able to more efficient services to their customers. Bring some unit linked life insurance plans in the market. Being a market leader doesnt ensure the leadership in the future. Since afterincrement in FDI from 26% to 49%all player will have the opportunity to capture the market share. So in order to maintain its position ICICI Prudential should-Introduce some new market linked insurance plan, which will give a competitive advantage to the ICICI Prudential against its competitors.Trained the financial advisors more efficiently In the changed scenario, moreefficient training will be needed, so ICICI Prudential should provide good and efficient training to their financial advisors. Because they are the onewho interact directly with the customers. So good training will give them the right way to dealwith the potential customers. Suggestions * LIC ICICI Prudential should work upon building good reputation of its brand as good reputation has direct effect on purchase of insurance product. LIC ICICI Prudential should work upon raising the awareness of the product and give more option and provide transparency so as to make selling of its product easier. * Advertising of the insurance product should stress on the need of security. * Insurance should be popularized as the means of securing future rather than saving(a) tax. * Policies should be issued quickly and with less formality. * Other services should be provided. * Reference group are the most effective medium of advertising insurance. CHAPTER-9 APPENDIX QUESTIONNAIRE 1. What is the biggest benefit of life insurance?A) Security B) commission C) protection of wealth D) all 2. Is there any performance incentives? A) Yes B) No 3. How frequently you recruit employees? A) 6 months B) 1 Year C) 3 months D) Every month 4. How do you recruit them? A) References B) Advertisements C) Consultancy D) Walk-ins 5. What is the range on scale of getting maximum good quality profiles? A) Average B) Good C) Very Good D) Excellent 6. Under what criteria do you consider while screening profile? A) Age B) capacity C) Work Experience D) References if any 7.What is the % of candidates who clear the aptitude test? A) 10% B) 20% C) 30% D) 50% 8. Do you normally provide training skill development to new recruits? A) Yes B) No 9. If yes do you send your employees for external training? A) Training institutes B) workshops C) seminars D) none 10. How many steps include selection steps? A) 5 B) 6 C) 8 D) 4 11. On what skill sets candidates are selected in ICICI PRUDENTIAL LIFE INSURANCE CO.? A) skills B) Capabilities C) Soft skills D) All the above 12. After selection of candidates what is the time for offer release?A) Same day B) 3-5 days C) 1-2 days D) 7 days 13. How do you evaluate a candidate in his/her HR interview? A) Aptitude B) Qualification C) Communication skills D) All 14. What is the experience required for HR position in ICICI PRUDENTIAL LIFE INSURANCE CO.? A) 3 eld B) 4 Years C) 2 Years D) 5 Years 15. What is the attrition rate in ICICI PRUDENTIAL LIFE INSURANCE CO? (Number of employees leaving the company in a year) A) 30% B) 40% C) 20% D) 10% 16. What are the top reasons for any improvement in attrition? Ans. 1. Skills Development 2. Communication 3. progression/Progress . Management Style 5. Work-Life Balance CHAPTER-10 BIBILOGRAPHY 1. ICFAI Human Resource Management ICFAI University Press. 2. Gary Dessler, Human Resource Management- PHI Pvt. Ltd. , 2005. 3. G. C. Beri, Marketing Research- Tata McGraw-Hill issue Company Limited 4. Udai Parrek and T. Venkateshwara Rao, innovation and Managing Human Resource system, Oxford IBH publishing co. Pvt. Ltd. , 2003. 5. K. Aswathappa, Human Resource and Personnel Management, Tata McGraw-Hill Publishing Company Limited, 2005. * http//www. iciciprulife. com * http//www. google. com * http//www. wikipedia. com