59414980 Project on Recruitment and Selection by Gupteswar Halba

7/27/2019 59414980 Project on Recruitment and Selection by Gupteswar Halba

1/69

( PORTFOLI O LTD )

A SUMMER TRAINING PROJECT

REPORT ON

RECRUITMENT AND SELECTION

SUBMITTED TO

ROURKELA INSTITUTE OF MANAGEMENT STUDIES, ROURKELA(B.P.U.T)

IN PARTIAL FULFILLMENT OF REQIREMENTS FOR THE AWARD OF

DEGREE OF

MASTER OF BUSINESS ADMINISTRATION.

MBA 2009-2011

UNDER THE GUIDENCE OF

External Guide Internal Guide

Smt. Madhusmita Sharana Prof. Gayatri Kurup

Regional HR Faculty (HR)

Bonanza Portfolio Ltd RIMS, ROURKELA

Bhubaneswar

SUBMITTED BY:

Gupteswar Halba

Regd No: 0906260061

BIJU PATNAIK UNIVERSITY OF TECHNOLOGY,ROURKELA,ODISHAROURKELA INSTITUTE OF MANAGEMENT STUDIES,ROURKELA


2/69

CERTIFICATE OF INTERNAL GUIDE

This is to certify that the project entitled RECRUITMENT AND SELECTION IN

BONANZA PORTFOLIO Ltd.is a bonafide record of interim report carried out by

Mr. GUPTESWAR HALBA, a student of Rourkela institute Of Management Studies,

Rourkela , bearing University Regd No: 0906260061(Session 2009-2011), has successfully

completed his summer project for the partial fulfillment of the requirements of the

award of the degree of Master of Business Administration of Biju Patnaik University

of Technology, Rourkel, Odisha. To the best of my knowledge and belief, this project

is original effort and contribution which he has worked sincerely under my guidance in

this duration. The summer project report has not been submitted earlier to this

University or to any other University/Institutions

Wishing him good luck for a successful career all future endeavor.

Date: Signature of the Guide


3/69

DECLARATION

I do hereby declare that the project entitled RECRUITMENT AND SELECTION

of BONANZA PORTFOLIO Ltd.is submitted to ROURKELA INSTITUTE OF

MANAGEMENT STUDIES for award of MASTER OF BUSINESS

ADMINISTRATION is based on the studies undertaken by me. To the best of my

knowledge and belief it has not been published earlier elsewhere or presented to any

University / Institution for award of any degree, diploma or other similar title . The

information used in the studies report is collected from published Human Resource

statement, Annual Report, Various articles and in house journal of the PORTFOLIO

BONANZA Ltd. This report shall be used for academic propose only.

Date: Gupteswar Halba

Place: Regd. No.0906260061


4/69

ACKNOWLEDGEMENTS

Before I get into the thick of things I would like to add a few heartfelt words for the people

who were part of this project in numerous ways, people who gave unending support right

from the stage the project was started, appreciated and encouraged when being depressed.

In this context I would like to express my gratitude towards my parents band family members

who have constantly supported and played a pivotal role in shaping my career.

I take this opportunity to express my gratitude to Mrs.Madhusmita Sharana who has givenme the opportunity to do the project in the esteemed organization and under his guardianship.

I would like to thank the staff and officials of Bonanza Pvt. Ltd., for their co-operation in

providing all the information, which were required for the accomplishment of the task.

I am thankful to Prof.Gayatri Kurup, Faculty in Human Resource, Rourkela Institute of

Management Studies without whose support this project couldnt have been in the form in

which it is now. It is his guiding hands which directed me all through the journey.

Place Gupteswar Halba

Date - Regd. No.0906260061


5/69

PREFACE

The study focuses on RECRUITMENTAND SELECTION PROCESS at BONANZA

PORTFOLIO PVT. LTD, Bhubaneswar that has strength of 69 employees. This study

shows an overall picture of manpower planning chart of the company. In respect of this, the

different stages of recruitment process and the different sources being used for the

recruitment purpose in the company has been explained. The other aspect of this study is on

selection process being practiced in the company.

The project report consists of chapter. Chapter one consists of Introduction and an

overview of the study, chapter two consist company profile of BONANZA

PORTFOLIO LTD, chapter three consists of SWOT analysis, chapter four consists

theoretical aspect of the project and chapter five covers Recruitment and selection process

in the company, chapter six contains Research methodology while chapter seven consists of

findings and chapter eight covers suggestion and lastly the Conclusion which is being

followed by Bibliography and conclusion drawn from the study.


6/69

CONTENTS

CHAPTER I

INTRODUCTION

Introduction to the study

CHAPTER II

COMPANY PROFILE

Introduction to the company

Group companies

Product and services

CHAPTER III

SWOT ANALYSIS

SWOT Analysis of Bonanza Portfolio Pvt. Ltd.

CHAPTER IV

THEORETICAL ASPECT OF RECRUITMENT AND SELECTION

Human Resource Planning

Basic steps of HRP

Recruitment

Need for Recruitment

Purpose and importance of Recruitment

Sources of Recruitment

Selection

Essentials of selection procedure


7/69

CHAPTER V

RECRUITMENT AND SELECTION IN BONANZA PORTFOLIO

Recruitment process


Selection

Scientific selection process

CHAPTER VI

INTERVIEW

Types of Interview

CHAPTER VII

JOINING FORMALITIES

CHAPTER VIII

RESEARCH METHODOLOGY

What is Research Methodology?

Types of Data collection

Use of Research Methodology

CHAPTER IX

FINDING

Major findings in Bonanza Portfolio

SUGGESTIONS

CHAPTER X

CONCLUSION


8/69

BIBLIOGRAPHY

APPENDIX

Job order form

Application form


9/69

CHAPTER I

INTRODUCTION


10/69

INTRODUCTION

Recruitment and selection are two of the most important functions of personnel management.

Recruitment precedes selection and helps in selecting a right candidate.

Recruitment is a process to discover the sources of manpower to meet the requirement of the

staffing schedule and to employ effective measures for attracting that manpower in adequate

numbers to facilitate effective selection of efficient personnel.

Staffing is one basic function of management. All managers have responsibility of staffing

function by selecting the chief executive and even the foremen and supervisors have a

staffing responsibility when they select the rank and file workers. However, the personnel

manager and his personnel department is mainly concerned with the staffing function.

Every organization needs to look after recruitment and selection in the initial period and

thereafter as and when additional manpower is required due to expansion and development of

business activities.

Right person for the right job is the basic principle in recruitment and selection. Ever

organization should give attention to the selection of its manpower, especially its managers.

The operative manpower is equally important and essential for the orderly working of anenterprise. Every business organization/unit needs manpower for carrying different business

activities smoothly and efficiently and for this recruitment and selection of suitable

candidates are essential. Human resource management in an organization will not be possible

if unsuitable persons are selected and employment in a business unit


11/69

CHAPTER II

COMPANY PROFILE

Introduction to the company

Group companies

Product and services


12/69

INTRODUCTION TO COMPANY:

Bonanza, is a leading Financial Service & Brokerage House working since 1994. It can be

described in a single word as a Financial Powerhouse. With acknowledged industry

leadership in execution and clearing services on Exchange Traded Derivatives and Cash

Market Products, Bonanza has spread its trustworthy tentacles all over the country with more

than 1600 outlets spread across 460 cities.

It provides an extensive range of services in equity, commodities, currency derivatives,

wealth management, distribution of third party products, etc. Being at par with the modern

tech-savvy world, Bonanza makes an integrated and an innovative use of technology. It also

enables its clients to trade online as well as offline and the strategic tie-ups with the latest

technology partners has earned Bonanza a prestigious place as one of the top brokerage

houses in the country. Client-focused philosophy backed by memberships of all principal

Indian Stock and Commodity Exchanges makes Bonanza stand apart from competitors as a

preferred service provider in the industry for value-based service.

Objective of the organization

Principal Objective - To make sure there is availability of a skilled and willing

workforce to an organization.

Individual ObjectivesTo help employees in achieving their personal goals, which

in turn, enhances the individual contribution to an organization.

Organizational ObjectivesTo assist the organization with its primary objective by

bringing individual effectiveness.

Functional ObjectivesTo maintain the departments contribution at a level suitable

to the organizations needs.

Societal Objectives To ensure that an organization is ethically and socially

responsible to the needs and challenges of the society

The main objectives of recruitment and selection are to improve the qualities of the

applicants,

Formulation of objectives for different needs and ways of achieving it. The objective

is very important because it determines the designed and content of the selection and

recruitment programs.


13/69

IMPORTANCE:

Improvement in productivity

Maintain the quality of the product

To have better companys climate

For the present and expected level of performance

To develop favorable attitude and level of motivation

Introduction of new technology and process

Self-development and employees

Research and development

Managing succession

To refresh the knowledge time to time.

SCOPE OF THE STUDY:-

The scope of the study depends on the "time factor "and resources of the researcher.

Taking time factor and resources into considerations, the present study has been limited to a

study of recruitment and selection program in one company. For the purpose of BONANZA

PORTFOLIO. which is one of the growing and sophisticated BROKERAGE FARM in India has

been selected .The study covers the attitude of the applicants, the HR employee, the selection

and recruitment officers.


14/69

GROUP COMPANIES

Bonanza Portfolio Ltd.

Bonanza Commodity Brokers (P) Ltd.

Bonanza Insurance Brokers (P) Ltd.

Bonanza Global DMCC, Dubai

Sunglow Fininvest Pvt. Ltd.

Bonanza Corporate Solutions Pvt. Ltd.

PRODUCTS & SERVICES

Bonanza offers an array of services encompassing varied means of wealth creation, finance

management and accretion.

Brokerage Services Custody Service

Equity Depository

Commodity

Currency

Derivatives

Distribution Asset Management

Insurance PMS

Mutual Funds Advisory

Fixed Deposits

Institutional Broking


15/69

ACHIEVEMENTS

5th largest in terms of no of offices for 08-09*

Top Equity Broking House in terms of branch expansion for 2008*

3rd in terms of Number of Trading Accounts for 2008*

6th in terms of Trading Terminals in for two consecutive years 2007- 2008*

9th in terms of Sub Brokers for 2007*

Awarded by BSE 'Major Volume Driver 04-05,06-07,07-08

Nominated among the Top 3 for the "Best Financial Advisor Awards '08" in the category

of National Distributors - Retail instituted by CNBC-TV18 and OptiMix.

Ranked 2nd by UTI MF & CNBC TV 18 Financial Awards 2009 in the category Best

Financial Advisor-Retail


16/69

CHAPTER III

SWOT ANALYSIS


17/69

SWOT ANALYSIS

STRENGTH:

Bonanza Portfolio is the only Financial service company that provides Brokers, Equity,

Commodity, currency derivative, Wealth management.

Large experience and biggest market share in the country.

It is works since 1994.

Availability of and manpower planning & Financial service.

Availability of mind product Range with large base of special application customers. And

catering to the flat products market segment.

Bonanza has over 1500 outlets in more than 550 cities in India.

(as on June 2010)Bonanza has more than 2,80,000 clients comprising of Corporate

Financial

Institutions & Investors, Mutual Funds, High Net-worth Individuals and Retail

Investors.

Bonanza has a young dynamic team of 2200 professionals.

Strong infrastructure supporting over 3000 trading terminals supporting

more than 350 VSAT's to support geographic reach and servicing capabilities.

24x7 service and support via our federal support systems


18/69

WEAKNESS:

Absence of core competence.

Location of the plants vis--vis market place.

Latest state of art technology for Financial Service.

Limited efforts for Branding of products on the fore of stiff competition.

Covering 260cities so difficult in planning process.

OPPORTUNITY:

A huge investment in insurance and finance sector now a days.

Ability to influence market share.

Emergence of quality Service.

Larger coverage products.

THREATS:

Law and Order varies in different time.

Up and down in share market indices.

Government new liberalization policies.

A new trend acquisitions and mergers is leading to the entrance of large number of international

players in the domestic market. This may lead to the stiff competition among them.


19/69

CHAPTER IV

THEORITICAL ASPECT OF RECRUITINMENT AND SELECTION

Human Resource Planning

Basic steps of HRP

Recruitment

Need for Recruitment

Purpose and importance of Recruitment


Selection

Essentials of selection procedure


20/69

HUMAN RESOURCE PLANNING

Definition

HRP is the process of ensuring the right number of qualified people into the right job at the right

time to deliver the results in an efficient and effective manner.

Human resource planning may be viewed as foreseeing the human resource requirements of the

organization and the future supply of human resources and ( i) making necessary adjustments

between these two and organizational plans; and (ii) foreseeing the possibility of developing the

supply of human resources in order to match it with requirements by introducing necessary

changes in the functions of human resource management. Human Resource means skill,

knowledge, values, ability, commitment, motivation etc., in addition to the number of

employees.

At Bonanza it is necessary to ensure that the right numbers of qualified people areinto the right

job at the right time to deliver the results in an efficient and effective manner. It is a process by

which an organization determines how it should acquire its desired manpower to achieve the

organizational goals.

Objectives of Human Resource Planning

To ensure adequate supply of manpower as and when required.

To ensure proper use of existing human resources in the organization.

To forecast future requirements of human resources with different levels of skills.

Assess surplus or shortage, if any, of human resources available over a specified period

of tie.

Anticipate the impact of technology on jobs and requirements for human resources.


21/69

Control the human resources already deployed in the organization.

Provide lead tie available to select and train the required additional human resource over

a specified time period.

Basic Steps of HRP

Analyzing impact of strategy and objectives in terms of HR requirements

Involving Line managers in determining needs

Forecasting the quantity and quality of HR required

Matching HR supply in the organizations with numbers required Developing action plan

to meet future requirementsplanned and phased manner

Along forecasting the demands for human resources to perform various jobs, managers,

especially managers of men, they need to know the nature and requirements of jobs to be filled in

the organization. Such knowledge can be obtained through job analysis which entails the process

to collect information about a job relating to its operations and responsibilities.

There are two major aspects of job analysis:

1. Job Description

2. Job Specification


22/69

Job Description

A job description is a list of the general tasks, or functions, and responsibilities of a position. Typically, it

also includes to whom the position reports, specifications such as the qualifications needed by the

person in the job, salary range for the position, etc. A job description is usually developed by conducting

a job analysis, which includes examining the tasks and sequences of tasks necessary to perform the job.

The analysis looks at the areas of knowledge and skills needed by the job. That a role is the set of

responsibilities or expected results associated with a job. A job usually includes several roles. The job

description might be broadened to form a person specification.

Job Specification

Job specification summarizes the human characteristics needed for satisfactory job completion. It

tries to describe the key qualifications someone needs to perform the job successfully. It spells

out the important attributes of a person in terms of education, experience, skills, knowledge and

abilities (SKAs) to perform a particular job. The job specification is a logical outgrowth of a job

description. For each job description, it is desirable to have a job specification. This helps the

organization to find what kind of persons are needed to take up specific jobs. The personal

attributes that are described through a job specification may be classified into three categories:

Essential attributes: skills, knowledge and abilities (SKAs) a person must possess.

Desirable attributes: qualifications a person ought to possess.

Contra-indicators: attributes that will become a handicap to successful job performance.

A job specification can be developed by talking with the current jobholders about the attributes

required to do the job satisfactorily. Opinions of supervisors could also be used as additional

inputs. Checking the job needs of other organizations with similar jobs will also help in

developing job specifications. Job specification is useful in the selection process because it offers

a clear set of qualifications for an individual to be hired for a specific job.
http://www.openlearningworld.com/olw/courses/books/Job%20Analysis%20and%20Evaluation/Job%20Analysis%20and%20Evaluation/Job%20Specification.htmlhttp://www.openlearningworld.com/olw/courses/books/Job%20Analysis%20and%20Evaluation/Job%20Analysis%20and%20Evaluation/Job%20Specification.html


23/69

Sr.No SEGMENT /DEPT.

EquityOffline

E-Broking

MutualFund Insurance Commodity

FranchiseeDev. PMS Tota

Sales (HO& Branches)

1 Regional Head 1 1

2AVPSales(Reg.PH)/ASM 0 0

3

Branch Manger/AsstBranch Manager 3 1 4

4 Product Head 0 0

5

SM/TeamLeader/Agency Manager 2 2 1 5

6

RelationshipManager/SRM/SSM/ARM 10 23 3 36

7

BDM/FranchiseeManager 0 0

8

BDE/SalesExecutive/ME 0 2 2

9 Telecaller 0

10

Customer SupportExecutive 0

Subtotal 16 28 0 0 4 0 0 48

Trading

1 Arbitarge 7 7

2 Dealers 2 2 3 7

Subtotal 9 2 0 0 3 0 0 14

Operations- RO

1 RMG 0

2 Compliance/KYC 0 0

3 Accounts 0

4 Back office 2 0 2

5 IT 0

6 HR 2 2

7 Admin 0

8 Office Assistant 1 1

Subtotal 5 4 0 0 6 0 0 5

1 Research

Branches

1 Back office 1 0 0 0 0 0 0 1

2Office Assistant 1 1

Subtotal 2 0 0 0 0 0 0 2

Total 32 34 0 0 13 0 0 69

HUMAN RESOURCE PLANNING OF BONANZA PORTFOLIO


24/69

RECRUITMENT

Recruitment means to estimate the available vacancies and to make suitable

arrangements for their selection and appointment. Recruitment is understood as the process of

searching for and obtaining applicants for the jobs, from among whom the right people can be

selected.

According to EDWIN FLIPPO,Recruitment is the process of searching for prospective

employees and stimulating them to apply for jobs in the organization.

A formal definition states, It is the process of finding and attracting capable applicants for the

employment. The process begins when new recruits are sought and ends when their applicants

are submitted. The result is a pool of applicants from which new employees are selected. In this,

the available vacancies are given wide publicity and suitable candidates are encouraged to

submit applications so as to have a pool of eligible candidates for scientific selection.

In recruitment, information is collected from interested candidates. For this different source such

as newspaper advertisement, employment exchanges, internal promotion, etc. are used.

In the recruitment, a pool of eligible and interested candidates is created for selection of most

suitable candidates. Recruitment represents the first contact that a company makes with potential

employees.

Need for Recruitment:

The need for recruitment may be due to the following reasons / situation:

a) Vacancies due to promotions, transfer, retirement, termination, permanent disability, death

and labour turnover.

b) Creation of new vacancies due to the growth, expansion and diversification of business

activities of an enterprise. In addition, new vacancies are possible due to job specification.


25/69

Purpose and importance of Recruitment:

1. Determine the present and future requirements of the organization on conjunction with its

personnel-planning and job analysis activities.

2. Increase the pool of job candidates at minimum cost.

3. Help increase the success rate of the selection process by reducing the number of visibly

under qualified or overqualified job applicants.

4. Help reduce the probability that job applicants, once recruited and selected, will leave the

organization only after a short period of time.

5. Meet the organizations legal and social obligations regarding the composition of its work

force.

6.

Begin identifying and preparing potential job applicants who will be appropriatecandidates.

7. Increase organizational and individual effectiveness in the short term and long term.


26/69

SOURCES OF MANAGERIAL RECRUITMENT

INTERNAL SOURCES EXTERNAL SOURCES

1) Promotion 1) Campus recruitment

2) Transfers 2) Press advertisement

3) Internal notification 3) Management consultancy service

(Advertisement) & private employment exchanges

4) Retirement 4) Deputation of personnel or

transfer from one enterprise to another

5) Recall 5) Management training schemes

6) Former employees 6) Walk-ins, write-ins, talk-ins

7) Miscellaneous external source


27/69

SELECTION

After identifying the sources of human resources, searching for prospective employees and

stimulating them to apply for jobs in an organization, the management has to perform the

function of selecting the right employees at the right time. The obvious guiding policy in

selection is the intention to choose the best qualified and suitable job candidate for each unfilled

job. The objective of the selection decision is to choose the individual who can most successfully

perform the job from the pool of qualified candidates. The selection procedure is the system of

functions and devices adopted in a given company to ascertain whether the candidates

specifications are matched with the job specification and requirement or not. The selection

procedure cannot be effective until and unless:

Requirement of the job to be filled, have been clearly specified.

Employee specification (physical, mental, social, behavioral etc.) has been clearly

specified.

Candidate for screening have been attached.

Thus, the development of job analyses, human resource planning and recruitment are necessary

prerequisites to the selection process. A breakdown in any of these processes can make even thebest selection system ineffective.


28/69

Essentials of selection procedures

The selection process can be successful if the following recruitments are satisfied:

Someone should have the authority to select. This authority comes from the employment

requisition, as developed by analysis of the work load and work force.

There must be some standard of personnel with which a prospective employee may be

compared, i.e. a comprehensive job description and job specification should be available

beforehand.

There must be sufficient number of applicants from whom the required number of

employees may be selected.


29/69

CHAPTER V

RECRUITMENT AND SELECTION

Recruitment process


Selection

Scientific selection process


30/69

At Bonanza Pvt. Ltd. recruitment represents the first contact that a company makes with

potential employees. Recruitment is done to fill the positions which get vacated due to

promotions, transfer or termination of job. A well-planned and well-managed recruiting effort

results in high quality applicants, whereas, a haphazard and piecemeal efforts will result in

mediocre on.

Recruitment Process

Recruitment at Bonanza Pvt Ltd. refers to the process of identifying and attracting job seekers so

as to build a pool of qualified job applicants. The process comprises five interrelated stages.

1.

Planning.2. Strategy development.

3. Searching.

4. Screening.

5. Evaluation and control.

The ideal recruitment programme is the one that attracts a relatively larger number of qualified

applicants who will survive the screening process and accept positions with the organization,

when offered. Recruitment programs can miss the ideal in many ways i.e. by failing to attract an

adequate applicant pool, by under/over selling the organization or by inadequate screening

applicants before they enter the selection process. Thus, to approach the ideal,

individuals responsible for the recruitment process must know how many and what types of

employees are needed, where and how to look for the individuals with the appropriate

qualifications and interests, what inducement to use for various types of applicants groups, how

to distinguish applicants who are qualified from those who have a reasonable chance of success

and how to evaluate their work.


31/69

RECRUITMENT PROCESS

STAGE 1:

RECRUITMENT PLANNING:

The first stage in the recruitment process is planning. Planning involves the

translation of likely job vacancies and information about the nature of these jobs into set of

objectives or targets that specify the (1) Numbers and (2) Types of applicants to be contacted.

Bonanza, nearly always, plan to attract more applicants than they will hire. Some of those

contacted will be uninterested, unqualified or both. Each time a recruitment Programme is

contemplated, one task is to estimate the number of applicants necessary to fill all vacancies

with the qualified people.

It is basically concerned with the types of people to be informed about job openings. The type

of people depends on the tasks and responsibilities involved and the qualifications and

experience expected. These details are available through job description and job

specification.

STAGE 2:

STRATEGY DEVELOPMENT:

When it is estimated that what types of recruitment and how many are required then

one has concentrate in (1). Make or Buy employees. (2). Technological sophistication of

recruitment and selection devices. (3). Geographical distribution of labour marketscomprising job seekers. (4). Sources of recruitment. (5). Sequencing the activities in the

recruitment process.


32/69

Make or Buy:

Organization must decide whether to hire employees and invest on training and

education programs, or they can hire skilled labour and professional. Essentially, this is the

make or buy decision. Organizations, which hire skilled and professionals shall have to

pay more for these employees.

Technological Sophistication:

The second decision in strategy development relates to the methods used in

recruitment and selection. This decision is mainly influenced by the available technology.

The advent of computers has made it possible for employers to scan national and

international applicant qualification. Although impersonal, computers have given employers

and job seekers a wider scope of options in the initial screening stage.

Bonanza basically hires skilled professionals rather than invest on training of new

employees. The recruitment is done online which involves the use of computers and internet.

STAGE 3:

SEARCHING:

Once a recruitment plan and strategy are worked out, the search process can begin.

This step involves attracting job seekers to the organization. These are broadly two sources to

attract candidates. These are:

1. Internal Sources

2. External Sources


33/69

STEP 4:

SCREENING:

Screening of applicants can be regarded as an integral part of the recruiting process,

though many view it as the first step in the selection process.

The selection process will begin after the applications have been scrutinized and

short-listed. Application received in response to advertisements is screened and only eligible

applicants are called for an interview. A selection committee comprising the Vice-chancellor,

Registrar and subject experts conducts interview. Here, the recruitment process extends up to

screening the applications. The selection process commences only later.

Purpose of screening

The purpose of screening is to remove from the recruitment process, at an early stage,

those applicants who are visibly unqualified for the job. Effective screening can save a great

deal of time and money. Care must be exercised, however, to assure that potentially good

employees are not rejected without justification.

In screening, clear job specifications are invaluable. It is both good practice and a

legal necessity that applicants qualification is judged on the basis of their knowledge, skills,

abilities and interest required to do the job.

The techniques used to screen applicants vary depending on the candidate sources and

recruiting methods used. Interview and application blanks may be used to screen walk-ins.

Campus recruiters and agency representatives use interviews and resumes. Reference checks

are also useful in screening.


34/69

STAGE 5:

EVALUATION AND CONTROL:

Evaluation and control is necessary as considerable costs are incurred in the recruitmentprocess. The costs generally incurred are: -

1. Salaries for recruiters.

2. Management and professional time spent on preparing job description, job specifications,

advertisements, agency liaison and so forth.

3. The cost of advertisements or other recruitment methods, that is, agency fees.

4. Recruitment overheads and administrative expenses.

5. Costs of overtime and outsourcing while the vacancies remain unfilled.

6. Cost of recruiting unsuitable candidates for the selection process.

SOURCES OF RECRUITMENT

The sources of recruitment can be broadly categorized into internal and external sources-

(I)Internal Recruitment Internal recruitment seeks applicants for positions from

within the company. The various internal sources include

Promotions and Transfers

Promotion is an effective means using job posting and personnel records.

Personnel records help discover employees who are doing jobs below their educational

qualifications or skill levels. Promotions has many advantages like it is good public

relations, builds morale, encourages competent individuals who are ambitious, improves

the probability of good selection since information on the individuals performance is

readily available, is cheaper than going outside to recruit, those chosen internally are

familiar with the organization thus reducing the orientation time and energy and also acts

as a training device for developing middle-level and top-level managers. Transfers are

also important in providing employees with a broad-based view of the organization,

necessary for future promotions.


35/69

Bonanza gives first priority to its own employees with better performance record. Therefore

promotion is an effective means to fill vacant positions. On further vacancies it relies on

external sources.

Employee referrals-

Employees can develop good prospects for their families and friends by

acquainting them with the advantages of a job with the company, furnishing them with

introduction and encouraging them to apply. This is a very effective means as many

qualified people can be reached at a very low cost to the company. The other advantages

are that the employees would bring only those referrals that they feel would be able to fit

in the organization based on their own experience. The organization can be assured of the

reliability and the character of the referrals. In this way, the organization can also fulfill

social obligations and create goodwill.

This source is very much practiced in Bonanza Portfolio Limited to attract prospective

employees.

Former Employees-

These include retired employees who are willing to work on a part-time basis,

individuals who left work and are willing to come back for higher compensations. Even

retrenched employees are taken up once again. The advantage here is that the people are

already known to the organization and there is no need to find out their past performance

and character. Also, there is no need of an orientation programme for them, since they arefamiliar with the organization.


36/69

Dependents of deceased employees-

Usually, banks follow this policy. If an employee dies, his / her spouse or son or

daughter is recruited in their place. This is usually an effective way to fulfill social

obligation and create goodwill.

Recalls: -

When management faces a problem, which can be solved only by a manager who has

proceeded on long leave, it may de decided to recall that persons after the problem is

solved, his leave may be extended.

Retirements: -

At times, management may not find suitable candidates in place of the one who had

retired, after meritorious service. Under the circumstances, management may decide to

call retired managers with new extension.

Internal notification (advertisement): -

Sometimes, management issues an internal notification for the benefit of existing

employees. Most employees know from their own experience about the requirement of

the job and what sort of person the company is looking for. Often employees have friends

or acquaintances who meet these requirements. Suitable persons are appointed at the

vacant posts.

(II) External Recruitment External recruitment seeks applicants for positions from

sources outside the company. They have outnumbered the internal methods. The various

external sources include

Advertisements :-

It is a popular method of seeking recruits, as many recruiters prefer

advertisements because of their wide reach. Want ads describe the job benefits, identify

the employer and tell those interested how to apply. Newspaper is the most common

medium but for highly specialized recruits, advertisements may be placed in professional

or business journals. It also cost effective.


37/69

Employment Exchanges:-

Employment Exchanges have been set up all over the country in reference to the

provision of the Employment Exchanges (Compulsory Notification of Vacancies) Act,

1959. The Act applies to all industrial establishments having 25 workers or more each.

The Act requires all the industrial establishments to notify the vacancies before they are

filled. The major functions of the exchanges are to increase the pool of possible

applicants and to do the preliminary screening. Thus, employment exchanges act as a link

between the employers and the prospective employees.

Campus Recruitments:-

Colleges, universities, research laboratories, sports fields and institutes are fertile

ground for recruiters, particularly the institutes. Campus Recruitment is going global with

companies like HLL, Citibank, HCL-HP, ANZ Grind lays, L&T, Motorola and Reliance

looking for global markets. Some companies recruit a given number of candidates from

these institutes every year. Campus recruitment is so much sought after that each college;

university department or institute will have a placement officer to handle recruitment

functions. However, it is often an expensive process, even if recruiting process produces

job offers and acceptances eventually.

Bonanaza also conducts campus recruitment in various educational institutions for

various positions like sales and marketing executives.

Consultants:-

They are in the profession for recruiting and selecting managerial and executive

personnel. They are useful as they have nationwide contacts and lend professionalism to

the hiring process. They also keep prospective employer and employee anonymous.

However, the cost can be a deterrent factor.

Head Hunters:-

They are useful in specialized and skilled candidate working in a particular

company. An agent is sent to represent the recruiting company and offer is made to the

candidate. This is a useful source when both the companies involved are in the same field,

and the employee is reluctant to take the offer since he fears, that his company is testing

his loyalty.


38/69


39/69

SELECTION PROCESS

There is no standard selection process that can be followed by all the companies in all the

areas. Companies may follow different selection techniques or methods depending upon the

size of the company, nature of the business, kind and number of persons to be employed,

government regulations to be followed etc. Thus, each company may follow any one or the

possible combinations of methods of selection in the order convenient or suitable to it.

Following are the selection methods generally followed by the companies.

Selection procedure employs several methods of collecting information about the candidates

qualifications, experience, physical and mental ability, nature and behavior, knowledge,aptitude and the like for judging whether a given applicant is or not suitable for job.

Therefore, the selection procedure is not a single act but is essentially a series of methods or

stages by which different types of information can be secured through various selection

techniques. At each step, facts may come to light which are useful for comparison with the

job requirement and employee specifications.

Steps in Scientific Selection Process

1. Job Analysis: It is the basis for selecting the right candidate. Every organization

should finalize the job analysis, job description, job specification and employee

specifications before proceeding to the next step of selection. The job analysis at

Bonanza envisages the HR executive to forecast the manpower requirement and

analyze the roles and responsibilities of the position for which recruitment and

selection is sought. Besides, biographical, educational, experience, salary and other

information are also outlined.

2. Recruitment: Recruitment refers to the process of searching for prospective

employees and stimulating them to apply for jobs in an organization, it is the basis for

the remaining techniques of the selection and the latter varies depending upon the

former.


40/69

3. Application Form: Application form is also known as application blank used for

securing information from the prospective candidates. Many companies formulate

their own style of application forms depending upon the requirement of information

based on the size of the company, nature of business activities, type and level of the

job etc. Information is generally required on the following items in the application

forms: 1) Personal background information 2) Educational attainments 3) Work

experiences 4) salary5) Personal details 6) References.

4. Written Examination: The organization have to conduct written examination for the

qualified candidates after they are screened on the basis of the application blanks so as

to measure the candidates ability in arithmetical calculations, to know the candidates

aptitude, reasoning, knowledge in various disciplines, General knowledge and English

language

5. Preliminary interview: A Bonanza preliminary interview is conducted to solicit

necessary information from the prospective applicants and to assess the applicants

suitability to the job. The information provided by the candidate may be related to the

job or personal specification regarding education, experience, salary expected,

aptitude towards the job, age, physical appearance and other physical requirements

etc.

6. Group Discussion: Group discussion is a method where groups of the successful

applicants are brought around a conference table and are asked to discuss either a case

study or a subject matter. The candidates in the group are required to analyze, discuss,

find alternative solutions and select the sound solution. A selection panel then

observes the candidates in the areas of initiating the discussion, explaining the

problem, soliciting unrevealing information basing on the given information and

using common sense, keenly observing the discussion of others, clarifying

controversial issues, influencing others, speaking effectively, concealing and

mediating arguments among the participants and summarizing or concluding aptly.

The selection panel basing on its observation, judges the candidates skill and ability

and ranked them according to their merit. In some cases the selection panel may also


41/69

ask the candidates to write the summary of the group discussion in order to know the

candidates writing ability as well.

7. Tests: Applicants who pass the screening and the preliminary interview are called fortests. Different types of tests may be administered depending on the job and the

company. A test provides a systematic basis for comparing the behavior and attitudes

and performance of two or more persons. Tests are based on the assumption that

individuals differ in their job related traits which can be measured. Tests helps in

reducing bias in selection by serving as a supplementary screening device. Tests helps

in better matching of candidate and the job. Test may reveal qualifications which

remain hidden in the application form and preliminary interview. Test are useful when

number of application is more. For effective tests paper should be designed properly.

Cut-off points should be determined for successful test. BONANZA PORTFOLIO

PVT. Ltd. do not completely concern over the test program. Tests are only used as

screening, according to them marks are not always give the perfect idea about a

person. They prefer personal interview, rather than TEST.

8. Final Interview: It is the oral examination conducted by the interviewer to check the

candidate whether he is alright for the job or not. It is a formal, in depth conversation.

In this conversation interviewer can analyze the person through his/ her answer giving

style. Thus interview is the purposeful exchange of views. Through this interviewer

get an opportunity to ask question about the followings.

To evaluate the candidate personally.

To ask questions those are not covered in tests.

To make judgments on candidates enthusiasm and intelligence.

However, interviews do have some limitation

Absence of reliability.

Personal and subjective judgments.

Two interviews do not give same impression about a candidate.


42/69


43/69

CHAPTER VI

INTERVIEW

Types of interview


44/69

INTERVIEW

A job interview is a conversation which occurs between a potential employer and a job

applicant. During the job interview, the employer hopes to determine whether or not theapplicant is suitable for the job, while the applicant tries to learn more about the position

while also impressing the employer. As a general rule, a job interview is an important part of

the process of applying for a job, and it may range in formality from a casual conversation to

a series of serious discussions with an assortment of people working within the company.

Types of Interview

1. Preliminary Interview

Informal Interview: This is the interview which can be conducted at any place by

any person to secure the basic and non-job related information.

Unstructured Interview: In this interview the candidate is given the freedom to

tell about himself revealing his knowledge on various items/areas, his background,

expectations, interests etc.

2. Core Interview

Background Information Interview: This interview is intended to collect the

information which is not available in the application blank and to check that the

information provided in the application blank regarding education, place of

domicile, family, health, interests, hobbies, likes, dislikes, extracurricular

activities of the applicant.

Job and Probing Interview: This interview aims at testing the candidates job

knowledge about duties, activities, methods of doing the job, critical/problematic

areas, methods of handling those areas etc.

Stress Interview:The interview aims at testing the candidates job behaviour and

level of withstanding during the period of stress and strain.


45/69

Group Discussion Interview: There are two methods of conducting group

discussion interviews, viz., group interview method and discussion interview

method. All the candidates are brought into one room, i.e., interview room and are

interviewed one by one under one group interview.

Under the discussion interview: Method one topic is given for discussion to the

candidates who assemble in one room and they are asked to discuss the topic in

detail.

Formal and Structured Interview: In this type of Interview, all the formalities,

procedures like fixing the value, time, panel of interviewers, opening and closing,

intimating the candidates officially etc., are strictly followed in arranging and

conducting the interview. The course of the interview is pre-planned and

structured in advance, depending on job requirements.

Panel Interview: Interviewing of candidates by one person may not be effective

as he cannot judge the candidates in different areas/skills owing to lack of

knowledge and competence in multiple disciplines and areas. Hence most

organizations invite a panel of experts, specialized in different

areas/fields/discipline to interview candidates.

Depth Interview: In this type of interview the candidates would be examined

extensively in core areas of knowledge and skills of the job. Experts in the

particular field examine the candidates by posing relevant questions as to extract

critical answers for them, initiating discussions regarding critical areas of the job

and by asking the candidates to explain even minute operations of job

performance.

3. Decision-Making Interview

After the candidates are examined by the experts including the line managers of the

organization in the core areas of the job, the head of the department/section concerned

interviews the candidates once again, mostly through informal discussion.


46/69

JOINING FORMALITIES

New Employee Orientation is a critical factor in helping a new person develop a productive,

lasting relationship with the organization. The joining formalities envisages formalities like

verification and submission of all relevant documents at single or multiple locations across

the country relieving the HR of the work and travel complexities involved. The new

employees are also oriented about safety, the work environment, the new job description,

benefits and eligibility, company culture, company history, the organization chart and other

relevant information to working in the new company.


47/69

CHAPTER VII

RESEARCH METHODOLOGY

What is research Methodology?

Types of Data collection

Use of Research Methodology


48/69

RESEARCH METHODOLGY

A methodology is instantiated and materialized by a set of methods, techniques and tools. A

tool an instrument or apparatus that is necessary to the performance of some task. A

methodology doesnt describe the specific method; nevertheless it does specify severalprocesses that need to be followed. These processes constitute a generic framework. They

may be broken down in sub processes, they may be combined, or their sequence may change.

However any task exercise must carry out these processes in one form or another.

Methodology may be a description of process, or may be expanded to include a

philosophically coherent collection of theories, concepts or ideas as they relate to a particular

discipline or field of inquiry.

The data and information has been collected from two sources.

i) Primary Data

ii) Secondary Data

Primary Data:

Primary data collected from individuals officials and guides view and from

organization and different production units. The trainee through personal interviews,

observation of records. Ledgers, files etc., Collects these data collection of these data is

time consuming but these are more important and reliable.

Secondary Data:

Secondary data are these data, which refer for already gathered and available data in

contrast with primary data. There may be internal sources within the firm externally these

sources may include books of periodicals, published reports. Data services, annual reports

etc. For the collection of the Secondary data the trainees consults.

Books on the subject.

Published reports relevant to the topic.

Records of the company.

Periodicals.

Annual Reports.

Commercial Data


49/69

OBJECTIVES:-

The main objectives of the research work are as follows

To study the existing practices relating to selection and recruitment in BONANZA

PORTFOLIO.

To study the attitudes of the applicants, the recruiter , the recruiter and the top

executives towards the selection and recruitment programs provided by selection and

recruitment center, BONANZA PORTFOLIO for modernization.

To analyze the steps to be taken for improvement of the existing recruitment program.

To develop understanding between theories and practical aspectof recruiting process.

To identify the effectiveness of the selection process in the company.


50/69

CHAPTER IX

FINDINGS AND SUGGESATION


51/69

FINDINGS

Asthe study gives emphasis on the recruitment and selection process in the company called

BONANZA PORTFOLIO Ltd. So it has been found that the company have quite effectiverecruitment and selection process. Throughout this internship programme at the company,

followings are findings of the study:

Company has well-disciplined way of recruitment and selection procedure with

minimum cost.

Human resource manager highly depend on internet for recruiting the potential

candidate for the organization. They are using job portals like monster.com,

timesjob.com for acquiring employees.

Vacancy is available frequently for lower post.

The lower level job was assigned with high targets provided by short time period for

fulfillment. As result the reward system in the company was done on the basis of

performance. Their contribution was being paid based on the achievement of given

targets. Hence it was found that least percent of people was interested in attaining this

job.

The most effective source of recruitment reference check.

Experience persons are preferred more than freshers.

To fulfill the higher post vacancies promotion based program is preferred rather than

acquiring new employees.

The company gives more opportunity in the field of marketing i.e. currency,

commodity, share etc.

Company spends least money on advertisement for the vacancies in the company

through other mode of media.


52/69

SUGGESTION

The recruitment and selection procedure in the company is excellent because with

minimum cost, more efficient workers are acquired.

Company should concentrate over the lower post employees so that they will be

motivated and work for the company loyally.

For lower posts basic pay roll should be given, not the target oriented pay.

There should be a scope for the new talents to enter into the company for higher post.

Beside reference check, the company should focus on other media sources like

newspaper and social media networking like Facebook, LinkedIn, etc. for theadvertisement of the vacancies.


53/69


54/69

CONCLUSION

Recruitment and selection has been of great importance to any organization as the department of

marketing, Finance and other departments of the organization. It has been seen now a days

recruitment and selection is being practiced in 100% of the organization worldwide and cant be

neglected as it plays an important part in attaining the goals and objectives of the organization.

Bonanza gives priorities to various employees problem. Bonanza now emphasis in making

oriented strategies.

The Human Resource Bonanza is doing lot of credit worthy job in handling various

employees and knowing their strength where they can give their best for the organization. They

have acquired a lot of talents and these are able to deal with various employees diplomatically.

The various works are systematically executed and also documented by the Human Resource

Department. It has helped to strengthen the relationship between the middle and lower level of

management which has helped in attaining certain goals and objectives set up by Bonanza .

Bonanza prefer reference check for the new vacancies, which is a good sign. Recruitment

process of the company is very much effective and fast.


55/69

CHAPTER XI

BIBLIOGRAPHY


56/69

BIBLIOGRAPHY

Books referred

RAO V. S .P, Human Resource Management,

BHATTACHARYYA D.K, Human Resource Planning ,Excel Books ,

Gupta & Jhoshi, Human Resource Management, Kalyani Publishers,

SHAKSHI K. GUPTA & ROSY JOSHI, Human Resource Management,

Kalyani Publishers,

Websites

www

www.bonanzaportfolio.co.in

www.encyclopedia.co.in
http://www.bonanzaportfolio.co.in/http://www.encyclopedia.co.in/http://www.encyclopedia.co.in/http://www.bonanzaportfolio.co.in/


57/69

APPENDIX

JOB ORDER FORM

Date Of Order:

Deadline:

Email Id :

Position

No. Of Position

Location

Education

Preference

Experience Range

Salary Range


58/69

APPLICATION FORM

PERSONAL PROFILE

NAME :______________________________________________

APPLICATION FOR THE POST OF:

RESPONSIBILITY FOR THE REQUIRED POSITIONS

PRIMARY SKILL(MUST HAVE)

SECONDARY SKILL(PREFERABLE)

PHOTOGRAPH


59/69

ADDRESS FOR COMMUNICATION:

PHONE/S OFFICE: RESIDENCE:

E-MAIL ID:

PERMANENT ADDRESS:

PHONE/S:

DATE OF BIRTH: PLACE OF BIRTH:

NATIONALITY: MARITAL STATUS:

FAMILY DETAILS:

S.NO. NAME RELATIONSHIP OCCUPATION

1.


60/69

2.

3.

4.

5.

ACADEMICS:

PERIOD COLLEGE/UNIVE-

RSITY/SCHOOL

DEGREE SPECIALISATION CLASS PERCENT

AGE OFMARKS

FROM TO

ACADEMIC ACHIEVEMENTS:

a. Prizes/Scholarships/Awards won

EMPLOYMENT DETAILS (Please begin with current job):


61/69

PERIOD EMPLOYER DESIGNATION DUTIES

FROM TO

Please draw the relevant part of your Organization Chart to specify the reporting relationship

between you, your superiors and subordinates.

REFERENCES: Give three professional references not related to you in any way who

are familiar with your work.


62/69

S.No. NAME & OCCUPATION ADDRESS & TELEPHONE

1.

2.

3.

SPECIALISED TRAINING/ON-THE-JOB TRAINING UNDERGONE: Please do not mention

routine courses

CAREER OBJECTIVES:

a. What made you take up your present profession ?

b. In what way do you think our Group meets your career objectives?

COURSE PERIOD/DURATION INSTITUTION


63/69

c. What kind of work gives you satisfaction and what kind of professional values do you

appreciate?

MEMBERSHIP OF ANY PROFESSIONAL BODY / ASSOCIATION:

BODY/ASSOCIATION NATURE OF MEMBERSHIP (e.g.

LIFE/INDIVIDUAL, etc.)

LEISURE ACTIVITIES:

a. WHAT LEISURE TIME ACTIVITIES DO YOU PURSUE AND HOW DID YOU

DEVELOP AN INTEREST IN THOSE?


64/69

b. HOW DO THESE BENEFIT YOU?

LANGUAGE PROFICIENCY: Please indicate proficiency level (Good, Average, Poor)

LANGUATE KNOWN SPEAK READ WRITE

MISCELLANEOUS:

Do you have any relative / friend working with our Group ? Yes No

If yes, kindly state name, designation and company :

Name :

Designation:


65/69

Company:

Would you be interested in joining our group even Yes No

if no accommodation is provided?

DETAILS OF COMPENSATION:

Present :

Particulars Salary + Monetary

Perquisites (Rs.)

Non-Monetary Benefits/ Perquisites

Per Annum

Expected :

Particulars Salary + Monetary

Perquisites (Rs.)

Non-Monetary Benefits/ Perquisites

Time required to join in case selected:


66/69

The information given by me is true to the best of my knowledge.

Any other information that you may like to provide :

DATE: SIGNATURE:

PLACE:

REMUNERATION DETAILS WITH PRESENT EMPLOYER

DETAILS OF EMOLUMENTS PER MONTH

(RS.)

PROPOSED

(FOR OFFICE USE

ONLY)

- Salary (Basic + DA )

- LTA

- Medical

- Conveyance Expenses

- Newspaper/ Magazine

- Education Allowance

- Soft Furnishing


67/69

- Servant Allowance

- Driver Allowance

- HRA/Accommodation

- PF Contribution (%)

- Superannuation (%)

- Bonus/ Exgratia

- Any other allowances (a)

(b)

(c)

Total Rupees

Note :- Details declared above shall have to be satisfied with proof on joining.

Expected Gross Salary:.

(Signature)

FOR OFFICE USE ONLY

Accommodation : Family___________________ Bachelor____________________

HRA____________________


68/69

(A) ADDITIONAL INFORMATION REQUIRED IN APPLICATION FORM

DIRECT RECRUITMENT SCHEME

Advt. Date

Through Reference (Name, Designation).

1. Do you have any physical disability? If yes, give details.

..

2. Have you ever been convicted by a court of Law or is any

Criminal / civil suit pending against you in the court?

..

3. Have you ever been employed ____________________? If yes,

Indicate Company, Deptt., Period and Designation.

.


69/69

4. Have you ever applied been interviewed in any of the member

Unit of our organization? If yes, give details.

.

5. Are you a member of PF / Superannuation / ESI (Give No.)

.

6. Name & Address of next of kin (who should be contacted in case of emergency):

Pin Code No. __________________________ISD/STD CODE

______________________________

Telephone No.(Resi.)_________________________Off. No. _________________________

Date post:	02-Apr-2018
Category:	Documents
Upload:	ajit-kumar-roy
View:	214 times
Download:	0 times

59414980 Project on Recruitment and Selection by Gupteswar Halba

Documents