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A PROJECT REPORT ON RECRUITMENT & SELECTION SUBMITTED BY KANIKA VASHISHT B.B.A. 6 TH SEMESTER SHRI. VISHNU SANATAN DHARAM SANATKOTER PG COLLEGE BHATOLI
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A PROJECT REPORT ON
RECRUITMENT & SELECTIONSUBMITTED BY KANIKA VASHISHT B.B.A. 6TH SEMESTER
A SUMMER TRAINING PROJECT REPORT ON RECRUITMENT & SELECTION AT
“BAJAJ ALLIANZ”
IN THEPARTIAL FULFILMENT OF THE REQUIREMENT OF THE DEGREE OF B.B.A.
AWARDED BY HIMACHAL PRADESH UNIVERSITY
SESSION 2010-2013
SUBMITTED TO SUBMITTED BY
BAJAJ ALLIANZ KANIKA VASHISHT LIFE INSURANCE CO. LTD. B.B.A. 6 TH
SEMESTER ROORKEE BRANCH.
REGD. OFFICE ADDRESS: G.G. PLAZA,YERAWADA,PUNE-411006
SHRI. VISHNU SANATAN DHARAM SANATKOTER PG COLLEGE BHATOLI
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ACKNOWLEDGEMENT
Achieving a milestone for any person alone is extremely difficult. However, there are motivations which come across the curvaceous path like twinkling stars. It becomes my humble and foremost duty to acknowledge all of them.
In pursuit of B.B.A, training is a critical component of the entire package. Bajaj Allianz Life Insurance Company Limited has given me the opportunity to gain invaluable experience.
I hope this report reflecting my learning’s in this training program is as beneficial to the organization as it has to me. I also thank my teachers and the administrative staff of S.V.S.D PG. College for their invaluable suggestions and unconditional help. I can’t forget the consistent moral encouragement and zeal added by my parents and friends who played a pivotal role in accomplishing this uphill task.
Kanika Vashisht
B.B.A. 6 th
sem.
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PREFACE
Life Insurance project at providing social security and financial safety for its dependents and hence has become a necessity in world of uncertainties. Moreover there are number of impending changes that are likely to make this sector more dynamic; every year there are more people vouching with newer needs, the potential of future growth is phenomenal as a significant portion of the population is in service and the life expectancy has also increased over the year; there is a greater awareness on the need for buying insurance. On the demand side, a strong correlation between demand for insurance and per capita income level suggests that high income growth can spur growth in demand for insurance.
This project involves the detailed profile of Bajaj Allianz and what is the process of agency recruitment in Bajaj Allianz Life Insurance Company Ltd. Bajaj Allianz is customer centric, provides quality circle and superior risk management. They go for investment strategy to offer consistent, stable returns to policyholder. As an advisor, promoting a world-reputed brand of insurance, the become simpler in communicating this need to mass, at large.
What’s more … there is no set limit on how much an advisor can achieve. The career of insurance agency is profoundly rewarding one, not merely in terms of money, but in terms of prestige and satisfaction of having done well to others. Insurance advisors earn the gratitude of having done well to others. Insurance advisors earn the gratitude of their customers as few others professionals do, this will happen as the advisors keep learning at work.
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CONTENT
S.No. PARTICULARS PAGE NO.
1. Executive Summary 52. Objective of the Study 63. Scope of the Study 74. Company Profile 8-195. Insurance 13-206. Introduction of HRM 21-267. Concept of Manpower Planning 27-298. Concept of Recruitment 30-379. Methods of Recruitment 38-43
10. Selection 44-4811. Selection Procedure 49-5412. Recruitment Process at Bajaj Allianz 55-6613. Research Methodology 67-7814. Data Presentation and Analysis 79-8915. Conclusion 90-9316. Annexure 94-96
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Executive Summary
The Research is on overall study of the recruitment and selection procedure followed at Bajaj Allianz Life Insurance Company Ltd. The main objective behind this study is to know the recruitment and selection procedure of Bajaj Life Insurance Company Ltd. The scope of this study is to understand the effect of recruitment in various functions of the organizations. The areas include Human Resource Planning, Selection, Placement, Induction and Orientation. The methodology adopted in this study includes both primary and secondary source. Primary source includes questionnaire which have ten (10) questions and the sample size is 25 and the analysis is done through by using various statistical tools like tabular form and pie chart. Secondary study includes books, magazines, internet etc.
In this study it is found that the organization is in the growing stage, it has made its best effort for positioning itself in the market. But it has a drawback i.e. employee turnover is high. Organization is not giving much emphasis to employee turnover. Bajaj Allianz Life Insurance Company Ltd. Should give more attention towards proper man power planning.
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OBJECTIVES OF THE STUDY
1. To have an overall view of the Recruitment and Selection Process in a private sector company.
2. To get first-hand knowledge as regard to the proper implementation of the recruitment policies in Bajaj Allianz Life Insurance Company Ltd. and its preparedness to meet the new challenges in the area of recruitment.
3. To examine the implementation of government guidelines especially the apprentice act 1961 and ex-serviceman as regard to recruitment.
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SCOPE OF THE STUDY
Recruitment is the process of searching for prospective employees and stimulating them to apply for job in the organization. On the other hand selection means employment of workers or establishing a contractual relationship between the employer and the worker.
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 recruitment and selection is very broad. The scope of the recruitment and selection at Bajaj Allianz Life Insurance Company Ltd. generally cover the following steps:
A scientific method of selection process. Periodic induction of employees. Workforce motivation. Quality manpower. Development of team work. Assurance of career growth.
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COMPANY PROFILE
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COMPANY PROFILE
Bajaj Allianz Life Insurance Company Limited is a joint venture between two leading conglomerates i.e. Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world and Allianz AG, one of the world’s largest insurance companies.
BAJA ALLIANZ LIFE INSURANCE
It is a fastest growing private life insurance company in India Currently has over 4,40,000 satisfied customers. It has presence in more than 550 locations with 60,000
insurance consultants providing the finest customer services. One of INDIA’s leading private life insurance companies.
ALLIANZ GROUP
Allianz Group is one of the world’s leading insurers and financial services providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich.
Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of:
Property and casualty Insurance. Life and health insurance.
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Asset Management and Banking.
EASY ACCESS AND REACH ACROSS THE COUNTRY
Bajaj Allianz Life has office now in over 520 towns across the country enabling customer to buy our products and get quality services almost anywhere across the country.
ALLIANZ AG – A GLOBAL FINANCIAL POWER HOUSE
Worldwide second by Gross written Premiums Of rupees 4,46,654 cr.
Third largest assets under management AUM & largest amongst insurance cost – AUM of rupees
51,96,959 cr. Twelfth largest corporation in the world. 49.8% of global business from life insurance. Established in 1890,110 years of insurance expertise. Seventy countries, 173,750 employees worldwide.
BAJAJ GROUP
Bajaj Auto Ltd. is the flagship company of the rupees 8000 cr. Bajaj group is the largest manufacturer of two wheelers and three wheelers in INDIA.
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A household name in INDIA, Bajaj Auto has strong brand image and brand loyalty synonymous with quality and customer focus.
A STRONG INDIAN BRAND – HAMARA BAJAJ
One of the largest two and three wheeler manufacturers in the world.
Managing funds of over rupees 4000 cr. Bajaj Auto finance one of the largest auto finance cos.in
INDIA. It has joined hands with Allianz to provide INDIAN consumers
with a distinct option in terms of life insurance products.
AS A PROMOTER BAJAJ ALLIANZ LIFE INSURANCE CO. LTD. BAJAJ AUTO HAS THE FOLLOWING TO OFFER:
Financial strength and stability to support the Insurance Business.
Strong brand equity. Strong market reputation as a world class organization. An extensive distribution network.
BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED has developed insurance solutions that cater to every segment and age-income profiles. For companies, it provides comprehensive ‘Employee Benefit Solutions’ (Group Term Life, EDLI, Gratuity, Superannuation, Key man Insurance and many more); for the Individual Invest Gain ( a unique life insurance plan where
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sustenance of income is combined in the same plan that also pays a lump sum), Cash Gain ( Money Back), Child Gain (Children’s Plan), Risk Care (Pure Term), Life Care ( Whole Life), Term Care (Term with return of premium), Swarna Vishranti ( Retirement Plan), Protector( Mortgage term Insurance plan), Unit Gain ( Unit linked plan), Unit Gain Single Premium, Unit Gain Plus, Unit Gain Plus SP, Life Long Gain Plan, Unit Gain single Pension and Unit Gain Easy Pension Plans.
LIC LOSES GRIP ON MARKET, SHARE DOWN TO 70%
The state owned life insurance behemoth life insurance corporation (LIC) despite having a record breaking performance in 2004-2005 has lost over seven percent of its market share in 2005-2006. The LIC’s market share has fallen to 71.04% from 78.07%
INSURANCEPage | 12
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WHAT IS INSURANCE?
Insurance is a means by which a person or company, transfer insurable risks to an insurance company, against the payment of premium.
Insurance is not necessarily an investment from which one expects to get one’s money back. Nor it is a gambling. A gambler takes risks, while insurance offers protection against risks that already exist. Insurance is a way to share risk with others. Since ancient times, communities have pooled some of their resources to help individuals who suffer loss.
“Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event.”
Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the insurance companies act as trustee to the amount collected.
For example, in a Life Policy, by paying a premium to the Insurer, the family of the insured person receives a fixed compensation on the death of the insured. It is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is desired to safeguard oneself and one’s family against possible losses on account of risks and perils. It provides financial compensation for the losses suffered due to the happening of any unforeseen events. By taking life insurance a
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person can have peace of mind and need not worry about the financial consequences in case of any untimely death.
PRINCIPLES OF LIFE INSURANCE
Insurance is a ‘risk transfer mechanism’- it transfers the financial risks of everyday life from you to an insurance company; but only in terms of the financial consequences of risk. Without insurance, if your car was damaged, it would cost you a lot of money to fix it or buy another one. It could cost you even more to pay for compensation to someone else evolved in an accident. Insurance protects your financial interests.
INSURABLE INTEREST
Before you can insure anything, you must have a legally recognized financial interest in what you are insuring.
INDEMINITY
This word is used to describe the type of payment you would receive. It mean, 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 before the loss. In terms of a ‘new for old’ policy the measure of indemnity is agreed at the point of sale rather than the time of claim.
CONTRIBUTION
If there is more than one policy in force that you could claim on, you can’t get payment from them both that would exceed the value of your loss. So each policy would contribute a portion of the loss. You would receive the full value of the loss but no more and the two policies would only bear part of it each.
SUBROGATION
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This is the right that your insurer has to recover from someone else where you are entitled to do so. For example, if another driver causes damage to your car and your pay for it, subrogation gives them the legal right to ‘stand in your shoes’ and reclaim their outlay from the responsible driver.
UTMOST GOOD FAITH
“A positive duty to disclose, accurately and fully, all the facts material to the risk being proposed, whether asked for or not”
HISTORY OF INSURANCE
Insurance has been around since ancient times. The Babylonians and Phoenicians had ocean insurance to protect a merchant against losses incurred when a ship did not reach its intended destination with payment. This form of insurance, called respondent, evolved because the goods on board often were used as collateral for all loan and levied an additional sum, the premium, to cover the cost of the respondent contract. If the ship reached its destination and returned, the merchant received payment for the goods and in turn paid the moneylender. If the ship failed to return, the debt was cancelled. This system was profitable to lenders because many respondent contracts were sold, and debts were paid more often than cancelled.
In ancient Rome, associations had a form of insurance for their members. Each member made regular payments to the association in return for coverage of funeral expenses or for assistance to family members who were injured of ill.
Insurance also existed in 17 th – century England, which was then one of the world’s principal maritime powers. Those seeking marine insurance would post a list of their cargo and voyages in a London coffee house owned by Edward Lloyd. Private investors would
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examine the list and sign their name by the entries they were first insurance underwriters, and the coffee house became the world center of marine insurance. Today the organization is known as Lloyds of London, and it brings together individuals, most often working syndicates, who write all types of insurance.
Insurance in the modern form originated in the Mediterranean during 14th century. The earliest references to insurance have been found in Babylonia, the Greeks and the Romans. The use of insurance appeared in the account of North Italian merchant banks who then dominated the international trade in Europe at that time. Marine insurance is oldest form of insurance followed by life insurance and fire insurance. The patterns that have been used in England followed in other countries also in these kinds of insurance.
The oldest and the earliest records of marine policy relates to a Mediterranean voyage in 1347. in the year 1400, a book written by a merchant of Florence, indicates premium rates charged for the shipments by sea from London to Pisa.
The early developments of life insurance were closely linked with that of marine insurance. The first insurance of life was the marine insurance underwriters who started issuing life insurance policies on the life of master and crew of the ship, and the merchant. The early insurance contracts took the nature of policies for a shop period only. The underwriters issued annuities and pension for a fixed period or for life to provide relief to windows on the death of their husbands. The first life insurance policy was issued on 18 th June 1583, on the life of William Gibbons for a period of 12 months.
The history of life insurance in India dates back to 1818 when it was conceived as a means to provide for English Widows. Interestingly in those days a higher premium was charged for Indian lives than the non- Indian lives as Indian lives were considered riskier for coverage. The Bombay Mutual Life Insurance society started its business in 1870. It was the first company to charge same premium for both Indian and non-Indian lives. The Oriental Assurance Company was established in 1880. The first general insurance company-Title Insurance Company Limited was established in 1850. Till the end of
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nineteenth century insurance business was almost entirely in the hands of overseas companies.
Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the Provident Fund Act of 1912. Several frauds during 20’s and 30’s sullied insurance business in India. By 1938 there were 176 insurance companies. The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over insurance business. The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growth that was witnessed, insurance remained an urban phenomenon.
The Government of India in 1956, brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and LIC was born. Nationalization was justified on the grounds that it would create much needed funds for rapid industrialization. This was in conformity with the Government’s chosen path of State-led planning and development.
The (non-life) insurance business, however, continued to thrive with the private sector till 1972. Their operations were restricted to organized trade and industry in large cities. The general insurance industry was nationalized in 1972. With this nearly 107 insurers were amalgamated and grouped into four companies- National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd., and United India Insurance Ltd. These were subsidiaries of the General Insurance Corporation of India (GIC).
TYPES OF INSURANCE
GENERAL INSURANCE
The basis for general insurance is “transfer of risk”.
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This means that the insurer agrees to compensate you if you suffer a loss. Without the insurance you would have to pay for that the insurance company calculates the risk that you, or the total number of people buying insurance, will cost more in payouts than what is received in premiums. This is determined by the use of statistics and information you disclose on your application for insurance. This includes: Home contents. It can either be “defined event” i.e. the policy covers loss or damage from a list of “defined” events, e.g. storm or fire; or “accidental loss or damage” i.e. all accidental loss with some exclusions.
Motor Vehicle
It can either be “comprehensive” i.e. it covers any damage to your car as well as damage to the other car or another person’s property; “third party property” i.e. it covers damage caused by your car to another person’s property. This type of insurance will not cover you for the cost of repairs to your own car; “third party fire and theft i.e. it covers damage partly for damage caused by your car to another person’s property, and restricted cover for damage to your car cause by theft fire.
Income Protection
With this type of insurance the insurer agrees to pay you a specified amount of money, usually in monthly payments, in the event that you become disabled and unable to work. Along the same lines you can purchase “trauma insurance” to cover a medical trauma such as a heart attack.
Also in the modern day world a number of utility specific insurance policies are being launched by the various players in the insurance market in an effort to stay one step ahead of their competitors. Hence to make the Definition of General Insurance broader based and inclusive we can say that all the policies which do not fall under “Life Insurance” category fall under the General Insurance category.
Life Insurance
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Life insurance is insurance that will protect your family and/or specified dependents in the event of the policy holder’s death. In general, it is an essential component in planning.
There are many options with coverage, depending on your situation. And there are three main categories of life insurance: term life, universal life, and whole life insurance.
Term life is the simplest and least expensive type of policy. It’s pure insurance with no cash value account. A term life policy has only one function: to pay a specific lump sum to whomever you’ve designated upon a specific event, your death.
Whole life insurance provides permanent protection for your dependents while building a cash value account. With this type of insurance, the insurance company manages the policies various accounts. Universal life insurance provides permanent protection for your dependents and is more flexible than whole or variable life.
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INTRODUCTION TO
HUMAN RESOURCE
MANAGEMENT
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INTRODUCTION TO THE HRM
Excellence and innovation should not only be discussed but also be practiced by Proceeding Infrastructure facilities, keeping persistence, patience, monitoring continuously, supporting rewarding success.
An organization with good HR practices not only takes care of major things but also minor things important to the employees. This helps them to grow and expand their vision not as employees of the organization but also as individuals.
Having an able HRD department leads to organization success practicing HRD involves human beings who are most complex and unpredictable in nature. Human beings are guided, controlled by themselves, families and societies, culture and ethos. Thus what is true for one person cannot hold the same for the other this is what HR must recognize and understand.
HRD engaged in well-run organization meets business challenges flexible systems to enable roles. Its goal is long term benefit for both the individual and the organization.
“The bond that links your true families is not one of blood but of respect and joy” It’s these bonds that HRD thrives to bring about.
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CONCEPT OF HUMAN RESOURCE MANAGEMENT
Among the various factors of productions, which are used in an organization, human resource is the most important of all. This is because the efficient use of physical resources (i.e. machinery, materials) ultimately depends on how the human factor is put to good use on various operations.
Human Resources Management is a process of bringing people together so that the goals of organization are met. It tries to secure the best from people by winning their wholehearted cooperation. In short, it’s defined as “the art of producing, developing and maintaining competent workforce to achieve the goals of an organization in an effective manner.”
HR: THE NEW HOT ROD!
“It is really important for me to spend more time with my people. We have had a number of HRD consultants, but HRD initiatives are time-consuming and one has to be patient for cultural and mind-set changes.” -Adi Godrej-
It is important to realize that employees are your greatest assets. Unlike other assets, people are the only asset, which do not, depreciate over time. On the contrary, the more you use them, the better they get over time. Their values keep on appreciating with the passing of time.”
CHRONOLOGICAL DEVELOPMENT OF HR DEPARTMENT
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DEPARTMENT OBJECTIVE STATUS OF EMPLOYEES
RELATIONS WITH
EMPLOYEES
INPUT OF THE DEPARTMENT.
IR PEACE WORKER HIRE & FIRE PURCHASE OF LABOUR
PERSONNEL STABILITY EMPLOYEE CONTRACT ENGAGEMENT
HRD GROWTH OF SKILL
RESOURCE FACTORS OF PRODUCTION
EXPENDITURE
HRM DEVELOPMENT
KNOWLEDGE
HUMAN ASSET
FACTORS OF BUSINESS
INVESTMENT
HPD POTENTIAL DEVELOPME
NT
HUMAN CAITAL
PARTNER SHARE OF EQUITY
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IMPORTANCE OF HUMAN RESOURCE MANAGEMENT
An organization success depends on the knowledge, attitudes and skills (KAS) of employees, particularly as they help establish a set of core competencies that distinguish an organization from its competitors.
Human Resource Management helps an organization and its people to realize their respective goals in the following ways:
At the Enterprise Level
Good human resource practices can help in attracting and retaining the attitude the best people in the organization.
It helps in training people for challenging roles, developing right, and attitude towards.
The job and the company and promoting team spirit among employees.
At the individual Level
It promotes teamwork and team spirit among employees.
It offers excellent growth opportunities to people who have the potential to rise.
At the Society Level
Employment opportunity multiply the world’s leading to scarce talents are put to best use.
Companies that pay and treat people well always race ahead of others and deliver excellent.
At the National Level
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Effective use of human resource helps in exploitation of natural, physical and financial resources in a better way.
People with right skills, proper attitudes and appropriate values help the nation to get ahead compete with the best in the world leading to better standard of living and better employment.
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CONCEPT OF MANPOWER
PLANNING
CONCEPT OF MANPOWER PLANNING
(Human Resource Planning)
DEFINATION
“HRP is the process by which an organization ensures that it has a right number and kind of people at the right place, at the right time capable of effectively and efficiently completing those tasks that will help the organization in achieving its overall objectives.”
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-Stephen P. Robbins-
The basic purpose of having a human resource plan is to have an accurate estimation of the number of employees required, with matching skill requirements to meet Organizational objective.
It provides information about the manner in which existing personnel are employed, the kind of skills required for different categories of jobs and human resource requirements over a Period of time in reaction organizational objectives. It would also give an indication of the Lead-time i.e. available to select and train the required number of additional manpower.
HRP is required to meet the following objective- Forecast personnel requirements. Cope with changes. Use existing manpower productivity. Promote employees in a systematic manner. Foreseen the employee turnover, minimizing it and fill up
consequent vacancies. Improve the skills, knowledge, ability and discipline of
employees. Meet the need of the program of expansive and diversification.
Responsibilities for HRP-
Top-level executives are responsible for HRP as it is one of the important factors influencing the success of an organization. The HR division in consultation with other corporate heads usually prepares the plans.
The responsibility and accountability for manpower aspects of various divisions is on their respective heads. They should undertake their own appraisals of future needs in such a way as to provide a concrete basis for organization wide forecasting and planning.
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The HR division must offer counsel and advice to various divisional heads and coordinate the various manpower estimates from time to time.
Process of Human Resource Planning
The process of human resource planning is one of the most crucial, complex and continuing managerial functions. It may be rightly regarded as a multi-step process
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Structure & Manpower Requirements
Auditing Human Resource
Job Description
Job Analysis
Developing a Human Resource Plan
CONCEPT OF
RECRUITMENT
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CONCEPT OF RECRUITMENT
INTRODUCTION
The success or failure of an organization is largely dependent on the caliber of the people working therein. Organizations therefore, have to recruit people with requisite skills, qualifications and legal factors within a country. While doing so, we have to keep the present as well as the future requirements of the organizations in mind.
DEFINITION
“Recruitment is the process of locating & encouraging potential applicants to apply for existing or anticipated jobs openings.”
Recruitment forms the first stage in the process, which continues with selection & ceases with the placement of the candidate.
It relates to the aspect of personnel administration, which involves locating and attracting manpower with a view to select from it, the qualified individuals for job vacancies.
Recruitment has been regarded as the most important function of personnel administration, because unless the right type of people are hired, even the best plans, organization, chart & control systems would not do much good. It is process of searching for prospective employees & stimulating and encouraging them to apply for jobs in an organization.
Recruitment refers to the process by which a large number of prospective candidates are attracted by various methods to apply for the positions available. Wide publicity enables more people to apply for post so that there will be much wider choice for the most qualified candidate.
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There are numerous effective techniques of manpower recruitment such as advertising in publications, the use of radio and TV as an advertising media, the traveling recruiter, and recruitment brochures for applicants, applicant information sheer, and development of high school and college sources, and several their sources & supplementary techniques.
Applicant already pending with the agency, resumes/bio-data submitted by casual callers or informal contacts though the existing staffs are also used either in addition to advertisements or in place of them. These are particularly suitable if the position to be filled is few. Once the dead line gives or the receipt of the applications is
over, the next step is selection.
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Recruitment Aims At Attraction a large number of qualified applications who are ready to
take up the job.
If it’s offered and offering enough information for unqualified persons to self-selection themselves out (for e.g., the recruitment ad of a foreign bank).
May invite applications from chartered accountants who have cleared the CA examination in the first attempt only.
Recruitment aims at creating “a pool of talents”.
FACTORS AFFECTING RECRUITMENT
Factors that affect the recruitment may be
Internal External Cultural Economic Legal factors
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Internal Factors Includes
Recruitment policy of the organization. Size of the organization and the number of employee’s
employed. HRP strategy of the company. Cost of involves in recruitment employees. Growth and expansion plans of the organization.
External Factors Includes
Supply and demand of specific skills in the labor market. Company’s image perception of job seekers about the company.
Other Factors Includes
Working condition and salary and benefit packages offered by the organization.
Employment conditions in the community where the organization is located size of organization.
Rate of the growth of organization.
STEPS OF RECRUITMENT PROCESS
The recruitment policy. The recruitment organization. Forecast of manpower. The development of sources of recruitment internal/external. Different techniques used for organization.
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The Recruitment Policy
Such a policy asserters to policy of recruitment and provide a framework of implementation of program in the form of proceeding.
A good recruitment policy must contain these elements: Organization objectives (both long term and short term) Identification of needs. Preferred sources of recruitment. Criteria of selection and preference. Cost of recruitment and financial implication of source.
Pre-requisite of good recruitment program
It should be with conformity. It should be so designed to ensure employment opportunities for
its employees on long-term basis. It should much the quality of the employees with requirements of
the job.
The Recruitment OrganizationAdvantage of Centralization
It introduces administrative cost. It relieves line manager of the detail involves in hiring worker. It tent to make the selection of worker scientific. It provides wide opportunity for placing an applicant. It makes possible the development of a centralized manpower
pool in a company.
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Forecast of Manpower
It states that a “requisition” for recruitment has to be submitted by the line official. Such “indent” usually specifies:
The jobs or operation or positions for which the persons should be available.
Duration of their employment. Salary to be offered and any other condition and terms of
employment, which the indenting officer feels necessary. Necessary qualification and experience.
The indents are then checked against the posts allotted to the department/branch and also against authorization for expansion, if already granted. If the indents are found correct, the proposed recruitment is authorized and the initial pay, the scale and other admissible allowance are determined.
Finally, job specification and man-specification are determined, in consultation with the line manager.
Source of Recruitment:The most likely source of the type of employee that an
organization need must be considered before an organization activity begins.
There are mainly two types of sources. Some company try to develop new sources, which are from external sources, while most only, try to tackle the existing sources.
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External sources
External sources lie outside an organization. The organization may have the services of:
Employees working in other organization. Job aspirant registered with employment exchanges. Students from institutions. Candidates referred by unions, friends, relatives and existing
employees. Candidates forwarded by contractors Candidates responding to the advertisements issued by the
respective organization. Unsolicited applicants/walk-ins.
Merits
Since people are recruited from a large market, the best selection can be made with.
Out any distinction of cast, sex or color. External sources are provided the requisite type of personnel for
an organization. Having skills, training and education up to the required standard. This source proves to be economical because potential employee
does not need extra training for their job.
Demerits
However this system suffers from which called “brain drain especially when.
Experience person are raided or hunted.
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METHODS OF
RECRUITMENT
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METHODS OF RECRUITMENT
Internal Methods
Promotions and Transfers
Promotional involves movement of an employee from a lower position to a higher-level position usually accompanied by changes in duties, responsibilities, status and values.
Transfer involves lateral movement within the same grade from one job to another. It may lead to changes in duties and responsibilities, working conditions etc.
Job Posting
In this method, the organization publicizes job openings on bulletin, electronics media and similar outlets. HLL allows its employees to undertake career shifts, Example from technical position to non-technical jobs such as marketing, market research etc. through the open job posting system.
Employee Referrals
It means using personal contacts to locate job opportunities. It is a recommendation from a current employee regarding a job applicant.
Direct Method
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Campus Recruitment
It’s a method of recruiting by visiting and participating in college campuses and their placement centers. Job seekers are provided information about the jobs aspirants having requisite technical or professional skills.
Advantages
The placement center helps locate applicants and provides resumes to reorganization; applications can be prescreened; applications will not have to be lured away from a current job and
lower salary expectations.
Disadvantage
People having little or no work experience. The organization will have to offer some kind of training to the applicants almost immediately after hiring.
External Method
Advertisement- This includes advertising in:
Newspaper
Trade, Professional and Technical journals
Radio and Television
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Third Party Method
Private Employment Search Firms
This type of firm maintains computerized list of qualified applicants and supplies these to employers willing to hire people from the list for fee.
Employment Exchanges
As a statutory requirement, companies are also expected to notify (wherever the Employment Exchange Act, 1959, applies) their vacancies through the respective Employment Exchanges, created all over India for helping unemployed youth, displaced persons, ex-military personnel, physically handicapped etc.
Gate Hiring and Contractors
Gate hiring (where job seekers, generally blue collar employees, present themselves at the factory gate and offer their services on a daily basis), hiring though contractors, recruiting through word-of-mouth publicity are still in use despite the many possibilities for their misuse-in the small scale sector in India.
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Unsolicited Applicants/Walk-ins
Companies generally receive unsolicited applications from job seekers at various points of time. Such applications are generally kept in a data bank and whenever a suitable vacancies arises, the company would intimate the candidate to apply through a formal channel.
Internet Recruiting
Companies have found it useful to develop their own website and list job openings on it. The web site offers a fast, convenient and cost effective means for job applicants to submit resume thorough the internet.
Alternative to Recruitment
Overtime: Short fluctuations in work volume could best be solved though overtime.
Subcontracting: to meet a sudden increase in demand for its products and services the firm may sometimes go for subcontracting.
Outsourcing: Any, activity in which a firm lacks internal and requires an unbiased opinion can be outsourced. Companies having started outsourcing activities like recruitment, training, payroll processing, surveys, etc.
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Other Third Party Method
Indoctrination seminars for college.
Voluntary Organization.
Computer data banks.
Executive recruiters.
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SELECTION
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SELECTION
INTRODUCTION
The purpose of selection is to pick the most suitable candidate who would best meet the requirement of the job and the organization. Selection process in an organization depends on the organization strategy, policy, qualification, experience and characteristic required in an individual to perform these tasks an responsibilities successfully.
DEFINITION
“Selection is the process of picking individuals who have relevant qualification to fill job in an organization.” The basic purpose is to choose the individual who can most successfully perform the job, form the pool of qualified candidates.
“Selection is the process of differentiating between applicants in order to identify (and hire) those with the greater like hood of success in a job.”
In other words, Selection is the process of picking individuals who have relevant qualification to fill jobs in an organization. The basic purpose is to choose the individual who can most successfully perform the job, from the pool of qualified candidates.
The selection process involves a series of steps, which help in evaluating the candidates, accordance with the organization requirement. Job analysis and job specifications, along with human resource planning provide the basic requirements, based on which the selection process has to be designed. The selection process starts with gathering complete information about the applicant form his application form and ends with inducting the candidates in to the organization.
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The selection procedure cannot be effective until and unless
Requirements of the job to be filled have been clearly specified.
Employee specification has been clearly specified.
Candidates for screening have been attracted.
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RECRUITMENT AND SELECTION
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Manpower Planning Job Specification Sources of Recruitment
External Internal
Notification Advertisement Notice Board Personal Contact Campus
Scrutiny of Application
Conducting Test
Written Test Trade Test
Conducting Interview
Finalization of Selection Panel
Issue of Offer of Appointment
Joining Formalities
Medical Fitness
Test Application
Induction
Placement (Posting)
Application
The selection procedure cannot be effective until unless:
Requirement of the job to be filled, have clearly specified (job Analysis)
Employees specification (physical, mental, social, behavioral) have been clearly specified Candidates for screening have been attracted.
CONCEPT OF SELECTION
The process of choosing the most suitable candidate for a job from among the available application is called selection. It is the process of ascertaining the qualification, experience, skill, knowledge, etc. of an applicant with the purpose of determining his suitability for a job. The selection process starts with gathering complete information about the applicant form his application form and ends with the inducting the candidate into the organization.
The selection process can have four possible outcomes. Two of the possible outcomes have a positive effect on the organization, whereas the other two have a negative impact. The first positive outcome is selecting the right candidate. The impact of this is going to be positive. The second positive outcome is rejecting an unsuitable candidate.
This also has a positive impact because, had an unsuitable been selected, he would not have performed successfully on the job. The two negative outcomes are selecting an unsuitable candidate: or rejecting the right candidate. In the cost of having unsuitable job is high.
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SELECTION
PROCEDURE
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SELECTION PROCEDURE
ESSENTIALS OF THE SELECTION PROCEDURE
The selection process can be successful if the following requirements are satisfied.
Someone should have the authority to select. This authority comes from the employment requisition, as developed by analysis of the workload or workforce.
There must be standard of the personnel with which a prospective employee may be compared i.e. comprehensive job description and the job specification should be available before hand.
There must be sufficient number of applicants from whom the required number of the employees may be selected.
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SELECTION PROCESS
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Reception
Screening Interview
Application Blank
Employment test
Physical Check-up
Reference Check
Selected
Final Interview
Not Selected or Rejected
If Failed
If Failed
If Failed
If Failed
If Failed
STEP 1
Reception
A Company has to create a favorable impression on the applicant, right from the stage of reception Employment possibility must be presented honestly and clearly.
STEP 2
Screening Interview
A Preliminary Interview is generally planned by large organization to cut the cost of selection by allowing only eligible candidates to go through the further stage in selection.
STEP 3
Application Blank
Application blank or form is one of the most common methods used to collect information on the various aspects of the applicants, academic, social, demographic, work-Related background and references.
The amount of information required may be only the applicant’s name, address and Telephone number.
Some organizations, on other hand may request the completion of six-to ten pages comprehensive personal history profile.
STEP 4
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Employment Test
Organization always considerable the extent on intelligent, aptitude, ability and other test to provide major input of selection process.
Employment test can be of following types.
Intelligent Test Aptitude Test Personality Test Achievement Test Simulation Test Assessment Center
STEP 5
Final Interview
Those individuals who are still viable applicants after the initial screening, application blank form and required test have been completed are then given a Final Interview.
Personnel department interviewers, executives within the organization may interview the applicants.STEP 6
Reference Check
The next step in the selection process is to undertake an investigation of those applicants who appear to offer potential as employees. The background investigation has major implications. Every personnel administrator has the responsibility to investigate each potential applicant. In organization, failure to do so could result in the loss of his or her job.
STEP 7
Physical Check-Up
The last step for an applicant to take a physical examination for most jobs, this is the screening device in selection process the vast majority
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of physical examinations are currently required to meet the minimum standard for the organization’s group life.
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RECRUITMENT PROCESS AT BAJAJALLIANZ
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RECRUITMENT – NO 1 JOB
Your most important responsibility is to achieve THE FIRST P or Production Growth it’s what staying in business requires of a BAJAJ ALLIANZ Manager. Part of this growth is accomplished by improving the productivity of your existing Agency members. However, bringing sufficient numbers of high-quality new producers into your sales organization each year is an absolute must.
During the year of appointment new advisor usually account for relatively small proportion of your organization’s total production. This points you to a particularly significant fact, one which causes you to have a natural tendency to neglect the recruiting responsibility. It is simply this- the penalty for not recruiting or for inadequate recruiting is a deferred penalty.
Nonetheless, the penalty will be realized in due time. Again your number one job is to achieve consistent production increases. The most promising means of successfully getting this job done is to induct a sufficient number of quality advisors each year.
The most promising means of achieving profitable production growth lies in your sales organization’s capacity to give policy owner good counsel and prompt courteous service to give them value of premiums paid. The guarantee of having that capacity comes from retaining large number of productive advisors. In turn the retention and productivity of advisors in your organization depends largely on the quality and quantity of your recruitment efforts. Consequently, the development needs of your sales organization call for successful recruiting. It is a necessity. The induction of a sufficient quality quantity of high potential advisor inevitably results in substantial, steady growth in production. This is why a manager who moves to the top of BAJAJ ALLIANZ honor Roll and stay there are always found to be labor focused.
Before we move to the “how to” recruiting, let’s consider some important philosophies relative to recruiting.
THE UNCHANGING QUESTION
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Are you consistently adding your kind of people to your Staff and Agency population? The kind you can motivate? In theory, the kind you won’t let fail?
An answer to this would be your success story
FIVE PERSISTENT CONCERNS
As a BAJAJ ALLIANZ Manager you are fully committed to building a high performing, growth Agency. This being true, it follows that five concerns which must be constant in your annual planning:
The SEARCH for talent The EVALUATION of potential Advisors The ATTRACTION of Advisors The RETENTION of Advisors The PRODUCTIVITY of Advisors
Any Manager who attains satisfying results in these five these five key areas will enjoy:-
Satisfying sales results Outstanding persistency of business Superior policy owner service capabilities An enviable reputation as a ICICI Prudential Agency builder A momentum which comes from the synergistic benefits of success.
Obviously, the first three concerns Searching, Evaluating and Attracting- are vital. The other two concerns, the Retention and Productivity of Advisors, must be considered together. To attain success in one or the other is not sufficient. Contrived success might be achieved in either area without total or real benefits to the agency, the company or client. There is nothing short-term or temporary about the challenge connected with these recruiting concerns. They are constant. They are eternal.
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PUTTING SIMPLY IN A FLOW CHART
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SEARCH
where o look for
EVALUATE
How to evaluate
ATTRACT
How to attract to Insurance
PRODUCTIVITY
RETENTION
BASIC PRINCIPALS
Let us examine the basic principals involved in getting the recurring job done successfully and consistently. Is it of course, the job most not delegated you, and you alone must be and stay accountable for managing the requirement process.
PHILOSOPHY OF HIGH STANDARD
First you must adopt a philosophy of high standard and a success syndrome is the central point of maintaining high standard. The presence of successful, high performing advisor in our organization attracts more of the same. A recent study revealed that nearly one-half of these individuals chose an insurance career because a successful advisor influenced them. Our experience of Bajaj Allianz this conclusion.
ATMOSPHERE OF SUCCESS
Ideally as prospective advisor enter your office they should find themselves surrounded by an atmosphere of success. They should see evidence of a positively and dynamic environment. They should be aware of high quality men and women high standard of production high standard of office neatness and arrangement high standard of income high standard of business management. They should be made to feel it taste and sense it. It as a result they will have a natural inclination to become a part of the winning sales organization you are building.
There is no question about it, it’s always easier to recruit successfully in an organization that is on the move. You must contribute to an environment where things are obviously happening one that an atmosphere of success. This is the starting point is you are going to attract high-potential advisor.
ATTRACTION POWER
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Second work at developing your “attraction power” Strive to be kind of person you want others to be the kind other to want to emulate. You will have taken a giant step towered being an defective recruiter when you do.
Be especially conscientious about your appearance. You cannot hedge a book by its cover is a well-worn and accepted adage. They judge you by your overall appearance. Also work consistently at doing the things, which will cause you to be known for what you know. An active involvement in social and civic organization will assist you in letting your reputation precedes you. You will have taken another step toward being an effective recruiter when you do these things.
DECIDE ON THE PROFILE THE ADVISOR
Next device upon the profile of the advisor who will fit and grow best in your operation that kind of person you can develop best experience age markets contacts income requirements and a number of there factor should be considered in answering the big question what kind of an Advisor is best suited for you and your organization.
Constant Need of Advisor at Bajaj Allianz
Fourth remember the need for quality advisor never diminishes at Bajaj Allianz it continues into the future as far as you can see.
THREAD OF DISCONTENT
Fifth, reminder that there is no large ready supply of high potential candidates who are discontented with their present jobs. However, things do happen in individual’s jobs, their lives or their family situations which can cause them to become prospects for you sometimes almost overnight. When the “thread of discounter surface be sourer they are thinking of you and the Bajaj Allianz credential opportunity.
Success Determined By Past Performance
Sixth most successful advisor are highly comparative and generally into our business form jobs where their success is determined by the performance. Consistories search for prospective among coaches’
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commission sales people individuals who have been in business for themselves.
Build A Weekly Recruiting Success Formula
Finally build a weekly recruiting success formula. Our static’s that to recruit one person you will probably need at least 30 initial contracts. This will give you seven people who will pass the selection test. This in turn develops two advisors you will appoint. Understanding these ration enables you, emotionally and physically to plan and achieve the necessary activity to reach you recruiting goal each year.
Study exhibits recruiting success formula. Develop your numbers. This strategy will help keep used on your number one job recruiting enough of the right king each year.
Before we move on to searching it is important to know the profile of the advisor.
The general profile would be:
Age 21-35 years.
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25 CONTACTS
8 FOR INTERVIEW
2. SELECTED
Smart appearance and sound health. 1. Good market. High IQ and common sense. Ability to work under pressure. Prior sales experience. High energy levels.2. Integrity and character. Money motivation Drive and ambition.
SEARCHING FOR HIGH POTENTIAL PROSPECTIVE ADVISOR
Your search for prospective advisor must be continuous and systematic just like prospecting for sales. You must search among several on a regular basis. Sources broadly classified as primary and secondary.
PRIMARY SOURCES
Historically advisor who survive and succeed over a period of years come from two primary sources:
PERSONAL OBSERVATION
This method is uniquely personal. It permits you to apply own slanders and exercise your own judgment. Always be on the alert of prospective advisor in your daily selling activities. Instinctively apprise as prospective advisor those you see meet or sell. Stay in circulation and meet a lot of people then determined whether or not to recruit them.
PRESENT ADVISOR RECOMMENDATIONS
No one knows more about the kind of person you seek and kind of opportunity you have for the prospective advisor than the present members of your sales organization. Moreover they have selfish interest in waiting their associates to be type person who will reflect favourly on their organization. Many successful advisors have an ability to attract promising prospective advisor who can and do succeed.
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ATTRACTING THE “KEY ADVISOR”
We have watched many sales organizations go from the bottom to the top of a company honour roll because someone got sold on finding a “Key advisor” then attract and recruiting one. What a difference it will make in your organization! A “Key” advisor is someone who achieves constant result and is someone is an ideal in the agency.
The “Key Advisor” is easy to spot usually difficult to recruit. When recruited he or she immediately helps attract other high-potential individuals those who are following. The presence of a “Key Advisor” enhances the reputation of your operations and attracts other to your organization. As a result recruiting a “Key Advisor” will help you shortcut time in building strife, successful organization.
The “Key advisor” is well and favorably known. The advisor is colourful persuasive and generally in the public eye. The “Key Advisor” is a coach who is known for his or her winning record. It’s successfully advisor can be used an example to the ream. They are once one naturally easily attracts to follow them because of their success in business.
SECONDARY SOURCES
Secondary sources produce “pop-up” candidates which includes-
CLIENT REFERRALS
Client is a readily accessible source of prospective advisor and referrals.
It is to assume those clients who have relied upon your agency to handle their insurance are pleased with both you and your work. Since you have created a favorable impression, they can picture themselves or others as having the advisor success.
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Therefore it is mostly a matter of helping them to help you making enquiries and asking question designed to remind them of names of prospective advisor.
COLLEGE CAMPUS
Many high-potential, high-quality young people are being recruited directly from college. Today’s college graduate seems to be more interested in a meaningful career them most opportunities offer.
However some caution should be used in recruiting on campus. The person you seek form college must have exhibited definite leadership qualities and have history of success. In addition most people in the final year are looking for permanent jobs and might use this stopgap opportunity. While targeting collages it might be better to target colleges which has student would be increased in pursuing their respective professions.
SEMINARS
Seminars recruiting are a resourceful is a resourceful strategy that breaks tradition. It makes it possible for the prospective advisor, as part of a group to obtain information about opportunities in the insurance business. A part of group the prospective advisor feels comfortable and quickly develops open-mindedness to investigation the possibility of a career in insurance. Seminars include seminars conducted by management associates are one way of reaching out many people not only by making a presentation to the participants but by also word on mouth since these participants would speak to their families and friends, so also the chain would continue.
Centers of Influence/Nomination
These are people who because of your relationship with them and their interest in you are willing to help you. They are people of influence and prestige. Develop your list of centers of influence and contact them as part of your planned weekly and monthly activity schedule. A “center” must cultivated like any other source of referrals. The responsibility for obtaining nominations information’s and introductions resets with you not with your “center”.
To enable you to proceed with the selection of your centers of influence here is a list of qualifications that would make an individual your COI. The center should know you personally must have an interest in you and must be willing to help you. The center should have contacts with the class of people who you want to deal with. The center should have
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confidence in your ability to manage and lead. The center should have influence with people recommended.
A few example of these COI’s or centers of influence.
Doctor Lawyers Pundits Priest Charted accountants Teachers NGO workers Bankers
The one thing common to all these people is the contacts the they have and the influence that they have over these contacts.
To ensure a continuous flow of nomination from CIO’s practice these few basic rules for developing centers of influence.
Keep contacting them on a planned basis. The center who gives you one name will give you more if you keep in touch and ask
Report to your center. Keep them informed of your result. Eliminate from your list those centers who do not prove to be
cooperative or predicative or who continually give names of people needing jobs.
Maintain visibility keep your name in front of them. Select your centers with and to developing as many markets as
possible. Show your appreciation. Let your centers know you appreciate their
help.
NEWSPAPER ADVERTISEMENT
Newspaper advertisement creates considerable activity. It is one of the fastest ways to get names and to talk to people seeking a change in employment. Consider advertising as a “wholesale method” of widening your range of contacts with prospective advisor. Keep in mind that it generally develops “pop-up prospects” that must be screened carefully.
Realize that value time can be wasted interviewing or qualifying respondents who are really only job hunting or who are need of a job right now. Advance planning with a definite interview procedure will keep from into this trap. At Bajaj Allianz newspaper advertisement is regular mode.
DIRECT MAIL
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Mass mailing is a system used can be a very successful tool. One system is to send out letters with reply cards on a regular basis especially to “Centers of influence”. Use lists club, church and alumni directories. The standard letter should briefly they rewarded of a successful insurance sales career. In a letter of this attempt to arouse the interest of the individual who receives it in the hope that he or she will be more respective to your follow-up. You will want to investigate this innovative source for producing names of quality prospective advisors. (Refer to Exhibit 2 sample for letters).
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RESEARCH
METHODOLOGY
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METHODOLOGY
Source of data:
Primary data……………………………. Questionnaire
Secondary data………………………….. Books, journals
Sampling Design:
Questionnaire administers to……………. Both executive & non Executive of different dept. of corporate
office in Bajaj Allianz
Sample size……………………………….… Executive- 2 & Non- Executive-25
Personal Interview (Informal)…………….. 2 officers .
Tools & Techniques of Data Collection:
Data collection method:
Collected individually, through Questionnaire and personal interview.Plan of analysis:
The source obtained from questionnaire is summed up by percentile technique analysis. Inferences are drawn by quantitatively form the response percentage.
Finally general inference is arrived at.
Conclusion and recommendation are made to improve the present policy and procedure at Bajaj Allianz Life Insurance Co. Ltd.
Limitation: Reluctance of the employee to reveal certain documents of the
organization so as to maintain the secrecy. Keeping in mind the busy schedule of the employees. Sample size was limited to an adequate size.
Pre-Approach Letters to Prospective Advisors Sample 1 (Mass Mailer)
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Dear
(Use the Name)
We at Bajaj Allianz have a business opportunity to offer with a rapidly growing agency force and a business expending by leaps and bounds, I am at additions in my team. This career offers a potential for unlimited earnings and personal growth. If you are person with high energy levels and is looking for business opportunities to be a successful entrepreneur, here is your chance.
I would like to talk to you personally about this fantastic offer for you. Please call me on
(Tele on)
Thanks and Regards
ManagerBajaj Allianz life Insurance Company Ltd.
Sample 2 (CIO Priest)
Dear______:
Many people call on you for counsel and advice. I am writing you because some of the problems of these people relate an employment or business opportunities.
We have an unusual opportunity for people in your community who can meet our standard and who have desire to get ahead. The type of individual but has can best fit into our organization has had a few years of business experience but has not yet found lifework. We want an individual who has the ability to make friend and the ambition make money.
Please list on the enclosed card the names of the people whom you wish to recommend.
Thank you,Respectfully,Manager
Bajaj Allianz Life Insurance Company Ltd.
Sample 3 (Businessman)
Dear
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We at Bajaj Allianz the no. private insure are offering you an opportunity to diversify your business and enter and the field of life insurance. We have crossed 100 cr. in terms of our premium and have sold over 100,000 policies.
Your name was referred to me by one of yours, who was happy with the service levels maintained by you.
Here is an opportunity for you to earn more using your existent infrastructure and clientele base. This business requires no capital investment but can you high returns.
I would call you to discuss the “high” return business plan personally.
Thanks & Regard,Unit ManagerBajaj Allianz Life Insurance Company Ltd.
THE TWO SALES FORCES
There are always two sales forces at work.
Development sales forces: This continues the agents who are the trainees or in the first three calendar years of their joining.
The experienced sales force: the trainees move into experienced sales forces after these years. People in the experienced sales force are responsible for 2/3 of the business. These people will stick and say. It is in this category that
There will be lesser number of drop puts.
Your role is developing people to the ESF or the experienced sales force.
Eight Themes of Winners
There are themes of winners. You must be looking for these people.
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Look for people who have stamina. People who do not stale mentally and physically.
People that win have achievement rive. These people are those who want to succeed and want to do well.
Look for people who are high in self esteem. People who have a good self image. These are people who feel good about themselves and are confident about themselves.
Look for people who have mental alertness. These are people who instinctively pay attention. They are alert and always heart rather than listen.
Look for people who have entrepreneurial skills. These are people who might be engaged and working as employees but have it in to become an entrepreneur.
Look for people who will give you consistent production. People who give you sale quickly.
Look for a people with a market. The kind of market that this individual will be operation in successfully.
Look for people will use your set selling system. People who will use your mythology.
Remember that you have to be touch-minded manager. A tough manager is one who say’s if you leave unsuccessful it for two reasons either I picked you wrong or managed you poorly.
The people who succeed are those who fit into the culture for the organization. You can get the people who would succeed if your organization. Look for factors like:
Age at entry Occupation Earning potential Marital Status etc.
The past history of people help you build the profile of an agent.
The greatest obstacle in this is always those that it are desirable are not available are not always desirable. You need to be the protective recruiter.
You need people, need to select rather have them to select you. A reactive recruiter is one, people selecting him.
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It’s therefore important to be a protective recruiter than a reactive recruiter. There is one strategy that you must have. This is called the reservoir is one that you will build. This is a reservoir of people who are desirable but are not available. You will keep in touch with them regularly and will an interest and desire. Build a reservoir of at least 25 people. This is in additions to all the searching attraction and evaluating that you do.
Recruitment is an ongoing activity and remembers that you need to make three sales when you speak to the prospective agents.
You- sell the people on you and your success.TOD- sells the people thread of discontent Opportunity- sells the people on the opportunity that this business and your company provide.
Remember when the world spins it spins with it thread of discontent. Maintain a reservoir of 25 people. Lightening will strike sometime. Every year there will be at least three people who will get converted into your agents. However, this happens over years.
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EVALUATE FOR POTENTIAL
Evaluate history- Go back and study the history of the individual, the past performance of the individual will show you his future potential. Look for self-discipline. This is the most important quality and this is the key to success.
Evaluate for sales aptitude- look if the individual is persuasive enough is he the individual convincing enough. Remember if the prospect can sell to you he can sell.
Evaluate for market- Evaluate for the quantity and quantity and quality of contacts.
3. Staying power-Look if the individual is one who will stick and stay. Look at history for stability in all that the individual has done and pursued.
ATTRACT YOUR KIND OF PEOPLE
Use your “Sunday punch” is about you and is divided into three parts:
4. The first part deals with telling them, about you. Tell them that this is what you have done in this business.
Tell them about the people in your team and the success that they have achieved.
Tell them about the career path, what they will become after joining you.
Remember that you initially start as a coach and ensure that you people get off to a fast start then upgrade and become a manager who guides and mangers. Finally become a mentor. Your major role is to build independent responsibility producers.
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Recruiting enough of the right kind- Get it done successfully year after year (Two Presentation Pointers)
There are a couple of items you should discuss with prospective Advisors. The first is something we refer to as the “law of laws” and the second is their possible response to rejection.
There is a “law of laws” which is indisputable. It tells us that 85 out of every 100 individuals can never function successfully in a job where they must organize their own time and activity. Fifteen percent only 15 out of 100 have what were refer to as an entrepreneurial flair. These are people who can work for themselves. They can become successful Advisors to help you decide in which category they belongs.
Also you want to make a reference to rejection every years a certain number of talented Advisors find their way into the life insurance business. Many gives it a timed tentative try and leave the business and its opportunity because of their inability to cope with rejection. Prospective Advisors need to understand they will operate in a negative environment seven out every ten hours. Early in a career, Learning to respond to rejection and maintaining a positive attitude are important qualities to develop in Advisors. In you presentation does not shortcut this important discussion.
Attracting the “Key Advisor”
We have watched many sales organizations go from the bottom to the top of company Honor Roll because someone got sold on finding a “Key Advisor” then attracted and recruited one. What a difference it will make in your organization! A “Key” Advisor is someone who achieves constant results and is someone who is an ideal in the agency.
The “Key Advisor” is easy to spot but usually difficult to recruit. When recruited he or she immediately helps attracts other to high-potential individuals those who are operation and attracts other to your organization. As a result recruiting a “Key Advisor” will help you shortcut time in building a strong, successful organization.
The “Key Advisor” is well and favorably known. The Advisor is colorful persuasive and generally in the public eye. The “Key Advisor” is a coach who is known for his or her winning record. It’s the successful advisor
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who can be used as an example to the team. They are the one who naturally and easily attract people to follow them because of their success in business. You are one “Key Advisor” away from greatness. That’s reason enough to begin your search today.
BUILD YOUR RESERVOIR
This brings us to a most important procedure one which you’ll want to follow carefully. You’ll find it a good investment of your time to set up and maintain an active tickler file for prospective Advisors much like the one you use to keep track of prospects.
Most of the high potential people you contact about a carrier opportunity will not be interested at the time of initial contact. They simply will not currently have or be strongly masticated by a “thread of discontent”. Over a period of time circumstances change and situations develop which may cause the prospective Advisor to develop a strong “thread of discontent”. This is one of the reasons it’s important for you to keep good records and to have an active Reservoir file.
We refer to this collection of high-potential Advisors as your reservoir. You will want to build you reservoir to at least 25 or more quality people as quickly as possible. You will want to stay in touch with these high potential prospective Advisors on a reason to become interested at some time in the future. Sell them on you. Help them discover occupational dissatisfaction. Spoon-feed them on the advantage of the business. Sell them the Bajaj Allianz opportunity.
Building a reservoir will be helpful to you in developing a quality organization. It separates superior from those who are marginal. Build a large reservoir quickly and stay in touch with prospective Advisors regularly. This will pay big dividends to you over the years.
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Video – Recruiting Enough Of The Right Kind – SummaryIn this video jack Kinder speaks of the important of recruiting
enough of the right kind. There is a three-way approach of doing this searching talent, evaluating potential and attracting your kind of people.
The job of management is to make good. It is always to achieve the desire results. It is to win. Your role in management is that you are an agency builder. You are responsible for bringing about the desired results. You provide the directional force. Your major job is to achieve profitable production growth consistently. This is an ongoing process and is eternal in nature.
The greatest momentum builder is recruiting enough of the right kind. Right kind means people who you will not let fail. You will do what it takes to make them successful.
The Philosophies to Embrace:
In an organization things are never as good as they ought to be but they are never as bad as they appear to be. Recruiting one star performer or blue chip agent would be the solution.
50% - 75% of your productivity five years form today will come from people who are not yet in the system.
The need for manpower never diminishes. The supply of talented people with the thread of discounted (TOD) is
very limited. One key agent makes the big difference in the organization.
Searching: where do we get these successful people from? What are the sources? People who stay and stick in the system generally come from two sources.
Your contacts Endorsements of your successful agents.
Questions that the prospective advisors will have in their minds
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There are five basic questions that advisors have in their mind.
What do I sell? Tell me about the product that I sell. How do I learn to sell? How do I get paid for what I sell? How successful am I going to be? How do I make the transition?
Answering these questions are important at the outset itself is of prime importance.
ATTRACTING THE TALENT
Your presentation the major thrust of your sales strategy in the recruiting process. You will find evidence, which supports conclusively that insurance selling careers have taken a high place among the best paid jobs any ambitious self disciplined person could pursue.
Sakes are booming as never before. New and improved products are constantly being introduced which are rapidly finding public acceptance. Advisors are becoming more professional as a result of improved selection and training, including the addition of sophisticated, computerized sales support. As evidence of the growth and public acceptance of life insurance, the membership numbers of the Million Dollar Round Table go up each year in spite of escalating MDRT.
For the Advisor who pays the price in terms of time, effort and study, it’s a great business in which to make money and enjoy job satisfaction.
Those who are succeeding in the insurance business today are doing a better job and earning substantially more income. For the right people, Bjaj Allianz offers and unlimited opportunity.
The first step is to source out people and the next step is presenting the opportunity of an Agency with Bajaj Allianz as a career.
The process beings with what you say on the phone when you call to book appointments. Once the appointment is sought you will sell the career of a Life insurance advisor to the prospect.
Let’s look at a few examples of telephone scripts.
An important recruiting strategy is to approach in the role of a sale person, each of the prospective Advisors you contact. By this we mean you should sell them on you, your philosophy and your success in developing talent. (Use of presenter)
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After these important sales are made, you can then function as a “vocational counselor”. Now you are going to ask those though provoking questions they should be asking themselves.
This is a sure way to arouse interest in the searching process. (Refer to Exhibit 3, Vocational Quiz.)
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DATA PRESENTATION AND ANALYSIS
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ANALYSIS OF QUESTIONNAIRE
Question1. The profit records of GLOBAL AUTOTECH LTD. show that the organization has motivated and effective work force?
RESPONDENTSACTUAL PECENTAGE
YES 20 80%NO 5 20%
TOTAL 25 100%
YES80%
NO20%
RESPONSE IS YES
Analysis: There is always a scope to excel. This may be the consideration for which the rating is not 100%. However there is a good signal or otherwise compliancy would affect the organization’s effectiveness in the long run.
Question2. To build a motivated and effective workforce, HRD department obtains the right person with right mental frame and maintains
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them to remain motivated. What is the wattage you would attribute to these two functions in Bajaj Allianz?
RespondentsACTUAL PERCENTAGE
Recruitment
40-60 % 3 12
Recruitment
60-40% 6 24
Recruitment&
Maintenance
50-50% 5 20
Maintenance 30-70% 3 12Maintenance 70-30% 8 32
Total 25 100
12%
24%
20%12%
32%
RESPONDENT40-60% 60-40% 50-50% 30-70% 70-30%
Analysis: The response trend will indicate the existence of a healthy recruitment policy in the organization. Hey in clear terms have agreed to the statement that the organization‘s efforts in recruiting the persons have contributed more than 50% for building a motivated and effective workforce.
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Question3. How would you rate manpower planning at BAJAJ ALLIANZ keeping in view the number of existing employee vis-à-vis the updates?
RespondentsActual Percentage
Excellent 10 40Good 8 32
Average 3 12Poor 4 16Total 25 100
Excellent40%
Good32%
Average12%
Poor16%
RESPONSE
Analysis: Keeping in view the automation aspect of Bajaj Allianz Plant respondents have given mixed response in favor of the existing manpower planning at Bajaj Allianz. Usually automation plant needs less manpower for running the plant. Since Bajaj Allianz is a public sector and it has numerous social responsibility. Taking this into the view they have rated the existing manpower planning as sound one. Question4.
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Is the existing advertising policy of BAJAJ ALLIANZ (regarding the recruitment of both executive and non- executive personnel) adequate or does it need intensive penetration into the labour market?
RespondentActual Percentage
Yes 18 72No 7 28
Total 25 100
Yes72%
No28%
Response
Analysis:For the recruitment of both executive and non-executive personnel BAJAJ ALLIANZ requires names from local employment exchange and as per the recent Supreme Court directions they are also advertising in notice board as well as paper advertisement. Similarly healthy recruitment advertisement should be published in the same national, local newspaper as well as employment news.
Question5. Keeping in view the advertising material for Executive recruitment of Bajaj Allianz, should do advertisement include more about the
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company to entice qualitative candidates in good number.
RESPONDENTActual percentage
Yes 20 80No 5 20Total 25 100
Yes80%
No20%
Response
Analysis: It is showing that, highlighting the company’s image in the advertisement is very important to attract quality people to the organization.
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Question6. There is no provision for campus recruitment in the recruitment policy of Bajaj Allianz; do you think the organization should adopt it?
RESPONDENTActual percentage
Yes 15 60No 10 40Total 25 100
Yes60%
No40%
Response
Analysis: Though the percentage of response for campus recruitment is sixty, forty, then it is found that they are however, apprehensive of less transparency in campus recruitment.
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Question7. As the recruitment policy of Bajaj Allianz does not carry the selection process in detail (written test, aptitude test, attitude test, personality etc.) is it advisable for the organization to list these aspects in detail for the proper evaluation of the candidates?
RESPONDENTActual percentage
Yes 18 72No 7 28Total 25 100
Yes72%
No28%
Response
Analysis: Every advanced organization is adopting and experimenting on the latest method of selection to screen out the efficient personnel for recruitment. Bajaj Allianz as a premier organization should also adopt these methods. It may be the guiding factor for evaluating candidates during recruitment.
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Question8. Do you think a group of expert interviewers should be formed from senior and middle level management by updating their interviewing skill and giving them exposure in the latest techniques so that their expertise would help in selecting better candidates for the organization?
RESPONDENTActual percentage
Yes 22 88No 3 12Total 25 100
Yes88%
No12%
Response
Analysis: The development of an expert group for conducting interview from the internal source has become essential for the organization. Once the organization crosses its project stage and stabilizes its production, the area like recruitment should be given initiative. Therefore the response for this question is 88%
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Question9. For supervisory or executive recruitment the inclusion of an industrial psychologist in the interview board would help in selecting candidates mentally and temporarily befitting an industrial environment?
RESPONDENTActual percentage
Yes 14 56No 11 44Total 25 100
Yes56%
No44%
Response
Analysis: Inclusion of a psychologist is the rule of the day. It will effectively strengthen the selection board. Even then the response is
average not good.
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Question10. The global trend indicates the tenure job (for a specific period) will replace the permanent job. Do you think so?
RESPONDENTActual percentage
Yes 8 32No 17 68Total 25 100
Yes32%
No68%
Response
Analysis: Employees are aware of the recent trends in the labour market. This is the reason why tenure job is replacing permanent job. However this response shows they do not anticipate such a change in near future.
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Conclusions And
Suggestions
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Future Growth Prospects
There has been tremendous change in the insurance history and with this there has been continuous growth in this sector both in India as well as in the world context. From our research we also conclude that though the awareness and people opting for LIC Plans are more as compared to Bajaj Allianz but the latter are gaining momentum in the market day by day.
The Private players in the life insurance business are growing at a scorching pace. Within the years of the inception, they have seized about 18 percent of the market. The future of the Bajaj Allianz Life Insurance is looking strong. Since it is the leading private life insurance company in the country, it is all set to give LIC a tough time in future. With strong brand and world class sale force, it offers the advisor s an opportunity to boost up their career, achieve goals and make tremendous progress. India is one of the best markets to be in. Over 75% percent of its vast population is without insurance; as a result of this, insurance advisors have a very huge opportunity of capturing it. With more than One Million policy holders, Bajaj Allianz is all set to increase their market share.
The size of the market has grown and the size of the insurable population in India is indeed vast and the existing player has managed to cover about one-fourth of it. The opportunities before the players are therefore a plenty in terms of target audience. Life Insurance has today becomes a mainstay of any market economy since it offers plenty of scope for garnering large sums of money for long periods of time A well-regulated life insurance industry which moves with the times by offering its customers tailor-made products to satisfy their financial needs is, therefore, essential if we desire to progress towards a worry-free future.
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Suggestions
There are certain flaws existing in this working of the insurance industry. There are some recommendations to come up with them while doing this project. After working with Bajaj Allianz Life Insurance as a trainee, I understood their whole working scenario. I would suggest the company to –
The need of the hour is to device a comprehensive strategy that will help the firm to face the challenges of future. The financial service industries around the world are undergoing a major transformation. It is very important that trained marketing professionals who are able to communicate specific features of the policy should sell the policy.
Both LIC and Bajaj Allianz are recommended to shed light on policies and explain their benefits, thus increasing the awareness. The market players need to explore the untapped potential through their marketing and sales network.
The returns of the policies must be managed and looked after carefully. Open up more fields for the trainees in the organization apart from agency recruitment for their channel development.
Provide the student with their sufficient formal training, so that they can carry out their task with ease. Provide motivational schemes to the trainees, so that they can work with confidence and zeal, provide some sort of database to the trainees.
The lines of distinction between banks insurance companies and brokerage are getting blurred. The future seems to belong to financial supermarkets that will offer a host of services and products to the consumer.
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Conclusion
The today’s scenario signals that there ia a lot of potential for the growth of insurance setor as the people are becoming more and more concerned about the safety and security of themselves and their loved ones. The increasing awareness and concerns about the need for the insurance requires the presence of expert people who can guide and advice people about insurance and suggests them the product that fits their needs perfectly.
An Insurance advisor is the one who can take up this responsibility and help people in this. It will not only be beneficial for the society but it will also give him an opportunity to grow, to earn and achieve self-satisfaction. And while a backup of a reputed company like Bajaj Allianz Life Insurance, there seem no barriers in achieving this.
In the end, I would like to say that it was an amazing learning experience to be a part of Bajaj Allianz Prudential Life Insurance.
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ANNEXTURES
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Questionnaire
Question1. The profit records of GLOBAL AUTOTECH LTD. show that the organization has motivated and effective work force? Yes No
Question2. To build a motivated and effective workforce, HRD department obtains the right person with right mental frame and maintains them to remain motivated. What is the wattage you would attribute to these two functions in Bajaj Allianz? Recruitment Selection Both
Question3. How would you rate manpower planning at BAJAJ ALLIANZ keeping in view the number of existing employee vis-à-vis the updates?Excellent Good Average Poor
Question4.
Is the existing advertising policy of BAJAJ ALLIANZ (regarding the recruitment of executive and non- executive personnel) adequate or does it need intensive penetration into the labour market? Yes No
Question5. Keeping in view the advertising material for Executive recruitment of Bajaj Allianz, should do advertisement include more about the company to entice qualitative candidates in good number. Yes No
Question6. There is no provision for campus recruitment in the recruitment policy of Bajaj Allianz; do you think the organization should
adopt it? Yes No
Question7. As the recruitment policy of Bajaj Allianz does not carry the selection process in detail (written test, aptitude test, attitude test, personality etc.) is it advisable for the organization to list these aspects in detail for the proper evaluation of the candidates? Yes No
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Question8. Do you think a group of expert interviewers should be formed from senior and middle level management by updating their interviewing skill and giving them exposure in the latest techniques so that their expertise would help in selecting better candidates for the organization? Yes No
Question9. For supervisory or executive recruitment the inclusion of an industrial psychologist in the interview board would help in selecting candidates mentally and temporarily befitting an industrial environment? Yes No
Question10. The global trend indicates the tenure job (for a specific period) will replace the permanent job. Do you think so? Yes No
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