SUMMER TRAINING REPORT
ON
RECRUITEMENT AND SELETION IN FUTURE GENERALI
Submitted in partial fulfilment of the requirements of
Post Graduate Programme
by
ASTHA SONIK
PGP 10-12
20101058
IILM Institute for Higher Education
New Delhi
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DECLARATION FORM
I hereby declare that the Project work entitled RECRUITMENT AND SELECTION IN
FUTURE GENERALI submitted by me for the Summer Internship during the Post
Graduate Program to IILM Institute for Higher Education is my own original work
and has not been submitted earlier either to IILM or to any other Institution for the
fulfillment of the requirement for any course of study. I also declare that no chapter of
this manuscript in whole or in part is lifted and incorporated in this report from any earlier
/ other work done by me or others.
Signature of Student: Signature of Company Mentor:
Name of Student: ASTHA SONIK Name of Company Mentor : M .MATHUR
Designation: HR HEAD
Date: Date:
Place: Place:
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ACKNOWLEDGEMENT
It is well-established fact that behind every achievement lays an unfathomable sea of
gratitude to those who have extended their support and without whom the project
would never have come into existence.
I express my gratitude to Mr Medansh Mathur for providing me an opportunity to
work on this thesis as a part of the curriculum.
Also, I express my gratitude to Prof. Sumit Rastogi And Prof. Kailash Tuli - on the
completion of my project.
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CONTENTS
EXECUTIVE SUMMARY................................................................5
OBJECTIVE....................................................................................7
COMPANY PROFILE......................................................................9
WORKING METHODOLOGY..........................................................26
ANALYSIS.....................................................................................30
RECOMMENDATIONS...................................................................46
LIMITTION OF PROJECT...............................................................47
LEARNING.....................................................................................48
REFERENCES................................................................................ 49
QUESTIONNAIRE............................................................................50
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EXECUTIVE SUMMARY
Future Generali--three-year-old general insurer--is planning to add 10 new offices to
its existing network of 68 branches across the country this year.
Future Generali is a joint venture (JV) between the India-based Future Group and the
Italy-based Generali Group. The company has its presence in India in both Life and
Non-Life businesses as Future Generali India Life Insurance Co Ltd and Future
Generali India Insurance Co Ltd respectively.is a large Indian retailer, which is part of
the Future Group, and operates multiple retail formats in both the value and lifestyle
segment of the Indian consumer market. Headquartered in Mumbai the company has
over 1,000 stores across 71 cities in India and employs over 30,000 people, and as of
2010, it was the country's largest listed retailer by market capitalization and revenue.
Following a huge dip in margins due to corporate insurance, private general insurance
firm Future Generali India plans to increase its penetration in retail insurance business
like auto, health, personal accident insurance and etc. Private insurer projects to
increase its share in retail segment between 65% to 70% of its total portfolio,
Managing Director and CEO of Future Generali India Insurance K G Krishnamoorthy
Rao told Business Line. The company is also planning to infuse Rs 1 billion to take its
total capital base at Rs 5.75 billion this year. In the year ended March 31, the private
insurer collected a total premium income of Rs 6.12 billion by selling 61 million
policies. The idea of focusing to the retail insurance business came from the group's
flourishing business retail business. Future Group is running 160 Big Bazaar outlets in
the country, which witness footfalls of 20 million annually. The company hopes to
utilise its brand, data base and distribution network for the retail insurance business.
Recruitment is not a magical process in which people sign up, but is one of the most
critical aspects of operating your business. Recruitment should be a dexterous process
that connects candidates who need what you have to offer and who possess the skills
and aptitude to implement your goal and objectives.
The recruitment and selection unit is committed to recruiting and selecting qualified
candidates for appointing in the business. This process includes executing all testing
phases from the written examination up until applicants are appointed. The
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recruitment and selection process should guarantee fairness and consistency
throughout the entire procedure. It should be executed in such a way that only those
applicants who meet various job related standards are offered positions of
appointment. The recruitment and selection units should actively recruit and
participate in event that will proffer a diverse applicant pool. Recruiting from a pool
of targeted leads can decrease member recession.
The objective of my study was to have deep understanding of recruitment and
selection practices. In this report, I have tried to incorporate all the issues related to
recruitment and selection process which I could gather after reading various articles
on Human Resource.
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OBJECTIVE
To find out the appropriate method of selecting candidates.
To focus upon the manpower planning and its relevance with respect to entire
process of recruitment and selection.
Recruitment and selection process of the company and its relevance with
respect to other methods of the same.
To get an exposure in the real working environment in the corporate sector.
To have a better understanding of the investment options available.
To have an understanding of Recruitment and Selection process in Future
Group
RECRUITMENT:
Recruitment is, “a process to discover the sources of manpower
to meet the requirements of the staffing schedule and to employ effective
measures for employing that manpower in adequate numbers to facilitate
effective selection of a proficient workforce.”
PURPOSE:
Determining the present and future requirements of the organization
in accordance with its personnel-planning and job-analysis activities.
Increasing the pool of efficient candidates at minimum cost.
To increase the success rate of the selection procedure by decreasing the
number of under qualified or overqualified job applicants.
To reduce the probability that attrition rate.
To identify and prepare potential job applicants.
Incorporate fresh strategies at all the levels of the organization.
Developing a work culture capable of attracting competent people to
the company.
Global search of talent
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SOURCES OF RECRUITMENT:
There are broadly two sources of recruitment.
Internal sources and external sources. Both having their own Pros and
Cons.
Internal Sources:-
Persons already working in an organization create the ‘internal sources.
Retired employees, dependents of deceased employees constitute internal
sources. Whenever a vacancy arises, someone from within the organization is
upgraded, promoted or even demoted according to the requirement.
External Sources
External sources are the ones outside an organization. In this case organisation
can target:
Employees working in different organisations;
Jobs aspirants registered with job portals;
Campus Placements from reputed institutions;
By reference of friends, relatives and existing employees;
Walk-in interviews conducted by organisations.
SELECTION:
Selection is the process of selecting individuals who have relevant
qualifications to occupy positions in an organisation. The basic purpose is to
choose a relevant candidate able to perform the job successfully.
The other factors influencing the same are the image of the company, the
nature of job, size of labour market, the place of posting, the compensation
package are relevant to the recruiting efforts of the company. Through the
process of recruitment the company tries to identify prospective candidates
and encourages them to apply for vacancies at various levels.
PURPOSE:
The purpose of selection is to recruit the most suitable candidate meeting the
requirements of the job in an organisation. The company obtains and assesses
information about the applicants in terms of age, skills, qualifications,
experience, etc. according to the needs of the job.
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COMPANY PROFILE
Future Group
Future Group is India’s largest retailer[1] and one of the leading business houses with a
strong presence in retail. Its founder and Group CEO is Mr. Kishore Biyani.
Future Group India was established in 1994 with a vision to provide diverse services
in Indian and Global markets. The business areas of Future Group cover BPO
(Business Process Outsourcing), New Media, Security Management, and
Construction. Through their strategic investment and services, the future of Future
Group shows a rising star in the business sky of India.
Led by its flagship enterprise, Pantaloon Retail, the group operates over 16 million
square feet of retail space in 73 cities and towns and 65 rural locations across India.
Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people
and is listed on the Indian stock exchanges. The company follows a multi-format
retail strategy that captures almost the entire consumption basket of Indian customers.
In the lifestyle segment, the group operates Pantaloons, a fashion retail chain and
Central, a chain of seamless malls. In the value segment, its marquee brand, Big
Bazaar is a hypermarket format that combines the look, touch and feel of Indian
bazaars with the choice and convenience of modern retail.
Lines of Business
The company is present across several lines of business which have various formats
(stores) operational under it. These include:
Food - Food Bazaar, Chamosa, Spoon, Brew Bar, Sports Bar & Sports Bar
Express, Cafe Bollywood,
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Fashion - Pantaloons, Central, aLL, Brand Factory, Blue Sky, Top 10, Fashion
Station, Big Bazaar, Lee Cooper (JV),
General Merchandise - Big Bazaar, Shoe Factory, Navras, Electronics Bazaar,
Furniture Bazaar, KB'S FAIR PRICE
Home & Electronics - Home Town, eZone, Collection
E-tailing (Online Shopping) - www.futurebazaar.com
Books & Music - Depot
Leisure & Entertainment - Bowling Co., F123
Wellness - Star & Sitara, Tulsi
Telecom & IT - Gen M, M Bazaar, M-Port, Converge M
Statistics
Listed on: Bombay Stock Exchange
Stock Code: BOM:523574
Fiscal Year Ending: June
Major Industry: Retailing and Dept. Store Chains
Employees :35,000 (June, 2008)
Share Volume : 217,384
Year’s High/Low Share Price : 475.95 – 252.05
Market Cap (Rs Cr) : 9620.26
Price to Earnings Ratio : 62.68
Earnings Per Share(Rs): 7.39
Sales (Rs cr) : 602.10
Net profit margin share : 2.1%
FUTURE RETAIL:
The retails businesses of Future Group in India are divided into three main categories:
Retail forms the core business activity at Future Group and most of its businesses in
the consumption space are built around retail. Future Group’s retail network touches
the lives of more than 200 million Indians in 73 cities and 65 rural locations across
the country. The group currently operates around 1,000 stores spread over 16 million
square feet of retail space. Present in the value and lifestyle segments, the group’s
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retail formats cater to almost the entire consumption expenditure of a wide cross-
section of Indian consumers.
PANTALOON RETAIL INDIA LIMITED
The leading retail formats under this include:
Pantaloons Stores -lifestyle segments and fashion segment.
Big Bazaar - a uniquely Indian hypermarket chain
Central - a chain of seamless destination malls
Food Bazaar - a supermarket chain that blends the look, touch and feel of
Indian bazaars with aspects of modern retail like choice, convenience and
quality
Home Town - , a large-format home solutions store
E Zone - consumer electronics
Depot - consumer electronics
Health & Beauty Malls
Online retail through futurebazaar.com
Aadhaar- India’s leading rural retailing chain, that is present in over 65
locations in rural India. Aadhaar, an agri-service cum rural retail initiative,
provides a complete solution provider for the Indian farmer.
Furniture Bazaar - specialized formats for home furniture and home
furnishing
Ethnicity - India's first concept store, which recreates the experience of a
traditional ethnic market in a modern retail format,
JOINT VENTURES WITH INTERNATIONAL BRANDS
Indus League Clothing that owns leading apparel brands like Indigo Nation,
Scullers and Urban Yoga
Galaxy Entertainment Limited that operates Bowling Co, Sports Bar, F123
and Brew Bar
French retailer ETAM group, US-based stationary products retailer, Staples
and UK-based Lee Cooper.
Franchisee of international brands like Marks & Spencer, Next, Debenhams
and Guess in India
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INDIAN JOINT VENTURE PARTNERS
Manipal Healthcare
Talwalkar's
Blue Foods
Liberty Shoes.
FUTURE CAPITAL HOLDINGS
The financial services of Future Group are taken care by Future Capital Holdings.
These include:
Asset Management and consumer credit are the prime focus financial
services. Around 1 billion USD have been invested in retail real estate and
consumer brands outlets and hotels.
Future Money - It is a financial supermarket format providing consumer
credit
Joint venture with Italian insurance major General Insurance for providing
general insurance services.
Venture Capital Funds and Private Equity Funds through kshitijfund.com
SECURITY MANAGEMENT
Future Group is considered as a reliable tailor-made business and security services
provider. They develop their own software and machines for security services. These
include:
Access Control Systems
Time Attendance Systems
CCTV
Alarm Management Systems
KNOWLEDGE SERVICES
Future Knowledge Services is a retail technology service provider for High quality,
low cost services model catering to the entire retail value chain. Provide consolidated
Technology Support, Business Process Management and Contact Centre for all group
companies and partners. Its key partners include Wipro, SAP and Cisco.
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SAP as the backbone provider, ensures connectivity throughout the group’s retail
formats, warehouses, vendor partners and allied businesses.
In addition VPN and Business Intelligence and Data Warehousing tools have also
Customized training and content generation
Other people development related services
FUTURE CONSUMER PRODUCTS LTD
FCPL is a subsidiary company of Pantaloon Retail India Limited, incorporated in
September 2007. The company has two brands under its umbrella - SACH & S Drive,
inspired by Sachin Tendulkar. These brands operate in categories such as foods,
apparels, personal care and general merchandize among others, and are available
through Future Group formats.
COMPANY TIMELINE/MAJOR MILESTONE
1987
Company incorporated as Manz Wear Private Limited. Launch of Pantaloons trouser,
India’s first formal trouser brand.
1991
Launch of BARE, the Indian jeans brand.
1992
Initial public offer (IPO) was made in the month of May.
1994
The Pantaloon Shoppe – exclusive menswear store in franchisee format launched
across the nation. The company starts the distribution of branded garments through
multi-brand retail outlets across the nation.
1995
John Miller – Formal shirt brand launched.
1997
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Pantaloons – India’s family store launched in Kolkata.
2001
Big Bazaar, ‘Is se sasta aur accha kahi nahin’ - India’s first hypermarket chain
launched.
2002
Food Bazaar, the supermarket chain is launched.
2004
Central – ‘Shop, Eat, Celebrate In The Heart Of Our City’ - India’s first seamless mall
is launched in Bangalore.
2005
Fashion Station - the popular fashion chain is launched aLL – ‘a little larger’ -
exclusive stores for plus-size individuals is launched
2006
Future Capital Holdings, the company’s financial arm launches real estate funds
Kshitij and Horizon and private equity fund In division. Plans forays into insurance
and consumer credit.
Multiple retail formats including Collection I, Furniture Bazaar, Shoe Factory, EZone,
Depot and futurebazaar.com are launched across the nation.
Group enters into joint venture agreements with ETAM Group and Generali
Beliefs
Future Group believes in developing strong insights on Indian consumers and
building businesses based on Indian ideas, as espoused in the group’s core value of
‘Indianness.’ The group’s corporate credo is, ‘Rewrite rules, Retain values.’
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INSURANCE
Future Group’s foray into life and non life insurance services and products is led
through Future Generali India Life Insurance Company and Future Generali India
Insurance Company, respectively.
Future Group’s partner, Generali Group was established in 1831 in Italy and is now
amongst the three largest insurance companies in Europe and is ranked 30th on the
Fortune 500 list. It has more than 3, 50,000 shareholders, and 70,000 employees and
is present in 40 countries across the globe.
The joint venture company - between Pantaloon Retail and Generali Group - Future
Generali brings in a new wave of innovation in the insurance space. Apart from
retailing insurance products in the exciting environment of shopping malls and
consumption centre’s the companies are also setting up a robust pan-India footprint in
over 100 cities and towns across the country.
DIVERIFYING STRATEGY – RETAIL TO INSURANCE.
Pantaloon Retail (India) Limited (PRIL) announced that it had signed an agreement to
form a joint venture (JV) with the Italy-based Generali Group4 (Generali) to tap the
insurance sector in India. The venture would be called 'Future Generali' and would be
headquartered in Mumbai, India. Generali would have a 26 percent stake in the
venture, which was expected to offer both life and non-life insurance products. PRIL,
which began as a trouser manufacturer in the mid-1980s, had grown over the years to
become one of India's largest retail chains.5 The foray into insurance was part of the
group's diversification strategy. In March 2006, the Pantaloon Group renamed itself as
the 'Future Group'. The Future Group was divided into six verticals - Future Retail,
Future Capital, Future Brands, Future Space, Future Media, and Future Logistics.
Under the new structure, PRIL would be a part of Future Retail
The Future Group planned to operate its insurance business through its financial arm,
Future Capital, which was involved in asset management. Future Capital also had
plans to get into credit and other consumer related financial services such as banking,
personal finance, and investment services. PRIL planned to leverage on its retail
strength to acquire customers and cater to their insurance needs.
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Analysts felt that Biyani had restructured the Pantaloon group under a new identity in
order to consolidate the group's leadership position and diversify into new growth
areas in the Indian retail. Moreover, the attitudes and preferences of Indian consumers
were changing, thanks to the increase in their disposable incomes and exposure to
global products and trends. The growth outlook for the Indian retail sector was
positive given the estimated 300 million6 strong middle class, a fairly young
population7, and organized retailing constituting just three percent of the total retail
business in India. Commenting on the drivers for growth in the Indian retail sector,
Biyani said, "I believe that consumption will be the next big driver of India's
economic growth. Rising incomes and increased exposure to global products and
global consumption patterns have changed the average Indian's attitude towards
consumption and savings. Increased and channelized consumption would lead to the
development of the nation through improved and better infrastructure facilities,
greater employment generation possibilities will emerge with increased consumption,
leading to people wanting to spend more on themselves. This cycle is what will fuel
the consumption boom in the country." Biyani realized that the company had to shed
its previous image of being just a fashion and food retailer, if it wanted to tap the
potential in diverse areas like home solutions, leisure & entertainment, fitness,
communications, and financial services. However, some industry analysts said that
the Future Group would have a tough task ahead due to competition from other
organized retail players like Shoppers' Stop9, Trent Ltd.10, and FoodWorld11.
The restructuring and expansion drive prompted Biyani to bring in new talent and
professionalize the business. The group sought to utilize the expertise of the highly
qualified and experienced executives to oversee the group's initiatives in various
business sectors. At the senior management level, the group hired high profile
executives from reputed organizations like Goldman Sachs , Coca-Cola India, etc. In
addition to bringing in new talent at the senior management level, PRIL also tied up
with a few management schools to create a management talent pool for the lower
levels of the organization...
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Organization Profile
Future Generali:
Future Generali is a joint venture between the India-based Future Group and the Italy-
based Generali Group.
Future Generali is present in India in both the Life and Non-Life businesses as Future
Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.
Since its establishment, the Generali Group has always held a reputation for its capital
and financial strength. Its solidity derives from prudent investment management and a
focus on achieving a correct match between risk and medium/long-term profitability.
Generali Group is one of the leading insurance groups in Europe, with a 2009
total premium income of more than € 70 billion
It is present in 68 countries
It has 70 million clients worldwide
It has 85,322 employees (15,956 in Italy)
It has over € 400 billion of assets under management
High rating assigned by the international rating agencies:
o A.M. BEST: A+ STABLE
o Standard & Poor’s: AA- STABLE
o Fitch Ibca: AA- NEGATIVE
o Moody’s: Aa3 STABLE
THE GENERALI GROUP
The Generali Group is a leading player in the global insurance and financial
markets. Established in Trieste in 1831, today the Group is one of Europe’s
largest insurance providers and the European biggest Life insurer. It is also
one of the world’s top asset managers with assets totaling more than € 400
billion. With an employed sales force of more than 100,000 people serving 70
million clients in 68 countries, the Group occupies a leadership position in
Western Europe and an increasingly important place in Eastern Europe and
Asia.
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The Group strategy aims to consolidate Generali’s pre-eminence on its key
markets and achieve a premier position on markets with high growth potential,
establishing its leadership in profitability.
Organizational Hierarchy:
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CEO
ZONAL BUSINESS HEAD
REGIONAL MANAGER
BUSINESS MANAGER
AGENCY DEVELOPMENT
MANAGER
ASST.SALES MANAGER
SALES MANAGER
SENIOR SALES MANAGER
Leadership
The Future Group employs over 30,000 people and was counted among 15 best
employers in India in a survey conducted by Hewitt Associates in 2007 in association
with The Economic Times.
The Group has developed a strong senior management team with cross-functional
expertise in multiple businesses and is led by its Founder and Group CEO, Kishore
Biyani.
Kishore Biyani founded Pantaloons in 1997, followed by a number of popular retail
formats including Big Bazaar, Central, Food Bazaar, Brand Factory and Home Town
that now cater to almost the entire consumption basket of a wide cross-section of
Indian consumers.
In the recent years, Kishore Biyani has led the group’s transformation into one of
India’s leading business houses with presence in capital, consumer finance, insurance,
brand development, retail real estate development and logistics.
A staunch believer in the group’s corporate credo, ‘Rewrite Rules, Retain Values,’
Kishore Biyani considers Indianness as the core value driving the group. He was
recently awarded the Ernst & Young Entrepreneur of the Year 2006 in the Services
Sector and the Lakshmipat Singhania - IIM Lucknow Young Business Leader Award
by Prime Minister, Dr. Manmohan Singh in 2006. He was also awarded the CNBC
First Generation Entrepreneur of the Year 2006.
Kishore Biyani was born in August 1961 and is married to Sangita and they have two
daughters. He recently authored a book, ‘It Happened in India’ that captures his
entrepreneurial journey and the growth of modern retailing in India.
Values
Indianness: confidence in ourselves.
Leadership: to be a leader, both in thought and business.
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Respect & Humility: to respect every individual and be humble in our
conduct.
Introspection: leading to purposeful thinking.
Openness: to be open and receptive to new ideas, knowledge and information.
Valuing and Nurturing Relationships: to build long term relationships.
Simplicity & Positivity: Simplicity and positivity in our thought, business and
action.
Adaptability: to be flexible and adaptable, to meet challenges.
Flow: to respect and understand the universal laws of nature.
Vision
Future Group shall deliver Everything, Everywhere, Every time for every Indian Consumer in the most profitable manner.
Mission
We share the vision and belief that our customers and stakeholders shall be served
only by creating and executing future scenarios in the consumption space leading to
economic development.
We will be the trendsetters in evolving delivery formats, creating retail realty, making
consumption affordable for all customer segments – for classes and for masses.
We shall infuse Indian brands with confidence and renewed ambition.
We shall be efficient, cost- conscious and committed to quality in whatever we do.
We shall ensure that our positive attitude, sincerity, humility and united determination
shall be the driving force to make us successful.
MANAGEMENT FUNCTION
It was described by Henry Fayol in the year 1800 when he was the CEO of a large
mining company. Fayol has noted managers at all levels operating in a profit or
nonprofit organization, must perform each of the functions of:
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Planning
The organization’s long term goal is to capture a major pie in the market share
and earn good profits. For this purpose the organization has:
A Procurement plan where it procures its finished goods (apparels) from
various brand manufacturers.
An outlet site selection plan (to open at convenient and profitable
location)
A marketing plan (Collect apparels, footwear etc from companies and
allocate store space etc., Advertising.)
A finance plan on revenues and expenditure and how many stores to open,
how many brands to keep reducing inventory levels.
Directing
New products/ designs to be introduced (Quantity-wise and variety-wise).
Identification of proper stores location
Continuous supply of inventories from suppliers (Preparation of
procurement schedule)
Inventory planning, monitoring, and tracking of work in process.
Coordinating and Controlling
Inventory control to keep the cost at optimum level. Managing work in
progress.
Orders placed to the suppliers for inventories.
Volumes of the orders from the customers that the company can handle.
Organized reports at all levels.
Sone Ki Chidiya
When the Mughals first came to India they were drawn by the lure of her
fabulous wealth - India was known as the "Sone Ki Chidiya," literally - "The
Golden Bird".
The Indian economy is once again at the centre of the global attention. As
domestic consumption drives economic growth in India, Future Group hopes to
play a pivotal role in bringing back the Sone Ki Chidiya.
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CSR ACTIVITIY While FUTURE GROUP continues to create world-class infrastructure throughout
India, it has not lost sight of its responsibilities as a change agent for accelerating the
pace of social and economic transformation across various segments to complement
the efforts of the government. In fact FUTURE GROUP's first social responsibility
interventions date back to the time that FUTURE GROUP was setting up the
FUTURE GROUP township in Gurgaon when instead of turning a blind eye to the
local problems, FUTURE GROUP decided to undertake internal development work in
the villages of Nathupur, Chakarpur and Wazirabad by contributing through
construction of internal village roads, additional rooms in the schools and internal
village electrification. At around the same time, FUTURE GROUP initiated its first
education initiative by setting up the Swapana Sarthak informal school for children of
the construction workers. This school manned by trained volunteers conducts classes
for children who are ill equipped to join regular school or those who cannot afford to
do so. All children enrolled are provided with free uniforms, mid day meals and
learning material. Starting from merely 10 students, the school today has on roll 220
students. Initially getting the children out of their homes and instilling a sense of
personal hygiene and cleanliness was a challenge and the volunteers had to really
work on them to ensure the present state.
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SOCIO ECONOIMIC ENVIRONMENTAL DEVELOPMENT
At Future Group, corporate social responsibility, inclusive growth and
sustainability are at the core of our strategy and business practices. This reflects
in our commitment to the community, environment and to every stakeholder in
building a stronger foundation for our long-term, sustainable growth.
The Group aims to make a positive contribution to sustainable development,
managing and reducing the direct and indirect impact of its business.
In particular, when it comes to direct impact, the Group has defined the following
priority objectives:
• manage business by exploiting natural resources in an efficient way, minimizing
the environmental impact deriving from the consumption of energy, paper and
water, the production of waste and the emission of “greenhouse” gases;
• direct management decisions towards providing incentives for adopting
sustainable strategies and using renewable energy;
• improve methods of detection, calculation and traceability of environmental data,
with particular reference to CO2 emissions and waste disposal.
Fully aware of its ability to influence stakeholders by raising their awareness of
adopting responsible behaviour on environmental issues, the Group also intends to
manage the indirect impact of the activities associated with the procurement of goods
and services, with the planning and supplying of insurance and financial products and
with institutional investment operations. In this context, the Group pursues the
following objectives:
• direct procurement decisions towards suppliers complying with the principles set
out in this document;
• raise awareness of environmental issues among issuers of financial instruments,
excluding those responsible for serious environmental harm from its investments;
• provide incentives for clients to adopt eco-sustainable behaviour by offering
insurance and investment products that promote environmental awareness.
Commitments
In its pursuit of the objectives set out above, the Group undertakes to implement a
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system to manage all environmentally significant aspects, striving to:
• direct its decisions to ensure compatibility between business and environmental
protection, not only adhering to current legislation but also promoting scientific
research and examining existing best practices;
• integrate climate protection preventive measures into its strategies, creating
awareness of the causes and probable consequences of climate change, both
within the Group and externally;
• promote the spread of a sound, lasting environmental culture among all staff
members of Group companies, encouraging involvement through specific
information and training programmes and the definition of environmental
responsibility;
• adopt a transparent, ongoing approach to communicating environmental
management results, measuring and monitoring the performance level by
devising and monitoring a specific system of performance indicators;
• periodically review the Group’s Environmental Policy to define new objectives
and commitments for the purpose of ensuring their compliance with developing
environmental needs, changes to the Group's business and stakeholder opinion,
and decide upon further action for improvement.
The Environmental Policy and future revisions are defined and approved by the
Parent Company Board of Directors. The Committee for the Environmental
Management System is responsible for the specific tasks and competence needed for
the Policy’s dissemination within the Group and for achieving the objectives outlined
above
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ECONOMIC EMPOWERMENT
Future Group’s vision of inclusive growth for a harmonious society, points to a
future in which the entire population can enjoy a better quality of life. We aim to
serve as a catalyst that stimulates the use of inclusiveness as a powerful
development tool. Future Group aims to create and sustain an environment
conducive to the domestic growth of India by partnering with various
stakeholders and playing a proactive role in India’s development process.
Future Group believes in broad-based growth, the fruits of which are not concentrated
in the hands of few but shared by the community as a whole. This is the way towards
achieving the dual goal of profitable and socially responsible growth. Our initiatives
in inclusive development include livelihood issues, diversity management, skill
development and protecting the environment, to name a few.
Modern Indian retail can help improve incomes and provide opportunities for growth
to individuals with lower education levels or from the unorganised sector. With fair
wages and benefits, opportunities for further development and growth and a better
working environment, modern retail offers much more than most alternatives
available to such individuals.
Future Group focuses on three key enablers for inclusive growth: employability,
innovation and entrepreneurship. While employability helps create a qualified and
skilled workforce, innovation and entrepreneurship help drive growth and generate
employment.
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WORKING METHODOLOGY
Their recruitment process of company comprises of both internal and external
methods.
INTERNAL METHODS:
EMPLOYEE REFERRALS- In this method the current employees are encouraged
and rewarded for introducing suitable recruits. The logic behind employee referral is
strong. The current employees understand the culture of company and tend to refer
appropriate candidate. They are also acquainted with the others of same skills like
theirs schoolmates, former co-workers etc. The profile for which this method is
generally preferred is ASSISTANT SALES MANAGER, SALES MANAGER, and
SENIOR SALES MANAGER.
Merits:
Provide the source of passive candidate
Tend to replace expensive recruitment channels such as employment agencies,
newspaper advertising, job fairs and so on.
Morale booster as current employees gets incentives for referral.
Ongoing recruitment cycles.
Demerits:
Results in discrimination sometimes
Low quality referrals
JOB POSTING- ‘Intranet’ is used for Job Posting.
Job Posting is a provision in which a firm posts a lists of open positions (with their
descriptions and requirements) internally so that the existing employees who intend to
move to different functional areas may apply. This process is also called Job bidding.
It helps the qualified employees working in the organization to achieve new heights,
instead of looking for better options outside. It also helps organization in retaining its
promising and experienced employees.
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EXTERNAL METHODS:
1. COLLEGES- The candidate for Sales Executives and Sales Manager posts are
recruited by campus placement . The salary package offered for the freshers is
1.8-2.2 lacs for Sales Executive,2.5-3.5 lacs for Sales Manager.
2. FORMER EMPLOYEES- The company also believes in hiring its best ex-
employees generally for senior level.
3. ADVERTISING- Advertisements are the most commonly used technique for
external recruitment.
4. JOB FAIR - Also known as career fair or expo. It’s an exposition for recruiters
to meet perspective job seekers. In this method a single employer or group of
employers get a chance to interact with large number of candidates at single
location for interviews.
PASSES TECHNIQUE:
P-Prospect
A-Approach
S-Seminar
S-Screening
E-Evaluation
S-Selection
PROSPECT- To see if the candidate is appropriate for the job.
APPROACH- Approaching candidates through emails and telephone.
SEMINAR- Seminars are conducted either in hotels or company’s
conference room depending upon the strength of gathering.
SCREENING-The filtered candidates are made to understand the job profile.
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EVALUATION- Their evaluation is done on the basis of some factors like
age, experience, communication skills etc. Sometimes they are also given the
sales target. This technique is also known as Work Sample Testing.
SELECTION-Finally the candidate is selected as per the evaluation result.
INTERVIEWS:
STRUCTURED INTERVIEWS are generally used in which the questions regarding
work experience, family background and interpersonal skills are asked.
METHODS OF INTERVIEWS:
ONE-TO-ONE INTERVIEW- Applicant meets one by one with the interviewer.
Interview process takes place as follows:
INITIAL BRANCH LEVEL INTERVIEW-Such interviews are taken by
Branch manager to select the candidates best suited for the job.
REGIONAL BRANCH INTERVIEW-Such interviews are taken by
Regional branch manager and his decision is final regarding the selection or
rejection of candidate..
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Research Methodology
Secondary data – I will collect the secondary data from the different sources and the
some of the sources are motioned below.
Newspaper – Economics Times, The financial express, Times of India
Magazine – Time, NHRDM
Website/Internet – Gail India
Book – Robert N. Lussier. (2000).Human Relations in Organizations
Primary data –
Primary data were gathered through in-depth semi-structured interviews
TOOL USED-
Pie chart, bar graph etc.
SAMPLING METHOD
Random sampling
SAMPLE SIZE-
50 employees of Future group
Target Audience-
Internet users (15 to 45 years of age)
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Analysis
In Future Generali they cultivate a collaborative culture where talented personals can
produce their best work. They value diverse insights, innovative thinking and strive to
offer an exceptional level of customer service through their professionalism and
expertise.
The quality of their people is their key differentiator and they offer outstanding career
opportunities. They take pride in operating a knowledge organization and in
developing.
Learning and Development
Learning and development is a priority for all their people. Formal development
opportunities include training and a wide range of learning program designed to
develop technical and non-technical skills and to build knowledge in specific
industries or functional areas. They are always looking for innovative ways to provide
the best possible learning experiences for their people.
Shaping Great Careers
Career management and counseling skills are critical for their people and they make a
significant investment in helping their people to develop these skills. Their career
development program for their trainees has already had a significant impact in
contributing to their success.
All CVs submitted are carefully examined even if there are no vacancies. The
candidate may then be contacted by Human Capital for a preliminary interview.
In case there is an active position and if the profile of the applicant matches with the
organization requirement, the candidate may be called for further rounds of selection.
Candidates not suitable for a specific position will be retained in the database and may
be contacted for a relevant position at a future date.
Resume of candidates registered with Future Generali will be used strictly in
accordance with the personal data policy of the company and will be kept
confidential.
It is Future Generali’s policy to retain the personal data of candidates for future
recruitment purposes. However, should candidates not wish their personal data to be
used for future recruitment exercise, they may request their destruction by contacting
our Human Capital Dept.
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1. Is formal process of recruitment followed by your company?
yes75%
no7%
uncertain18%
From the above diagram it is pretty clear that most employees of Future Generali
(75%) are satisfied by the recruitment and selection process adopted by the company.
But to make improvements in the recruitment and selection techniques some changes
suggested by the employees can also be introduced.
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2. On what basis new employees are hired in your company?
immediate need21%
yearly basis5%
both74%
From the above diagram mixed responses can be seen about the question asked
above.74% of employees feel that the hiring in future generali is done both on the
yearly basis and immediate need but 21% of employees answered that it’s done on the
basis of immediate need and the remaining 5% answered saying it’s done on yearly
basis.
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3. What recruitment sources should be followed by your company?
promotion/transfer25%
consultancy21%
campus placements30%
references20%
any other4%
As analyzed from the above chart the sources mainly used by future generali are
references consultancy firms and promotions but as interpreted form the chart many
employees are also in favor of campus placement as method of recruitment..
20% of employees feel reference is a good way for recruitment and 15% have
suggested using consultancy services.
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4. In your opinion which criteria is effective for selection process?
written test5%
personal interview40%
written test and interview53%
any other2%
Future general uses structured interview for the selection of a candidate but as it can
be interpreted from the above chart 53% of employees prefer written test and
interview both as a mode of selection while 40% of them were satisfied with the
current technique.
5% of employees feel that written test should be taken at the time of selection and
some of them also suggested for physical examination of candidate should be done as
a part of recruitment.
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5. Do you think, 3 rounds of interview in Future Generali are required for an
effective recruitment process.
strongly agrre10%
agree21%
cant say4%disagree
59%
strongly disagree6%
Interpretation:
59% of the employees disagree about this as they feel that the number of rounds
should be decided according to the profile for which the interview is being conducted.
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6. Is your profile the same as described to you during the interview ?
yes97%
no3%
Most of the employees feel that they got the same job as the job description they were
given. This proves that future generali have an organized recruitment policy and
manpower planning.
So from the company’s perspective it is a good sign for the development and overall
growth.
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7. According to you on what basis candidates should be evaluated for selection?
experience33%
family background
11%
academic qualification29%
all three27%
As depicted in the diagram above Experience is the most important criteria to select
the candidate. Academic qualification is the second most important criterion. Only
10% of employees think that family background should be used as a criterion of
selection by the company.
22% of employees think that all the three factors should be considered for selection.
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8. Do you think physical examination should be one of the criterion of
selection?
yes70%
no22%
cant say8%
By evaluating the physical examination the physical characteristics of the individual
are determined which are significant for his efficient performance of the job he is
assigned.
As its clear from the chart 70% of employees consider physical examination as an
important factor in the selection procedure. They believe it will help in ensuring
higher standard of physical fitness of the employees and in turn will reduce the rates
absenteeism and labor turnover.
22% consider it a wasteful expenditure of the company while 2% have no views
regarding this.
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9.Should intelligence test be implemented as a part of recruitment?
yes80%
no20%
As it can be interpreted from the above chart 80% of employees feel that intelligence
test should be implemented as a part of selection procedure of company.
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10.Should female candidates be given preference at the time of selection ?
yes15%
no 85%
As its clear from the above chart that most of the employees don’t want any
preference to be given to female applicants as they think it would be a type of
discrimination.
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11.Is overall recruitment & selection process of your company satisfactory?
satisfied55%
neutral 12%
dissatisfied33%
Above figure depicts that 55% of employees are satisfied by the recruitment process
of the company while 33% thinks that certain measures should be taken for the
improvement of their recruitment policy and the remaining 12 % were neutral about it
and did not comment on the same.
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12. Which of the below mentioned factors according to you have a beneficial
effect upon the ability of Future Generali to appoint and retain good employees?
salary package31%
brand name20%
career growth35%
good work-
ing en-
viot-nment14%
Most employees of the company stated that they were most inspired by the salary
package and career package. Chart also depicts that Brand name is also a major factor
which motivates the work force of company.14% of the employees consider working
environment to be a motivating factor.
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13. Is the recruitment department of your company is efficient enough.
strongly agree5%
agree52%
cant say12%
disagree25%
strongly disagree6%
Interpretation:
More than half of the employees consider the recruitment department of the company
efficient enough in recruiting the best out of the large pool of people. While 25% of
the employees disagree to the fact and want some changes in the same.
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14. Do you think that the salary offered to candidates at the time of interview to
the candidates is according the market rate.
strongly agree2% agree
25%
cant say42%
disagree25%
strongly disagree6%
Interpretation:
As depicted by the graph most of the employees are not aware of the salary offered to
the freshers.
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15. Are you contend with the recruitment process in your organization.
yes52%
no33%
cant say14%
Interpretation:
Almost half of the candidates say they are satisfied while the remaining either
disagree or have no specific opinion about it.
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RECOMMENDATIONS
My analysis of the recruitment and selection processes at Future Generali discovered
that:
The recruitment process at Future Generali is according to the policy of the
company. The entire process works in accordance to the policy.
The recruitment process at Future Generali which is basically the procedure to
generate the pool of perspective employees, is same at all entry – level positions.
But the selection procedure is unique for all positions.
The human resources department maintains the estimate of personal in each
department and is in charge for filling up available positions in all departments in
the organization.
The recruitment and selection procedure is centralized and is governed by the HR
department at Future Generali head office.
HR Department at Future Generali has tried various sources of recruitment over
years and now every position has a unique source of recruitment.
Walk-ins are mostly used as recruitment source at junior level. Future Generali
has earned a good name in the country and hence large number of people wants to
be a part of this organization. But the hiring/applicants ratio is still low as a lot of
unsuitable candidates also come up for interview. This leads to waste of time and
efforts.
Recruitment and selection process at Future Generali can be immensely improved
with the advices mentioned below and can develop new sources of recruitment for
selecting the best suited candidates.
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LIMITATIONS OF THE PROJECT
As the project duration was limited a comprehensive and elaborate survey was
not conducted.
6 week time was too less to analyze the whole process very carefully.
As the time was less only a small sample was considered which does not give
the actual reflection of the process
Even the personal biases of the responding personals may have affected their
response.
Also the Company is not sharing much internal information on internet and is
also not ready to give.
May be due to of very busy schedule of employees many of them might not
have taken appropriate judgment at the time of filling the questionnaire
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LEARNING
According to my analysis Campus placements should be used as a source of
recruitment in future generali.
Company mainly focuses on internal sources having their own limitations. By
using Campus Placements Company will be able to attract qualified personnel for
available positions in the organization. It can also facilitate the incorporation of
fresh ideas into the company which in turn will improve the overall working of the
firm.
For the selection of the candidate for a vacant position HR Department should
first conduct written test and on the basis of test score result interview should be
scheduled for the candidates who clear the test .
Company should examine the candidates on all the factors like experience,
family background and qualification but more weight should be given to the
experience and then qualification should be considered.
Company should include physical examination in the selection process.
Company should also include intelligence test in the selection process.
Certain changes should be made in Recruitment and Selection policies of the
company as it sometimes restrict for the selection of talented candidates.
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REFFERENCES
BOOKS:
Recruiting, Interviewing, Selecting & Orienting New Employees by Diane Arthur
Human resource management by stephen p robbins
Recruiting & Retaining Top Employees by Alan J. Dubinsky & Steven Skinne.
Organizational behaviour by Robbins
INTERNET SOURCES:
wikipedia.com
futuregenerali.in
kumc.edu.com
hr.uchicago.com
knol.google.com
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QUESTIONAIRE
1. Is formal process of recruitment followed by your company?
a) Yes b) No c) Can't say
2. On what basis new employees are hired in your companya) Immediate need b) yearly basisc)Both
3. What recruitment sources should be followed by your company?
a) Promotion / Transfer b) Consultancy
c) Campus Placements d) References
e) Any Other
4 In your opinion which criteria is effective for selection process?
a) Written test b) Personal Interview
c) Written test and Interview d)Any Other
5. Do you think, 3 rounds of interview in Future Generali are required for an effective
recruitment process.
. a) Strongly agree b) Agree c)Can’t say d) Disagree e) Strongly disagree
6.Is your profile the same as described to you during the interview ?
a) Yes b) No
7. According to you on what basis candidates should be evaluated for selection?
a) Academic Qualification b) experience b) Experiencec) Family Background d)all three d) All of the above
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8. Do you think physical examination should be one of the criterion of selection?a) Yes b) No
c) Can't say9. Should intelligence test be implemented as a part of recruitment?
a) Yes b) No
10) Should female candidates be given preference at the time of selection ?
a) Yes b) No
11) Are you satisfied with the overall recruitment & selection process of your company ? a) Satisfied b) Neutralc) Dissatisfied
10. Which of the following factors mentioned below you think have beneficial effect upon the ability of Future Generali to attract & retain good employees?
a) Salary Packageb) Brand Namec) Career Growthe) Good working environmente) Any Other……………………………………………………………..
11. Is overall recruitment & selection process of your company satisfactory?
a) Strongly agree b) Agree c)Can’t say d) Disagree e) Strongly disagree
12. Which of the below mentioned factors according to you have a beneficial effect
upon the ability of Future Generali to appoint and retain good employees?
a) Career Growth b)Salary Package c) Brand Name d) Work Enviornment
13. Is the recruitment department of your company is efficient enough?
a) Strongly agree b) Agree c) Can’t say d) Disagree e) strongly disagree
14. Do you think that the salary offered to candidates at the time of interview to the
candidates is according the market rate.
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a) Strongly agree b) Agree c) Can’t say d) Disagree e) strongly disagree
15) Are you contend with the recruitment process in your organization ?
a) Yes b) No
c) can’t say
16) Recommendations (if any, to improve the Selection and Recruitment Process) _________________________________________________________________
______________________________________________________
______________________________________________________
______________________________________________________
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