Recruitment and selection process synopsis
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This document provides an overview of a research synopsis on the recruitment and selection process of ICICI Life Insurance. It includes an introduction discussing the importance of recruitment and selection for organizations. It also outlines the objectives of the study, which are to understand ICICI Life Insurance's internal recruitment process and identify areas for improvement. The methodology discusses conducting surveys with 100 employees using a structured questionnaire. The literature review examines previous research on how technology has improved recruitment and the link between timely HR responses and applicant attraction.
Recruitment and selection process synopsis
- 1. DEVI AHILYA VISHWAVIDYALAYA, INDORE Synopsis Title A Study of Recruitment and Selection Process of ICICI Life Insurance pvt Ltd. A Research Synopsis submitted as partial fulfillment for the award of the Degree of Masters of Business Administration (2012-2014) GUIDED BY: SUBMITTED BY: Prof. Neha Somani Nesar Ahmad MBA 2012-14 Enrollment No. DX1235936
- 2. Table of Content S.NO. Content Page No. 1 1.Introduction 1.1 ......... 1.2…….. 2 Review of Literature 3 Rationale of the Study 4 Objectives of Study 5 Research Methodology 6 References
- 3. 1. INTRODUCTION People are integral part of any organization today. No organization can run without its human resources. In today’s highly complex and competitive situation, choice of right person at the right place has far reaching implications for an organization’s functioning. Employee well selected and well placed would not only contribute to the efficient running of the organization but offer significant potential for future replacement. This hiring is an important function. The process of hiring begins with human resource planning (HRP) which helps to determine the number and type of people on organization needs. Job analysis and job design enables to specify the task and duties of hobs and qualification expected from prospective job HRP, job analysis, hob design helps to identify the kind of people required in an organization and hence hiring. It should be noted that hiring is an ongoing process and not confined to formative stages of an organization. Employees leave the organization in search of greener pastures, some retire and some die in the saddle. More importantly an enterprises grows, diversifies, take over the other units all necessitating hiring of new men and women. In fact the hiring function stops only when the organization ceases to exist. Hiring involves two broad activities:- i) Recruitment ii) Selection
- 4. 1.1RECRUITMENT The word ‘recruitment’ has many meaning and plays an important role. Employees leave the organization in search of greener pastures- some retire some die in saddle. The most important thing is that enterprise grows, diversifies, and takes over other units-all necessitating hiring of new men and women. In fact recruitment functions stop only when the organization ceases to exist. To understand recruitment in simple terms it is understood as process of searching for obtaining applications of job from among from whom the right people can be selected. To define recruitment we can define it formally as it is a process of finding and attracting capable applicants for employment. The process begins when new recruit are sought and ends when their application are submitted. The result is a pool of applicants from which new employees are selected. Theoretically, recruitment process is said to end with receipt of application in practice the activity extends to the screening applicants as to eliminate those who are not qualified for job. PHILOSOPHIES OF RECRUITMENT The traditional philosophy of recruiting has been to get as many people to apply for a job as possible. A large number of jobseekers waiting in queues would make the final selection difficult, often resulting in wrong selection. Job dissatisfaction and employee turnover are the consequence of this. A persuasive agreement can be made that matching the needs of the organization to the needs of the applicants will enhance the effectiveness of the recruitment process. The result will be a workforce which is likely to stay with the organization longer and performs at a higher level of effectiveness. Two approaches are available to bring about match. They are: DEFINATION: “ It is the process of differentiating between applicants in order to identify (and here) those with a greater likelihood of success in a job.’’
- 5. 1.2 SELECTION MEANING AND DEFINATION Selection is the process of picking individuals (out of the pool of job applicants) with requisite qualifications and competence to fill jobs in the organization. A formal definition of Selection is:- “ It is the process of differentiating between applicants in order to identify (and here) those with a greater likelihood of success in a job.’’ Recruitment and selection are the two crucial in the HR process and are often used interchangeably. There I, however, a fine distinction between the two steps. While recruitment refers to the process of identifying and encouraging prospective employees to apply for jobs, selection is concerned with picking the right candidates from the pool of applicants. Recruitment is said to be positive in its approach as it seeks to attract as many candidates as possible. Selection, on the other hand, is negative in its application in as it seeks to eliminate as many unqualified applicants as possible in order to identify the right candidates. ROLE OF SELECTION The role of selection in an organization’s effectiveness is crucial for at least, two reasons; first, work performance depends on individuals. The best way to improve performance is to hire people who have the competence and the willingness to work. Arguing from the employee’s viewpoint, poor or inappropriate choice can be demoralizing to the individual concerned (who finds himself or herself in the wrong job) and de-motivating to the rest of the workforce. Effective selection, therefore, assumes greater relevance. Second, cost incurred in recruiting and hiring personnel speaks about volumes of the selection. Costs of wrong selection are greater. a selection process involves mutual decision-making. The organization decides whether or not to make a job offer and how attractive the offer should be. The candidate decides whether or not organization and the fob offer fit his or her needs and goal. In reality, the selection process is highly one-side. When the job market is extremely right, several candidates will be applying for a position, and the organization will use a series of screening devices to hire the candidates it feels is most suitable. When there is a shortage of qualified workers, or when the candidate is a highly qualified executive or professional who is being sought after
- 6. by several organizations, the organizations will have to sweeten its offer and come to a quicker decision. 2.3 STEPS IN SELECTION PROCESS
- 7. 2. REVIEW OF LITERATURE Most employers recognize the fact that their staff is their greatest asset, and the right recruitment and induction processes are vital in ensuring that the new employee becomes effective in the shortest time. The success of an organization depends on having the right number of staff, with the right skills and abilities. Organizations’ may have a dedicated personnel/human resource function overseeing this process, or they may devolve these responsibilities to line managers and supervisors. Many people may be involved, and all should be aware of the principles of good practice. Even it is essential to involve others in the task of recruitment and induction. Ms. Ambika Verma(2009) in their survey research on the use of technologies in recruiting, screening, and selection processes for job candidates conducted in Dimension group found that most organizations implemented technology based recruitment and selection tools to improve efficiency, reduce costs, and expand the applicant pool. The meta-analysis of the research conducted by chapman, uggersler, carroll, piasentin& Jones (2005) concluded that timely responses from HR managers were linked to greater applicant attraction to a job with an organization. According to Robins, in his study revealed that, “The ideal recruitment effort will attract a large number of qualified applicants who will take the job if it is offered. So recruiting is a process of discovering the potential candidates for actual organizational vacancies”. Robert (2005), in his study titled, “Strategic HR Review, 2004”, states that successful recruitment and selection can improve organization performance”. Bowen, et al(1991), in his study examined “that integrated recruitment and selection process helps recruiters to choose the candidates to fit the characteristics of an organization culture” Beardwell, et al(2003) in his study examined that, “Selection is carried out by organizations as a means of candidates potential and actual performance and the intake of employees will make the most appropriate contribution to organization-now and in future”.
- 8. COMPANY PROFILE ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI was established in 1955 to lend money for industrial development. Today, it has diversified into retail banking and is the largest private bank in the country. Prudential plc was established in 1848 and is presently the largest life insurance company in UK. ICICI Prudential is currently the No. 1 private life insurer in the country. For the financial year ended March 31, 2005, the company garnered Rs 1584 crore of new business premium for a total sum assured of Rs 13,780 crore and wrote nearly 615,000 policies. The Company recognizes that the driving force for gaining sustainable competitive advantage in this business is superior customer experience and investment behind the brand. The Company aims to achieve this by striving to provide world class service levels through constant innovation in products, distribution channels and technology based delivery. The Company has already taken significant steps to achieve this goal. India's Number One private life insurer, ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank-one of India's foremost financial services companies-and Prudential plc- a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 23.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'.
- 9. 3. Rationale of the study The benefit to the study for the researcher that it helps to gain knowledge and experience and also provide the opportunity to study and understand the prevent recruitment and selection procedures. This study very significant in a sense I examine to focus throughout a practical application that all the manager`s need to deal with there HR relations and responsibilities. This study is designed to provide accurate an authorative information in regard to the subject matter core red. These interesting time for HR manager`s. It is surprise to everyone Icici group is the one of the Indian biggest financial institutions. ICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 150 cities and towns in India. ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with over 680 branches and over 235,000 advisors. It also reveals how the companies have coped up with changes in the market vis-à-vis its recruitment and selection process.
- 10. 4. OBJECTIVES OF THE PROJECT Every task is undertaken with an objective. Without any objective a task is rendered meaningless. The main objectives for undertaking this project are, In basic idea behind selecting the topic of “Employee Hiring” is to study how employees are hired. Today organizations are coming up with the new techniques of hiring people. Hence to study how the actual process is carried in the organization. 1. To understand the internal Recruitment process at ICICI Prudential Life Insurance 2. To identify areas where there can be scope for improvement & give suitable recommendation to streamline the hiring process
- 11. 5. RESEARCH METHODOLOGY The insurance sector is marked with a high level of attrition and therefore recruitment process becomes a crucial function of the organization. At ICICI Prudential Life Insurance, recruitment will all time high during May-June and Oct-Nov. The attrition is high among the sales managers, unit mangers mostly in the sales profile. The recruitment is high during these months due to the fact that March and September are half year closing and business is high during Jan-Mar. Thus it will only after March that people move out of the companies. 5.1The Study The study will be based on observe method 5.2 The tools for data collection Primary :- Through Questionnaires Secondary :- Through Internet, Journals, News papers and Misc. Data Collection Procedure :- Survey Research Instrument: - Structured Questionnaire. Sample Size: - 100 Sample Area: - work done in INDORE Sample procedure: - Random sampling.
- 12. References: 1. “Kothari C.R (2004) – Research methodology New Delhi New age international publication 2nd edition 2. Ashwathapa (2010) “Human Resource Management 3rd edition Published by Tata mc graw. 3. Manual from ICICI Life Insurance. 4. Brochure of icici Life Insurance Previous year 5. Company Magazine 6 . http://www.scribd.com/doc/116988034/Smriti-Mrp-Final. 7 .http://www.slideshare.net/sujatayadav5/selection-recruitmenticici 8. http://businesscasestudies.co.uk/business-theory/people/recruitment-and-selection. html#axzz2qKu1QEv6 9. http://www.docstoc.com/docs/120763287/project-reports 10. https://www.icicicareers.com/icici_career/probationary-recruitment.html 11. http://www.search.ask.com/web?l=dis&q=recuitment+and+selection&o=APN10642A&apn_dtid