A Summer Trainng Report on Recruitment & Attrition Management

A Project Study pro subscribe to On Training Under carryn at ICICI PRUDENTIAL action redress CO. LTD. c whole enterment and rubbing Management Submitted in partial fulfillment for the set apart of degree of Master of Business Administration Submitted By Submitted To- ANITA SINGHAL Ms. Sonali Singh Chauhan MBA Part 3rdLecturer of MBA incision 2011 2013 PREFACE zero(prenominal)ional run through without practical k equivalent a shotledge is of little value. Theoretical studies in the classroom argon not sufficient to escort the surgical appendage of complex & large sized nerve.A student of attention quarter contrive a theoretical association, but he/she must(prenominal) have a practical knowledge too, so that he/she bunghole be able to tackle the various problems that arise in business. in that respectfore, it be feels necessary for a tutelage student to undergo either suggest shape. Practical knowledge supplements the theoretical studies and cove rs al one and only(a)(prenominal) the possible argona, which is left uncovered in classroom. A systematic practical training is necessary for a trainee to bring in him the confidence for product line per pathance & mental preparation which modifys him to take up hereafter(a) prank responsibility.It ex pounds student to in precious treasure of experiences. I had received training at ICICI prudent damages Co. Ltd. Jaipur (Raj. ), in the recruitment and contriteness Management. During the training program, I got the opport social unity to l bring in valuable things regarding management. It was my outcome to bring forth the training in a precise levelheaded atmosphere. The management of the keep beau monde rendered take oning situation, sufficient facilities & training opportunities to fulfill the objectives of training. The normal gain to me entrust be reflected in the report itself.This project has in truth exposed me to a far bracing world & I tran sp bently hope that ICICI Prudential restitution Co. will take my learning tingely valuable as I found it in fictile my c beer. Acknowledgement A research take on toilettenot be freed without the support management of various individual & institutions. I expressed my sincere thanks and gratitude to all those who do it possible for me to complete this report. With great pleasance and sincerity I wish to express my deepest sense of gratitude towards Mr.AMIT GOYAL (Branch Manager) for their valuable guidance and Practice suggestions and for patiently enduring my numerous queries I would senior highly glad to Mr. Sudhanshu Shanker (Senior Manager sympathetic options) who assigned this project to me and providing me the opportunity to complete this project with their guidance and experience. I wish to thank ICICI Prudential action damages Co. Jaipur, (Raj. ) for providing me an opportunity to school with them on this project. My retard in the organization has been a great learning experience.This exposure has greatly enriched me with knowledge. (ANITA SINGHAL) MBA 3rd SEM Executive sum-up menu of coachs The ICICI Prudential sustenance amends fellowship Limited identity card comprises reputed stack from the finance sedulousness two from India and abroad. Ms. Chanda D. Kochhar, Chair person Mr. N. S. Kannan, coach Mr. K. Ramkumar, conductor Mr. Barry Stowe, Director Mr. Adrian OConnor, Director Mr. Keki Dadiseth, self-governing Director Prof. Marti G. Subrahmanyam, Independent Director Ms. Rama Bijapurkar, Independent Director Mr.Vinod Kumar Dhall, Independent Direct INDEX Chapter NO. musical theme PAGE NO. 1 INTRODUCTION TO THE attention 7 2 INTRODUCTION TO THE ORGANISATION 10 3 look into METHODOLOGY 33 3. 1 TITLE OF THE STUDY 33 3. 2 DURATION OF THE purport 33 3. 3 OBJECTIVE OF STUDY 33 3. 4 reference OF RESEARCH 34 3. 5 example SIZE AND METHOD OF SELECTING SAMPLE 35 3. 6 SCOPE OF STUDY 35 3 . 7 boundary OF STUDY 36 FACTS & FINDINGS 38 5 selective selective information outline AND INTERPRETATION 40 6 SWOT abridgment 54 7 CONCLUSION 57 8 RECOMMENDATION & SUGGESTIONS 59 9 APPENDIX 62 10 BIBLIOGRAPHY 65 CHAPTER 1 INTRODUCTION TO THE INDUSTRY Overview of the vitality sentence history Insurance Sector in India With largest number of life indemnification policies in force in the world, Insurance happens tobe a mega opportunity in India.Its a business bringing at the target of 15-20 per cent yearlyly and manifestly is of the severalise of Rs 450 one million million. Together with banking dish outs, it adds close 7 percent to the countrys GDP. Gross premium collection is closely 2 per cent of GDP and property functional with LIC for investments be 8 per cent of GDP. Yet, nearly 80 per cent of Indian populations argon without life indemnity cover, wellness indemnity and non-life damages continue to be down the stairs international standards. And this part ofthe population is withal subject to weak cordial security and pension systems with hardly any old age income security.This itself is an indicator that branch potential for the indemnification arena is immense . A nearly-developed and evolved indemnity sector is needed for frugal phylogenesis as it renders farseeing precondition depots forinfrastructure development andat the uniform date streng wherefores the put on the line of exposuretaking ability. It is estimated that over the conterminous ten long time India would require investments of the regularize of one trillion US dollars. The Insurance sector, to some extent, ass alter investments in infrastructure development to sustain economic gain of the country.With a large superior outlay and commodious gestation periods, infrastructure projects be fraught with a multitude of risks without the development, construction and operation stages. These entangle risks associated with project implementation, including geological risks, maintenance, commercial and political risks. Without covering these risks the financial institutions atomic number 18 not willing to commit funds to the sector, especially beca employ the financing of around cloistered projects is on a limited or non- recourse basis. Insurance companies not organicly provide risk cover to nfrastructure projects, they also founder long-term funds. In fact, insurance companies are an ideal source of long term debt and honor for infrastructure projects. With long term liability, they get a fair asset- liability match by investing their funds in suchprojects. IRDA regulations require insurance companies to invest not less than 15 percent of theirfunds in infrastructure and social sectors. International Insurance companies also invest theirfunds in such projects. Insurance is a federal subject in India. There are dickens legislations that rank the sector-The Insurance Act- 1938 and the IRDA Act- 1999.The Government of India liberalized the insurance sector in March 2000 with the exit of the Insurance Regulatory and instruction Authority (IRDA) Bill, lifting all entry restrictions for personal workers and allowing contrasted players to enter the securities industry with some limits on direct foreign ownership. Underthe on-line(prenominal) guidelines, there is a 26 percent equity cap for foreign partners in an insurance follow. There is a device to increase this limit to 49 percent. Premium points of around general insurance policies come under the purview of the government appointed duty Advisory Committee.The opening up of the sector is same(p)ly to direct to great spread and deepening of insurance in India and this whitethorn also admit restructuring and revitalizing of the public sector companies. A host of private insurance companies operating in both life and non-life segments have started selling their insurance policies since 2001. CHAPTER 2 INT RODUCTION TO THE ORGANIZATION Company Profile ICICI Prudential Life Insurance Company is a joint venture between ICICI affirm one ofIndias foremost financial function companies-and prudential plc a pencil lead international financial services group headquartered in the unite Kingdom.Total capital infusion stands at Rs. 37. 72 billion, with ICICI Bank holding a post of 74% and Prudential plcholding 26%. We began our operations in declination 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). To daylight, our nation-wide team up comprises of over 954 branches in addition to 1,015micro-offices, over 296,000 advisors and 21 banc assurance partners. ICICI Prudential was the offshoot life promiser in India to receive a bailiwick Insurer Financial Strength rating of AAA (Ind) from Fitch ratings.For leash years in a row, ICICI Prudential hasbeen voted as Indias Most bank offstage Life Insurer, by The Economic Times AC NielsenORG Marg muckl e of Most Trusted Brands. As we grow our distribution, product range and client base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to clients all overIndia. Company Promoters ICICI Bank ICICI Bank Limited(NYSEIBN) is Indiaslargest private sector bankand the second largest bank in the country, with consolidated full(a) assets of $121 billion as of March 31, 2008.ICICI Banks subsidiaries imply Indias leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bankspresence currently spans 19 countries, including India. Prudential Plc Established in London in 1848, Prudential plc, through its businesses in the UK, Europe, US, Asia and the Middle East, provides retail financial services products and services to much than 20 million nodes, indemnityholder and unit holders and manages over ? 267 billion of funds widely distributed (as of December 31, 2007).In Asia, Prudential is the leading European life insurance connection with life operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential is one of the largest retail fund managers for Asian sourced assets ex-Japan. Its fund management business has expanded into ten markets, comprising of China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emi sends. Vision and Mission Statement Their vision is to make ICICI Prudential Life Insurance Company the dominant new insurer in the life insurance industry.This they hope to achieve through their commitment to excellence, focus on service, speed and innovation, and leveraging our technological expertise. The success of the organization will be founded on its strong focus on values and clarity ofpurpose. These implicate Understanding the take of customers and fliping them superior products and servicebuilding long ref inementing familys with their partners providing an enabling purlieu to foster growth and learning for their employees and higher up all building transparency in all ourdealings. They believe that they nookie play a signifi give the sackt role in redefining and reshaping the sector.Given the eccentric of their occupation and the commitment of their team, they feel that there willbe no limits to their growth. Board of Directors. The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Ms. Chanda D. Kochhar, Chairperson Mr. N. S. Kannan, Director Mr. K. Ramkumar, Director Mr. Barry Stowe, Director Mr. Adrian OConnor, Director Mr. Keki Dadiseth, Independent Director Prof. Marti G. Subrahmanyam, Independent Director Ms. Rama Bijapurkar, Independent Director Mr. Vinod Kumar Dhall, Independent DirectPrinciples and Types of Insurance Principles of Insurance Insurance is a risk transfer mechanism it trans fers the financial risks of eachday life from you to an insurance company, but notwithstanding in terms of the financial consequences of risk. Without insurance, if you car was damaged, it would cost you a mickle of funds to fix it or to buy an early(a) one. It could cost you redden much to pay for compensation to someone else involved in an accident. Insurance comfortsyour financialinterests. It washbasinnotalleviate theemotional consequences of an accident. It cannot provide for benignantitarian ideals.It cant help you with bathetic losses. But properly used, it will protect your financial investment in your car and your healthy obligations should you have an accident. Insurable quest Before you can insure anything, you must have a legally recognised financial interest in what you are insuring. For motor insurance, you cant take out an insurance policy on the cardriven by the latest admit star in the hope that it will crash and you can claim. That is nothing more tha n than gambling. You have no financial interest in the wholesomeorganism of the object insured and would gain by its destruction.But you can insure the car you own, or drive. You would sufferfinancially if it is damaged or stolen and service from its continued existence. Indemnity This word is used to describe the type of recompense you would receive. A motor policy and a household policy are both a contract of indemnity. It means, subject to the terms of the contract, you are em queen to be put back in the same financial mark after a loss as you were inbefore the loss. In terms of a new for old policy the measure of indemnity is agree at the point of sale rather than the condemnation of claim.The term is also sometime used to indicate if your insurerwill encounter the claim at all. A refusal to indemnify is a refusal to pay the claim. ATTRITION It is all important(p) to run across the high contrition rate in Indian insurance sector, which stands mystifyly around 35% taking into consideration the enlisting and plectrum of Insurance gross sales personnel, and various reasons behind the scrape rate are as follows Controlling Attrition In an ideal world, employees work hard, venerate their hypothesize, worship their work give, feel like a family and would never leave.But in the significant world, employees quit at the drop of a hat. In todays scenario, it is the major challenge before the insurance companies to moderate the high detrition rate. As the Indian insurance industry grows exponentially, companies are taking the long leap from survival strategy to competitive strategy. Hence, there is a incessant thirst for the best and the brightest of employees, and the result is heavy excoriation. In addition, there are several other reasons as to why employees quit. The reasons are too alter to be clubbed together, but the bottom line remains the sameit is all about silverTherefore, it is no wonder that the compensation levels in the industry ar e heading north. Companies are literally bidding for talent and luring a port(p) employees with attractive salaries and designations. While HR experts define it the function of contract and supply, it is a undecomposed concern for employee holding. A Critical Issue After IT and BPO, it is now the insurance sector that is facing the growth of high abrasion rates. For most HR managers, employee retention is the macrogest challenge. Talent or human resource is a major asset for any company.Company Invest high amount of money for their recruitment, plectrum and training and what happens to company if these talents or employees leave the organization in short age seeking new opportunities. Indian Insurance manufacture is one of the fastest growing knowledge based sector with annual attrition rate of around 30-35% compared to the global insurance attrition rate of 10-12% per annum. Current statistics dis aspect that higher attrition rate problem principally exists in Marketing and RD departments. Major reasons for high attrition rate, stated by employees during the survey are- 1.Inadequate fee or compensation plan. The adjacent gain in salary package was found to be amenable for job change in 61 per cent of the cases. 2. Poor management 3. Uninteresting job 4. Lack of motivation Job Lacking prospect for Future Advancement Leaving company by the employee not only leads to loss of money for the company in his training and development of knowledge but it also increase the threat of education security if employee moves to equate company and loss of the business. Whenever a well-trained and well-adapted employee leaves any organization, it creates a vacuum.The organization loses get a line skills, knowledge and business relationships, and it is not an easy task to find a sustainable substitute. Situation is worse when it happens at a critical ( finding making) define, as there is a scarcity of such technical resources in the market. Attrition this in stant affects the company. Recruiting and training program for employees is an expensive affair. The company has to invest a lot while recruiting an employee. Attrition is a universal phenomenon and no industry is devoid of it, but the degree fluctuates from industry to industry.Major insurance companies in India are age-old and established, having their own culture and work practices and therefore, employee rhythmover will be a common phenomenon in such companies. Attrition is a serious issue in the insurance industry because the industry is knowledge-based and hence employees are its assets. Many HR experts believe that money, though a key factor, is not the only one which makes employees quit. Attrition also happens when people hate their running(a) conditions, do not like their team-mates or perhaps do not like what they are doing.There are also cases when people leave their job for family reasons or when they wish to migrate. Experts also believe that organisational culture h as a great impact on who stays and who goes. And the culture of an organization is firm by the quality of the relationship between bosses and their subordinates. According to a everyday saying, employees never leave the company, they leave their bosses. An in effectual boss creates poor work culture, which is one of the frequent reasons for quitting. Employers often fail to understand the wideness of providing opportunities for development of their employees or their locomote growth.A conducive working atmosphere, good culture, training and career growth with adequate salary are some provisions that control attrition. either employee comes to his organization with some aspiration. An organization is viewed as a place where employees meet their aspirations of growth and development, values of trust, teamwork and transparency. If a company respects them and their skills, get in their potential and provide them with a healthy environment to learn and grow with flexible compensati on, employees take that as a strong reason to stay on.Recognizing the contribution of outstanding achievers also inspires others to try hard and put in their best. A good organizational behavior also focuses on areas like training, career development and believe in equipping workforce break in on the professional front. Experts say that good organizational behavior is slavish in extending the tenure of employees in the organization as it increases their self-esteem, confidence, morale and motivation. A substantial growth of employees self-esteem is as important as the pattern of learning in the industry.Otherwise, experts fear that insurance organizations will meet a sorry fate as far as retention policies are concerned. Attrition is the Function of Demand and Supply The demand comes from the growth of the industry and the policy of the company. These two things decide whether there is a demand of fresher or experienced employees. On the other hand, the supply comes from the educ ational institutions and the market. Normally the supply from the educational institutions is enough to meet the demands of the insurance industry, there is a lack of experienced people in the industry, which in turn has created an imbalance.The imbalance is crucial to the growth of the industry. While the industry is growing, not all companies are capable of taking fresh people and groom them. Hence, the current status demands experienced people and shortage of skills or retaining existing employees pose an issue for the industry. In the current scenario, the demand of experienced and good employees is actually outstripping the supply. In such a situation, higher salary structures pose a major challenge in controlling attrition levels in the industry. Moreover, the salary growth plan is not well defined as well. wholly this encourages poaching by companies tossing higher salaries.Though the salary is decided retentiveness in line with the market trends, the qualification, experi ence and the attitude of the individual matters. recompense or even increments are dependent very much on what kind of value adding the person is or will do in the organization. Besides, HR experts from the industry believe that out paying is not a winning tactic for companies. The organizations reward strategy reflects its power to drive quality employees. Apart from salary, recognition of work is a healthy retention strategy. If the organization values its employees, recognizes and appreciates their skills and work, it pays.It is important to keep an eye on fast track people who are intelligent and tenuous performers. mathematical operation is a primary requirement therefore, excellent performers should be valued. They should be identified, nurtured and provided growth opportunity. HRs Role and Strategies in ICICI PRUDENTIAL life sentence indemnification CO. As the get by for trim down employee attrition rates is intensifying, recruiters are putting renewed efforts in ident ifying talent, which is committed and productive. However, while everyone is competing for talent, in experts opinion, a hiring spree can be a blunder sometimes.Stringent recruitment mold could help reduce attrition to a certain extent. An internal referral mechanism is also very useful in reducing attrition rates in companies. A pure(a) epitome of a chances background or behavior pattern, adaptability or disposition would help the organization with good resource pool and less attrition rates. Hiring slayers rather than stars is yet another strategy. According to experts, some of the most gifted people often have the tendency to move on. The reason creation their eagerness to climb by shifting from one company to another. common job hoppers are not the ultimate gainers. They gain or earn only in terms of money but those who opt to work in one organization for long are able to learn and gain experience which pays in the long term, An efficient HR focuses on creating a good wo rk culture and work out dissimilar strategies in line with organizational philosophy. According to experts, HR managers must use the combination of growth, learning opportunity and pay attention to employees personal needs and participation. The needs of the employees should be regularly gauged through open communication, polls and feedback mechanisms to prevail consistency in performance and high motivation levels.Insurance employers need to understand the same and deal this issue on a war footing so as to avoid loss of good employees and, also the business. This brings to the issue of recruitment and plectron. If these initial stairs are flawless, it also helps in reducing the attrition. SIGNIFICANCE OF RECRUITMENT AND SELECTION extremity enlisting and selection refers to the train and sequence of activities pertaining to recruitment and selection of employable expectations and job seekers for an organization. every(prenominal) enterprise, business, and entrepreneurial fi rm has some well defined job and recruitment policies and hiring procedures.Importance of Recruitment is wedded below Attract and encourage more and more campaigners to apply in the organization. * Create a talent pool of nominees to enable the selection of best candidates for the organization. * Determine present and future requirements of the organization in conjunction with its personnel planning and job analysis activities. * Recruitment is the dish up which links the employers with the Increase the pool of job candidates at minimum cost. * foster increase the success rate of selection wreak by diminish number of visibly under qualified or overqualified job appliers. support reduce the probability that job applicants once recruited and selected will leave the organization only after a short period of time. * Meet the organizations legal and social obligations regarding the composition of its workforce. * Begin identifying and preparing potential job applicants who will be appropriate candidates. * Increase organization and individual effectiveness of various recruiting techniques and sources for all types of job applicants. Factors Governing Recruitment External Factors * Supply and demand * Un exercise rate * Labor market * Potential social Sons of soil * Image intrinsic Factors * Recruitment policy of the organization * Composition of temporary and part time employees. * Preference to local people even by multinationals as they understand local language. * Size of recruitment * Cost of recruiting Fig. 1 The General Recruitment crop 1. Identify vacancy 2. Prepare job explanation and person particular(prenominal)ation 3. Advertising the vacancy 4. Managing the response 5. Short-listing 6. Arrange oppugns 7. Conducting interrogate and decision making. The recruitment fulfil is immediately follow by the selection mathematical process i. . the last-place audiences and the decision making, conveying the decision and the appointment formaliti es. Recruitment and natural selection are perhaps the most important tasks for an organization. Recruitment refers to the process of prying and appointing prospective candidates in an organization. An organization must undertake the recruitment procedure if it wants to appoint the right people under its employment. According to Edwin B. Flippo, Recruitment is the process of searching the candidates for employment and stimulating them to apply for jobs in the organization. A process of finding and attracting capable applicants for employment. The process begins when new recruits are sought-after(a) and ends when their acts are submitted. The result is a pool of applications from which new employees are selected. Recruitment is the activity that links the employers and the jobseekers. Sources of recruitment Why Does Organization Prefer inbred Sources? * Internal recruitment can be used as a technique of motivation. Suitability of internal candidate can be judged wear than the ext ernal. * Candidates as known devils are better than unknown angels. Employees psychological science needs can be met by providing an opportunity for advancement. * Employees economic needs can be met by providing an opportunity for advancement. * Cost of selection can be minimized. * Cost of training, evidence, orientation, etc can be minimized. SELECTION PROCESS in ICICI PRUDENTIAL LIFE damages CO. The main objective of a selection procedure is to determine whether an applicant meets the qualification for a specific job, and because to choose the applicant who is most likely to perform well in that job.The entire process of selection begins with an initial masking piece query and concludes with a final employment decision. When a selection policy is formulated, organizational requirement like technical and professional dimensions are kept in mind. Selecting a suitable candidate can be the biggest challenge for any organization. According to Dale Yoder Selection is the process in which candidates for employment are partake ind into 2 classes those who are to be offered employment and those who are not. 1) Pre Interview cover version This is generally the starting point of any employee selection process.Pre Interview screening eliminates unqualified applicants and helps save time. Applications received from various sources are scrutinized and irrelevant ones are discarded. A preliminary Interview is conducted. 2) Preliminary Interview The application of candidate whose screening is successful is found to be eligible for the preliminary interview which covers the personal as well professional details of the prospective candidate. 3) net Interview This interview is formal in depth conversation conducted to estimate applicants acceptability. 4) Medical ExaminationIf all goes well, then at this stage, a medical examination is conducted to make sure that the candidate enjoys sound health and does not suffer from any serious ailment. 5) construeing Refe rences Most application forms include a section that requires prospective candidates to put down names of a few references. References are contacted to get a feedback on the person in question including his behavior, skills, conduct etc. 6) Job Offer A candidate who clears all the steps is finally considered right for a particular job and is presented with the job offer. An applicant can be dropped at any given stage if considered unfit for the job.Only after successfully clearing all the hurdles, an applicant can enjoy the feeling of being selected for a particular job. 7) inductance Programme New entrants after joining are given induction programme. It helps the new employee to understand and develop a sense of identification with the company and he can clearly understand his job and will be able to perform his work in good manner. HR POLICIES AND operation HR department deals with the management of human resources. It is responsible for the creation of on-key working relations among the participants of the organization.It effectively deals with the process of planning, directing, developing, and utilization of human resources available to the company. Personnel department basically involved with the management of personnel or human resources. Personnel management is the planning, organizing, directing, and controlling the procurement, development, integration, maintenance and separation of the human resources to the end that individual, organizational and social objectives are accomplished. Recruitment Checklist of ICICI PRUDENTIAL LIFE INSURANCE CO. * Has the vacancy been agreed by the responsible HOD? Is there up-to-date job description? * What are the conditions of employment for their vacant positions? * Has a candidate specification been prepared? * Has the manpower requisition form been submitted earlier? * Has the job advertisement been agreed? * choose the interview arrangement been made? * Have unsuitable candidates held in reserved been infor med? Explanation of Recruitment Process Steps in Recruitment process are as follows 1) fatality Gathering Requirement gathering starts with the job description provided by the several(predicate) department.The manpower requisition forms are provided by the HR department and then filled by the respected departments. Job description contains criteria such as qualification, professional experience, designation in the organization, urgency of manpower requirement in the organization. 2) Analysis of the Requirement It is a clear requirement with a comminuted explanation. A clear understanding enables a recruiter to provide a valuable manpower to the required department in terms of giving them a right candidate that matches up their requirement and to provide a candidate with good opportunity to sharpen his skills and achieve his personal goals. ) Sourcing of CVs In order to find the relevant visibleness for the job, it is very essential to search the CVs. This can be done in next wa ys * Casual application from local places. * Contacts through the present employees. * Data bank * Portals, such as Naukri. com * Former employee * Campus interview. 4) Screening of CVs This is very important step. It decides whether the CV matches the job description given by the department head. In this step the recruiter has to study the chase details in deep- Date of birth spicyest qualification sustain Skills Expected salary, etc. ) Arranging the interview After screening the CVs, the interview schedule is scheduled by the recruiter. Once the schedule is fixed, candidates are called for interview. 6) At the time of interview Candidate is given the personal data form to fill before the interview. Personal data form covers all the in depth information of candidate. Personal data form and resume inclined to it is handed over to the interviewer before an interview. Then preliminary interview and final interview is conducted. 7) Medical Checkup Selected candidates are sent to medical medical with pre medical tinkleup form.The main objective of this test is to detect whether the applicant is physically fit to perform work or not and to protect the employer from worker compensation claims. 8) Reference Check Reference check is made for an experienced candidate. Many employer request name, contact number, address of reference for collateral the additional background information of the candidate. 9) Documentation After the reference check is positive, candidate is called for further procedure of documentation. After documentation the candidates are provided with offer letter. 10) Induction ProgrammeNew entrants are given induction programme. It helps the new employee to develop the sense of identification with the company. The newly entrants is given information about the major products, departments and organization, key statistics. This helps the newly joined employees to understand their work in a better way. Criteria for Recruiting a Medical Represen tative A Check List 1. Age It is advisable to select them young, usually between 21 and 25 years. 2. Education Depending upon the level of technical knowledge required for promoting your products you can decide on this. 3. ExperienceIt may be advisable to select a fresh graduate with good scholastic record and extracurricular activities. just about companies prefer limited experience of a year or two in similar companies. In the case of an experienced candidate see to it for his accomplishment, tract record, etc. 4. Appearance A pleasing personality is unendingly preferred. 5. Manners He / she should have good manners as he moves in a sophisticated highly educated class. 6. Voice and air There should be clarity of voice, modulation and grammar 7. Reactions Alertness, quickness of response. 8. Drive readiness to stimulate, enthuse others and self-assurance. . Intelligence Comprehension, reasoning ability, keenness and smartness is expected of him/her. 10. Interest Sincerity of a mbitions and personal goals, interest in other people. CHAPTER 3 RESEARCH METHODOLOGY The core concept underlying research is its methodology. The methodology controls the study, dictates the attainment of the data, and arranges them in logical relationships, sets up a means of refining the tippy data, contrives an approach so that the meanings that lie below the surface of those data become manifest, and finally issue a conclusion or series of conclusions that lead to an expansion of knowledge.The entire process is a unified effort as well as an appreciation of its component parts. According to J. W. B. est, look for is considered to be formal, systematic, intensive process of carrying on the scientific method of analysis. It involves a more systematic structure of investigation usually resulting in some clear up of formal record of procedures and report of result or conclusions. According to P. M. Cook, Research is an honest, exhaustive, intelligent searching for facts and t heir meanings or implications with reference to a given problem.It is the process of arriving at dependable solutions to problem through planned and systematic collection, analysis and interpretation of data. The best research is that which is reliable, verifiable and exhaustive so that it provides information in which we have confidence. 3. 1 Title of the Study Recruitment and Attrition Management 3. 2 Duration of the Project 2 Months (25th June to 24th August) 3. 3 Objective of the study The objectives of the study are as follows * To understand the concept and mechanism of insurance. * To have an overall view of the Recruitment Process in a leading private sector company. To get a primary knowledge as regards to the proper implementation of the extent Recruitment Policies in ICICI PRUDENTIAL LIFE INSURANCE and its preparedness to meet the new challenges in the area of Recruitment. * To review the Human Resource Policies of ICICI PRUDENTIAL LIFE INSURANCE and compare with them H uman Resource philosophy given in the literature. * To pursue any legal requirement which apply to the recruitment and selection process. * To get familiar with the organization. * Getting practical experience regarding the organizational function. To learn about the policies and functions of the organization. * To understand the culture in the organization and its effect on employees. * To get industrial exposure and experience. 3. 4 Type of the Research To get complete knowledge about the recruitment and selection activities information are equanimous on the basis of both primary and secondary sources. PRIMARY DATA particular data are those which are a fresh and for the first time and thus happen to be original in character. Primary data were collected by direct interview with the authorities and staffs and by observation and participation.SECONDARY DATA indirect data are those which have already been collected by someone else and which have been passed through the statistic al process. Secondary data were collected from various records kept in departments, company indites, magazines and websites. 3. 5 Sample size and Method of selecting sample SAMPLING SIZE hundred It means how many people to survey. SAMPLING UNIT The researcher must define the target population that will be surveyed the sample unit for my survey is wholesalers, retailers, masons, contractor and consumer of Rajasthan State.SAMPLING PROCEDURE RANDOM SAMPLING Due to the time limitation and lack of sufficient knowledge I confined my study till random sampling. 3. 6 Scope of the Study Recruitment is the process of searching for prospective employees and stimulating them to apply for job in the organization. Recruitment is a positive process of searching for prospective employees, whereas selection is a negative process because it involves rejection of unsuitable candidates. Today the scope of the recruitment is very broad. The scope of the recruitment at ICICI PRUDENTIAL LIFE INSURANCE CO. enerally covers the following steps * Enhancement of productivity. * Quality manpower. * Committed job assignment. * Development of teamwork. * breach utilization of existing manpower 3. 7 Limitation of the Study The present research work is undertaken to maximize objectivity and minimize the errors. However, there are certain limitations of the study, which are to be taken in to consideration for the present research work. * The study was conducted only for the performance of Insurance advisors, Adayar branch Chennai city. It may not be suitable for other organizational employees. The advisors behavior may not be same in other branches in Chennai city or country, because of the difference in their performance, target, motivation, attitude, approaches with customers, culture, and working environment etc. * The research was done based on the details provided by the 70 advisors the conclusion derived may not be wholly applicable to all branches in the city. The study is conducte d with the help of the database provided by the Unit manager. * As the target population is large and due to the time constraint, convenience sampling technique was used to select the respondent. Chapter-4 FACTS AND FINDINGS Majority of the respondents believed that larger risk reportage of their policy was the main feature that attracted them to buy that policy, low premium was the next important feature. * ICICI Prudential is the largest private player in the insuranceindustry in India. * Due to the increasing concern of people towards their health/life the life insurancebusiness has good prospects. * There are few short term plans which are not known to thepublic. * Company has high policy charges which are not affordable by the lower shopping center and lower class people. * Out of positive population of 1 billion of country, only 22% have insurance cover.So we can say that there is still large potential for both the public and private companies. Private companies have to give varied customized product to compete with the LIC which is holding about 97% of the fall market. CHAPTER-5 digest AND INTERPRETATION 1. What is the biggest public assistance of life insurance? SL. NO repartee NO OF RESPONDENTS PECENTAGE % 1 Security 40 80 2 commission 5 10 3 Protection of wealth 5 10 4 all 0 0 descend 50 100 Analysis Interpretation The supra represent shows that the biggest benefit of life insurance is security with 80% and the next two shows the equal % that is 10% benefit ) Is there any performance incentives? SL. NO solvent NO OF RESPONDENTS PECENTAGE % 1 yes 47 94 2 no 3 6 get 50 100 Analysis Interpretation The higher up graph shows the performance incentives are 100% given in the company. 3) How do you recruit employees in ICICI PRUDENTIAL LIFE INSURANCE CO.? SL. NO solvent NO OF RESPONDENTS PECENTAGE % 1 References 3 6 2 Advertisements 5 10 3 Consultancy 35 70 4 Walk-ins 7 14 total 50 100 ANALYSIS INTERPRETATION The hiring process in this company is done by consultancy of 35 respondents and next is through walk-ins. ) How frequently you recruit employees? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 6 months 5 10 2 1 year 0 0 3 3 months 5 10 4 Every month 40 80 total 50 100 ANALYSIS INTERPRETATION In this company the employees are recruited frequently for every month for this the respondents are 80%, after this 3 months and 6 months are 20%. 5) What is the range on ordered series of acquire maximum good quality profiles? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 Average 35 70 2 close 10 20 3 precise good 5 10 4 excellent 0 0 total 50 100ANALYSIS INTERPRETATION The in a higher place graph shows that the range of getting good quality profiles are average are 70%,and good are 20% and very good is shown by 10%. So no excellent are there. 6) Under what criteria do you consider while screening the profile? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 Age 5 10 2 Qualification 7 14 3 Work experience 38 76 4 Re ferences if any 0 0 total 50 100 ANALYSIS INTERPRETATION The above graph shows while screening the profile work experience is given more importance by 76%, and next by qualification by 14%. ) What is the % of candidates who clear the expertness test? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 100 0 0 2 70 10 20 3 80 35 70 4 50 5 10 total 50 100 ANALYSIS INTERPRETATION The above graph shows the % of 70% of the candidates clear the aptitude test. 8) Do you usually provide training skill development to new recruits? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 yes 42 84 2 no 8 16 total 50 100 ANALYSIS INTERPRETATION The above graph shows the training provided to new recruits is yes by 84% and no by 16%.So training is provided to some extent. 9) How many steps include in selection process? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 5 7 14 2 6 0 0 3 8 0 0 4 4 43 86 total 50 100 ANALYSIS INTERPRETATION The above graph shows the selection processes include mostly 4 and s ometimes 5 in this it show 86% include 4 steps. 10) After selection of candidates what is the time for offer release? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 Same day 0 0 2 3-5 eld 37 74 3 1-2 days 10 20 4 7 days 3 6 total 50 100 ANALYSIS INTERPRETATIONThe above graph shows after selection the offer letter is given to the selected candidate in 3-5 days and if the candidate is good then 1-2 days 11) What is the employment rate in ICICI PRUDENTIAL LIFE INSURANCE in a year? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 70 5 10 2 80 35 70 3 90 10 20 4 100 0 0 total 50 100 Analysis INTERPRETATION The above graph shows the employment rate in ICICI PRUDENTIAL LIFE INSURANE is 70% in a year and 35 are judge. 12) What is the experience required for HR position in ICICI PRUDENTIAL LIFE INSURANCE? SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 3 years 5 10 2 4 years 15 30 3 2 years 0 0 4 5 years 30 60 total 50 100 ANALYSIS INTERPRETATION The experience required for HR position in ICICI PRUDENTIAL LIFE INSURANCE CO. is 5 years and accepted by 30 members. 13) What is attrition rate in ICICI PRUDENTIAL LIFE INSURANCE? (No. of employees sledding the company in a year) SL. NO RESPONSE NO OF RESPONDENTS PECENTAGE % 1 50 40 80 2 60 10 20 3 80 0 0 4 30 0 0 total 50 100 ANALYSIS INTERPRETATION The attrition rate in ICICI PRUDENTIAL LIFE INSURANCE is 50%, and accepted by 40 members. CHAPTER-6 SWOT ANALYSIS S.W. O. T Analysis of ICICI Prudential Life Insurance Strength * ICICI Prudential is one of the largest financial institutions of India. * Money power, which makes them ignorant about the gestation period. * Motivation factors provided by the Company. * Service quality, which is the crux of their mission. * A huge data base of collective clients, retail customer, and bank customersof ICICI. * Highest paid up capital depositedin IRDA, in comparison to all players. * Training provided to all people associating with ICICI Prudential. Weakness * High targets for f inancial advisors and for the salesdepartments. Many competitors in the market offer same product by the title difference in the premium and offerings. * Very huge premium of policies. * Problematic to advisors also. * Sustainable to risk associated with investments in money market. Opportunities * Health insurance and pension schemes, an estimated market potential ofapproximately $15 billion. * imbibe up with more corporate agents all over India. And Tie up with broker(agent) also. * Strong brand of company helpsto boost sales in market. * Attract more people of providing customer centric products. Threats * Players like Bajaj and Birla Sunlife with low premium for the similarplans. People are not aware of different distribution channels. * Threat from existing insurance players. * Threat from new entrants. * Changes in the policy of IRDA. CHAPTER-7 CONCLUSION Over the last few decades companies have increasingly begun to realize the importance of customer rejoicing. Where tradin g environments have become saturated and customers increasingly hard to come by, customer retention has become imperative as the customer-to-business level in the Indian context the disconfirmation paradigm is still the predominant paradigm influencing the customer satisfaction process.As it is pivotal in this competitive era of globalization as every player in this banking industry is making various efforts to increase its pie share or if no increase at least maintains their market share. In relation to the primary research analysis undertook by me, inference can be portrayed that people are incline towards the LIC as they find them more reliable and they also prefer because of their long term relationship with the customer segment. So last we can say that for the insurance sector to succeed they must pay close attention to the revealed choice criteria of the customer in their decision making activity.Therefore customer relationship management programs must be designed to keep the customers intact that includes aligning product and service offerings with customer needs can only be achieved when sufficient knowledge of customer requirement has been captured. Thus accurately understanding the customers need is the most important step towards achieving customer satisfaction. CHAPTER-8 RECOMMENDATION AND SUGGESTON There are some recommendations Open some more branches in articulated lorry urban and rural area ICICI Prudential has almost its branches in urban area ormetros. So in order to increase the no. f customer, ICICI Prudential should increase the approach towards potential customers. For that it has to increase the branches in the semi urban cities like C, D gradecities. And the rural selling is the best option forICICI Prudential to increase its base in the market. improve customer services In order to take the receipts of being industry leader in private sector, ICICI Prudential has to improve its customer services. According to my experience in the co mpany, a good number of customers barricade to pay their premium at time so it causes a big loss to the company.ICICI Prudential has already collaborated with the ICICI bank for its Banc assurance facility and thencan include another feature in it. ICICI bank can offer a bankaccount with the life insurance policy in which an ATM card will beprovided. This card will haveall the information regarding the policy as like future premium payment dates, payment made, money value ofthe policy at that date, value of the unit linked plan andall other information what the customer want. This will help the customer to pay premium ontime and save their losses.This will be mutually helpful for both sister companies, ICICI bankwill get new account andICICI prudential will be able to more efficient services to their customers. form some unit linked life insurance plans in the market. macrocosm a market leader doesnt ensure the leadership in the future. Since afterincrement in FDI from 26% to 49% all player will have the opportunity to capture the market share. So in order to maintain its position ICICI Prudential should-Introduce some new market linked insurance plan, which will give a competitive advantage to the ICICI Prudential against its competitors.Trained the financial advisors more efficiently In the changed scenario, moreefficient training will be needed, so ICICI Prudential should provide good and efficient training to their financial advisors. Because they are the onewho interact directly with the customers. So good training will give them the right way to dealwith the potential customers. Suggestions * LIC ICICI Prudential should work upon building good personality of its brand as good reputation has direct effect on purchase of insurance product. LIC ICICI Prudential should work upon raising the awareness of the product and give more option and provide transparency so as to make selling of its product easier. * Advertising of the insurance product should li ne on the need of security. * Insurance should be popularized as the means of securing future rather than saving tax. * Policies should be issued quickly and with less formality. * Other services should be provided. * Reference group are the most effective mass medium of advertising insurance. CHAPTER-9 APPENDIX QUESTIONNAIRE 1. What is the biggest benefit of life insurance?A) Security B) commission C) protection of wealth D) all 2. Is there any performance incentives? A) Yes B) No 3. How frequently you recruit employees? A) 6 months B) 1 Year C) 3 months D) Every month 4. How do you recruit them? A) References B) Advertisements C) Consultancy D) Walk-ins 5. What is the range on scale of getting maximum good quality profiles? A) Average B) Good C) Very Good D) Excellent 6. Under what criteria do you consider while screening profile? A) Age B) Qualification C) Work Experience D) References if any 7.What is the % of candidates who clear the aptitude test? A) 10% B) 20% C) 30% D) 50% 8. Do you normally provide training skill development to new recruits? A) Yes B) No 9. If yes do you send your employees for external training? A) Training institutes B) workshops C) seminars D) none 10. How many steps include selection steps? A) 5 B) 6 C) 8 D) 4 11. On what skill sets candidates are selected in ICICI PRUDENTIAL LIFE INSURANCE CO.? A) Qualifications B) Capabilities C) Soft skills D) All the above 12. After selection of candidates what is the time for offer release?A) Same day B) 3-5 days C) 1-2 days D) 7 days 13. How do you evaluate a candidate in his/her HR interview? A) Aptitude B) Qualification C) Communication skills D) All 14. What is the experience required for HR position in ICICI PRUDENTIAL LIFE INSURANCE CO.? A) 3 days B) 4 Years C) 2 Years D) 5 Years 15. What is the attrition rate in ICICI PRUDENTIAL LIFE INSURANCE CO? (Number of employees leaving the company in a year) A) 30% B) 40% C) 20% D) 10% 16. What are the top reasons for any improvement in attri tion? Ans. 1. Skills Development 2. Communication 3. Promotion/Progress . Management Style 5. Work-Life Balance CHAPTER-10 BIBILOGRAPHY 1. ICFAI Human Resource Management ICFAI University Press. 2. Gary Dessler, Human Resource Management- PHI Pvt. Ltd. , 2005. 3. G. C. Beri, Marketing Research- Tata McGraw-Hill Publishing Company Limited 4. Udai Parrek and T. Venkateshwara Rao, Designing and Managing Human Resource system, Oxford IBH publishing co. Pvt. Ltd. , 2003. 5. K. Aswathappa, Human Resource and Personnel Management, Tata McGraw-Hill Publishing Company Limited, 2005. * http//www. iciciprulife. com * http//www. google. com * http//www. wikipedia. com