PROCESS OF RECRUITMENT 0990.docx

7/29/2019 PROCESS OF RECRUITMENT 0990.docx

1/40

STUDENT'S CERTIFICATE

Certified that this report is prepared based on the term paper project undertaken by me in HDFC

STANDARD LIFE INSURANCE CO. LTD. Under the able guidance of Mrs. SUCHITRA

SRIVASTAVA in partial fulfillment of the requirement for award of degree of B.Com(H) from

Amity University, Uttar Pradesh.

SHRUTIRASTOGI SUCHITRA

SRIVASTAVA SENIORLECTURER

Prof. V. P. Sahi

Director (ABS)


2/40

FACULTY CERTICICATE

Forwarded here with a term paper report on "HDFC Standard Life Insurance Company

"submitted by SHRUTI RASTOGI Enrollment No A7004611100,

student of B.Com(H) II Year (2011-14).

This project work is partial fulfillment of the requirement for the degree of B.Com (H)from

Amity University Lucknow Campus, Uttar Pradesh.

SUCHITRA SRIVASTAVA SENIOR

LECTURER

Amity University,

Lucknow Campus


3/40

ACKNOWLEDGEMENT

In compiling this project report, I have been fortunate enough to get active and kind cooperation from many

people without whom my endeavors would not have been a success. I hereby take this opportunity to expressmy gratitude to people who have helped to accomplish this task.

In particular I would like to thankMrs. Suchitra Srivastava for providing with this opportunity and her

support and guidance all through.

IwouldalsoliketothankMrs. Vandana Singh, HR Manager, HDFC, LUCKNOW

who has provided with all the relevant data.


4/40

TABLE OF CONTENT-

1- Acknowledgement2- Chapter I

a) Executive summaryb) Recruitment Meaning Importance and purpose Process Sourcesc) Selection

Meaning Process Selection interview Steps in interview

3- Chapter II

d) About HDFC

History Awards and accoladese) Recruitment policy of the company

Features

4- Chapter III

f) Recruitment policy of HDFCg) SWOT Analysis

5- Chapter IV

h) Facts and findings

i) Learning

j) Conclusion

6- Bibliography


5/40

CHAPTER I

EXECUTIVE SUMMARY

The human resources are the most important assets of an organization The success or More of an

organization is largely dependent on the caliber of the people working therein. Without positive and

creative contributions from people, organizations cannot progress and prosper.

In order to achieve the goals or the activities of an organization, therefore, they need to recruit people with

requisite skills, qualifications and experience. While doing so, they have to keep the present as well as the

future requirements of the organization in mind. The process of matching the right candidate to Hire right

job is what we call as "Recruitment".

This project aims at recognizing the various recruitment practices prevalent in various organizations and

analyzing in detail the recruitment and selection policy of HDFC.


6/40

RECRUITMENT

MEANING

According to Flippo, "Recruitment is 1he process of searching for perspective employees and

stimulating and

encouraging them to apply for jobs in an organization".

In the words of Yoder, "Recruitment is a process to discover the sources of manpower to meet

the requirements of the staffing schedule and to employ eflFective measures for attracting that

manpower in adequate numbers to facilitate effective selection of efficient working force."

Recruitment needs are of three types - planned, anticipated and unexpected Planned needs

arise from changes in organization and retirement policy. Resignations, deaths, accidents and

illness gives rise to unexpected needs. Anticipated needs refer to those movements in human

resource which an organization can predict by studying the internal and external environment

An analysis of these definitions reveals the following being features of recruitment:

Recruitment is a process or a series of activities rather than a single act orevent The activities

in this process are described under the next headings.

Recruitment is a linking activity as it brings together those with jobs (employer) andthose seeking jobs

(prospective employees).

Recruitment is a positive function as it seeks to develop a pool of eligible personsfrom which most

suitable ones can be selected.

The basic purpose of recruitment is to locate the sources of people required to meet jobrequirements andattracting such people to offer them for employment in the organization.

Recruitment is an important function as it makes it possible to acquire the number andtype of persons

necessary for continued functioning of the organization Careful recruitment of

employees is particularlyimportant in India because the chances of mismatching the job and person ate greater.

Due to widespreadunemployment, the job seeker trend to accept any job irrespective of his suitability.


7/40

Recruitment is a persuasive function as all organizations engage in recruiting activity.But the volume and

nature of recruitment varies with the size, nature and environment of the particularorganization

Recruitment is a two way process. It takes a recruiter and a recruited. Just as therecruiter has a choice

whom to recruit or not, similarly the prospective employee can choose for which

organization to apply for

ajob.

Recruitment is a complex job because too many factors affect it e.g. image of theorganization, nature of

jobs offered, organizational policies, working conditions and compensation levels

in the organization, rate

of growth of the organization, past recruitment record, employment conditions in

the community, trade, union attitudes, labor laws, culture and environment,

government policies. Most of these factors serve as constraints restricting the

freedom of management in recruitment

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

It is through recruitment that many individuals will come to know a company, and

eventually decide whether they wish to work for it A well-planned and well-managed

recruiting effort will result in high-quality applicants, whereas, a haphazard and

piecemeal effort will result in mediocre ones.

High-quality employees cannot be selected when better candidates do not know of job

openings, are not interested in working for the company and do not apply. The

recruitment process should inform qualified individuals about employmentopportunities, create a positive image of the company, provide enough information

about the jobs so that applicants can make comparisons with their qualifications

and interests, and generate enthusiasm among the best candidates so that they will

apply for the vacant positions.


8/40

PURPOSE AND IMPORTANCE OF RECRUITMENT

Attract and encourage more and more candidates to apply in the organization. Create a talent pool of candidates to enable the selection of best

candidates for the organization.

Determine present and future requirements of the organization inconjunction with its personnel planning and job analysis activities.

Recruitment is the process which links the employers with the employees. Increase the pool of job candidates at minimum cost. Help increase the success rate of selection process by decreasing

number of visibly under qualified or overqualified job applicants.

Help reduce the probability that job applicants once recruited andselected will leave the organization only after a short period of time.

Meet the organizations legal and social obligations regarding thecomposition of its workforce.

Begin identifying and preparing potential job applicants whowill be appropriate candidates.

Increase organization and individual effectiveness of various recruitingtechniques and sources for all types of job applicants


9/40

PROCESS OF RECRUITMENT

The process consists of the following steps

Recruitment generally begins when the human resources department receives requisitions forrecruitment from any department of the company. The human resource requisitions contain details

about the position to be filled, number of persons to be recruited, the duties to be performed,

qualifications required from the candidate, terms and conditions of employment and the time by which

the person should be available for appointment etc.

Locating and developing the sources of required number and type of employees. Identifying the prospective employees with required characteristics. Communicating the information about the organization, the job and the terms and conditions of

service.

Encouraging the identified candidates to apply for jobs in the organization Candidates to apply forapply for jobs in the organization

Evaluating the effectiveness of recruitment process.


10/40


11/40

SOURCE OF RECRUITMENT

transfer promotion upgrading demotion retired employees retrenched

employees

dependents and relatives ofdecreased employee

press advertisement educational institutes placement agencies/outsourcing employment exchange lab our contractors unsolicited applicants employee referrals recruitment at factory gate

Internalexternal


12/40

SOURCES OF RECRUITMENT

The sources of recruitment may be broadly divided into two categories: Internal sources andexternal sources. Both have their own merits and demerits.

Internal Sources:-

Persons who are already working in an organization constitute the internal sources. Retrenched

employees, retired employees, dependents of deceased employees may also constitute the internal

sources. Whenever any vacancy arises, someone from within the organization is upgraded,

transferred, promoted or even demoted.

External Sources:-

External sources lie outside an organization. Here the organization can have the services of:

(a)Employees working in other organizations;

(b)Jobs aspirants registered with employment exchanges;(c)

Students from reputed educational institutions;

(d)Candidates referred by unions, friends, relatives and existing employees;(e)Candidates forwarded by search firms and contractors;(f)Candidates responding to the advertisements, issued by the organization;(g) Unsolicited applications walk-ins.


13/40

MERITS AND DEMERITS EXTERNAL SOURCE OF RECRUITMENT

Merits Demerits

Wide choice: the organization has the freedomto select candidates from a large pool. Person

with requisite qualification will be picked up.

Infection of fresh blood:people with specialskills and knowledge could b hired to stir up theexisting employee and pave the way forinnovative ways of working.

Motivational force: it helps in motivatinginternal employee and compete with the external

employee to work to the best of his abilities

Long term benefit: talented people could jointhe rank new ideas could find meaningfulexpression , a competitive atmosphere wouldcompel people to give their best and earnrewards etc.

Expenses: hiring cost could go up

substantially. Tapping multifarious source of

recruitment is easy task either.

Time consuming: It takes time to advertise,screen, to test and test and to select suitableemployees. Where suitable ones are not

available, the process has to be repeated.

De-motivating: Existing employees who have

put in considerable service may resist the

process of filling up vacancies from outside.The feeling that their services have not been

recognized by the organization, forces then to

work with less enthusiasm and motivation

Uncertainty: There is no guarantee that the

organization ultimately will be able to hire theservices of suitable candidates. It may end uphiring someone who does not fit and who maynot be able to adjust in the new setup


14/40

MERITS AND DEMERITS OF INTERNAL SOURCE OF RECRUITMENT

Merits Demerits

Economical: The cost of recruiting internalcandidates is minimal. Xo expenses are incurredon advertising.

Suitable: The organization can pick the rightcandidates having the requisite skills. Thecandidate can choose a right vacancy wheretheir talents can be fully utilized.

Reliable: The organization has the knowledge

about suitability of a candidate for a position.Known devils are better than unknown angels!

Satisfying: A policy of preferring people from

within offers regular promotional avenues foremployees. It motivates them to work hard andearn promotions. They will work with loyaltycommitment and enthusiasm

Limited Choice: The organization is forced toselect candidates from a limited pool. It mayhave to sacrifice quality and settle down for lessqualified candidates.

Inbreeding: It discourages entry for talentedpeople, available outside an organization.Existing employees may fail to behave ininnovative ways and inject necessary dynamismto enterprise activities.

Inefficiency: Promotions based on length ofservice rather than merit, may prove to be ablessing for inefficient candidate. They do notwork hard and prove their worth.

Bone of contention: Recruitment from withinmay lead to infighting among employeesaspiring for limited, higher level positions in anorganization. As years roll by, the race for

premium positions may end up in a bitter race


15/40

SELECTION

The size of the lab our market, the image of the company, the place of posting, the nature of job,

the compensation package and a host of other factors influence the manner of aspirants are likely

to respond to their recruiting efforts of the company. Through the process of recruitment The

company tries to locate prospective employees and encourages them to apply for vacancies at

various levels. Recruiting, thus, provides a pool of applicants for selection.

To select means to choose. Selection is the process of picking individuals who have relevant

qualifications to fill jobs in an organization. The basic purpose is to choose the individual who can

most successfully perform the job from the pool of qualified candidates.

The purpose of selection is to pick up the most suitable candidate who would meet the

requirements of the job in an organization best, to find out which job applicant will be successful,

if hired. To meet this goal, the company obtains and assesses information about the applicants in

terms of age, qualifications, skills, experience, etc. the needs of the job are matched with the

profile of candidates.

The most suitable person is then picked up after eliminating the unsuitable applicants through

successive stages of selection process. How well an employee is matched to a job is very

important because it is directly affects the amount and quality of employees work. Any

mismatched in this regard can cost an organization a great deal of money, time and trouble,

especially, in terms of training and operating costs. In course of time, the employee may find the

job distasteful and leave in frustration.


16/40

SELECTION PROCESS

Selection is usually a series of hurdles or steps.

Each one must be successfully cleared before the applicant proceeds to the next one. Thetime and emphasis place on each step will definitely vary from one organization to another

and indeed, from job to job within the same organization. These sequence of steps may also

vary from job to job and organization to organization. For example some organizations may

give more importance to testing while others give more emphasis to interviews and reference

checks. Similarly a single brief selection interview might be enough for applicants for lower

level positions, while applicants for managerial jobs might be interviewed by a number of

people.

STEPS IN SELECTION PROCESS


17/40

Reception

A company is known by the people it employs. In order to attract people with talents, skills and

experience a company has to create a favorable impression on the applicant's right from the stageof reception. Whoever meets the applicant initially should be tactful and able to extend help in a

friendly and courteous way.

Employment possibilities must be presented honestly and clearly. If no jobs are available at that

point of time, the applicant may be asked to call back the personnel department after sometime.

Screening Interview

A preliminary interview is generally planned by large organizations to cut the cost of selection by

allowing only eligible candidates to go through the further stages in selection. A junior executive

from the Personnel Department may elicit responses from the applicants on important items

determining the suitability of an applicant for a job such as age, education, experience, pay

expectations, aptitude, location, choice etc. this courtesy interview as it is often called helps the

department screen out obvious misfits. If the department finds the candidate suitable, a prescribed

application form is given to the applicants to fill and submit.

Application BlankApplication blank or form is one of the most common methods used to collect information on the

various aspects of the applicants academic, social, demographic, work related background and

references. It is a brief history sheet of employees background, usually containing the following

things: '

Personal data (address, sex, telephone number) Marital data Educational data Employment Experience Extra-curricular activities . References and Recommendations


18/40

Usefulness of Application blank or form

Application blank is highly useful selection tool, in that way it serves three important

purposes:

1. It introduces the candidate to the company in a formal way.2. It helps the company to cross comparison of the applicant, the company can

screen and reject candidate ifhe fails to match the eligibility criteria at this stage itself.

3. It can serve as the basis to initiate a dialogue in an interview

Selection test

A test is a standardized, objective measure of a person's behavior, performance or

attitude. It is standardized because the way the test carried out the environment in which the test

is administered and the way individuals scores are calculated are uniformly applied. It is objective

that it tries to measure individual difference in scientific way giving very little room for individual

bias and interpretation. Some of the commonly used employee test are:

1. Intelligence test2. Aptitude test3. Personality test4. Miscellaneous test such as polygraph, honesty test


19/40

SELECTION INTERVIEW

Interview is an oral examination of a candidate for employment. This is the most essential step in

selection process. In this step the interviewer matches the information obtained about the

candidates through various means to the job requirements and to the information obtained

through his own observation during the interview. Interview gives an opportunity to the recruiter

To size up the candidate personally; To ask questions that are not covered in test; To make judgment on candidates enthusiasm and intelligence; To give facts to the candidate regarding the company, its policies etc and promote

goodwill towards the company;

Types of interview

There are several types of interviews are commonly used depending upon the nature and

importance of the position to be filled within the organization:

Non-directive interview Patterned interview Structured or situational interview Panel interview Stress interview


20/40

STEPS IN INTERVIEW PROCESS

Interview is an art. It demands a positive frame of mind on part of the interviewers. Interviewers

must be treated properly so as to leave a good impression about the company in their minds. HR

experts have identified certain steps to be followed while conducting interviews:

PREPARATION:

Establishing the objective of the interview Receiving the candidates application and

resume Keeping tests score ready, along with interview assessment forms Selecting the

interview method to be followed Choosing the panel of experts who would interview the

candidates Identifying proper room for environment

RECEPTION:

The candidate should be properly received and led into the interview room. Start the

interview on time.

INFORMATION EXCHANGE:

State the purpose of the interview, how the qualifications are going to be matched with

skills needed to handle the job. Begin with open ended questions where the candidate getsenough freedom to express himself. Focus on the applicant's education, training, work

experience, etc. Find unexplained gaps in applicants past work or college record and elicit facts

that are not mentioned in the resume.

EVALUATION:

Evaluation is done on basis of answers and justification given by the applicant in the

interview.

PHYSICAL EXAMINATION:

After the selection decision and before die job oiler is made, the candidate is required to

undergo ! lest. A job offer is often contingent upon the candidate being declared fit after

MEDICAL EXAMINATION:

Certain jobs require physical qualities like clear vision, perfect hearing, unusual stamina,

tolerance of hard working conditions, clear tone, etc. Medical examination reveals whether or not

a candidate possesses these qualities.


21/40

REFERENCE CHECKS

Candidates are required to give the names of 2 or 3 references in their application forms.

These references may be from the individuals who are familiar with the candidate's academic

achievements or from the applicant's previous employer, who is well versed with the applicant's

job performance and sometimes from the co-workers. In case the reference check is from the

previous employer, information in the following areas may be obtained.

HIRING DECISION:

The HR manager has to make the final decision now whether to select or reject a candidate

after soliciting the required information. The manager has to take adequate care in taking the

final decision because of economic, behavioral and social implications of the selection decisions.

After taking the final decision, the organization has to intimate this decision to the successful as

well as unsuccessful candidates. The organization sends the appointment order to the successful

candidates either immediately or after sometime depending upon its time schedule.


22/40

CHAPTER II

INTRODUCTION TO THE COMPANY

COMPANY PROFILE OF HDFC STANDARD LIFE INSURANCE Co LTD

ABOUT HDFC STANDARD LIFE INSURANCE

HDFC Standard Life Insurance Company Ltd. is one of India's leading private insurance

companies, which offers a range of individual and group insurance solutions. It is a joint venture

between Housing Development Finance Corporation Limited (HDFC Ltd.), India's leading

housing finance institution and a Group Company of the Standard Life, UK. HDFC as onDecember 31, 2007 holds 72.38 per cent of equity in the joint venture.

HDFC STANDARD LIFE INSURANCE PARENTAGE

HDFC Limited.

HDFC is India leading housing finance institution and has helped build more than23,00,000 houses since its incorporation in 1977.

In Financial Year 2003-04 its assets under management crossed Rs. 36,000 Cr. As at March 31. 2004. outstanding deposits stood at Rs. 7.840 crores. The

depositor base now stands at around 1 million depositors.

Rated AAA by CRISIL and ICR A for the 10th consecutive year

Stable and experienced management

High service standards Awarded The Economic Times Corporate Citizen of the year

Award for its long-standing commitment to community development.

Presented the Dream Homea award for the best housing finance provider in2004at the third Annual Outlook Money Awards.


23/40

Standard Life Group (Standard Life pic and its subsidiaries) Standard Life Group (Standard Life pic and its subsidiaries) The Standard Life group has been looking after the financial needs of customers for over180 years

It currently has a customer base of around 7 million people who rely on the company fortheir insurance, pension, investment, banking and health-care needs

Its investment manager currently administers A125 billion in assets

It is a leading pensions provider in the UK, and is rated by Standard & Poor's as 'strong' witha rating of A+ and as 'good' with a rating of Al by Moody's

Standard Life was awarded the 'Best Pension Provider1 in 2004, 2005 and 2006 at the MoneyMarketing Awards, and it was voted a 5 star life and pension's provider at the Financial

Adviser Service Awards for the last 10 years running. TheT5Star' accolade has also been

awarded to Standard Life Investments for the last 10 years and to Standard Life Bank since

its inception in 1998. Standard Life Bank was awarded the 'Best Flexible Mortgage Lender'

at the Mortgage Magazine Awards in 2006


24/40

HISTORY

HDFC Life, one of India's leading private life insurance companies, offers a range of individualand group insurance solutions. It is a joint venture between Housing Development Finance

Corporation Limited (HDFC), India's leading housing finance institution and Standard Life plc,the leading provider of financial services in the United Kingdom.

HDFC Ltd. holds 72.37% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity in

the joint venture, while the rest is held by others.

HDFC Life's product portfolio comprises solutions, which meet various customer needs such as

Protection, Pension, Savings, Investment and Health. Customers have the added advantage of

customizing the plans, by adding optional benefits called riders, at a nominal price. The company

currently has 25 retail and 9 group products in its portfolio, along with 10 optional rider benefitscatering to the savings, investment, protection and retirement needs of customers.

HDFC Life continues to have one of the widest reaches among new insurance companies with

about 500 branches in India touching customers in over 900 cities and towns.The company hasalso established a liaison office in Dubai. HDFC Life has a strong presence in its existing markets

with a strong base of Financial Consultants.

The MD and CEO of HDFC Standard Life Mr. Deepak S. Parekh, has given the company newdirections and has helped the company achieve the status it currently enjoys. HDFC Standard Life

brings to you a whole range of insurance solutions be it group or individual or NAV services for

corporations; they can be easily customized as per specific needs.

HDFC Standard Life Insurance India boasts of covering around 8.7 lakh lives byMarch'2007. The

gross incomes standing at a whopping Rs. 2,856 crores, HDFC Standard Life Insurance

Corporation is sure to become one of the leaders and the first preference for any life insurance

customer.

The Bank assurance partners of HDFC Standard Life Insurance CoLtd are HDFC, HDFC Bank

India Limited, Union Bank of India, Indian Bank, Bank of Baroda, Sarawat Bank and Bajaj

Capital.

The premium payment options available to the customers vary from online payment to direct desk

payments at the HDFC Standard Life Branches, by courier services or in drop boxes provided.

You can also pay by ECS or Automatic Debit System or credit cards or standing instruction

mandate. HDFC Standard Life Insurance Company is a customer oriented corporation and aim at

complete customer satisfaction.

The lap station and renewal policy of HDFC Standard Life are clearly defined on the official

website. Online renewal forms are also available. For any change in personal


25/40

Details like the contact details or the nominee of the policy or policy benefits, online servicing is

also available. Even the claim procedure has been simplified since affect of the loss life is

irreparable and is thus fully understandable at HDFC Standard Life. A completely hassle-free

process has been formulated to provide maximum convenience.

HDFC Standard Life first came together for a possible joint venture, to enter the Life Insurance

market, in January 1995. It was clear from the outset that both companies shared similar values and

beliefs and a strong relationship quickly formed. In October 1995 the companies signed a 3 year

joint venture agreement.

Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the

relationship.The next three years were filled with uncertainty, due to changes in government and

ongoing delays in getting the IRDA (Insurance Regulatory and Development authority) Act passed

in parliament. Despite this both companies remained firmly committed to the venture.

In October 1998, the joint venture agreement was renewed and additional resource made available.

Around this time Standard Life purchased 2% of Infrastructure Development Finance Company

Ltd. (IDFC). Standard Life also started to use the services of the HDFC Treasury department to

advise them upon their investments in India.Towards the end of 1999, the opening of the market

looked very promising and both companies agreed the time was right to move the operation to the

next level. Therefore, in January 2000 an expert team from the UK joined a handpicked team from

HDFC to form the core project team, based in Mumbai.Around this time Standard Life purchased a

further 5% stake in HDFC and a 5% stake in HDFC Bank.In a further development Standard Life

agreed to participate in the Asset Management Company promoted by HDFC to enter the mutual

fund market. The Mutual Fund was launched on 20th July 2000


26/40

Incorporation of HDFC Standard Life Insurance Company Limited:

The company was incorporated on 10thAugust 2000 under the name of HDFC Standard life

insurance Company limited.

Their ambition from the beginning was to be the first private company to re-enter the life

insurance market in India On the 23rd of October 2000. this ambition was realized when HDFC SaidLife was the first life company to be granted a certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%. while Standard Life owns18.6o. Given Standard Life's existing investment in the HDFC Group, this is the

maximum investment allowed under current regulations.

HDFC and Standard Life have a long and close relationship built upon shared values and trust.

The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the

yardstick by which all other insurance companies in India are measured.

HDFC Standard Life Insurance Company Limited is one of India's leading private life insurance

companies offering a range of individual and group insurance solutions. It is a joint venture

between Housing Development Finance Corporation Limited (HDFC Ltd), India 's leading

housing finance institution and Standard Life pic, the leading providers of financial services in the

United Kingdom.

HDFC Ltd. as on December 31, 2007 holds 72.38 per cent of equity in the joint venture. HDFC

Standard Life's Product portfolio comprises solutions, which meet various customer needs such as

Protection. Pension, Savings, and Investment. Customers have the added advantage of

customizing the Plans, by adding optional benefits called riders, at a nominal price. The company

currently has 21 retail and 6 group products in its portfolio.

HDFC Standard Life maintains very high professional standards during product offerings by

providing sound financial advice, efficient post-sale service, and immaculate financial security.

Ongoing training for conventional products, and specialized training, for unit-linked products, for

its financial consultants, has also helped its customers choose the product, best suited for their

needs.

HDFC Standard Life operates across more than 726 cities and towns of the country supported by its

strong network of more than 1, 45,000 Financial Consultants. HDFC Standard Life also has more

than 383 corporate agents and other sales intermediaries including banks for distribution of

insurance products.


27/40

AWARDS AND ACCOLADES

May, 2008

Received PC Quest Best IT Implementation Award 2008HDFC Standard Life received the PCQuest Best IT Implementation Award 2008 for Consultant Corner, the applications for its

financial consultants, providing centralized control over a vast geographical spread for key

business units such as inventory, training, licensing, etc. Read more about the Consultant Corner

tool in the "HDFCS Lin news" section.

HDFC Standard Life has won the PC Quest Best IT Implementation Award for two ears

consequently. Last year, the company received the award for Wonders, its path-breaking

implementation of an enterprise-wide workflow system

Silver Abby at Goafiest,March, 2008

HDFC Standard Life's radio spot for Pension Plans won a Silver Abby in the radio writing craft

category at the Goafest 2008 organized by the Advertising Agencies Association of India (AAAI).

The radio commercial Pata nahin chala touched several changes in life in the blink of an eye

through an old man's perspective. The objective was drive awareness and ask people to invest in a

pension plan to live life to the fullest even after retirement, without compromising on ones self-

respect.

Laadli Media Award 2007

HDFC Standard Life received Laadli Media Award 2007 for its 'Big car' TV commercial. It

showed how a daughter wants to be more responsible towards her family and asks her dad to

upgrade to a bigger car by offering him the extra money required to buy the car.

HDFC Standard Life received this award for two years consecutively. In 2006, it won for the

'Papa' TV commercial, which challenged the stereotype parents saving only for their son's

education or daughter's wedding. The company took a bold step by showing parents saving for

their daughter's education abroad, demonstrating Progressive thinking.

Laadli Media Awards, instituted in 2007, by Population First, an NGO working on women's rights

and social development, is given to professionals in print and electronic media and ad makers for

gender sensitive news reports, articles, print, TV ads, and films.


28/40


29/40

CHAPTER I I IRECRUITMENT POLICY OF A COMPANY

In today's rapidly changing business environment, a well defined recruitment policy is necessaryfor every organization so as to respond to its human resource requirements in time. HDFC SLICthus believes that it is important to have a clear and concise recruitment policy in place, which canbe executed effectively to recruit the best talent pool for the selection of the right candidate

Recruitment policy of any organization is derived from the personnel policy of the same

organization. In other words the former is a part of the latter. However, recruitment policy by self

should take into consideration the government's reservation policy, policy regarding sons of soil,etc., personnel policies of other organizations regarding merit, internal sources, socialresponsibility in absorbing minority sections, women, etc. Recruitment policy should commititself to the organizations personnel policy like enriching the organizations human resources orservicing the community by absorbing the retrenched or laid-off employees or casual/temporaryemployees or dependents of present/former employees, etc.

A clear and concise recruitment policy helps ensure a sound recruitment process. It specifies theobjectives of recruitment and provides a framework for implementation of recruitment program.

It may involve organizational system to be developed for implementing recruitmentprogram and procedures by filling up vacancies with best qualified people.

HDFC SLJ has formulated its recruitment policy giving consideration to the following actors:

Organizational Objectives Personnel policies of the organization and its competitors.

Government policies on reservations. Preferred sources of recruitment. Recruitment costs and financial implications


30/40

SILENT FEATURES OF RECRUITMENT AND SELECTION

PROCESS OF HDFC STANDARD LIFE INSURANCE

FORM OF RECRUITMENT

The recruitment process of an organization can be centralized or decentralized in nature.

CENTR ALIZED R ECRUITMENT

The recruitment practices of an organization are centralized when the HR /recruitmentdepartment at the head office performs all functions of recruitment. Recruitment decisions for allthe business verticals and departments of an organization are carried out by the one central HR (or

recruitment) department. Centralized from of recruitment is commonly seen in governmentorganizations. Benefits of the centralized form of recruitment are:

|

Reduces administration costs Better utilization of specialists Uniformity in recruitment Interchangeability of staff Reduces favoritism Every department sends requisitions for recruitment to their central office

DECENTR ALIZED R ECRUITMENT

Decentralized recruitment practices are most commonly seen in the case of conglomeratesoperating in different and diverse busmess areas. Withdiverse and geographically spread businessareas and offices, it becomes important to understand the needs of each department and frame their

recruitment policies and procedures accordingly. Each department carries out its own recruitment.Choice between the two will depend upon management philosophy and needs of a particularorganization.

HDFC SLI follows a Centralized mode of Recruitment as it offers various benefits as indicated

above.


31/40

SOLACES OF RECRUITMENT

Every organization has the option of choosing the candidate for its recruitment process from two

kind of sources : internal and external sources the sources within the organization itself to fill theposition are known as internal source of recruitment. Recruitment candidates from all other sources

(like outsourcing agencies, etc) are known as external source of recruitment.

HDFC SLI ltd accomplishes most of the recruitment needs via external sources. These involve the

following:

EDUCATIONAL INSTITUTES:

Various management institutes, engineering collages, medical collages etc. are good sources of

recruiting well qualified executives, engineers, medical staff etc. They provide facilities for

campus placement and interview. This source is known as campus recruitment

HDFC SLI recruits 65% of workforce via campus placement. Students are selected from various

universities, colleges and are trained to meet the job requirements.

EXECUTIVE SEARCH AGENCIES, PLACEMENT AGENTS OR HEAD HUNTERS:

HDFC have contact with every third party recruiters who seeks out candidates for the company.

Headhunters are generally considered more aggressive than in house recruiters or may have

preexisting industry experience and contacts. HDFC have contacts with Marvell Associates, AJ

Placement consultants, ABC Consultants etc.

E-RECRUITMENT:

Also known as 'online recruitment', it is the use of technology or the web base tools to assist the

recruitment process. Job websites like naukri.com, monster.com, timesjob.com are made use of.

HDFC SLI makes wide use of the INTERNET as a source of recruitment. The Co advertises the

job vacancies through worldwide web. The job seekers send their applications or curriculum vitae

(CV) through an e-mail using the Internet. Alternatively jobseekers place their CVs in worldwide

web. which can be drawn by prospective employees depending upon their requirements. The

internet penetration in India is increasing and has tremendous potential. There are more than 18

million resume floating online across the world. Job sites provide a 24*7 access to the database of

the resumes to the employees facilitating the just-in-time hiring by the organizations. .


32/40

Also, the jobs can be posted on the site almost immediately and is also cheaper than advertising in

the employment newspapers. Sometimes companies can get valuable references through the3passers-by' applicants. Online recruitment helps the organizations to automate the recruitment

process, save their time and costs on recruitments.

PRESS AD VERT IS EMENTS: Advertisements of the vacancy in newspapers and journals are a

widely used source of recruitment. The main advantage of this method is that it has a wide reach.

One advertisement in a leading daily can cover millions of person throughout the country. Cost

per person is very low. This method is used in DFC SLI for advertising for clerical, managerial

and technical jobs.

EMPLOYEE REFERRALS / R ECOMMENDATIO NS: Many organizations have

structured system where the current employees of the organization can refer their friends and

relatives for some position in their organization. Also, the office bearers of trade unions are often

aware of the suitability of candidates. Management can inquire these leaders for suitable jobs. In

some organizations these are formal agreements to give priority in recruitment to the candidates

recommended by the trade union


33/40

RECRUITMENT PROCESS IN HDFC SLIThe job evaluation of the vacancy is done so as to understand to understand the skills required in

the candidate. Recruitment when done via external sources generally follows the following processin HDFC SLI:

1. CV Submission

Information regarding the vacancies and required eligibility criteria is published in the newspapers,

websites, employment magazines etc. Potential candidates interested in joining the Co are required

to send their complete curriculum vitae.

An acknowledgement of receipt is sent for all submitted applications to the candidate's email.

2.Application EvaluationThe Human Resources department evaluates all incoming applications, against prerequisite abilities

and skills set for all current openings.All applications are kept based on strengths and specialization, for future reference.

3.Ability TestsPotential candidates will be invited to participate in aptitude tests i.e. numerical, verbal, English

and psychometric, when deemed necessary.

4. Capability Based Interviews

To ensure that our recruitment process is fair and consistent, all candidates who are successful at

the exams are invited for a capability based interview. Interviews are based against capabilities,

required for each position for which the candidate is interviewed for. A capability or competency

is an ability described in terms of skills & behaviors that are essential to effectively perform

within a job.

Apart from the educational and academic capability, the chief attributes HDFC SLI looks out for

in a candidate are as follows: . .

We look out for a candidate who values Integrity Has a zeal for Excellence Is focused on Results

Is Self driven and Enthusiastic

Is a good Learner and Team Player

Is dedicated to Customer Satisfaction


34/40

5. Reply Letters

At all stages of the process candidates are kept informed of the status of their application with an emailreply letter.

6. Job Offer

If a candidate successfully reaches the final stage, a position offering is made in conjunction with acompetitive reward package.


35/40


36/40

CHAPTER IV

FACTS AND FINDINGS

HDFC SLIs recruitment policy is well structured and provides the company with a competitiveedge due to the following reasons:

The recruitment policy focuses on recruiting the best potential people. It ensures that every applicant and employee is treated equally with dignity and respect. It is an unbiased policy. It aids and encourages employees in realizing their full potential. IT allows transparent, task oriented and merit based selection. . It abides by relevant public policy and legislation on hiring and employment relationship. It Integrates employee needs with the organizational needs.


37/40

LEARNINGS

In brief my learning and achievements can be summarized as under:

Understanding of person and profile fit. Convince people about the job profile and to sell the job to the prospective candidate; Following up with the candidates during the entire selection process; Learned to convince candidates about the offer rolled out and making them accept the

offer through effective communication;

Learning about salary fitments. Communicating with the corporate; ;. Performance appraisals, its various types, implications and significance; Handling queries received from various quarters; Reply to official mails; Prioritize issues according to their importance.


38/40

CONCLUSION

The human resources are the most important assets of an organization. The success

or failure of an organization is largely dependent on the caliber of the people

working therein. THE RECRUITMENT POLICY of an organization should be

well planned and thus should be such so that it:

Reduces administration costs Provides employees with job security Encourage responsible trade unions Provide suitable employment to handicapped, women and minority group Be flexible enough to meet the changing needs of the organization Works towards the growth and prosperity of the organization.


39/40

BIBLIOGRAPHYBooks:

Selection and Recruitment

Human Resource Management

Internet:

http://www2.warwick.ac.uk/

http://en.wikipedia.org/wiki/R

ecruitment

http;//www.Sniallbusiness.wa.

gov.au/selection-and-

recruitment/

Newspaper: ,

Times of India

Journal and Magazines:

Business times

Business week

Speaking Asia

Author

Gareth Roberts

Robert L.Mathis, John Harold Jackson


40/40

PROCESS OF RECRUITMENT 0990.docx

Documents

Transcript of PROCESS OF RECRUITMENT 0990.docx