A DISSERTATION REPORT ON
A DISSERTATION REPORT ON
“AN ANALYTICAL STUDY OF RECRUITMENT AND SELECTION PROCESS”
At
Bharti AXA Life Insurance
Submitted to Jawaharlal Nehru Technological University in partial fulfillment of the Requirement for
MASTER OF BUSINESS ADMINISTRATION
Under the Guidance of
Mr. Imran Mohammed Ms. Girija
Agency Manager Assistant Professor
Bharti AXA Life Insurance
Banjara Hills.
By
Shirisha.D
(Reg No 098G1E0047)
1
Malla Reddy Institute of Business Management
JNTU
CERTIFICATE
This is to certify that the Dissertation Titled “An analytical study of Recruitment & Selection at Bharti AXA Life Insurance.” is based on an Original Project Study conducted by
Ms. Shirisha’ S of IV semester MBA Programme under the Guidance of Ms. Girija
This dissertation is based on original Research and has not formed basis for the award of any other Degree/Diploma by Jawaharlal Nehru Technological University 2009-2011.
(Ms. Girija)
Assistant professor
2
CERTIFICATE
This is to certify that the Dissertation entitled
“An analytical study of Recruitment and Selection Process”
Undertaken At Bharti AXA Life Insurance
(Banjara Hills)
Submitted in Partial Fulfillment of the Requirement for the Award of the Degree of Master of Business Administration, Is a Bonafide work carried out by
Shirisha.D
Reg No 098G1E0047
By
Mr. Imran Mohammed
Agency Manager
3
STUDENT DECLARATION
I hereby declare that the Project Report or the DISSERTATION entitled
“An analytical study of Recruitment and Selection Process”
Undertaken at
Bharti AXA Life Insurance
Under the Guidance of
|Mr. Imran Mohammed |Ms. Girija |
|Agency Manager | |
|Bharti AXA Life Insurance Banjara Hills. |Assistant Professor |
| |MRIBM |
| |Maisammaguda. |
Submitted in partial fulfillment of the Requirement for the award of the Degree of Master of Business Administration, to Jawaharlal Nehru Technological University
Is the result of my own effort and has not been submitted to any other institution for the award of any degree
Date: (Shirisha.D)
4
ACKNOWLEDGEMENT
I am pleased to record my gratitude and sincere thanks to my guide
Ms. Girija guide, MRIBM for her sincere guidance and valuable assistance for completing this report.
I would like to express my sincere thanks to Mr. Imran Mohammed Agency Manager of Bharti AXA Life Insurance for guiding me to complete this project successfully.
I also take this moment to express my gratitude to Mr. Rama Krishna, Principal (MRIBM).
I am also indebted to my parents and friends for their support for completing this project successfully.
5
TABLE OF CONTENTS
|S.no |Particulars |Page no |
|1. |Title Page | |
|2 |Guide letter | |
|3 |Company letter | |
|4 |Student Declaration | |
|5 |Acknowledgements | |
|6 |Contents of Project | |
|7 |Executive Summary | |
|8 |Introduction to the topic | |
|9 |Methodology | |
|10 |Review of literature | |
|11 |Company Profile | |
|12 |Data analysis | |
|13 |Findings and Conclusions | |
|14 |Suggestions | |
|15 |Bibliography | |
|16 |Appendices | |
6
EXECUTIVE SUMMARY
The project is about Recruitment and Selection of Bharti AXA Life Insurance. The project was undertaken by me and the entire task was divided into sub-tasks. The process started from identifying the need, then advertising the same to prospective individuals by distribution of pamphlets, holding various activities in residential areas etc. then individuals were surveyed.
The questionnaire was designed in such a manner that it gave a general idea about the ability and capability of respondent as a prospective life insurance advisor. Certain scores were allotted depending on the answers given by the respondent. Those who were high on the scores were motivated to visit the office for conduction of their interview.
After the successful completion of interview individuals were informed if they were selected for training of Life advisors. They were asked to fill the NAAF form and a fee was collected from them along with their photographs. After successful completion of training an exam was conducted and those who qualified the exam were selected as life advisors.
The project report submitted here covers theory on recruitment and Selection, flowchart of activities undertaken for recruitment data analysis of the survey and a list of suggestions and recommendations for the company at the end of the entire study.
7
CHAPTER 1
INTRODUCTION TO THE TOPIC
INTRODUCTION
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. 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.
Recruitment is distinct from Employment and Selection. Once the required number and kind of human resources are determined, the management has to find the places where the required human resources are/will be available and also find the means of attracting them towards the organization before selecting suitable candidates for jobs. All this process is generally known as recruitment. Some people use the term “Recruitment” for employment. These two are not one and the same.
Recruitment is only one of the steps in the entire employment process. Some others use the term recruitment for selection. These are not the same either. Technically speaking, the function of recruitment precedes the selection function and it includes only finding, developing the sources of prospective employees and attracting them to apply for jobs in an organization, whereas the selection is the process of finding out the most suitable candidate to the job out of the candidates attracted (i.e., recruited).Formal definition of recruitment would give clear cut idea about the function of recruitment.
8
DEFINITIONS
Recruitment is defined as, “a process to discover the sources of manpower to meet the requirements of the staffing schedule and to employ effective measures for attracting that manpower in adequate numbers to facilitate effective selection of an efficient workforce.”
Edwin B. Flippo defined recruitment as “the process of searching for prospective employees and stimulating them to apply for jobs in the organization.” Recruitment is a ‘linking function’-joining together those with jobs to fill and those seeking jobs.
Recruitment and selection are two of the most important functions of personnel management. Recruitment precedes selection and helps in selecting a right candidate. Recruitment is a process to discover the sources of manpower to meet the requirement of the staffing schedule and to employ effective measures for attracting that manpower in adequate numbers to facilitate effective selection of efficient personnel.
Every organization needs to look after recruitment and selection in the initial period and thereafter as and when additional manpower is required due to expansion and development of business activities.
NEED FOR THE STUDY
• Shortage of skills.
Skills and knowledge people are always on short supply. Alternatively they are too costly to hire from outside. The best alternative is to improve skill and knowledge of existing employees.
• Technological Obsolescence.
Growth of technology takes places very fast. This will render current technology obsolete in the future. There is a great need to upgrade technology. This needs suitable training.
• Personal Obsolescence.
At the time recruitment employees possess certain of knowledge and skill. As time passes knowledge becomes obsolete, unless it is updated by proper training. This happens because of changes taking place in product technology, production methods, procurement of better machines, setting up of modern production lines, introduction of modern method of supervision and information processing through MIS and EDO.
• Organization Obsolescence.
Modern management has introduced a number of innovative steps in functions of management like planning, organizing, controlling, coordinating and directing. Organization which is impervious to such changes is bound to fail and become obsolete.
• Upgrading Ability of Threshold workers.
Public policy provides reservation to disadvantaged sections of the society like handicapped, minorities and dependents of deceased workers etc. All these are threshold workers having less than minimum prescribed level of knowledge and skill. They require extensive training to bring them up to the minimum level of performance standard.
• Coercive training by government.
In order to provide better employability chances of unemployed youth, certain governments taken initiative to mobilize resources available at pubic/government and private sectors to outside candidates. One such example is the “Apprentice Training” conducted by govt. of India. Parts of expenditure incurred for this by private sectors are reimbursed by government.
• Human capital
The latest thinking is to treat employees as “human capital”. The expenditure involved is training and developments are now being considered as an investment.
OBJECTIVES
• How to recruit agents for Bharti-AXA Life Insurance Company.
• To understand the process of recruitment and selection of agents in Bharti Axa Life Insurance Company.
• To identify various sources of Recruitment used by Bharti Axa and compare their effectiveness to the organization in terms of cost and value.
• To critically evaluate the various products of Bharti Axa and their benefits to customers.
• To know the level of awareness about Bharti Axa among people/job applicants
CHAPTER - 11
REASEARCH METHODOLOGY
DATA SOURCES
Data Collection Method
Data was collected by Primary as well as Secondary method.
Primary Data Sources
Primary data was collected through a well structured questionnaire designed separately for candidates. A pilot survey was conducted to test the utility of the questionnaire and necessary changes being made.
Questionnaire Designed: Questionnaire was used for the survey
.
Secondary Data Sources
The secondary data was collected from the company manuals, handbooks, and management books and are edited to suite the purpose.
PERIOD OF STUDY:
The time period taken for this project is 45 days. Research done in Bharti AXA is helped to complete this project successfully. The study was completed with in short span of time that was available.
SAMPLE SIZE
For the purpose of analysis a sample size of respondents was selected.
The target group of the respondent was above years. The sample taken was 50.
RESEARCH DESIGN
The present investigation is descriptive type of study undertaken to estimate the product strategy of Bharti Axa. The present study identifies views of customers & analysis of Bharti Axa.
PROBLEM FORMULATION
The problem is that there is rising competition between Bharti Axa and other companies. Bharti Axa Insurance is also providing better services in spite of that Bharti Axa Insurance is having a greater market share
Limitations of the Study
1. As the project is prepared for academic purpose only, it suffers from the limitations of time and money, due to which analytical study into all the strategies adopted by the organization was not possible.
2. The study was completed with in short span of time that was available.
3. The report also suffers from the limitations of exhaustiveness as far as the information is concerned.
4. All this study is limited to Bharti AXA Life Insurance, Banjara Hills
.
COMPANY PROFILE
PROJECT REPORT
ON
BHARTI AXA LIFE INSURANCE
“THE AWARENESS OF LIFE INSURANCE
AMONGST CONSUMERS”
Submitted in partial fulfillment of the requirements
For the award of the degree of
MASTER OF BUSINESS ADMINISTRATION
SUBMITTED BY:
Shirisha.D (ROLL NO: 098G1E0047)
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INTRODUCTION TO COMPANY
Bharti AXA Life Insurance Company Ltd
.
• Bharti AXA Life Insurance
is a joint venture between Bharti, one of India’s leading business groups with interests in telecom, agri business and retail, and AXA, world leader in financial protection and wealth management. The joint venture company has a 74%stake from Bharti and 26% stake of AXA.
• The company launched national operations in December 2006. Today, it has over 5200employees across over 12 states in the country. Our business philosophy is built around the promise of making people "Life Confident".
• As we expand our presence across the country to cater to your insurance and wealth management needs with our product and service offerings, we continue to bring 'life confidence' to customers spread across India. Whatever your plans in life, you can be confident that Bharti AXA Life will offer the right financial solutions to help you achieve them.
The Joint Venture BHARTI and AXA
BHARTI
Bharti Enterprises is one of India¶s leading business groups with interests in telecom, agribusiness, insurance and retail. Bharti has been a pioneering force in the telecom sector with many firsts and innovations to its credit. Bharti Airtel Limited, a group company, is one of India¶s leading private sector providers of telecommunications services with an aggregate of 60million customers, spanning mobile, fixed line, broadband and enterprise services.
Bharti Airtel was ranked amongst the best performing companies in the world in the Business Week IT 100list 2007. Bharti Teletech is the country¶s largest manufacturer and exporter of telephone terminals. Bharti has a joint venture with ELRo Holdings India Ltd. ± µField Fresh Foods Pvt .Ltd¶ - for global distribution of fresh fruits and vegetables. Bharti also has a joint venture -
. Bharti also has a joint venture -
Bharti AXA Life Insurance Management company called Bharti Retail Pvt. Ltd. It also has a joint venture ± µBharti Wal-Mart Private Limited¶ ± with Wal-Mart, for wholesale cash-and-carry and back-end supply chain management operations.
AXA Group
AXA Group is a worldwide leader in Financial Protection. AXA' s operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. AXA had Euro 1,315 billion in assets under management as of December 31, 2006. For full year 2006, IFRS revenues amounted to Euro 79 billion, IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted earnings to Euro 5,140 million. The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.
Bharti AXA Life Insurance
Vision
To be a leader and the preferred company for financial protection and wealth management in India.
• Values
• Innovation
• Team Spirit
• Pragmatism
• Integrity
• Professionalism
:
-
• Professionalism
A professional is a collegial discipline that regulates itself by means of mandatory, systematic training. It has a base in a body of technical and specialized knowledge that it both teaches and advances it sets and enforces its own standards and it has a service rather than a profit orientation, enshrined in a code of ethics.
• Innovation:
Innovation . . . is generally understood as the successful introduction of anew thing or method . . . Innovation is the embodiment, combination, or synthesis of knowledge in original, relevant, valued new products, processes, or services.
• Team Spirit :-
Team spirit is the spirit of a group that makes the members wants the group to succeed
• Pragmatism:-
Pragmatism is the philosophy of considering practical consequences and real effects to be vital components of meaning and truth.
• Integrity: -
Integrity is consistency of actions, values, methods, measures, principles, expectations and outcome. As a holistic concept, it judges the quality of a system in terms of its ability to achieve its own goals.
BHARTI AXA LIFE INSURANCE COMPANY LTD
Bharti AXA Life is a life insurance player that was started in 2006. It brings together strong financial expertise of the Paris-headquartered AXA Group, and Bharti Enterprises - one of India's leading business groups with interests in telecom, agricultural business, financial services, and retail. The joint venture has a 74% stake from Bharti and 26% stake from AXA Asia Pacific Holdings Ltd. (APH) .The Company launched national operations in December 2006. Today, Bharti AXA Life has a national footprint of distributors trained to provide quality financial advice and insurance solutions to the large Indian customer base.
Bharti AXA Life offers a range of innovative products and services that cater to specific insurance and wealth management needs of customers.
Our life insurance brand
We undertook an in-depth analysis wherein we identified the notion of preference was totally related to the trust granted to various names in insurance and financial services. The level of trust is very inadequate today, regardless of the brand considered. This is because the perception of consumers is that we are all evolving only in "a world of promises." And this is what we have to redefine.
Beyond promises... proof
We don't want to make promises any more. Instead, we want to demonstrate our ability to respond to client needs with real and tangible proof and, in so doing, to establish an authentic relationship of trust with our clients.
Our 3 core attitudes: Attentive, Reliable and Available
These are the three attitudes that clients most expect from an insurance and financial services company in exchange for their vote of confidence. These three attitudes stood out from the others in the consumer research we conducted across markets, regardless of their level of maturity.
They are at the heart of our actions and our commitments to clients.
About Bharti AXA Life Insurance and CEO
Milind Chalisgaonkar- Chief Executive Officer
Milind Chalisgaonkar is the Chief Executive Officer for Bharti AXA Life Insurance Co. Ltd. He has held CEO-level positions from 1993 to 2009 in industries like Insurance, BPO, Call center, Software & Manufacturing. His experience has been in building winning teams in start-up companies as well as existing organizations.
As the founding CEO, Milind was responsible for the formation and launch of Bharti AXA General Insurance Co, a joint venture between Bharti Group & AXA Group. The company was incorporated in 2007, and business was successfully launched in 2008. He was also Member of the Regional Management Board of AXA Asia General Insurance, responsible for IT, Processing & Claims across Asia.
From 2003 to 2006 he was the Managing Director of AXA Business Services, the BPO & Analytics operation of AXA Group in India.
Prior to this he was the founding CEO of MphasiS BPO (MsourcE India), providing outsourced remote services like call centers, Help desks & email response. The operations started in 1999 and grew to 2500 staff by year 2003. He also managed the software operations of MphasiS India from 1998 to 2000 as President (Indian Operation).
He also served as President, H&R Johnson (1993 to 1998) and led key software projects during his tenure at Citibank (1989-1993). This included complete re-write of the banking software platform including internet banking, phone banking and 24-hour access.
Milind holds B.Tech (Ceramics) from IT-BHU and has a Post Graduate Diploma in Management (MBA) from XLRI, Jamshedpur.
Mark Gerard Meehan- Chief Marketing and operations Officer
Mark Meehan is currently the Chief Marketing and Operations Officer for Bharti AXA Life Insurance Company Ltd.
Mark’s previous role in AXA was that of CEO of Tynan Mackenzie P/L, a professional investment services company. His role in Bharti AXA Life as CMOO includes Marketing, Product Development, Customer Service, Underwriting, Claims, Channel & Distribution Operations, Information Technology and Systems, Six Sigma, Business Continuity and Client Persistency Management.
Mark’s career path spans a range of markets and geographies. He is a graduate from Royal Military College, Duntroon and has served as a commissioned Officer in the Australian Army. Mark has also enjoyed a successful international military career covering high technology and systems engineering.
In 1994, he transferred his skills to the private telecommunication market, basing himself in the UK. On his return to Australia in 1997, Mark was a consultant to public and private sector clients in systems engineering and outsourcing, after which he moved to Equant in Singapore as their Asia Pacific Outsourcing Director. In 2000, Mark was appointed Equant’s General Manager for Australasia. Mark joined AXA Australia in 2002 and handled major roles in strategy execution, business turnaround, operations and general management. Mark held directorships of several AXA subsidiaries. In September 2006, Mark was appointed CEO and Director of Tynan Mackenzie P/L after leading the acquisition team to a successful transaction conclusion.
V.Srinivasan- Chief Financial Officer
V Srinivasan is currently the Chief Financial Officer of Bharti AXA Life Insurance Company. He started his career as a Chartered Accountant in 1989 and over the past two decades has emerged as a stalwart in the financial sector. With over 8 years of rich experience in the Life Insurance industry, today, he stands as a storehouse of financial knowledge and expertise. His portfolio also boasts of extensive experience in diverse industrial segments like manufacturing and oil & gas.
From April 1996 to February 2002, he has handled Corporate Finance and Tax at Cairn Energy India Pvt Ltd. He has held responsibilities in Accounting and Project Reporting at Kuntz, Kuwait, Reliance and SRF Ltd. He has also functioned as the Senior Vice President - Corporate Affairs at ICICI Prudential Life Insurance Company and CFO of AMP Samar Life Insurance Company from February 2002 to December 2005.
Sushanto Mukherjee-Chief Distributor Officer
Sushanto Mukherjee is the Chief Distribution Officer for Bharti AXA Life Insurance Company Ltd. Prior to this; he was Director & Head Partnership Distribution & Group Business at Max New York Life Insurance Co. Ltd.
He started his career with ITC-Welcome group hotels division in 1989. He has subsequently worked in various reputed organizations such as Xerox; Reliance Noncom & Tata AIG in senior positions managing sales at Zonal & National Levels. Sushanto has over 21 years of experience across Insurance, Telecom, Hospitality and Office Automation.
He has a strong background in developing & managing partnership channels in Life Insurance, managing large teams in Retail Distribution and effectively leading direct sales teams in the Corporate Segment. He is an MBA from Cardiff Business School United Kingdom.
STRATEGY
To achieve a top 5 market position in India through a multi-distribution, multi-product platform
To adapt AXA's best practice blueprints as a sound platform for profitable growth
To leverage Bharti's local knowledge, infrastructure and customer base
To deliver high levels of shareholder return
To build long term value with our business partners by enhancing the proposition to their customers
To be the employer of choice to attract and retain the best talent in India
To be recognized as being close and qualified by our customers
VALUE OFBHARTI AXA LIFE
Professionalism Integrity Team Spirit Pragmatism Innovation
THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
(IRDA)Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the IrDA’s online service for issue and renewal of licenses to agents.
The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products. Since being set up as an independent statutory body the IRDA has put in a frame work of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered.
Insurance Products of Bharti AXA
Individual Plans :
Bharti AXA Life Guarantee Builder
A Unit Linked Guarantee Plan Guarantee Builder provides you with a comfort factor on your investments and you can be sure that this comfort factor keeps building year-on-year. It's a solid investment plan that lets you achieve your long-term goals by investing in a mix of debt and equities, while providing a Guaranteed Maturity Value over 15 years. What's more, you need not worry about your family's security as it has a strong life insurance protection embedded.
Bharti AXA Life Bright Stars
A Unit Linked Child product Bharti AXA Life Bright Stars provides a launch pad for your child¶s bright future. What else, you also have Jumpstart benefit which is paid out at maturity along with Policy Fund Value, which enables your child to explore more career options.
Bharti AXA Life Spot Suraksha
Spot Suraksha helps you create a pool of wealth to meet your long-term needs, with an added advantage of simplified buying process.
Bharti AXA Dream Life Pension
A Unit Linked Pension Product Dream Life Pension, Bharti AXA Life Insurance's unique pension product ensures that your retirement life is your Dream Life. Live your Dreams! Be Life Confident.
Bharti AXA Life Aspire Life
Unit Linked Endowment Product. Aspire Life helps you create a pool of wealth to meet your long-term needs, while also providing you adequate protection in case the need arises.
Bharti AXA Life Invest Confident
Unit Linked Single Premium Product. You have always strived hard to achieve the best for you and your loved ones, so when it comes to making an investment decision, we know that you would expect the best from it too.
Bharti AXA Life Wealth Confident
A unit-linked investment cum protection policy. Your wealth, your status ensures that you get preferential status wherever you go. So why shouldn't your money get the same?
Bharti AXA Life Future Confident
A unit-linked policy which offers comprehensive protection along with wealth creation in the long term.
Bharti AXA Life Future Confident II
A unit-linked product which offers enhanced protection along with wealth creation in the long term.
Bharti AXA Life Save Confident
Traditional money back insurance product for long term savings. Your changing life stages decide your financial milestone planning. When you foresee intermittent financial requirements in the years to come, like regular expenses related to your child¶s education, liquidity becomes a key aspect of your planning along with long term savings, and protection for your family.
Bharti AXA Life Secure Confident
A Long Term Life Insurance. All of us desire to maximize the happiness for our family at all times, irrespective of the circumstances. The thought of unfortunate events befalling us may cause us anxiety about providing a secured happiness to our loved ones.
EVOLUTION OF INSURANCE
One of the earliest forms of life insurance existed during the Greek and Roman times when following an individual's death, all surviving members made contributions for the burial services. It was only much later, in the 17th century, when a formal form of life insurance was introduced. This was under the Tontine Annuity System wherein associations of individuals were formed and a fund was created by equal contributions from each member.
This sum was invested, and at the end of each year, the dividend was distributed among the surviving members. In all of this, the last remaining survivor received the entire amount of the principal. With the passage of time, life insurance has evolved into being an easy and affordable means of providing financial security for the insured and his/her family, in the event of the death of the insured or his/her inability to earn due to physical disabilities
why do you need Life Insurance?
To protect your family financially
You love your family and feel responsible towards them in every way. A life insurance plan covers your life at nominal costs so that you can fulfill your responsibility with ease and your family never has to face financial constraints.
why do I need to secure my family when I'm there for them?
A life insurance plan will take care of your family in case you are not around for them.
You need to protect your family against unforeseen events. A life insurance plan helps you do so very easily.
isn’t securing my family for the future expensive for me now?
Life insurance plans are of different types. Protection plans help you secure your families tomorrow at very nominal costs and for a long time period.
To maximize your savings
Life insurance plans not only ensure your family's security but are also a healthy investment option. These investments ensure your money works hard for you by giving you good returns along with peace of mind, as your family is protected. So whether it is your own home, the best education for your child or even a comfortable lifestyle, life insurance plans are the best solutions.
How does a Life Insurance plan maximize my savings?
There are variants of Life Insurance plans available today that can maximize your savings.
The traditional plans give you definite amount as assured money back. ULIPs or market-linked plans invest your money in the markets to help you reap high returns along with life insurance benefits.
Fund managers are the experts that take care of your investment plans to ensure you maximize your savings.
Do I need to worry about the safety of my investments?
There are different plans that you can invest in, depending on how much risk you are ready to take. The plans can be summed up into - Traditional Plans, ULIPs and Guarantee Plans
Traditional Plans
Traditional Plans give you guaranteed returns on the invested money. The returns you earn through these plans are pre-decided and communicated to you at the time of issuance of policy.
ULIPs
Unlike Traditional Plans, Unit Linked Insurance Plans (ULIPs) invest a part of your premium amount into the financial markets. The returns under these policies depend on market performance. Market upswings can ensure you earn high returns. There are various fund options available under these plans. Basis your risk appetite, you can opt for the appropriate fund option.
Guarantee Plans
Guarantee Plans are Unit Linked Plans, with an in-built 'guarantee' feature. These plans safeguard the money invested against any market downturns. When the market is up, you can enjoy high returns and in case of market downswings, there is a minimum guaranteed amount paid to you that ensures you do not lose your hard earned money.
Do these plans also provide protection to my family?
Yes. While these plans focus on maximizing your returns, they also include the feature of life protection, which takes care of your family's future
How can a child plan help me?
To fulfill your child's dreams
As a responsible parent, you wouldn’t like to make compromises when it comes to your child. Child plans help you secure your child's future in a planned and systematic manner. These plans can help you fulfill your responsibilities towards your child conveniently.
You can systematically plan for the finances required for your child's future with these plans. You can select the term of the plan depending on your child's requirements at their key life stages- his/her education, higher studies or even marriage. And through periodic withdrawals from the policy, you can provide financial assistance for the key milestones of your child. By investing in this plan, you can make your money grow over a period of time, thereby securing your child's dreams.
Will my child get the benefit from this plan, in case I'm not around?
The unique Waiver of Premium feature takes care of this concern. During the term of the policy, should anything unfortunate happen to you, the protection cover is paid out and all future premiums are waived off. This ensures that the policy continues till maturity and you need not fear of policy lapse because you are not around to pay the future premiums. Child plans in that sense will take care of your child and his future, even in your absence.
Why do I need a Retirement Plan when I am young?
Enjoy a golden retirement
Retirement plans are the best way to systematically plan for your golden years. By investing in these long-term plans, you can earn a regular income even after you've stopped working. Without worrying about rising costs, you can be self-reliant and lead a comfortable retired life.
These are long-term plans since they aim to provide a regular income to you post your retirement. The earlier you start, the better it is, so that when the term of the plan ends, you can enjoy a good corpus as pension.
By investing in retirement plans today, you can ensure you lead a comfortable life, even after you've stopped working.
Why should I opt for a Health Plan?
Stay worry-free about your medical expenses
Health problems often hit us suddenly and they bring with them huge medical bills. To avoid being financially strained, due to health contingencies, you can opt for a health insurance plan and stay worry-free.
Health problems can arise anytime. With the help of a health plan, you can invest systematically today, so that in case of any health crisis, your hefty medical bills are taken care of.
What’s more, health insurance plans also take care of certain critical illnesses and disabilities to ensure health problems do not impact your family's financial security
BHARTI AXA LIFE ADVISOR
The vision of Bharti AXA Life insurance company limited is to become the preferred life insurance company in India. This vision extends to our recruitment philosophy as well. Both the Bharti Group in India and AXA globally enjoy the status of being a very employee focused organization.
At Bharti AXA Life Insurance, we are determined to achieve our vision through talent who are empowered, focused on customer service, and champions of strategic and operational excellence.
The guiding HR principles at Bharti AXA are:
• Clearly define scope of responsibilities and empower people to deliver
• Consider individual training and development a priority investment
• Build organizations that are conducive to teamwork and that involve everyone
• Promote ongoing dialogue between managers and the people who report to them
• Make cultural difference a key source of strength
Definition of Agent
According to section 182 of Indian contracts Act, an ³agent´ is a person employed to do any act for another or to represent another in dealing with a third person. In the insurance industry, the term ³agent´ is ordinarily applied to a person engaged by the insurer to procure new business. The insurance Act definers and insurance agent as one who is licensed under Section 42 of that Act and is paid by way of commission or otherwise, in consideration of his soliciting of procuring insurance business, including business relating to the continuance, renewal or revival of policies of insurance. He is, for all purposes, an authorized salesman for insurance and needs a license.
An agent is one who acts on behalf of another. The ³another´ on whose behalf the agent acts, is called the principal in this case. The insurance company is the principal in this case. The lawyer is the agent of the client, when he argues the case in court. An ambassador is an agent of his country. The agent represents the principal and acts on his behalf. Some insurers designate their agents as µadvisers´,´ consultants´ etc. as if they are independent advisor or consultant would not be appointed by an insurance company. He would be knowledgeable enough as a person to be approached for advice or consultation. Some insurance agents may acquire that status. All insurance agents should strive to attain that status.
Procedure for becoming an Agent
The insurance Act, 1938 lays down that an insurance agent must possess a license under Section42 of that Act. The license is to be issued by the IRDA. The IRDA has authorized designated persons, in each insurance company, to issue the licenses on behalf of the IRDA. In terms of the Insurance Act, a licenses will not be given if the person is(a)
Minor,(b)
Found to be of unsound mind,
FUNCTION OF AN AGENT
• Understanding the prospect¶s needs and persuade him to buy a plan of life insurance that suits his interest’s best.
• Complete the formalities:- paper work, medical examination, which are necessary to get the policy expeditiously.
• Keep in touch to ensure that changing circumstances are reflected in the arrangements relating to premium payments, nomination and other necessary alterations
• Facilitate quick settlement of claims.
• Be totally honest with both the prospect and the insurer.
• Not to induce prospects to submit wrong information.
• Career with Bharti AXA
• Opportunity to earn unlimited income.
• Career Growth.
• Be your own boss.
• High quality training & Support to improve productivity.
• Compensation amongst the best.
• Club member benefits.
• Payout structured to facilitate your cash flows better.
• Best in class & competitive products.
• Pension for life.
CLAIM PROCESS
A claim is the payment made by the insurer (Insurance Company) to the policyholder or claimant on the occurrence of the event which is specified in the Policy Bond.
Types of claims
Claims are of three types:
• Death Claim
• Rider Claim
• Maturity Claim
Claim-process:
In case a claim arises, you should:
• Contact your nearest Bharti AXA Life Branch or
• Contact your insurance advisor or
• Call our Customer Helpline Toll Free 1800 – 102 – 4444
• Write to us at service@bharti-
Please attach a copy of Death Certificate issued by Municipal Authorities along with Death Claim Intimation
On receipt of a written claim intimation, Bharti AXA Life will send an acknowledgement letter listing the claim requirements along with the claim forms to the Claimant.
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• Claimant Statement Form (Death)
• Claimant Statement Form (Critical Illness)
• Claimant Statement Form (Disability)
LIFE INSURANCE PROTECTION PLANS
Protect your loved ones against financial contingencies at nominal costs
You love your family and feel responsible towards them in every way. But life can be uncertain and unforeseen contingencies can meet you anytime. At such times, life insurance comes to your rescue. As someone who wants only the best for their family, we understand your need to safeguard your family against any crisis. Our protection plans offer you high life cover at nominal costs so that you can fulfill your responsibility with ease and your family never has to face financial constraints.
• Bharti AXA Life Elite Secure
• Bharti AXA Life Secure Confident
• Bharti AXA Life Family Income Secure
• Bharti AXA Life Protect Plus
• Bharti AXA Life Premium Waiver Rider
Elite Secure
[pic]
• Life Insurance cover at very competitive premiums
• Option to cover your life till 75 years
Secure Confident
[pic]
• A simple Life Insurance product
• comprehensive protection for your loved ones
WEALTH CREATION WITH PROTECTION PLAN
Ensure your family's security as you maximize your savings
You can make your money work harder with our Wealth Creation with Protection plans. These plans come with the double advantage of:
• Complete peace of mind as your family is financially protected and
• Good investment option that ensures long-term financial goals are met
Whether it is a bigger home, a dream vacation or even a comfortable future, these life insurance plans are the best solutions along with the surety of financial protection. Our life insurance coverage plans include 'traditional' plans that give guaranteed money on maturity. While, we also offer market-linked plans that give you the benefit of good market performance to maximize your savings.
• Bharti AXA Life Child Plans
• Bharti AXA Life Guaranteed Plans
BUYING LIFE INSURANCE POLICY HOLDER CORNER
• Policyholder Corner
• Recommend Bharti AXA Life
POLICYHOLDER CORNER
• PREMIUM PAYMENT OPTIONS
• CLAIMS PROCESS
• MANAGE YOUR POLICY
• FEEDBACK FORM
• Recommend Bharti AXA Life
• Grievance Redressal Procedure
• Customer Newsletter
RETIREMENT PLANS
Make the golden years of your life truly comfortable.
Retirement plans are the best way to systematically plan for your golden years. Our flexible retirement plans ensure you live your dream retirement. By investing in these long-term plans by paying life insurance premium, you can earn a regular income even after you've stopped working. Without having to depend on anyone else or worry about rising costs, you can go ahead and lead a comfortable retirement.
Bharti AXA Life Wonder Years Retirement Plan
Dream Life Pension PLUS
➢ Flexibility to change your retirement age any time
➢ Regular and single pay options
Future Secure Pension
➢ Limited payment term of 5 years
➢ 12 free switches every policy year
Future Advantage Pension
➢ Premium payment for just 3 years
➢ No surrender charges throughout the policy term
CHAPTER - 4
RECRUITMENT AND SELECTION
PROCESS IN BHARTI AXA
INTRODUCTION TO TOPIC
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. 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.
Recruitment is distinct from Employment and Selection. Once the required number and kind of human resources are determined, the management has to find the places where the required human resources are/will be available and also find the means of attracting them towards the organization before selecting suitable candidates for jobs.
All this process is generally known as recruitment. Some people use the term “Recruitment” for employment. These two are not one and the same.
RECRUITMENT AND SELECTION
Recruitment and selection are two of the most important functions of personnel management. Recruitment precedes selection and helps in selecting a right candidate. Recruitment is a process to discover the sources of manpower to meet the requirement of the staffing schedule and to employ effective measures for attracting that manpower in adequate numbers to facilitate effective selection of efficient personnel.
Staffing is one basic function of management. All managers have responsibility of staffing function by selecting the chief executive and even the foremen and supervisors have a staffing responsibility when they select the rank and file workers. However, the personnel manager and his personnel department is mainly concerned with the staffing function.
Every organization needs to look after recruitment and selection in the initial period and thereafter as and when additional manpower is required due to expansion and development of business activities.
Right person for the right job¶ is the basic principle in recruitment and selection. Ever organization should give attention to the selection of its manpower, especially its managers. The operative manpower is equally important and essential for the orderly working of an enterprise. Every business organization/unit needs manpower for carrying different business activities smoothly and efficiently and for this recruitment and selection of suitable candidates are essential. Human resource management in an organization will not be possible if unsuitable persons are selected and employment in a business unit.
MEANING
RECRUITMENT
Recruitment means to estimate the available vacancies and to make suitable arrangements for their selection and appointment. Recruitment is understood as the process of searching for and obtaining applicants for the jobs, from among whom the right people can be selected.
A formal definition states, ³It is the process of finding and attracting capable applicants for the employment. The process begins when new recruits are sought and ends when their applicants are submitted. The result is a pool of applicants from which new employees are selected´. In this, the available vacancies are given wide publicity and suitable candidates are encouraged to submit applications so as to have a pool of eligible candidates for scientific selection.
In recruitment, information is collected from interested candidates. For this different source such as newspaper advertisement, employment exchanges, internal promotion, etc. are used.
In the recruitment, a pool of eligible and interested candidates is created for selection of most suitable candidates. Recruitment represents the first contact that a company makes with potential employees
Definition:
According to EDWIN FLIPPO, ³Recruitment is the process of searching for prospective employees and stimulating them to apply for jobs in the organization.´
Finding the right people is a make-or-break factor for success in business today. Recruiting the top talent for a job takes time and you have to attract quality candidates who have the knowledge and skills needed to help your company grow. The fact is, your success with recruitment depends on how well you prepare your job ad, and use source of recruitment, and your interviewing skills.
Prepare a job ad that works to start, you want to be sure that your potential candidate truly understands the job. The clearer you are with the task description, working conditions and advantages, the less time you will waste examining and rejecting applications The essentials of any job description are:
• A brief description of your company
• Detailed outline of the tasks involved
• Qualifications and experience required
• Equipment and resources used to do the work
Skills required using them. However, you should also include work benefits (e.g., vacation, travel and perks), general working conditions (e.g., scheduling, outside work) and the specific traits required (e.g., team building and communications skills). Ultimately, you want to be perceived as an attractive employer in a competitive market. Find the right recruitment vehicle choose the vehicle that best works for your company, depending on your budget and resources.
Word of mouth
, or simply telling your employees, friends and colleagues about a job opening, is a less expensive strategy but generates fewer candidates. The advantage is that you already know something about your recruiters and their skills, knowledge and achievements. This is a preferred method with companies that have a finder's fee program for their employees.
Advertising
is a toss of the dice. If it goes well, it can help you find ideal candidates in a regional, national, or international pool. If not, it's a costly investment yielding few results. Make sure to factor in the time it takes to go through a large number of resumes.
Employment agencies
Cost more but generally provide a good range of candidates. The employment advisors look at your needs, screen a number of candidates, and only send you the applications that meet your requirements. Bear in mind that the largest employment agencies do not necessarily offer the best choice of candidates. There are numerous agencies that specialize in recruitment in specific sectors. Recruiting online such , & . These can provide inexpensive, worldwide access to employees. In fact, 65% of job seekers now have access to these types of services. Using the Internet for recruiting usually involves regular visits to specialized recruitment sites, joining newsgroups, and posting your job openings on recruitment sites, electronic publications and on your own Web site.
Recruitment is only one of the steps in the entire employment process. Some others use the term recruitment for selection. These are not the same either. Technically speaking, the function of recruitment precedes the selection function and it includes only finding, developing the sources of prospective employees and attracting them to apply for jobs in an organization,
Whereas the selection is the process of finding out the most suitable candidate to the job out of the candidates attracted (i.e., recruited).Formal definition of recruitment would give clear cut idea about the function of recruitment. It is a ‘joining process’ in that it tries to bring together job seekers and employer with a view to encourage the former to apply for a job with the latter.
In order to attract people for the jobs, the organization must communicate the position in such a way that job seekers respond. To be cost effective, the recruitment process should attract qualified applicants and provide enough information for unqualified persons to self-select themselves out.
Thus, the recruitment process begins when new recruits are sought and ends when their applications are submitted. The result is a pool of applicants from which new employees are selected.
RECRUITMENT PROCESS OF BHARTI AXA
➢ As am in recruitment process I have done calls to some friends and their references to explain the business opportunity process of the company
➢ Being a junior HR in the company I had been given the task of giving paper adds for recruitment
➢ In the process of recruitment the company has taken the initiative by taking references of existing staff of the company, and as remuneration the staff will be paid Rs.5000/- as incentive towards each candidate recruited
➢ Through consultancies that are committed to the company
SELECTION
Selection is defined as the process of differentiating between applicants in order to identify (and hire) those with a greater likelihood of success in a job. Selection is basically picking an applicant from (a pool of applicants) who has the appropriate qualification and competency to do the job. The difference between recruitment and selection: Recruitment is identifying and encouraging prospective employees to apply for a job. And Selection is selecting the right candidate from the pool of applicants.
Develop Profile Develop sources of recruitment Approaching the Targeted recruits Initial screening and Interviews Reality check
After recruitment the next part is selection of best candidates
.
Make the interview deliver
Since the purpose of an interview is to identify and verify the candidate's potential, it should be structured to bring out all the desired competencies and aptitudes. Remember that you have to decide between the candidates: you could create a point system or analysis grid for comparing their strengths and weaknesses. Here are a few points to consider when structuring an interview:
• Make a list in advance of the points for discussion and corresponding questions.
• Present the candidates with a situation they could face on the job and ask them how they would react. This will enable you to evaluate the candidates' knowledge, skills and work methods.
• Ask the candidates to describe some difficult situations encountered in previous jobs and to explain the way in which they were resolved. This will give you the chance to gauge the candidates' self-confidence, creativity and problem-solving skills.
• Ask the candidates to describe a difficult situation involving colleagues and how it was resolved. This will enable you to test their aptitude for teamwork.
• Ask the candidates about their ambitions and plans to ensure they fit your company profile.
• Beware of asking questions about personal interests. They can get the interview off track or annoy people who want to keep their work and private lives separate.
Recruitment is the step towards Selection. Generally recruitments are either taken care by the HR Department Head or the manager (whoever is responsible for hiring). There is a process for hiring a candidate that is usually to be followed in large organizations. When there is a requirement, the HR department is communicated about the same.
The HR department then goes through the database of candidates it has or it would send the requirements through Classifieds, Job portals, etc. By sending these requirements, the organization is likely to get feedback from eligible candidates in the form of CVs. The requirement advertisement should mention the Job Analysis (Job Description and Job Specification) so as to avoid attracting unnecessary applications.
This also makes it easier for the HR department to shortlist from the applications and this will help reduce any bias from the HR resulting due to over examining the applications, boredom, etc.
Recruitment and Selection are two different terms even though they are always mentioned together. After the recruitment process is accomplished it gives way to the selection process.
Selection process takes place after the HR department has short listed from among the received applications. The selection is not a lengthy procedure but depends from organization to organization.
The recruitment process is important in order to avoid any mistakes that would lead to future problems for the company from the candidate’s end. It’s a saying we have heard in our childhood, “one dirty fish pollutes the entire pond.” Similar is the case with employees. One wrong employee in the organization may hamper the growth of the entire organization.
SELECTION PROCESS OF BHARTI AXA
➢ In Bharti Axa ,firstly the interview is taken by HR about the details of the candidate like collects CV, Introduction round, reason y resigned in previous company and y he/she wants to join this company
➢ Next by Senior HR about the retainment that how long he/she works
➢ Then by Branch Sales Manager about his/her profession
➢ At last the final round by Assistant Regional Sales Manager for the appointment letter
TRAINING PROCESS
➢ The company provides Induction training to the selected candidates
➢ The training will be given for 6 days
➢ In this training, the first 3 days are said about insurances and policies and the other 3 days about the products of the company
➢ After training the exam is conducted and passed candidates are provided by an IRDA License which is valid through out India
PURPOSES AND IMPORTANCE
➢ The general purpose of recruitment is to provide a pool of potentially
Qualified job candidates. Specifically, the purposes are to:
➢ Determine the present and future requirements of the organization in
Conjunction with its personnel-planning and job-analysis activities.
➢ Increase the pool of job candidates at minimum cost.
➢ Help increase the success rate of the selection process by reducing the
Number of visibly, under qualified or overqualified job applicants.
➢ Help reduce the probability that job applicants, once recruited and
Selected, will leave the organization only after a short period of time.
•Begin identifying and preparing potential job applicants who will be
Appropriate candidates.
•Induct outsiders with a new perspective to lead the company.
•Infuse fresh blood at all levels of the organization.
•Develop an organizational culture that attracts competent people to
The company.
Search or head hunt/head pouch people whose skills fit the company’s
Values.
•Devise methodologies for assessing psychological traits.
•Search for talent globally and not just within the company.
•Design entry pay that competes on quality but not on quantum.
•Anticipate and find people for positions that do not exist yet.
•Increase organizational and individual effectiveness in the short term
and long term.
•Evaluate the effectiveness of various recruiting techniques and
Sources for all types of job applicants.
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 employment opportunities, 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.
The negative consequences of a poor recruitment process speak volumes about its role in an organization. The failure to generate an adequate number of reasonably qualified applicants can prove costly in several ways. It can greatly complicate the selection process and may result in lowering of selection standards.
The poor quality of selection means extra cost on training and supervision. Furthermore, when recruitment fails to meet the organizational needs for talent, a typical response is to raise entry-level pay scales. This can distort traditional wage and salary relationships in the organization, resulting in avoidable consequences. Thus, the effectiveness of a recruitment process can play a major role in determining the resources that must be expended on other HR activities and their ultimate success.
SUB-SYSTEMS OF RECRUITMENT
The recruitment process consists of the following four sub-functions:-
Finding out and developing the sources where the required number
and kind of employees will be available.
Developing suitable techniques to attract the desirable candidates
Employing the techniques to attract candidates.
Stimulating as many candidates as possible and asking them to apply
for jobs irrespective of the number of candidates required.
Management has to attract more candidates in order to increase the selection ratio so that the most suitable candidate can be selected out of the total candidates available. Recruitment is positive as it aims at increasing the number of applicants and selection is somewhat negative as it selects the suitable candidates in which process; the unsuitable candidates are automatically eliminated. Though, the function of recruitment seems to be easy, a number of factors make performance of recruitment a complex one.
FACTORS AFFECTING RECRUITMENT
The following are the 2 important factors affecting Recruitment:-
1) INTERNAL FACTORS
•Recruiting policy
•Temporary and part-time employees
•Recruitment of local citizens
•Engagement of the company in HRP
•Company’s size
•Cost of recruitment
•Company’s growth and expansion
2) EXTERNAL FACTORS
•Supply and Demand factors
•Unemployment Rate
•Labor-market conditions
•Political and legal considerations
•Social factors
•Economic factors
•Technological factors
RECRUITMENT POLICY
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 itself should take into consideration the government’s reservation policy, policy regarding sons of soil, etc., personnel policies of other organizations regarding merit, internal sources, social responsibility in absorbing minority sections, women, etc. Recruitment policy should commit itself to the organization’s personnel policy like enriching the organization’s human resources or servicing the community by absorbing the retrenched or laid-off employees or casual/temporary employees or dependents of present/former employees, etc.The following factors should be taken into consideration in formulating recruitment policy.
They are:-
• Government policies
• Personnel policies of other competing organization
Organization’s personnel policies
• Recruitment sources
• Recruitment needs
• Recruitment cost
• Selection criteria and preference
INITIAL STEPS TO HR – RECRUITMENT
We all have heard that, “Employees are assets of a company.” Every company claims to follow and understand this mantra. The function of HR is all about people- managing them, hiring them, etc. To carry out any function in a business, be it marketing, production, operations, you need people. HR brings the people to the organization and its business. It is said marketing is promoting your product in the market place. Similarly, HR is promoting and selling your company in the market. If you can promote your company efficiently you are sure to attract people to work for you.
Every firm whether small or large needs people to do even the minutest clerical work for them. And when there are employees they need to be managed. A small/medium firm may not have a devoted HR department. In that case, the owner or the manager plays the role of the HR head or the firm may hire specialized services of a HR Consultancy.
Whereas, large organizations have their own HR department consisting of a head and staff that directly reports to the head. The HR department may have further bifurcations depending on the size of the firm and the number of employees.
When we say we require people for the functions of business, how do we acquire people for these functions? This is done by RECRUITMENT. For recruitment to happen the company has to do a Job Analysis of the job to be assigned to an eligible candidate. Job Analysis is further bifurcated into 2 sub-parts i.e.
SOURCES OF RECRUITMENT
1)INTERNAL 2) EXTERNAL
INTERNAL SOURCES OF RECRUITMENT
Internal Recruitment is a recruitment which takes place within the concern or organization. Internal sources of recruitment are readily available to an organization. Internal sources are primarily three ± Transfers, promotions and Re-employment of ex-employees. Re-employment of ex-employees is one of the internal sources of recruitment in which employees can be invited and appointed to fill vacancies in the concern. There are situations when ex-employees provide unsolicited applications also.
1 .TRANSFERS
The employees are transferred from one department to another according to their efficiency and experience.
2. PROMOTIONS
The employees are promoted from one department to another with more benefits and greater responsibility based on efficiency and experience.
3 .UPGRADING & DEMOTIONS
Upgrading and Demotion of present employees according to their performance.
4. RETIRED & RETRENCHED EMPLOYEES
Retired and Retrenched employees may also be recruited once again in case of shortage of qualified personnel or increase in load of work. Recruitment of such people saves time and costs of the organizations as the people are already aware of the organizational culture and the policies and procedures.
5. DEPENDENTS AND RELATIVES OF DECEASED EMPLOYEES
The dependents and relatives of Deceased employees and Disabled employees are also done by many companies so that the members of the family do not become dependent on the mercy of others.
EXTERNAL SOURCES OF RECRUITMENT
External recruitment seeks applicants for positions from sources outside the company. The various external sources include:
1. PLACEMENT AGENCIES
Several private consultancy firms perform recruitment functions on behalf of client companies by charging a fee. These agencies are particularly suitable for recruitment of executives and specialists. It is also known as RPO (Recruitment Process Outsourcing)
2. EMPLOYEE REFERRAL/RECOMMENDATION
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. Recruitment 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.
3. WALK-IN, WRITE-INS & TALK-INS
Many job seekers visit the office of well-known companies on their own. Such callers are considered nuisance to the daily work routine of the enterprise. But can help in creating the talent pool or the database of the probable candidates for the organization.
4. EDUCATIONAL INSTITUTES
Various management institutes, engineering colleges etc. are a good source of recruiting well qualified executives, engineers etc. They provide facilities for campus interviews and placements. This source is known as Campus Recruitment.
5. JOB PORTALS
With the advent of the Internet, searching for candidates has acquired a whole new dimension. Web portals dedicated to finding jobs have been setup. The candidates key in their details and post their resumes. Employers have to just browse through these resumes or use the site search engine to list out people with specific skills. Bharti Axa mostly uses
Times for recruiting candidates.
CHAPTER – 5
DATA ANALYSIS
AND
INTERPRETATION
1. What is the biggest benefit of life insurance?
|SL.NO |RESPONSE |NO OF RESPONDENTS |PECENTAGE % |
|1 |Security |40 |80 |
|2 |commission |5 |10 |
|3 |Protection of wealth |5 |10 |
|4 |all |0 |0 |
|total | |50 |100 |
Analysis:
[pic]
Interpretation:
The above graph shows that the biggest benefit of life insurance is security with 80%.
And the next two shows the equal h% that is 10% benefit
2) Is there any performance incentives?
|SL.NO |RESPONSE |NO OF RESPONDENTS |PECENTAGE % |
|1 |yes |47 |94 |
|2 |no |3 |6 |
|total | |50 |100 |
Analysis:
[pic]
Interpretation:
The above graph shows the performance incentives are 100% given in the company.
3) How do you recruit employees in Bharti AXA?
|SL.NO |RESPONSE |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:
[pic]
INTERPRETATION:
The hiring process in this company is done by consultancy of 35 respondents and next is through walk-ins.
4) 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:
[pic]
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 scale of getting maximum & good quality profiles?
|SL.NO |RESPONSE |NO OF RESPONDENTS |PECENTAGE % |
|1 |Average |35 |70 |
|2 |Good |10 |20 |
|3 |Very good |5 |10 |
|4 |excellent |0 |0 |
|total | |50 |100 |
ANALYSIS:
[pic]
INTERPRETATION:
The above 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 |References if any |0 |0 |
|total | |50 |100 |
ANALYSIS:
[pic]
INTERPRETATION:
The above graph shows while screening the profile work experience is given more importance by 76%,and next by qualification by 14%.
7) What is the % of candidates who clear the aptitude 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:
[pic]
INTERPRETATION:
The above graph shows the % of 70% of the candidates clear the aptitude test
8) Do you normally 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:
[pic]
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:
[pic]
INTERPRETATION:
The above graph shows the selection process include mostly 4 and some times 5.in this it shows 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 days |37 |74 |
|3 |1-2 days |10 |20 |
|4 |7 days |3 |6 |
|total | |50 |100 |
ANALYSIS:
[pic]
INTERPRETATION:
The 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 in Bharti AXA 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:
[pic]
INTERPRETATION:
The above graph shows the employment rate in Bharti AXA is 70% in a year and 35 are accepted
12) What is the experience required for HR position in Bharti AXA?
|SL.NO |RESPONSE |NO OF RESPONDENTS |PECENTAGE % |
|1 |3 years |5 |10 |
|2 |4 years |15 |30 |
|3 |2 years |0 |0 |
|4 |5 years |30 |60 |
|total | |50 |100 |
ANALYSIS:
[pic]
INTERPRETATION:
The experience required for HR position in Bharti AXA is 5 years and accepted by 30 members
13) What is attrition rate in Bharti AXA? (No. of employees leaving 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:
[pic]
INTERPRETATION:
The attrition rate in Bharti AXA is 50%,and accepted by 40 members.
14) What departments generate the most successful employees?
|SL.NO |RESPONSE |NO OF RESPONDENTS |PECENTAGE % |
|1 |Agency |20 |40 |
|2 |D.S.F |10 |20 |
|3 |Operations |20 |40 |
|4 |Cab |0 |0 |
|total | |50 |100 |
ANALYSIS:
[pic]
INTERPRETATION:
The departments that generate the successful employees is 40% in agency and operations departments
15) What skill sets are required to become an agent in Bharti AXA?
|SL.NO |RESPONSE |NO OF RESPONDENTS |PECENTAGE % |
|1 |Knowledge |15 |30 |
|2 |Education |10 |20 |
|3 |Natural market |20 |40 |
|4 |Hard working |5 |10 |
|total | |50 |100 |
ANALYSIS:
[pic]
INTERPRETATION:
The above graph shows the natural market is important to become an agent in Bharti AXA that shows 40% and next knowledge is considered.
CHAPTER – 6
FINDINGS AND CONCLUSIONS
&
QUESTIONNAIRE
CONCLUSION
As we know that 7.5% of the peoples are insured that means rest 92.5% of the people are still living without insured. It means insurance industry is still in growth stage. But when we go to recruit life advisors of Bharti AXA most of the people did not agree because their view was that nobody is ready to invest in insurance. It is totally wrong perception of some of the people. One important question arises in my mind is that if more than 90% of the Indian People are not insured so why people are not interested to be an advisors?
The reason is that 70% of the people of India are living in rural areas and the awareness of private insurance company in rural market is very poor. But, it was found that the questionnaire and interview questions, employee manual were sufficient to obtain the information required to analyze the process of requirement within the organization.
It has been found that the organization has a sound understanding of what process need to be used in order to achieve effective recruitment of Life advisors
.
In addition to this, there are several recommendations for the organization. For any firm to be successful the main objectives should be:
➢ Sustainable long-term growth,
➢ Stable income and
➢ Asset preservation;
➢ Need to emphasize quality and diversification in both equity and fixed income asset classes.
➢ Focus should be on long-term consistent investment performance.
➢ Emphasis towards training and enhancing skills of recruiters needs to be more.
➢ Invest more in current staff than in Recruitment:
➢ Conduct internal audit.
➢ Be Creative
➢ Understand and manage salary:.
➢ The general perception of life insurance has to change in India before progress is made in this field
QUESTIONNAIRE
1) What is the biggest benefit of life insurance?
A) Security B) commission C) protection of wealth D) all
A
2)How many products are offered in Bharti AXA?
A) 4 B) 3 C) 5 D) 2
3) Is there any performance incentives?
A) Yes B) No
4) In all how many employees are working for Bharti AXA?
3200
5) Is there any targets to make no. of policies?
A) Yes B) No
6) How frequently you recruit employees?
A) 6 months B) 1 Year C)3 months D) Every month
7) How do you recruit them?
A) References B) Advertisements C) Consultancy D) Walk-ins
8) What is the range on scale of getting maximum & good quality profiles?
A) Average B) Good C) Very Good D) Excellent
9) Under what criteria do you consider while screening profile?
A) Age B) Qualification C) Work Experience D) References if any
10) What is the % of candidates who clear the aptitude test?
A) 10% B) 20% C) 30% D) 50%
11) Do you normally provide training skill development to new recruits?
A) Yes B) No
12) If yes do you send your employees for external training?
A) Training institutes B) work shops C) seminars D) none
13) How many steps include selection steps?
A) 5 B) 6 C) 8 D) 4
14) On what skill sets candidates are selected in Bharti AXA?
A) Qualifications B) Capabilities C) Soft skills D) All the above
15) 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
16) How do you evaluate a candidate in his/her HR interview?
A) Aptitude B) Qualification C) Communication skills D) All
17) What is the employment rate in Bharti AXA in a year?
A)
18) What is the experience required for HR position in Bharti AXA?
A) 3 Years B) 4 Years C) 2 Years D) 5 Years
19) What is the attrition rate in Bharti AXA? (Number of employees leaving the company in a year)
A) 30% B) 40% C) 20% D) 10%
20) What departments generate the most successful employees?
AGENCY
21) What skill sets are required to become an agent in Bharti AXA?
COMMUNICATION, HARD WORKING
22) Please attach the flow chart of hierarchy followed in the organization?
CHAPTER – 7
SUGGESTIONS
&
BIBLIOGRAPHY
SUGGESTIONS & RECOMMENDATIONS
In the 4 years of existence in the market it has created a sensation by introducing its most profitable Unit-Linked Plans and products. The insurer needs to concentrate to make its products and company much more aware among the public to change the mindset of the people and attract them towards insurance sector. This can make the recruitment of the potential advisors very well. To create the awareness among the people, the following methods could be adopted:
It needs to conduct awareness programmers, campaigns and publish news about the company, products and attributes to position it in the customer¶s mind. The company should timely communicate through media to make the relationship stronger.
Another way of creating awareness about the presence of insurer is by placing hoardings and posters in the traffic areas and market complexes to attract the attention of the people.
The awareness through the Television is another medium. Though it advertises its product but it should forecast itself on the channel which the maximum of people use or advertising through regional channels.
More than the urban as well as rural areas. It can create much more awareness among the common people also. The above discussed methods could be helpful to create awareness and thus can attract more people to be its customers as well as to be a good life advisor. But for this the recruitment standard and the recruitment policy should be a good one.
The strict training schedule should be made flexible. For a person who is
On score it is difficult for him/ her to be able to come for training especially in case when he/ she is already working
BIBLIOGRAPHY
Kotler
, P.(2006), ³Marketing Management´, 12th
Edition New Delhi: Pearson PublishersLtd.,pg-148-167
Cooper D.R
.
, ³Business Research Methods´, Tata McGraw Hill, New Delhi, 2006,pg-143-147
Kothari
, C.R(2004), ³Research Methodology´, 2nd
Edition: New Age international Publishers,pg-95,152.Arrow K. (1963), "Uncertainty and the Welfare Economics of Medical Care", American Economic Review, 53(5):941-973Dionne (1984), "Search and Insurance", International Economic Review, Vol 25(2), 357-367
Broachers of Bharti AXA products
.
WEBSITES
bharti-
(Indian brand equity forum)
selling-
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