Abstract:

Human Resource plays the vital role to get maximum contribution from its
workforce. It is the nerve center of the company as it is to deal with the man who is
essential and most sensitive factor for any organization. Without the support of Human
Resources, machines remain idle, raw materials lie stocked and money gets tied up. To
achieve the goals of the organization, potential individuals are to be recruited and an
essential training should be provided to enhance their skill-set.

The project provides the clear understanding of efficient utilization of theoretical

knowledge in real-time scenarios. The methodology which was used to implement this
project is collecting required data through structured questionnaire from the targeted
employees.

The main objective of the project is to understand the process of recruitment and
selection and also to understand how learning and development programs will be
implemented in the organization for its employees.

Based on the data analysis and findings valuable suggestions have been made to
improve the effectiveness of the organization.

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 Chapter-I

INTRODUCTION

1.1-Background:

Recruitment and Selection is an important operation in HRM, designed to maximize

employee strength in order to meet the employer's strategic goals and objectives. In short,
Recruitment and Selection is the process of sourcing, screening, short listing and selecting the
right candidates for the filling the required vacant positions.

Life is full of risk and uncertainties. Since we are social human beings, we have
certain responsibilities too. Indian consumers have big influence of emotions and rationality
on their buying decisions. They believe in future rather than present and desire to have a
better and secured future. In this direction life insurance services have its own value in terms
of minimizing risk and uncertainties. Indian economy is developing and having huge middle
class societal status and salaried persons. Their money value for current needs and future
desires generate the reasons behind holding a policy.

The awareness related to life insurance products in India, among the mass, is still very
low. The level is even lower in rural areas. Insurance is still considered as a tool for tax
planning only, even when companies have attached investment benefits to it. The major
factors affecting the purchase of an insurance product are trust, service, product features and
relationship with advisors. Firms like LIC are still favored only because of being a
government undertaking units. The concept of miss selling has paralyzed the sector itself.

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1.2.1-Human Resource:

Human resource are the most valuable and unique assets of an organization. The
successful management of an organization’s human resources is an exciting, dynamic and
challenging task, especially at a time when the world has become a global village and
economies are in a state of flux. The scarcity of talented resources and the growing
expectations of the modern day worker have further increased the complexity of the human
resource function. Even though specific human resource functions are the responsibility of
the human resource department of human resources is the responsibility of all the managers
in an organization, the actual management.
It is therefore necessary for all managers to understand and give due importance to the
different human resource policies and activities in the organization. Human resource
management outlines the importance of HRM and its different functions in an organization. It
examines the various HR processes that are concerned with attracting, managing, motivating
and developing employees for the benefit if the organization.

1.2.2-Human Resource Management:

Human resource management (HRM or HR) is the management of human resources.

It is designed to maximize employee performance in service of an employer's strategic
objectives. HR is primarily concerned with the management of people within organizations,
focusing on policies and on systems.HR departments are responsible for overseeing
employee-benefits design, employee recruitment, training and development, performance
appraisal, and rewarding (e.g., managing pay and benefit systems).HR also concerns itself
with organizational change and industrial relations, that is, the balancing of organizational
practices with requirements arising from collective bargaining and from governmental laws.
Human Resource Management is the management of employees- skills, knowledge, abilities,
talent, aptitude, creativity, etc. The different terms used to denote HRM are labor
management, labor administration, labor relationship, employer relationship, industrial
relationship, human capital management, human asset management, etc. though these terms
can be used differently widely, the basic nature of distinction lies in the scope or coverage
and evolutionary stage. Human resource management means employing people, developing
their resources utilizing maintaining and compensating their services in tune with the job and
organizational requirements.

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1.2.3-Recruitment:

Recruitment is the process of searching for prospective employees and stimulating

them to apply for job in the organization. When more persons apply for the jobs then there
will be a scope for recruiting better persons.

According to Flippo: “Recruitment is a process of searching prospective employees

and stimulating and encouraging them to apply for jobs in the organization.”

According to Dale S. Beach: “Recruitment is the development and maintenance of

adequate manpower resources. It involves the creation of a pool of available labour upon
whom the organization can depend when it needs additional employees.”

1.2.3(i)-Recruitment Policy:

MANPOWER RECRUITMENT
BUDGET
REQUISITON PLAN

SELECTION
SOURCING JOINING
PROCESS

JOINING POST
RECRUITMENT

Figure no. 1.2.3 recruitment policy

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1.2.3(ii)-Methods Of Recruitment:

Methods of recruitment establish links of the establishment with the prospective

employees. Various methods employed for recruiting employees may be classified into the
following categories. 1. Direct method, 2. Indirect method, 3.Third party method.

 Direct method: Under direct recruitment, employee contacts, manned exhibits and
waiting lists are used. In scouting, representatives of the organization are sent to
educational and training institutions. These travelling recruiters exchange information
with the students, clarify their doubts, stimulate them to apply for jobs, conduct
campus interviews and short list candidates for further screening. They act in
cooperation with the placement head of the institution.
 Indirect method: Advertisement in newspapers, journals, on the radio and television
are used to publicize vacancies. A well thought out and clear advertisement enables
candidates to assess their suitability so that only those possessing the requisite
qualifications will apply. This method is suitable when the organization wants t reach
out to a large target group scattered geographically. Considerable details about the
jobs to be filled and qualifications required can be given in the advertisements. But a
large number of candidates may be unsuitable.
 Third party method: Various agencies can be used to recruit personnel. Public
employment exchanges, management consulting firms professional societies,
temporary help societies, trade unions, labour contractors are the main agencies. In
addition friends and relatives of existing staff and deputation method can be used.

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1.2.4-Selection Process:

The selection process consists of a series of steps. Each step must be successfully
cleared before the applicants proceed to the next. The selection process is a series successive
hurdles or barriers which an applicant must cross. Thus the hurdles are designed to eliminate
an unqualified candidate at any point in selection process. Thus this technique is called
“SUCCESSIVE HURDLES TECHNIQUES.”

External and Blank

Preliminary
Internal Reception Application
Interview
Environment Form

Checking Selection
Final Selection Selection Test
Referances Interview

Physical
Job Offer Job Contract Evaluation
Examination

Rejections

Figure no. 1.2.4 selection process

1.3-Need to Study:

Recruitment has its own importance to study. They are:

 Helps to create a talent pool of potential candidates for the benefits of the
organization.
 To increase the pool of job seeking candidates at minimum cost.
 It helps to increase the success rate of selection process by decreasing the no. of visits
qualified or over qualified job applicants.
 Helps in identifying and preparing potential job applicants who will be the appropriate
candidate for the job.

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  Finally it helps in increasing organization and individual effectiveness of various
recruiting techniques and for all the types of the job applicants.
 Once recruited and selected will leave the organization only after a short period of
time. Meet the organizations legal and social obligations regarding the composition of
its work force. Begin identifying and preparing potential job applicants who will be
the appropriate candidates

1.3.1-Objectives:

 To study the recruitment in IDBI Federal life insurance company ltd.

 To study the various source of recruitment followed in IDBI federal.
 To learn what is the process of recruitment ways that should be followed.
 To search or headhunts people whose skills fit into the company values.
 To induct outside with new perspective to lead the company.
 To understand the current methods of selection process followed at IDBI FEDERAL
Hyderabad office.
 To suggest alternate methods of selection process in IDBI FEDERAL.
 To highlight the role of selection process in human resource development of the
personnel associated with IDBI FEDERAL.
 To study the effectiveness of IC38 training conducted as a part of selection process.

1.3.2-Scope:

The present research is confined to study the recruitment and selection process followed
at IDBI Federal Life Insurance Company. Whether employees are satisfied with the
recruitment process? Is the organization providing ethical process for recruiting employees?
This research provides me with an opportunity to explore in the field of Human
Resources and also provides the feedback of people.

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1.4-Research Methodology:

The system of collecting data for research projects is known as research methodology.
The data may be collected for either theoretical or practical research for example
management research may be strategically conceptualized along with operational planning
methods and change management. Some important factors in research methodology include
validity of research data, Ethics and the reliability of measures most of your work is finished
by the time you finish the analysis of your data. Formulating of research questions along with
sampling weather probable or non-probable is followed by measurement that includes
surveys and scaling.

This is followed by research design, which may be either experimental or quasi-

experimental. The last two stages are data analysis and finally writing the research paper,
which is organized carefully into graphs and tables so that only important relevant data is
shown.

Research methodology refers to the techniques used to structure a study and gather
and analyses information in a systematic way the methodology describes the research design,
data collection procedures and the measuring instrument Research Paradigm.

A paradigm refers to a world view, a general perspective on the complexities of the

real world. It refers to the way of looking at natural phenomena that encompasses a set of
philosophical assumptions that guide ones approach to enquiry.

The research paradigm in this study was quantitative. Quantitative research refers to
the investigation of phenomena that lend themselves to precise measurement and
quantification, often involving a rigorous and controlled design. This paradigm was set out to
examine relationships between variables, and statistical tests were applied to determine
whether the relationships identified were significant or not.

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1.4.1-Types of Research:
A research design refers to the overall plan aimed at addressing a research question, along
with specifications to enhance the study’s integrity. A plan specifically conceived and
implemented to bring realistic evidence to bear on a research problem, question, or
hypothesis. It refers to the overall approach to or 14outline of the study that details all major
components of the research. The research design is quantitative and descriptive design.
Questionnaire research is used in this project report in order to understand the evolving
competitive environment in the banking sector in India and to make a comparative study
among few banks operating in public private and foreign sector. This is the most popular type
of research technique, generally used in survey research design and most useful in describing
the characteristics of consumers’ behavior. The methods used were following

1. Questionnaire Method.

2. Direct Interaction With The Users.

1.4.2-Data Collecting Methods:

Primary Data- The primary data is collected from the customer by administering a
structured questionnaire which would be prepared later.

1.4.3-Sampling Procedure:
A total number of 20 people were selected from IDBI FEDERAL LIFE INSURANCE
who works in Hyderabad branch

1.4.4-Period of Study:

Study is restricted for 45days i.e. from May 2017 to June 2017.

1.4.5- Tools Used For Data Analysis:

Data is analyzed by using Microsoft Excel and HR Connects using graphs, charts and
percentages.

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1.5-Limitations:

 The study was confined to only one region of India i.e. Hyderabad.
 Sample size was limited to 20.
 Collecting data properly from employees become difficulty due to the time
constraint.
 Busy schedule of the employees also effected to some extent.
 There is a chance for bias in the information given by the respondents.
 The study was based on sample hence results were not fully absolute.

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 Chapter-II

REVIEW OF LITERATURE:

According to the Burack (1985) recruitment sources are closely linked to the
organizational activities as performance of employees, employee turnover, employee
satisfaction, employee wishes and the commitment of the organization (Burack, 1980). These
recruitment and selection process should be done at each and every sector for fulfilling their
organizational goals (Nartey, 2012).

French says that the importance of certain selection and recruitment activities in the
organizations (G.R.French, 2012). Among recruitment sources Bernardin say that internal
source of recruitment is effective compared to the external source (H.John, 2003). Decker &
Cornelius say that compared to the traditional recruiting sources the modern sources like
referrals, casual applicants and direct approaches will benefit at large (L.Barclay,1985)
(Cappelli, 2001). Selection procedure also should be in application to the modern techniques
(M.Smith, 2001). The literature says that employers are doing the traditional method of
recruiting rather than the modern technologies (Schmidt, 1998).

According to SHRM (Society for Human Resource Management) says that 15%
joined in the organizations are placing false resume (Gusdorf, 2008). Some of the employers
select the candidates with discrimination was not supposed to be done in the organizations
(Fomunjong, 2009).

Mohammed Nurul Absar (2012) says the importance of recruitment and selection in
his paper by considering both public and private manufacturing firms in Bangladesh
(M.M.Absar, 2012). Some of the research professionals and scholars say that there is a close
linkage between the recruitment & selection employee satisfaction organization performance
and HR practices (Gorter, 1996). In his paper Recruitment and Selection of public workers:
An international compendium of modern trends and practices say that the importance of
using technology in the recruitment and selection process for updating the organizational
resources (Hays, 2004).
Price (2007), in his work Human Resource Management in a Business Context,
formally defines recruitment and selection as the process of retrieving and attracting able
applications for the purpose of employment. He states that the process of recruitment is not a

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simple selection process, while it needs management decision making and broad planning in
order to appoint the most appropriate manpower. Their existing competition among business
enterprises for recruiting the most potential workers in on the pathway towards creating
innovations, with management decision making and employers attempting to hire only the
best applicants who would be the best fit for the corporate culture and ethics specific to the
company (Price 2007). This would reflect the fact that the management would particularly
shortlist able candidates who are well equipped with the requirements of the position they are
applying for, including team work. Since possessing qualities of being a team player would
be essential in any management position (Price 2007).

Kaplan and Norton (2004) found that the number of people who refused to provide
screening information tended to be higher by telephone than in person. However, refusals
over the telephone tend to be less likely than with mailed surveys (Kelly, 2006). It should be
noted that telephone methods can be used not only for recruitment, but also for data
collection. Recent advances in telephone survey methodology have made telephone
recruitment and surveying an increasingly attractive option in many research fields.

Armstrong (1991) studied the issues to consider include the type of sample (random
or convenience), cost, ease, participant time demands (e.g., total time, days of the week, and
time of day), and efficiency (e.g., staff hours per recruited participant). Researchers 51 have a
number of methods from which to choose, including advertising, direct mail, and telephone.

Burton (2001) in his study of recruitment and selection practices in the USA, found
that approximately 25 percent of respondent organizations conducted validation studies on
their selection methods. Furthermore, in a rating of various selection methods, those
perceived to be above average in their ability to predict employees' job performance included
work samples, references/recommendations, unstructured interviews, structured interviews
and assessment centres.

Miyake, (2002) in a comparison of personnel selection practices in seven European

countries explored the utilization of a range of established selection methods. They reported a
general trend towards structured interviews in all countries and, while the general validity and
acceptability of methods such as work samples, group exercises and assessment centres were
widely recognized, reported usage of these methods was infrequent.

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 Chapter-III

COMPANY PROFILE

3.1 IDBI FEDERAL LIFE INSURANCE CO LTD:

IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India premier
development and commercial bank, Federal Bank, one of India’s leading private sector banks
and Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank
owns 48% equity while Federal Bank and Ageas own 26% equity each.
IDBI Federal Life Insurance is one of India’s growing life insurance companies and
offers a diverse range of wealth management, protection and retirement solutions to
individual and corporate customers.
Having commenced operations in 2008, IDBI Federal was able to achieve breakeven
within just 5 years; the Company’s passion for innovation and growth helped it achieve this
feat. Vighnesh Shahane is the MD & CEO of the company. A continuous process of
innovation product and service delivery we intend to deliver world-class wealth management,
protection and retirement solutions to Indian customers.
Through a nationwide network of 2,964 branches of IDBI Bank and Federal Bank,
and a sizeable network of advisors and partners, IDBI Federal Life Insurance has achieved
presence across the length and breadth of the country. As on March 31, 2017, the company
has issued nearly 10.29 lakh policies with a sum assured of over Rs. 58,653.76 crore. IDBI
Federal Life Insurance has total assets under management of 6,090 crore and a robust capital
base of over 800 crore, as on March 31, 2017.

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3.2 About the Sponsors of IDBI Federal Life Insurance Co Ltd:

3.2.1 IDBI Bank Ltd:

IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial
development bank. It came into being as on July 01, 1964 to support India’s industrial
backbone. Today, it is amongst India’s foremost commercial banks, with a wide range of
innovative products and services, serving retail and corporate customers in all corners of the
country from 1717 branches and 3000 ATMs. The Bank offers its customers an extensive
range of diversified services including project finance, term lending, working capital
facilities, lease finance, venture capital, loan syndication, corporate advisory services and
legal and technical advisory services to its corporate clients as well as mortgages and
personal loans to its retail clients. As part of its development activities, IDBI Bank has been
instrumental in sponsoring the development of key institutions involved in India’s financial
sector – National Stock Exchange of India Limited (NSE) and National Securities Depository
Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research
Ltd).

3.2.2 Federal Bank:

Federal Bank is one of India’s leading private sector banks, with a dominant
presence in the state of Kerala. It has a strong network of over 1,247 branches and 1,485
ATMs spread across India. The bank provides over four million retail customers with a wide
variety of financial products. Federal Bank is one of the first large Indian banks to have an
entirely automated and interconnected branch network. In addition to interconnected
branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile
Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre

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facilities to offer round the clock banking convenience to its customers. The Bank has been a
pioneer in providing innovative technological solutions to its customers and the Bank has
won several awards and recommendations.

3.2.3 AGEAS:

Ageas is an international insurance group with a heritage spanning 190 years. Ranked among
the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business
activities in Europe and Asia, which together make up the largest share of the global
insurance market. These are grouped around four segments: Belgium, United Kingdom,
Continental Europe and Asia and served through a combination of wholly owned subsidiaries
and partnerships with strong financial institutions and key distributors around the world.
Ageas operates successful partnerships in Belgium, the UK, Luxembourg, Italy, Portugal,
Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and
the UK. Ageas is the market leader in Belgium for individual life and employee benefits, as
well as a leading Non-Life player through AG Insurance. In the UK, Ageas is the sixth largest
Non-Life insurer with a number 3 position in cars insured and has a strong presence in the
over 50’s market. Ageas employs more than 13,000 people in the consolidated entities and
over 30,000 in the non-consolidated partnerships, and has annual inflows of more than EUR
23 billion.

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3.3 Company’s Vision, Mission And Values

Purpose:

Empowering you to create the life and lifestyle of your choice.

Mission:

Reaching out to customers through empowered and engaged employees and

distributors, facilitated by cutting-edge technology right-selling and seamless service to meet
their evolving needs.

Values:

 Core value:
 Passion
 Integrity
 Ambition
 Execution
 Transparency
 Behavior value:
 Think Different
 Be Solution Focus
 Embrace Openness
 Display Ownership
 Be agile.

Live by the values above. It is only when we live every moment displaying these values, will
be able to achieve our strategic goal of being a top 10 life insurance player by 2020.

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3.4 Company Profile:

 IDBI Federal Life Insurance Headquarter is in Mumbai.

 It has 60 branches with over 1900 employees.
 It is placed 13th in Life Insurance Industry.
 It was 18th amongst the Life Insurance companies to get License.
 Stakes of IDBI bank are 48 %.
 Stakes of IDBI Federal are 36 % and others are 26 %.
 On 19th December 2007 IDBI got its License.
 It started its operation in 2008.

3.4.1 Milestones of IDBI Federal:

 MOU between Federal Bank and Fortis took place on November 2006.
 On 19th December 2007 the company got licensed and this day is also known as
Foundation day.
 In March 2008 the company sold its first Policy.
 In August 2008 the company became the fastest in reaching 100cr premium
collection.
 In March 2010 the AUM crossed 1000cr.
 In August 2010IDBI Fortis was changed to IDBI Federal.
 In November 2012 IDBI federal got its Master Brand Status.
 In March 2013 it attained its Break Even and declared a profit of 9.2 cr.
 In March 2014 it earned a profit of 80cr.
 In March 2015 it earned a profit of 155cr.
 In March 2016 the AUM was 4893 cr.
 During 2015-16 the company collected a premium of 1240crs.
 During 2016-17 the company collected a premium of 1574crs.
 It has 13th month persistency i.e. 74% best in the industry.
 The solvency ratio is 472% against the minimum regulatory of 15%.
 Achieved its gold award.
 Introduced “Good to Great” in 2015-16.
 Introduced “Go Further” in 2016-17.
 Introduced “Be the Difference” in 2017-18.

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3.5 Organizational Structure:

Vighnesh Shahane (CEO)

Aneesh Srivastava (CIO)

Arvind Sahi (CRO)

Ashley Kennedy (Partnership & E-Commerce)

Rajesh Ajgaonkar (Legal & Complier)

Ganesh Ratnam (CDO)- North & South

Sivaram Maganty (CDO)- East & West

Mahesh Keni (Internal Audit)

Karthik Raman (CMO, Head of Produt &

Strategies)

Kedar Patki (CFO)

Lalita Bhatia (COO)

Manish Sharma (Head Agency Vertical)

Vijay (Head POS Vertical)

Figure no.: 3.1 (Organizational structure)

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3.5.1-Sub Divisions in Organizational Structure:

Sales

CDO (Chief Agency

Distribution POS
Head
Officer)

Kerala &
South & Karnataka A.P,T.N,
East &West
North (VASANTH) Telangana
(PRADEEP)

ADO (Zonal/
Area Distribution SBH/BH (Senior Branch
Officer)
Head / Branch Head)

RDO (Regional
Distribution AL / ALM (Agency
Officer) Leader / Agency Leader
Manager)

Cluster Manager/
Territory Mnager/
Area Head Advisors

Figure no.: 3.2 (Sub-division in Organizational Structure)

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 3.6 Products Offered:

PRODUCTS

TRADITIONAL ULIP PRODUCTS

PRODUCTS (nontraditional products)

WEALTHSURANCE SINGLE
PAR NON PAR PREMIUM (Endowment)

LIFESURANCE LOANSURANCE GROUP POLICY

(Endowment) (only for bank verticals)

CHILDSURANCE GUARENTEE WEALTH PLAN

(Child plan) (Endowment & money back)

TERMSURANCE (Non agency

SECURED
vertical)
INCOME (Money
back) INSURANCE FLEXI (online term
plan & Non agency vertical)

WEALTHSURANCE GROWTH WEALTHSURANCE FEATURE

(Endowment) STAR (Endowment)

WEALTH GAIN

Figure 3.3: Classification of products

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 To begin with let us understand what is meant by a product. In popular terms a
product is considered same as a commodity– a good brought and sold in the marketplace. The
term, product comes from the term; reproduce which means, to bring forth or, to create. In
other words, a product is the output or result of certain labor or efforts.
A product is not an end in itself but a means to satisfy other ends. In this sense
products are problem solving tools. They serve as need or want satisfiers. How appropriate a
product is for the purpose would depend on the features of the product.
Products may be:
i. Tangible: refers to physical objects that can be directly perceived by touch (for instance a
car or a television set)
ii. Intangible: refers to products that can only be perceived indirectly.
Life insurance is a product that is intangible. A life insurance agent has the
responsibility to enable the customer to understand the features of a particular life insurance
product, what it can do and how it can serve the customer’s unique needs.

Life insurance products offer protection against the loss of economic value of an
individual’s productive abilities, which is available to his dependents or to the self. The very
word “insurance in, life insurance signifies the need to protect both oneself and one’s loved
ones against financial loss upon death or permanent disability.

The classification of life insurance products is shown in Figure 3.3, which IDBI
Federal offers.

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3.6.1-Traditional Life Insurance Products:

Figure 3.4: Traditional products

 Term insurance plans: Term insurance is valid only during a certain time period that
has been specified in the contract. The term can range from as short as it takes to
complete an airplane trip to as long as forty years. Protection may extend up to age
65 or 70.
o Limitations of term plans: At the same time one must be aware of the
limitations of term assurance plans. The major problem arises when the
purpose of taking insurance cover is more permanent and the need for life
insurance protection extends beyond the policy period.
 Whole life insurance: While term assurance policies are examples of temporary
assurance, where protection is available for a temporary period of time, whole life
insurance is an example of a permanent life insurance policy. In other words there is
no fixed term of cover but the insurer offers to pay the agreed upon death benefit
when the insured dies, no matter whenever the death might occur. The premiums
can be paid throughout one’s life or for a specified period of time which is limited and
is less than one’s lifetime. A whole life policy is a good plan for one who is the
main income earner of the family and wishes to protect the loved ones from any
financial insecurity in case of premature death. Whole life insurance plays an
important role in household saving and creating wealth to be passed on to the next
generation.
 Endowment assurance: An endowment assurance contract is actually a combination
of two plans: (1) A term assurance plan which pays the full sum assured in case of

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 death of the insured during the term. (2) A pure endowment plan which pays this
amount if the insured survives at the end of the term. The product thus has both a
death and a survival benefit component. Endowment is primarily a savings
program, which is protected by provision of insurance against the contingency of
premature death. Endowment assurance has certain variants that are discussed below.
o Money back plan: A popular variant of endowment plans in India has been
the Money Back policy. It is typically an endowment plan with the
provision for return of a part of the sum assured in periodic installments
during the term and balance of sum assured at the end of the term.
o Par and non-par schemes: The term “Par” implies policies which are
participating in the profits of the life insurer. “Non – Par” on the other hand
represent policies which do not participate in the profits. Both kinds are
present in traditional life insurance.
Typically without profit plans are those where the benefits are fixed and guaranteed at
the time of the contract and the policyholder would be eligible for these benefits and no more.
The par products are explained below:
IDBI Federal Childsurance Savings Protection Plan is a non-linked participating
endowment plan that ensures a child’s future. Childsurance Savings is designed to give the
customers, guaranteed annual payouts and also aid the important milestones in their child’s
life. In the unfortunate event of the parent not being around, the policy will continue exactly
as they had planned it, without any further premiums being paid. .In other words, this plan
ensures that their child gets to live his/her dream exactly as they have planned, whether or not
their parents are around.

IDBI Federal Incomesurance Guaranteed Money Back Insurance Planis a non-

linked non-participating money back plan which gives guaranteed returns on an investment,
so that the customer stops worrying about the future. With Incomesurance, they can
guarantee a secure future for their families even when they are not around.

IDBI Federal Lifesurance Savings Insurance Plan is a fixed term non-linked

participating plan that provides twin benefits of long-term savings and life cover. With
Lifesurance Savings, customer’s small savings will help them realize their big dreams that
they have for their selves and their family. This plan also offers the benefit of life cover that
will provide financial security to their family in their absence.

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3.6.2-Non-Traditional Life Insurance Products:
Unit linked plans, also known as ULIP’s emerged as one of the most popular and
significant products, displacing traditional plans in many markets. These plans were
introduced in UK, in a situation of substantial investments that life insurance companies
made in ordinary equity shares and the large capital gains and profits they made as a result. A
need was felt for having both greater investment in equities and also passing the benefits to
policyholders in a more efficient and equitable manner.
The benefits under these contracts are wholly or partially determined by the
value of units credited to the policyholder‘s account at the date when payment is due.
Unit linked policies thus provide the means for directly and immediately cashing on
the benefits of a life insurer’s investment performance. The units are usually those of a
specified authorized unit trust or a segregated (internal) fund managed by the company. Units
may be purchased by payment of a single premium or via regular premium payments.

3.7-Sponsorships Given By the Organization:

 In agreement with Mumbai Cricket Association (Bowling Foundation).

 Bengal Cricket Association.
 Spice Coast Marathon 2015.
 Kolkata Marathon 2016.
 New Delhi Marathon.
 T20 D Y Patil
 CSR efforts APNALAYA( NGO based in Goa & Mumbai which provides education,
health care, disability help and women empowerment)

Page | 24
3.8-Summary of the Organization

2006:-

 IDBI signs MOU with Fortis

 IDBI - Tripartite MOU with Federal Bank & Forties Insurance International

 IDBI, Federal Bank and Fortis Sign Joint Venture Agreement To Establish A New
Life Insurance Company In India

2007:-

 IDBI Bank has been steadily expanding its delivery platform during the year, which,
as on date, comprises 499 branches and 779 ATMs, encompassing 308 centers.
 IDBI Bank bagged two special awards- for “Best Payments Initiative” and
“Outstanding Achiever of the Year" for the Bank's Head of Technology - for the year
2007 from the Indian Banks' Association, in recognition of its customer-centric IT
initiatives.
 During the quarter, the Bank established a US$1.5 billion Medium Term Note
Program (“MTN Program"). The program will now enable the Bank to issue various
debt instruments in the international capital markets, including Senior Notes, Upper
Tier-2 notes and Hybrid Tier-1 notes, under a single documentation platform. This
will allow the Bank to quickly take advantage of market opportunities where they
arise, increasing the Bank’s fund raising efficiency.
 The Bank has set up an Entrepreneurial Development Fund (EDF) with a corpus of
Rs.10 crores for financing the entrepreneurs in the Small and Medium sector.
 The Bank took yet another pro-active initiative by introducing an online application
facility for Educational Loans.

Page | 25
2008:-

 The Bank’s life insurance joint venture with Fortis and Federal Bank commenced
operations in March 2008.
 In March 2008, IDBI Bank opened its first City SME Center (CSC) in Mumbai to
give a fillip to Small and Medium Enterprises (SMEs) lending. CSC has been
established to streamline credit appraisal process to ensure faster turnaround time.
More such CSCs would be set up in due course.
 In February 2008, IDBI Bank entered into a strategic alliance with Motilal Oswal
Securities Ltd. (MOSL), to facilitate online trading for the Bank’s customers. IDBI
Bank customers now have the additional option of making investments in equities,
derivatives and Initial Public Offerings (IPOs) using the online trading platform of
MOSL.

2009:-

 IDBI Federal Life launches new plan for senior citizens.

 IDBI Fortis redefines endowment & money back with Incomesurance
 IDBI Fortis launches Termsurance Protection Plan
 IDBI Fortis launches Incomesurance Immediate Annuity
 IDBI Fortis launches Retiresurance Pension Plan
 IDBI Fortis Boss-Ka-Boss bags PRCI Award
 IDBI Fortis announces Rs 250cr capital infusion

2010:-

 IDBI Federal launches Wealthsurance Milestone Plan

 IDBI Fortis Life Insurance is now IDBI Federal Life Insurance

Page | 26
2011:-

 IDBI Federal heralds the New Year with Childsurance

 IDBI Federal unveils 3-in-1 Lifesurance Savings Plan
 IDBI Federal launches insured wealth plan
 IDBI Federal pioneers Medical Test-free Term Plan for Seniors
 IDBI Federal launches unit linked Pension Plan
 IDBI Federal targets HNIs with Wealthsurance Premier

2012:-

 IDBI Federal launches a plan with double life cover and no medicals
 IDBI Federal makes its online debut
 IDBI Federal Bondsurance plan offers attractive guaranteed Tax-Free Returns, Life
Cover
 IDBI Federal and IDBI Bank reaches out to Surli through Termsurance Grameen
Suraksha

2013:-

 IDBI Federal breaks-even in Five years; posts maiden profit of Rs 9.24 crore
 IDBI Federal in association with Phoenix Foundation organises a trek for the
physically challenged

2014:-

 IDBI Federal launches 7 new plans

 IDBI Federal backs home grown talent; elevates Mr. Vighnesh Shahane as CEO

Page | 27
3.9-Swot Analysis of Industry:

3.9.1 Strengths:

 Dedicated workforce aiming at marking a long-term career.

 Excellent place to work.

 IDBI FORTIS is currently the newest member of the Insurance industry in India.

 Excellent network of well qualified Advisors.

 More effective and efficient mode of service

3.9.2 Weakness:

 As IBDI FORTIS is new to the Insurance industry, therefore it is less popular in rural
areas.

 There are some differences in some certain sectors.

 People prefer LIC over IDBI as it is the oldest running Government organization.

 Customer doesn’t have faith in private sector.

 Less Competition within due to low unemployment.

3.9.3 Opportunities:

 IDBI FORTIS group is opening 100 branches from existing 33 IDBI FORTIS.

 Strong Future Growth in rural areas as they are getting aware of this new insurance
company.

 Creation of strong demand in the rural areas as they are getting interested in the
private sector.

Page | 28
  As according to IRDA only 10% of the population is insured which represent around
30% of the insurable population, it means more than 300 million people are still to be
insured.

3.9.4 Threats:

 Very high competition.

 People prefer more Government companies like LIC over private industry.

 High vulnerability.

3.10-Swot Analysis of Company:

3.10.1 Strength:

 Superior customer service vs. competitors.

 Products have required accreditations.

 High degree of customer satisfaction.

 Good place to work

 Lower response time with efficient and effective service.

 Dedicated workforce aiming at making a long-term career in the field.

 Large pool of technically skilled manpower with in depth knowledge and

understanding of the market

3.10.2 Weakness:

 Some gaps in range for certain sectors.

 Customer service staffs need learning.

 Processes and systems, etc.

 Management cover insufficient.

Page | 29
  Low customer confidence on the private players.

3.10.3 Opportunities:

Insurable population: According to IRDA only 10% of the population is insured

which represent around 30% of the insurable population. This suggests more than 300m
people, with the potential to buy insurance, remain uninsured. International companies will
help in building world class expertise in local market by introducing the best global practice.

 Could extend to overseas broadly.

 New specialist applications.

 Could seek better customer deals.

 Fast-track career development opportunities on an industry-wide basis.

 An applied research center to create opportunities for developing techniques to

provide added-value services.

3.10.4 Threats:

 Big public sector insurance companies like Life Insurance Corporation (LIC) of
India, National Insurance Company Limited, Oriental Insurance Limited, New
India Assurance Company Limited and United India Insurance Company Limited.
People trust and go to them more.

 Legislation could impact and Great risk involved.

 Very high competition prevailing in the industry.

 Vulnerable to reactive attack by major competitors

 Lack of infrastructure in rural areas could constrain investment

Page | 30
3.11 Summary of SWOT Analysis of IDBI Federal:

Figure 3.5: Summary of SWOT analysis

Page | 31
 Chapter-IV

RECRUITMENT AND SELECTION PROCESS IN IDBI

FEDERAL

4.1 Recruitment:

Recruitment (hiring) is a core function of human resource management. Recruitment

refers to the overall process of attracting, selecting and appointing suitable candidates for jobs
(either permanent or temporary) within an organization. Recruitment can also refer to
processes involved in choosing individuals for unpaid positions, such as voluntary roles or
unpaid trainee roles. Managers, human resource generalists and recruitment specialists may
be tasked with carrying out recruitment, but in some cases public-sector employment
agencies, commercial recruitment agencies, or specialist search consultancies are used to
undertake parts of the process. Internet-based technologies to support all aspects of
recruitment have become widespread. Job analysis is one of the processes of recruitment. In
situations where multiple new jobs are created and recruited for the first time or vacancies are
present then the nature in such documents are as job descriptions and job specifications.
Often, a company already has job descriptions for existing positions. Where already drawn
up, these documents may require review and updating to reflect current requirements. Prior to
the recruitment stage, a person specification should be finalized.

Page | 32
4.2 Recruitment Process:

The figure 5.1 describes about the recruitment process that generally takes place in an
organization.

Figure4.1: Recruitment process

There are five steps involved in recruitment process which are as follows:

 Recruitment planning: The first step involved in the recruitment process is planning.
Here, planning involves to draft a comprehensive job specification for the vacant
position, outlining its major and minor responsibilities; the skills, experience and
qualifications needed; grade and level of pay; starting date; whether temporary or
permanent; and mention of special conditions, if any, attached to the job to be filled ”

 Strategy Development: Once it is known how many with what qualifications of

candidates are required, the next step involved in this regard is to devise a suitable
strategy for recruiting the candidates in the organization. The strategic considerations
to be considered may include issues like whether to prepare the required candidates
themselves or hire it from outside, what type of recruitment method to be used, what
geographical area be considered for searching the candidates, which source of
recruitment to be practiced, and what sequence of activities to be followed in
recruiting candidates in the organization.

Page | 33
  Searching: This step involves attracting job seekers to the organization. Sources of
recruitment: 1. Internal Sources 2. External Sources
 Screening: Though some view screening as the starting point of selection, we have
considered it as an integral part of recruitment. The reason being the selection process
starts only after the applications have been screened and shortlisted. Job specification
is invaluable in screening. Applications are screened against the qualification,
knowledge, skills, abilities, interest and experience mentioned in the job specification.
Those who do not qualify are straightway eliminated from the selection process.

 Evaluation and Control: Given the considerable cost involved in the recruitment
process, its evaluation and control is, therefore, imperative.

4.3 Recruitment Process in IDBI Federal:

The sources of recruitment in IDBI Federal are internal and external sources.

1. Internal Sources:

Any method of identifying and attracting candidates from within an organization can be
considered internal recruiting. There are many different mechanisms, some formal and
some informal, that can be used to identify quality internal candidates. Internal recruiting also
offers some distinct benefits over recruiting from the outside, but it also has its critics. In the
end, each organization and hiring manager should consider their needs and develop a
recruitment plan that they believe will produce the best candidates for their needs.

In IDBI Federal the IJP (Internal Job Posting) is sent to all the employees of the
organization and then the eligible and qualified people apply for it. The assessment is carried
out and the right person is given the job. The IJP is described below.

Key Responsibilities:

 Achieve set business targets through AL-POS and certified Consultants-POS.

 Identify and build avenues for sourcing AL-POS & Consultant-POS in the location as
per policy guidelines.
 To meet the budgeted members of Consultants-POS & AL-POS recruitment for the
location.
 Work closely with AL-POS/Consultant-POS and make them perform consistently
through training interventions, mentoring and coaching.

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  Ensure and Enable AL-POS to build a strong Consultant-POS Force.

Role: Cluster Manager - POS

Function: Sales Distribution – South & North

Reporting to: Head - POS

Location: Bangalore, Hyderabad, Delhi, Chandigarh, Lucknow

Candidate Requirement:

 Minimum 4 years of experience in Distribution Sales.

 Currently should be at a Brand 2 or 3.

Eligibility:

 Minimum 2 years in IDBI Federal.

 Minimum 2 years in the current role.
 Performance rating of not less than 3 in last two years.
 No pending disciplinary inquiry.
 Must fulfill criteria as defined in the job posting.

How to apply:

 Please share your credential in attached format and send to [email protected]

on or before 4-May-17.
 Please mention the position applied for in the Subject Line.
 Incomplete applications will not be considered.

2. External Sources:

There are different ways of external recruitment that takes place in IDBI Federal.
They are Referrals, consultancies, job sites and then from normal market i.e. colleges, etc.

When coming to referrals; the person who refers someone has the opportunity to
claim a certain amount from the company only when the person gets selected as he has
referred a valid person to the company. The referred fee varies from post to post. If a person
is referred for a higher post then the referral gets more amounts and if it is for a smaller post
then around rupees 10 thousand. The external sources are given preferences. The order is as
follows: References, consultancies, job sites and normal market.

Page | 35
4.4 HR Commitments:

 Creating a workforce which performs at high standards.

 Learn continuously.
 Excels constantly by seeking and adopting better ways to do things.
 Respect others and help colleague to succeed.
 Deliver on commitment.
 Share Information, Knowledge and Views Openly.
 Acts in line with the organizational values.

4.5 HR Policies:

There are few policies which a HR person has to follow. There is a training given
which is known as ANUBHAVA, to explain the HR policies. The policies are:

 Joining & leaving policy: The documents to be submitted.

 Working hours: The office is 6 days working in a week except on 2nd& 4th
Saturday and national holidays. On weekdays the timings are 10am-6:30pm and
on Saturday it is 10-5pm.
 Dress code: On Mondays the employees have to wear IDBI Federal t-Shirt. On
other days there is a formal dress code and on Saturdays it is informal dress code.
 Relocation and transfer policy.
 Domestic Business travel.
 Working beyond office hours, on non-working days and public holidays when
there is a need.

3. Documents To Be Submitted When Joining:

 Accepted offer letter.
 3months salary slip.
 Academic certificate copies.
 Current residence.
 PAN card Xerox
 6colour photos.
 Resignation acceptance letter from the previous organization.

Page | 36
  Reliving letter from previous organization.
 Undertaking must be signed in case of any delay in submitting the above
documents.
 Salary cycle is 20 and at the end of the month.
 Reimbursement.

4.6- Selection process:

Selection is the process of picking up individuals (out of the pool of job applicants)
with requisite qualifications and competence to fill jobs in the organizations.

According to Dale Yoder “Selection is the process in which candidates for

employment are divided into two classes-those who are to be offered employment and those
who are not.”

According to Thomas Stone “Selection is the process of differentiating between

applicants in order to identify (and hire) those with a greater likelihood of success in a job.”

The selection process consists of a series of steps. Each step must be successfully
cleared before the applicants proceed to the next. The selection process is a series successive
hurdles or barriers which an applicant must cross. Thus the hurdles are designed to eliminate
an unqualified candidate at any point in selection process. Thus this technique is called
“SUCCESSIVE HURDLES TECHNIQUES.”

External and Blank

Preliminary
Internal Reception Application
Interview
Environment Form

Physical Final Checking Selection

Selection Test
Examination Selection Referances Interview

Job Offer Job Contract Evaluation Rejections

Figure no. 4.6 selection process

Page | 37
4.7- Recruitment and Selection Process in IDBI Federal:

Recruitment and selection process is one of the most important tasks of the IDBI Federal
Life Insurance co.ltd. Through this tasks, the IDBI Federal attracts people and brings
employees

4.7.1- Receiving manpower requisition form:

At first, concerned department or division must fill the manpower requisition form. In
requisition form, there are some aspects. They are as follows:

Position details: Here, manager from division or department will write down the position
name, department or division, type of vacancy, number of employees needed, date by which
personnel is required to join. There are two types if vacancies. They are: 1. Replacement and
2. New Position.

If the vacancy is against replacement, manager must mention previous employees name
and resigning date. If the vacancy is against new position, then the manager must show the
judgment. This judgment is about why new position is raised. The judgment must be
approved by Human Resource Division and Board of Directors.

Job Description: In job description, managers must mention about the task of the vacant
job. If the job description is same as their job description book, manger will write as role
play.

Job Speciation: In job speciation, manager will point out skills that need to be put forth,
hence he will portray about education qualification, experience and age limit. If the
experience is not needed, manager will write that experience is not mandatory but preferable.

Approval: This box is just taking signatures. Here the manager who raised the requisition
will sign. Divisional Head, Head of HR and Deputy managing director will sign. After
signing Divisional Head, manager will sent it to HR Division. Then HR division will examine
it and HR will sign. Then it will go for deputy managing director sign.

Page | 38
4.7.2- Attracting applicant and collecting resumes:

After approval from the deputy managing director, HR division will start its recruitment
tasks. HR division will send the photocopy of the manpower requisition form and it will keep
the original copy. After that it will set how to draw applicant attention. There are two sources
for collecting resumes. They are as follows:

Internal Sources: Through internal sources they collect resumes. Internal sources help
HR division reduce the cost. There some sources which are used to utilized internal sources.
They are: 1. Employee referrals, 2. Notice board and, 3. Transfer and Promotion.

External Sources: Through these sources IDBI Federal attracts the huge number of
applicants. They are as follows: 1. Newspaper advertisement, 2. Interns and, 3. CV Bank.

4.7.3- Sort out applicants:

After collecting resumes, HR division of the IDBI Federal starts its selection process.
Resumes are chosen in two approaches. At first, HR division selects applicant resumes. Next,
they decorate resumes and send these resumes to concerned division or department. After
that, concerned department or division does the final selection and gives back to HR division.

4.7.4- Making call list and informing candidates:

Network is to inform applicants for attending interview. For this, HR division makes call
list. This call list includes applicant’s name, father’s name, mobile number and remarks.

4.7.5- Preparing candidates profile summary:

Now HR division will prepare the candidates profile summary and it includes applicant’s
name, father’s name, last education, education institution, DOB, experiences, references. This
will help interviewee to understand the applicants clearly.

Page | 39
4.7.6- Preparing attendance sheet:

Before appearing for the interview, HR division will prepare attendance sheet. This
attendance sheet includes applicant’s name, father’s name, mobile number and signature box.
After preparing the sheet, it will be sent to reception. So when candidates enter to the
company they will have to sign over there.

4.7.7- Conducting interviews for shortlisted candidates:

The candidates will be interviewed at the office. The selection process consists of two
rounds that is aptitude test and the personal interview.

4.7.8- Reference checkups:

The purpose of reference checkup is to obtain information about the candidate’s behavior
and work performance. The information which has been gathered during a reference check is
directly related to the key selection criteria of the role they have applied for and allow to
validate the information provided by the candidate at the interview.

4.7.9- Provision of the offer letter:

After selecting the potential candidates, the offer will be made to them and the required
document will be collected post joining the organization.

4.7.10- Evaluation of the recruitment method:

 Number of initial enquires received which resulted in completed application forms.

 Number of candidates recruited.
 Number of candidates retained in the organization after six months.
 Number candidates at various stages of the recruitment process, especially those short
listed candidates.

Page | 40
4.8- Recruitment and Selection Process of Financial Advisor in IDBI
Federal:

In IDBI Federal this position is considered as very important as it provides the profits
to the company. IDBI Federal recruits huge number of advisors based on their experiences
and performances. The organization recruits Financial Advisors through internal and external
sources.

 The first stage includes the prospecting of candidates.

 The collection of database from all the segments such as students, business,
housewives, self-employed with all having minimum educational qualification 10+2.
 The next stage is that either approach them through tele-calling or fixing the
appointment at their convenient time which is feasible to the candidate and the
manager.
 Presentation, procedure and documentation will be given to the candidates.

4.8.1- Job responsibilities for Financial Advisors:

 Meeting the potential customers and developing healthy relations with them
 Generating leads and managing targets.
 Achieve sales targets assigned by the company.
 Promote company products and create brand awareness.

4.8.2- Job Specifications:

 Applicants must complete Bachelor degree or Master from general education.

 Applicants should have ability to work under pressure to meet work deadlines.
 This position requires extensive tours and applicants should have willingness to ride
motorcycle.

Page | 41
4.9- Agent Selection Criteria:

In IDBI Federal Financial Advisor play major role in the development of prosperity of
the organization. The criteria include the following fields:

Personal Profile:

 Age between to 30-65 years.

 Resident of the area for more than one year.
 Qualification 10th (rural), 12th & above (urban).

Key Competencies:

 Effective Communication.
 Experience in direct sales.
 Understanding the financial markets and products.

Additional Attributes:

 Good social and professional network.

 Preferable for Advisor to have his/her own vehicle.
 Family income to be more than Rs.1 lakh.

Preferred Candidates Profiles:

 Retired individuals willing to take up second innings in their career.

 Young adult aiming to become self-independent.
 Salaried individuals aiming for additional income.
 Housewives with entrepreneurship skills wanting to supplement family income.

Page | 42
 4. Documents To Be Submitted When Joining:
 Accepted offer letter.
 3months salary slip.
 Academic certificate copies.
 Age proof.
 Address proof.
 6 color photos.
 Resignation acceptance letter from previous organization.
 Reliving letter from previous organization.
 Filling NAAF form.

4.10- Interview Section:

During the interview, the senior manager asks the following questions to the candidates to
judge his/her ability and knowledge.

 Qualification
 Present occupation
 Knowledge or experiences in insurance sector
 Period of stay in city
 Number of family members
 Information about company profile
 Household income
 Occupation of parent

If selected, the senior manager will approve the application. The manager takes the help of
scoring mechanism and it was filled at the time of registration of job.

Page | 43
 Chapter-V

DATA ANALYSIS AND INTERPRETATION:

The following analysis was done in the company with the employees for the HR
practices.

1. Selection of candidate in our organization is strictly based on his/her

merit.

Selection of Candidate No. of Preferences Percentage

Strongly Agree 0 0.00
Agree 10 50.00
Undecided 0 0.00
Disagree 5 25.00
Strongly Disagree 5 25.00
Total 20 100
Source: Primary data

Chart Title
0%
Strongly satisfied
25% Satisfied
50% 50% Undecided
25% Weakly Satisfied
Dissatisfied
0%

Figure 5.1: Selection of Candidate

From the above graph we can see that only 50% of the employees are satisfied with
the Selection Criteria.

Page | 44
2. How do you rate the HR practices of the company?

Rate for HR practices No. of preferences Percentage

Strongly Agree 5 25.00
Agree 5 25.00
Undecided 2 10.00
Disagree 6 30.00
Strongly Disagree 2 10.00
Total 20 100

Source: Primary data

Percentange

10%
25%
Strongly satisfied
Satisfied
30% Undecided
Weakly Satisfied
Dissatisfied
25%
10%

Figure 5.2: Rate for HR practices

From the above graph we can see that total 50% of the employees strongly agree with
the HR practice in the Company, total 40% of the employees disagree with it.

Page | 45
3. Adequate and relevant amount of information is provided to candidate
at the time of recruitment.

Adequate information to candidate No. of preferences Percentage

Strongly Agree 12 60.00
Agree 6 30.00
Undecided 2 10.00
Disagree 0 0.00
Strongly Disagree 0 0.00
Total 20 100

Source: Primary data

Percentage
0% 0%

10%

Strongly satisfied
Satisfied
30% Undecided
60% Weakly Satisfied
Dissatisfied

Figure 5.3: Adequate information to candidate

From the above graph we can see that 90% of the employees feel that they are
provided adequate information, 10% of the employees still can’t decide it.

Page | 46
4. Our organization places right person at the right job.

Right person at the right job No. of preferences Percentage

Strongly Agree 9 45.00
Agree 6 30.00
Undecided 2 10.00
Disagree 3 15.00
Strongly Disagree 0 0.00
Total 20 100

Source: Primary data

Percentage

30%
10% Strongly satisfied
Satisfied
15% 15% Undecided
Weakly Satisfied
Dissatisfied
45% 0%

Figure 5.4: Right person at the right time

From the above graph we can see that total 75% of the employees say that company
places right person at the right job.

Page | 47
5. Which method do you mostly prefer for recruitment and selection?

Methods for recruitment No. of preferences Percentage

Direct 15 75.00
Indirect 0 0.00
Third party 5 25.00
Total 20 100

Source: Primary data

Percentage

75% Indirect
Others
15% Direct
25%
Others

Indirect
0%

Figure 5.5: Methods for recruitment

From the above graph we can see that 75% of the employees say that the direct
method of recruitment is preferred and25% of the employees say that the third party
recruitment is preferred.

Page | 48
6. Which of the following technical support being preferred by the HR
personnel to recruit the candidate?

Factors Responses % of responses

Telephone 30 50
Video conference 5 15
Online support 15 35
Total 50 100

Source: Primary data

Technical supports
0%

35%
telephone

50% video conferences

online support

15%

Figure no. 5.6 Technical supports

From the above figure we can see that 50% of the people will responses to the
technical support through telephone and 35% through online support but in rare 15% will go
towards the video conferences.

Page | 49
7. What are the techniques of selection process?

Techniques of selection process No. of preferences Percentage

On job 20 100.00
Off job 0 0.00
Total 20 100

Source: Primary data

Chart Title

0%

On job
Off job

100%

Figure 5.7: Techniques of process

From the above graph we can see that 100% of the employees say that on the job
technique is the technique of selection process used in the company.

Page | 50
8. How do you rate the selection process in IDBI?

Rate for selection process No. of preferences Percentage

Excellent 3 15.00
Good 15 75.00
Average 2 10.00
Bad 0 0.00
Worse 0 0.00
Total 20 100

Source: Primary data

Percetage

0%

Excellent

10% Good
75%
0% Average
Bad
15%
Worse

Figure 5.8: Rate for selection process

From the above graph we can see that 75% of the employees rate the selection process
as really good, 15% of the employees rate the selection process as brilliant and 10% of
employees rate the selection process as good.

Page | 51
9. Are you satisfied with the company?

Satisfied with the company No. of preferences Percentage

Strongly Agree 0 0.00
Agree 7 35.00
Undecided 5 25.00
Disagree 6 30.00
Strongly Disagree 2 10.00
Total 20 100

Source: Primary data

Percentage

25%
Strongly satisfied
Satisfied
30%
40% Undecided
Weakly Satisfied
35% 10% Dissatisfied

0%

Figure 5.9: Satisfied with the company

From the above graph we can see that only 35% of the employees are satisfied with
the company, 25% of the employees still can’t decide it, 30% are weakly satisfied.

Page | 52
10.Do you use any of the following tests during the process of recruitment?
Factors Responses % of responses
Written test 5 10
Aptitute 15 62
Group discussion 7 13
Personal interview 23 15
total 50 100

Source: Primary data

selection tests

13% written test

62%
aptitute
10%
group dicussion
15% personal interviews

10%

Figure no. 5.10 selection tests conduct

From the above figure shows that 62% were responses to the selection tests in the
personal interview and 15% for personal interviews 13% for group discussion but in rare 10%
for written test.

Page | 53
 Chapter-VI

FINDINGS, SUGGESTIONS, & CONCLUSION:

6.1-Students Work:

Every Financial Advisor plays a vital role in development and upbringing of the
organization. We as a Financial Advisor had the important task to find the potential candidate
for the company and call them to interview for us for the post of Financial Advisor. After
seeking their interest towards the company, I would fix an interview date and time according
to their convenience. On the day of interview, we would ask them about themselves, their
Family background and would explain the work they are expected to do as a financial
advisor. If the candidate is selected accordingly then they need to fill the application form and
I’ll verify it. Once the verification is done they need to go through IC38 training .The training
is given so that the candidate could pass the IRDA exam which is mandatory for each and
every one. The moment he/she passes the IRDA exam, they become the part of the company.
When the candidate performs effectively then the business of the company is generated and
the company develops along with the employees.

6.2-Findings:

After students joined the company we started understanding that Financial Advisor is
the Building blocks of the company. Without their good work company cannot grow. The
role of a Financial Advisor is to bring customers by advising them about the insurance and
saving plans.

After we was signed as a administrative member were have to fill and verified the
application forms were given by the Head Manager. We have to check the all the application
forms before submitting it. If any error or mistake happens the application form were get
cancelled so for that we the administrative team were have to check the application form very
carefully. The administrative team is assigned from the different colleges. So we were the one
part of it.

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 After we were assigned the work of taking interviews, we were explained the needs of
the company as in what company expect from a Financial Advisor.

The role of an assistant branch manager is to take care about the team leaders and the
agency leaders regarding the advisors and take steps towards development of the
organization.

We have taken interviews for students from different colleges for their internship
program. We have taken both personal and telephonic interview. Shortlisted students were
eligible for telephonic interview but most of the students were not interested in the internship
program

One of the colleges was selected for the program was Avinash Degree College.

The reasons for the students disinterest were:

 Not serious about the summer internship program.

 Poor decision making.
 Irresponsible.
 Poor communication skills.S
 Just want enjoyment.
 No time management
 Not having any passion to have live organization experience.
 Not enthusiastic to gain knowledge.

Only few students have shown the enthusiasm to work and have live experience. They
attended the personal interview. We felt they were very confident and had the ability to work
with the organization and develop it.

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6.3-Findings from the Questionnaire:

 50% of the employee agrees with the selection criteria, 25 % disagree and rest 25 %
strongly disagree.

 25% of the employee strongly agree with the HR practice and Induction programs,
25% of the employee agree with the HR practice, 10% of the employees can’t decide
whereas , 30 % disagree and 10% strongly Disagree with the HR Practice and
Induction Program.

 Total of 90% employee agree that they are provided with adequate information at the
time of recruitment whereas 10% still can’t decide.

 75% of the employee says that company places right person at the right job, 10% still
can’t decide whereas 15% totally disagree.

 75% of the employee says that the direct method of recruitment is preferred and 25%
say that Third party recruitment is preferred.

 50% of the people will responses to the technical support through telephone and 35%
through online support but in rare 15% will go towards the video conferences.

 100% of the employee says that On the Job technique is used for training in the
company.

 15% of the employee rates the training program as excellent, 75% as good, 10 % as
average.

 35% of the employees are satisfied with the company, 25 % of the employee still
can’t decide whereas 30% are weakly Satisfied.

 62% were responses to the selection tests in the personal interview and 15% for
personal interviews 13% for group discussion but in rare 10% for written test.

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6.4- Suggestions:
Following are suggestions made for the benefits and augmentation of the sound working
of the Company - IDBI Federal Life Insurance Co. Ltd.:

 The work of receiving, issuing, accounting and stoning responsibility should be

properly done.
 Segregate the work so that it will increase the productivity of the organization.
 All the documents should be verified timely by the operation department.
 All the policies should be updated time to time according to the company'
requirement.
 Proper trainer should be provided to the trainees.
 Friendly atmosphere should be there by proper interaction and activities.
 Do not give fake advises to the customers.
 The plans should be explained properly.
 The advisors should be informed regards every detail about the products and
incentives.
 IDBI have to increase their promotional activities in such a way that even unskilled
persons understand the importance of their Insurance add value to their customer.

6.5-Conclusion:

In today’s corporate and competitive world, we find that insurance sector has the
maximum growth potential as compared to the other sectors. Insurance has the maximum
growth rate of 70-80% while as FMCG sector has maximum 12-15% growth rate.
As we have previously mentioned insurance sector is growing faster, it requires skilled
and talented workforce to prosper the organization. Therefore, Human resource Division
plays crucial role in absorbing right candidates at right time.
IDBI Federal Life Insurance Co., Ltd is an insurance company. It has given me an
opportunity as an HR intern to understand the HR practices of IDBI Federal. It is a great
place to learn about the company and its culture. In my 45 days of internship program,
students were given various tasks to perform among which one of the crucial tasks is
recruiting the financial advisors who are considered as the cash-cows of the organization.

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 APPENDIX

Questionnaire:

1. Selection of candidate in our organization is strictly based on his/her merit.

o Strongly Agree
o Agree
o Undecided
o Disagree
o Strongly Disagree

2. How do you rate HR practices of the company?

o Strongly Agree
o Agree
o Undecided
o Disagree
o Strongly Disagree

3. Adequate and relevant amount of information is provided to candidate at the time of

recruitment.
o Strongly Agree
o Agree
o Undecided
o Disagree
o Strongly Disagree

4. Our organization places right person at the right job.

o Strongly Agree
o Agree
o Undecided
o Disagree
o Strongly Disagree

5. Which method do you prefer for recruitment and selection?

o Direct
o Indirect
o Third party

6. Which of the following technical support being preferred by the HR personnel to recruit
the candidate.
o Telephone
o Video conference
o Online support

7. What are the techniques of selection process?

o On job
o Off job

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8. How do you rate the selection process of IDBI?
o Excellent
o Good
o Average
o Bad
o Worse

9. Are you satisfied with the company?

o Strongly agree
o Agree
o Undecided
o Disagree
o Strongly disagree

10. Do you use any of the following tests during the process of recruitment?
o Written test
o Aptitude
o Group discussion
o Personal interview

****

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 REFERENCES

 www.idbifederal.com
 www.google.com
 www.en.wikipedia.org
 www.citehr.com
 www.cncwebworld.com
 www.scribd.com
 www.researcherworld .com

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