Professional Documents
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Submitted to MAHARSHI DAYANAND UNIVERSITY , ROHTAK in partial fulfilment of the requirement for the award of the degree of MASTER OF BUSINESS ADMINISTRATION (INDUSTRY INTEGRATED) ( II SEMESTER ) Submitted By: NAME:DEEPA GARG ROLL NO.:- 54
CERTIFICATE
This is to certify that Deepa Garg, a student of the Maharshi Dayanand University, Rohtak, has prepared her Training Report entitled Recruitment and Selection at SMC INSURANCE BROKERS PVT. LTD. under my guidance. She has fulfilled all requirements leading to award of the degree of MBA (Industry Integrated). This report is the record of bonafide training undertaken by her and no part of it has been submitted to any other University or Educational Institution for award of any other degree/ diploma/fellowship or similar titles or prizes. I wish her all success in life.
STUDENTS DECLARATION
I hereby declare that the Training Report conducted at
ACKNOWLEDGEMENT
On completing this report, it is my pleasure to thanks all those who have helped me during the course of the project. I humbly convey my sincere gratitude to SMC Insurance brokers Pvt. Ltd who gave me the opportunity to get training under their direction and guidance without which the project would not have been possible. I am extremely thankful and indebted to my internal guide Mrs. SONIA DALAL of SMC India, New Delhi, who extended their whole-hearted cooperation, their valuable insight and advice from time to time. I owe my sincere thanks to them for last minute indispensible contribution and patience during the reviewing of the report again and again without this project would not have been completed. In no small measure, I would like express my gratitude to(Ms Sheelu Sharma) Honourable Dean & Head of Department of DIHE giving me the opportunity to work with the SMC India Pvt. Ltd. to place a word of thanks for Ms. NEERU and all other SMC India staff members, Personnel division who directly or indirectly helped me in successful completion of the project.
CONTENTS
INTORODUCTION 1.1 General introduction about the sector 1. 1.2 INDUSTRY PROFILE Origin and development of the industry Growth and present status of the industry Future of the industry 2. PROFILE OF THE ORGANIZATION 2.1 origin of the organization 2.2 growth and development of the organization 2.3 present status of the organization 2.4 functional departments of the organization 2.5 organization structure and organization chart 2.6 product and service profile of the organization/competitors 2.7 market profile of the organization
8 3.
DISCUSSIONS ON TRAINING 3.1 students work profile(roles and responsibilities), tools and techniques used. 3.2 key learning
4.
STUDY AND SELECTED RESEARCH PROBLEM 4.1 statement of research problem 4.2 statement of research objectives 4.3 research design and methodology
5.
6.
SUMMARY AND CONCLUSIONS 6.1 summary of learning experience 6.2 conclusions and recommendations
7.
REFERENCES
CHAPTER-1
INTRODUCTION
Indian, 16 foreign and 75 provident firms were been established in India. Then the central government took over these companies and as a result the LIC was formed. Since then LIC has worked towards spreading life insurance and building a wide network across the length and the breath of the country. After the liberalization the entrance of foreign players has added to the competition in the market. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. In 1957 General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. In 1972 The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973. It was after this that 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.
Present Scenario The government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) bill. Policies come under the purview of the government appointed Tariff Agency Committee. The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also restructuring and revitalizing of the public sector companies. A host of private insurance companies operating in both life and non life segments have started selling their insurance policies since 2001. Presently there are 12 general insurance companies with 4 public sector companies and 8 private insurers. Although the public sector companies still
dominate the general insurance business, the private insurance companies have a 10 percent share of the market, up from 4 percent in 2001.
To run a brokerage firm one has to get registered with Insurance Regulatory and Development Authority (IRDA). As PER the IRDA website a total 0f 299 brokerage firms are listed in India. The various players in Insurance brokerage in our country are India Infoline, Unicon, SMC, HSBC Insurance broking, Marsh India broking Ltd., Bajaj Capital Insurance broking Ltd., Mahindra Insurance Broking, Karvy Insurance Broking, Religare Insurance broking and Reliance retail insurance broking etc. There is also an association called Insurance Brokers Association of India (IBAI) was formed on 25th July 2001 with the main objective to promote interaction among the Insurance/Re-insurance Broker members and to encourage, promote, facilitate and protect the interests of the members of IBAI and to provide an avenue to the members for further education, training and research in all fields of insurance and re-insurance and represent the interests of Brokers with other organizations. Currently 244 members are listed under this association.
CHAPTER-2
COMPANY PROFILE
SMC Group, a leading financial services provider in India is a vertically integrated investment solutions company, with a pan-India presence. Over the Years, SMC has expanded its domestic as well as international operations. Existing network includes regional offices at Mumbai, Kolkata, Chennai, Bangalore, Cochin, Ahmedabad, Jaipur and Hyderabad plus a growing network of more than 2000 offices across over 425 cities/towns in India. The company has expanded internationally, and has established office in Dubai. SMC has entered into a 50:50 joint venture with Sanlam Group, one of the largest listed financial services group in South Africa for setting up wealth Management and Asset Management business in India, Sanlam is operating in over 30 countries globally including UK, USA, Switzerland, Luxembourg, Dublin, Australia and others. SMC Capitals is the SEBI registered Merchant Banking division of SMC group. SMC Insurance is one of the leading Insurance brokers for both Life and General insurance needs of both individuals as well as corporate clients.
Companys Vision
To be a global major in providing complete investment solutions, with relentless focus on investor care, through superior efficiency and complete transparency.
Core Values
Ethical deals: Honesty is the only policy.
Experience and trust: Over 20 years of experience has made SMC earn the trust of more than 5, 75,000 Investors.
Expertise: Know-how and skills to provide investors an edge. Personalised Solutions: Every investor is unique. Every solution is unique.
Equities, Derivatives, Currency, Commodities, Commodities trading in international market through DGCX 2. Investment Banking
Online
Trading,
IPOs, Follow on offers, M andA, Private equity, Debt syndication, ESOP, valuation, etc. 3. Distribution of Financial Products Insurance broking for life and Non-Life products, Distribution of IPOs and Mutual Funds (with web based capabilities) Mobilization of company fixed deposits and non convertible debentures, Distribution of bond products- Capital gain/tax saving bonds, Govt. of India 8% taxable bonds, etc. 4. Depository and Clearing Services Depository Services for shares and commodities, Clearing Services in NSE (F and O, Currency), BSE (FandO, Currency) MCX (Commodities, Currency) and DGCX.
5. Wealth Management Wealth Advisory and Arbitrage Management for HNIs and Corporate
6. NRI and Institutional Desk Dedicated team for NRI and Institutional Desk
7. Research Research support to clients through intraday SMS and E-mails, Weekly research magazine Wise Money covering wide range of asset classes and Wise Fund Focus a monthly magazine on mutual funds, Regular investor education programme 8. Margin Funding Expertise in Financial short term loan facility to buy securities from Capital market
SMC offers risk management services and a complete range of insurance solutions through its subsidiary company SMC Insurance Brokers Pvt. Ltd. The company holds a Direct Insurance Broker's license from Insurance Regulatory and Development Authority (IRDA) and provides a wide array of Life Insurance and General Insurance products under
professional guidance of experts in the field. SMC provides customized solutions to individual clients, small and medium enterprises as well as to the leading corporate houses and institutions across the country. Our philosophy We believe that "a transaction is for a moment but a relationship is forever". Hence we give all transactions equal importance and strive to offer our esteemed clientele an unmatched service. Our edge
Pan India presence with own branches in over 48 locations and 2000+ offices of group companies 3000+ strong team of employees 1,00,000+ customers 1500+ man years of General Insurance experience Robust IT Infrastructure with over 1 lakh Sq. ft. office space Widest possible product range A team of passionate professionals with strong Domain knowledge and expertise Flexibility to choose product of any insurance company Quality of services Customized solutions
Assistance in deciding sum insured to avoid under-insurance Due to our volume of business, knowledge of market and expertise, we are able to obtain the best possible premium rates. Selection of Policy wording and clauses where choice is available Assistance in processing of claims to obtain fair and prompt settlement from Insurance Companies Extensive rapport and liaison with insurance companies Outsourcing of major part of insurance function
\LEAD
TELECALLERS
GROUP LEADER
SLOTTER
SALESMAN
Job Portals: Naukri.com and Monster.com These are the two job portals
which are used extensively by the Recruitment department at SMC Insurance. Different jobs are posted though the Job Posting feature of the job Portals and resumes are received. Otherwise keeping the job description in mind resumes are searched using different keywords and then on the selected resumes calling is done.
executive and a person from sales are sent to the consultancy itself to speed up the process.
Self Sourcing: Anyone who works in the Recruitment department can rope in
candidates through personal contacts or resources. Any such resource is termed as Self Sourcing.
Walk-In: A lot of job applicants come to know about the job from the people
who presently do not work in the company or because they live in the nearby area of respective offices, or for that matter any candidate whose source cannot be traced are kept under the category of Walk-In.
When resumes are selected, the calls are made to those applicants and they are convinced and an interest is aroused in them for the respective job. Finally, those who show interest are lined up for the interviews. If the requirement is outsourced to the consultant then a lot of coordination work is done.
For further improvement Expert Interviews were taken those of the sales managers and trainers in the sales department and also of Quality Control experts to understand the minute details of their requirements. Also at regular intervals a feedback was also taken from the sales people that why a particular candidate was selected or rejected so that the wastage of time and resources could be minimized in future.
As a result after two weeks the percentage of candidates selected in the second round out of those who were shortlisted in the HR round reached up to 90 percent.
Once candidates were selected they were informed about the salary packages and in a number of cases a lot of convincing was done to convert them with the salary offered by the company. Also they were told about all the various documents they were supposed to bring on the joining day and in addition to this one day before the joining dates the confirmation calls used to be made to all the selected employees of that batch to remind them about the timings and the documents.
There were visits made to different consultancies along with a sales manager to coordinate and conduct interviews for bulk hiring. The biggest advantage of this method was that it was time saving.
A database file named Master MIS was maintained under which there were various sheets such as Recruitment Tracker and Training Status etc in which the data was entered on the daily basis to keep the records of the candidates interviewed, selected, rejected, source of the candidate that whether he/she had come through a consultancy or employee reference etc, interview date, joining date, contact no., training status that whether they qualified training or not, etc.
Maintaining Database:
Firstly a record of each and every activity of the recruitment department was at hand for any kind of reference. It also helped in showing that how much targets are being achieved by the recruitment department. It became the source to make the monthly reports which are to be sent to the directors of the company that in a particular month : How many candidates were interviewed? What is the selection- rejection ratio? How many out of selected joined the training? How many out of those qualified the training and joined the floor? How many out of those left the job in first one week? To analyse the sourcing mix i.e. how much recruitment is done from which source out of consultants, employee referral schemes, job portals, walk in etc. To determine the Return On Investment (ROI) of different sources such as advertisements or referral programmes which in turn helped in finding out which ways are more cost effective and what should be the optimum Sourcing Mix. To make the list of payments this included the amount and the due date to different consultants and employees under referral schemes. It was also used to make everyday report which is to be sent to the directors stating the number of selections of that particular day and their source as well. Along with this everyday attrition from floor was also reported. Note: The task of maintaining such a database was huge and it could only be made possible with the help from various departments such as Sales and Training etc. The sample of the database and all the various reports can be seen in the Annexure.
LEARNINGS:
Learn
everything you can, anytime you can, from anyone you can there will always come a time when you will be grateful you did. -Sarah Caldwell (American Impresario)
Use of Job portals: How are the jobs posted, how are the resumes searched,
while putting the keywords how to use the competitors name, how to shortlist the resume and how to make the search more accurate, etc.
o o o o o
How to probe How to put the candidate under stress How to put the candidate at ease How to guide the candidate How to give feed-back
Other than the mentioned above there was one more thing which was learnt during the process i.e. Interview with an open mind and information about all the various openings. For example: Many times it had happened that while interviewing anyone it was realized that the person is not appropriate enough for the profile for which he/ she has applied. If the interviewer just knows about that particular position then he/she will reject the candidate. Now if the interviewer knows about what are the other openings and what are KSAs required for those jobs he/she can probe further to find out more about the candidates profile. At SMC Insurance other than the constant openings of telesales profile- Tele Marketing Executive (TME), Group Leader (GL), Team Leader (TL) etc. Few other openings used to come in voice process such as Customer Care Executive (CCE), Welcome Caller, so it used to be the job of the interviewer to find out which candidate is more appropriate for these profiles rather than what he has applied for.
While working in Recruitment department there were few observations made which are not directly related to the Recruitment but surely gives a good exposure in the HR domain. The concept of Third Party Rolls was observed and understood. In a third party roll system the employees are on the rolls of some other party. They just work
in the premises of the company and mark their attendance. This attendance is sent to the third party and the salary is processed by them. Companies are in this practice because it saves a lot of work and the company is also free from any kind of legal bindings related to those employees. This is a very common practice in BPO sector.
Another practice which was observed was the outsourcing of work within the organization. SMC Insurance has a department called Insurance Support which does the following activities related to HR:
Request forward to HR by Insurance Support: Offer letter request forward to HR after getting the approval from Head of Department (HOD). Letter Of Intent (LOI)request forward to HR. Employee Code request forward to HR. Email Id/Password reset request forward to HR. Appointment letter forward to HR. Id Cards forms given to HR. Dispatch and Forward: Offer letters/LOIs/Appointment letter received by HR and same dispatched by Insurance Support. Employee codes and Email ids forward to branch coordinators by Insurance Support. Id Cards dispatched by Insurance Support. Receiving of Offer letter/LOIs/Appointment letter received by Branches and same forward to HR. Salary Cheques/Incentive Cheques/Arrear Cheques received by HR and same dispatched by Insurance Support. Joining Kit handover to HR by Insurance Support: Joining kits received by the branches and handover to HR after checking. Pendency in joining kit cleared by Insurance Support.
Modification and correction request in joining details forward to HR after getting approval on the same. Bank Account Updation: Bank account Updation details forward to HR. Monthly Attendance: Attendance sheet forward to HR. Receiving of Salary cheques received by branches and same forward to HR. Full and Final Settlement request forward to HR by Insurance Support: Employee Clearance Forms (ECFs) handed over to HR. Exit Employees Id Cards hand over to HR. Full and Final settlement cheques dispatched by Insurance Support.
PURPOSE
The basic purpose was to make the recruitment department more efficient and more effective.
OBJECTIVES
To understand and work in the Recruitment department of SMC Insurance. To provide formalized structure to various activities in the Recruitment department. To maintain the database for analysing the effectiveness of current Recruitment strategy. To map some institutes and small sized placement agencies for the development of cost effective source of recruitment.
Research Methodology
Projects research methodology is concerned about primary as well as secondary data, and the details of the data are as follows: The research methodology adopted for the present study will consist of the following Steps:- Data collection - The questionnaire - Sample size - Survey Method - Technique of analysis
Data Collection
For the purpose of this study, a combination of secondary and primary data has been used. Primary Data Source: The primary data collected through: Cold Calling References Database Job-adds in job portals Walk-ins
Sampling
Sampling is the process of selecting units (e.g., people, organizations) from a population of interest so that by studying the sample we may fairly generalize our results back to the population from which they were chosen.
Sample Size of Primary Data: 20 Type of Sampling Area of Sampling : Simple Random Sampling : Delhi (CPM India Office)
Research Design
A Research Design is the specification of methods and procedure for acquiring the formulation needed. If it is a good design, it will ensure that the information obtained is relevant to the research questions and that it was collected by objective and economical procedures.
Types of Researches
Exploratory Research Constructive Research Empirical Research Descriptive Research Conceptual Research Quantitative Research
This research is an Exploratory and Descriptive Research. Exploratory research is concerned with analyzing primary as well as secondary data. This research involves getting the questionnaire filled with the individuals and then analyzing them. It also involves supplementing the results from web sources.
Interpretation:- Recruitment is considered to b a positive process by most of the employees. More than one third of the total respondents consider it as a positive process.
2)
The most efficient source of recruitment Job hunting 8% Employee Referance 27% Job Portal 25% Consultant Manpower 40%
Interpretation: The employees consider the efficient and best suited source
of recruitment is to be the Consultant Manpower, after this the next most voted source is to be the internal reference from existing employees.
1-7days 57%
7-15days 22% 15-30days 11%
Interpretation: The recruitment process normally took only 1-7 days in all,
which is even more preferable, but in some cases it may extend to even more than 30 days.
Interpretation : Maximum number of companies thinks that internal source of recruitment is relied upon at the time of urgency. The respondents results shows that Internal sources of recruitment are always preferred in most of the companies.
Interpretation: The ESI forms are considered to be pending for 0-7 days by
almost half of the respondents, and remaining forms are being processed only within next 30 days time period.
Highly Satisfactory 28% Agree 52% Some What Agree 7% Disagree 13%
HR department 17% Department Heads 13% Departmental heads 33% Departmental Heads+ HRD 17% HR department CEO 10%
9) What is various methods adopted by CPM India for the purpose of Recruitment?
Advertisement Employment exchanges Campus on recruitment Recruitment consultants Any other, please specify
FINDINGS
1. Expense on Interview Panel expenses Rejection lowering reputation Calling expenses Time expenses Reimbursement expenses Stationary expenses Hidden expenses 2. Employer needs to take care of candidates Tea/coffee arrangements Water for drinking Sitting arrangements Giving them right information Taking care of time of candidates 3) No or minimum advertisement
CHAPTER 6: RECOMMENDATIONS
1. Interview conduct Place advertisement in newspaper. Get Resumes/CVs through whatever means 2. Due care should be taken for candidates Hospitality arrangements like proper room for sitting. Inform exact time of his/her interview. Ensure for comfort & privacy. 3. Create winning impression even on those who are not selected. 4. Build and manage your candidate pool as a precious resource. 5. Various MBA institutes should be targeted to get people with good marketing as well as interpersonal skills.
6. Organization should form a grievance cell which should make employees feel at ease to make use of it. Timely grievance of employees should be done by management.
8. The organization ensures that the orientation program is carried out with new employees on their first day, where possible or, alternatively, in the first week.
APPENDICES
INTERVIEW ASSESSMENT SHEET (FOR TL and GL) NAME : CURRENT ORGANISATION: DATE REFERRED BY : :
FOR OFFICE USE ONLY S No. PARAMETER ROUND HR (SCALE 1 TO 5) INTERVIEWED BY 1 Communication Skills 2 Personality 3 Leadership skills 4 Attitude 5 Subject Knowledge 6 Relevant Experience 7 IQ Level 8 Analytical skills 9 Stress handling Ability 10 Cultural Fitment Total Signature of the interviewer (Minimum 50% criteria for selection) ROUND 2 (DEPT.) INTERVIEWD BY
FOR HR USE ONLY RESULT DATE OF JOINING SALARY OFFERED DESIGNATION OFFERED DEPARTMENT HEAD
HR Signature
Sales Signature
FOR OFFICE USE ONLY S No. PARAMETER ROUND HR (SCALE 1 TO 5) INTERVIEWED BY 1 Communication Skills 2 Voice clarity 3 Confidence/Energy 4 Attitude 5 Education 6 Product Knowledge 7 Relevant experience 8 Selling skills 9 Stress handling Ability 10 Cultural Fitment Total Signature of the interviewer (Minimum 50% criteria for selection) FOR HR USE ONLY RESULT DATE OF JOINING SALARY OFFERED DESIGNATION OFFERED DEPARTMENT HEAD ROUND 2 (DEPT.) INTERVIEWD BY
HR Signature
Sales Signature
SMC Insurance Brokerage Pvt.Ltd Pratap Nagar, Parsavnath Mall Metro Mall, New Delhi. Phone:011-66222266 Website:www.smcindiaonline.com
JOB DESCRIPTION
Telemarketing Executive / Sr. Telemarketing Executive 10+2 / Graduates (Freshers may also apply) Delhi (Pratap Nagar) (Near Pratap nagar Metro station)
Experience: Timing :
JOB DESCRIPTION-
1. Should be confident, aggressive. 2. Should have flair for sales and marketing. 3. Should be very convincing with positive attitude. 4. Eager to take challenge.
SALARY Fixed Salary - (6000 7500) + leave encashment + TA + meal + Incentives. Skill Set: Incumbent should have good communication skill, No Stammering, MTI or
168 278
Selection s Rejected
14
DECERTIFIED-9
RTH-6
92
92
29
Contact
Father Name
Position
Status-HR
Status-OPS
Source
Source Name
Salary
Month
Date of Interview
Date of Joining
Department
Concerned Head
Final Status
Remarks
Trainee Name
Contact No.
Position
Date of Training
Month
Trainer
Batch No.
Certified / Decertified
Ref
3 4 4 1 1
Current Batch
27 24 24 19 Batch Handover18
Proposed Batch
6 8 6 7 2
Manpower Requisition Form (MRF) General Information Requisition Owner: Designation: Location: _____________________ Nature of Requirement New Budget / Replacement ________________ Fresher / Experienced / MT_________________ Date of Requisition: _______________ Department: _____________________
Position Information
Job Title:
Primary Recruiting Contact (All applications / resumes will be forwarded to this person) Name: Contact Details: ______________________
* Only completed MRF form with required approval will be considered for further perusal. Thanks & Regards Human Resources
Cost of advertisement=12000(tied up with third party i.e. shoumuk). No. of candidates hired through advertisement= 35 Per candidate cost = 12000/35 = 340(approx) As compared to Consultant & Reference schemes in which
Per candidate cost = 1500 Thus we have saved = (1500-350)*35 = 40000(approx) In addition High Candidate turnover give boost to friends and family references. Brand Awareness is increased.