PROJECT REPORT ON “ATTRACTING & DEVELOPING HUMAN RESOURCES IN HDFC LIFE”

BY- KSHAMA ARORA MBA 3rd SEM

COMPANY PROFILE OF HDFC LIFE

  The company was incorporated on

14th August 2000 under the name of HDFC Standard Life Insurance Company Limited. Their ambition from the beginning was to be the first private company to re-enter the life insurance market in India.

HDFC Standard Life Insurance Company Ltd. is one of India’s leading private life insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited.

HDFC is the largest housing Company in India for the last 27 years. Mr. Deepak S. Parekh is the Chairman of the Company.  

HDFC Standard Life Insurance Company Limited was one of the first companies to be granted license by the IRDA.

MISSION OF HDFC LIFE

Customer service of the highest order   Value for money for customers  Professionalism in carrying out business  Innovative products to cater to different

needs of different customers  Use of technology to improve service standards Increasing market share

PRODUCTS & SERVICES

HDFC Term Assurance Plan  HDFC Loan Cover Term Assurance

Plan  HDFC Loan Cover Term Assurance

Plan :  HDFC Children's Plan    HDFC Young Star Super HDFC Personal Pension Plan Retirement Plan

RECRUITMENT & SELECTION

MEANING OF RECRUITMENT- The discovering of potential applicants for actual or anticipated organizational vacancies.

RECRUITMENT is a “ linking function” joining together those with jobs to fill & those seeking jobs.

The basic purpose of recruiting is to develop a group of potentially qualified people.

Recruitment acts as a link between the employers and the job seekers and ensures the placement of right candidate at the right place at the right time.

SOURCES OF RECRUITMENT

FACTORS AFFECTING RECRUITMENT

PURPOSE & IMPORTANCE OF RECRUITMENT Attract and encourage more and more

candidates to apply in the organization. Create a talent pool of candidates to enable

the selection of best candidates for the organization.

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

Recruitment is the process which links the employers with the employees.

SELECTION

Psychological tests have been found to be one of the most valid and cost effective means for identifying the most suitable applicants for the job

PROCESS OF SELECTION

Preliminary Interviews Application blanks Written Tests Medical examination Appointment Letter

RECRUITMENT PROCESS IN HDFC LIFE Financial Consultant Recruitment- Here's a unique opportunity to put

employee career path on the fast track. HDFC Standard Life Insurance as a Financial Consultant and help analyses your customer's financial needs, provide customized financial solutions to each one and conduct reviews on a regular basis to keep your customers on track.

First Advantage- this 2-month Certificate Programmer

in Insurance and Management is specially developed to cater graduates who are looking for a rewarding career in the insurance industry. On successful completion of the programmer, and post assessment, candidates would be appointed as Sales Development Managers at HDFC Standard Life

SELECTION PROCESS IN HDFC LIFE FOR SDM1. HAT- is a written test to examine the

mental ability & intelligence of the candidate. It includes logical reasoning, data interpretation, numerical ability

2. HAF- It is a form which is filled by the candidate. It includes all personal & necessary details of the candidate

3. INTERVIEW RATING SHEET- Through HAF rating should be given to the candidate by HR manager on the basis of personal details.

4- PERSONAL INTERVIEW- HR manager taken an interview of the candidate to know the confidence level & communication skills of the candidate

5- if the candidate selected then appointment letter should be give to the candidate.

PERFORMANCE APPRAISAL

Performance Appraisal is the systematic evaluation of the performance of employees and to understand the abilities of a person for further growth and development. Performance appraisal is generally done in systematic ways which are as follows:

The supervisors measure the pay of employees and compare it with targets and plans.

The supervisor analyses the factors behind work performances of employees.

The employers are in position to guide the employees for a better performance.

Objectives of Performance Appraisal To maintain records in order to determine

compensation packages, wage structure, salaries raises, etc.

To identify the strengths and weaknesses of employees to place right men on right job.

To provide a feedback to employees regarding their performance and related status.

To provide a feedback to employees regarding their performance and related status.

It serves as a basis for influencing working habits of the employees.

To review and retain the promotional and other training programmers.

  RESEARCH METHODOLOGY   Step -1: PROBLEM FORMULATION

  To study that how effective is the recruitment system provided by HDFC LIFE and

vice versa hiring of the best capable employees.

  Step-2: RESEARCH OBJECTIVE

  The objective of the project is to study & analyze that the recruitment system

opted by HDFC LIFE fulfils the expectations of the company need in hiring out the employees.

To ascertain the changes that should be made in the recruitment system to be more

effective. To know the satisfactory level & the comfortable level between the employees &

superiors. To know the merits & demerits of recruitment process in HDFC LIFE. To assess whether the approval is done without any bias the employees.

 

Step-4 SOURCES OF DATA

PRIMARY SOURCE  The primary data was collected by 2 ways: 1-Questionnaire- by giving questionnaire to the

employees and receiving their answers.  2-Interviews- by conducting interviews of the

employees and the supervisors both formally and informally.

  SECONDARY SOURCE 

The secondary data was collected from-  1- www.hdfc life.com 2-HDFC Life H.R

RESEARCH SAMPLING

  SAMPLING TECHNIQUE The sampling method has been followed

for this study is random convince sampling.

SAMPLING SIZE- 60  SAMPLE UNIT Sales development managers, sales

manager, branch manager, channel development manager, financial consultant.

Ques1- Are you satisfied with bonus provided to you?

 INTERPRETATION-The above pie chart shows that 20% employees were satisfied with the bonus provided to them 60% were partially satisfied & 20% were not satisfied with the bonus provided to them.

%

 Ques2- Are you satisfied with the salary ?

INTERPRETATION-The above pie chart suggest 30% employees satisfied satisfied with the salary 50% employees were partially satisfied with salary 20 % employees were not satisfied with the salary.

20%

50%

20%

30%

partially satisfied

no

yes

 Ques3- Are you satisfied with the recruitment process is fair & equal opportunity Is given to all?

 

 

 

INTERPRETATION - The above pie chart shows that 60% were satisfied with the fair recruitment process & opportunity given to all 25% were are partially satisfied 15% were not satisfied with the recruitment process in HDFC life.

 Ques4- Whether the choice of the candidate meets the requirement in the job or not?

 

INTERPRETATION- The above pie chart shows that 75% were agree with the choice of the candidate meets the requirement in the job & 25% were disagree with this.

25%

 Ques5- whether the new joiners have greater commitment to the company or not?

 

 

INTERPRETATION- The above pie chart shows that 55% were agreeing with the new joiners have greater commitment with the company & 45% were disagreeing with this.

 Ques6- whether the company recruitment plans are based on the long term growth plans of the company or not?

INTERPRETATION- The above pie chart shows that 65% were agree with the company recruitment plans are based on the long term growth plans of the company & 35% were disagree with this.

35%

Ques7- When does the employee receive increment in salary?

INTERPRETATION- The above pie chart shows that 15% employees were never receive increment in salary 5% were not schedule, 30% were receive in 6 months, 20% were receive annually, 30% were receive in anniversary.

0%

SUGGESTIONS

Following measures can be adopted by the company towards improving recruitment and selection scenario.

Keeping in view the changing business scenario the company should make changes in job specification in case of particular jobs.

HDFC Life should assess their recruitment strategy against their competitor by doing regular market surveys of the industry.

Management should develop a database of efficient employees which will provide information on the sourcing channels which have been used by while recruitment these employees.

The company should also use other modern sources of recruitment like internet, causal caller and placement consultants.

Management can calculate the time it takes for a new hire to reach the needed level of productivity by using the appropriate technique of performance where a particular time period will be set to achieve the targets through this the time will be assessed.

CONCLUSION

After studying the recruitment process in HDFC Life it could be concluded that to the great extent recruitment process is effective as well as efficient and is qualifying on various parameters which were taken into consideration while auditing the recruitment process.

The research shows that recruitment is based on manpower planning and the organization utilizes new and latest technology to reduce the recruitment cost.

But the research also shows that there are certain short comings in some areas in the recruitment programme which can’t be ignored after seeing the importance recruitment in such a sector where it is considered to be a big challenge, so these lacking areas need to be given special attention and due importance.