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A Study on Recruitment for recruiting Financial Advisors

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CONTENTS

S.NO Titles Page No

1. Chapter I

- Executive summary- Introduction- Literature review- Purpose of the study- Statement of the problem- Objectives of the study

3 to 5

6 to 21

22 to 28

29 to 29

29 to 29

30 to 30

2. Chapter II

- Organization Profile- Organization Chart- Sampling- Data Collection Methods- Measuring Tools

32 to 43

44 to 44

45 to 45

45 to 45

45 to 45

3. Chapter III

- Results & Discussions with Graphs & Charts- Summary, Conclusion & a Proposed Action

Plan with Resource Requirements & Projected

Benefits to the Organization

47 to 55

56 to 61

4. Chapter IV

- Appendix

-Questionnaire- Bibliography

- Weekly Progress Report

63 to 6667 to 67

68 to 76

Belgaum Institute of Management Studies

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CONTENTS

- Executive Summary

- Introduction

- Literature review

- Purpose of the study

- Objectives


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EXECUTIVE SUMMARY

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier

financial powerhouse and Prudential plc, a leading international financial services group

headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector

insurance companies to begin operations in December 2000 after receiving approval from

Insurance Regulatory Development Authority (IRDA). ICICI Prudential in order to expand its

market and to cover the whole of insurance market keeps on recruiting Financial Advisors. In

this project I recommended few effective methods of recruitment which I implemented them as a

Recruitment officer in ICICI Prudential Life Insurance Company Ltd at the time of my summer

in plant training. This project emphasizes on, Recruitment for recruiting Financial Advisors at

ICICI Prudential Belgaum.

Objectives of the study:

Main Objectives

To develop effective and practical methods of recruitment for recruiting Financial

Advisors

Sub Objectives:

To evaluate the effectiveness of different methods practically conducted.

To find out the most potential segment, based on age, education, and occupation

level, for financial Advisors job.

To know the urge of why people go in for this job.


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To find out the most important factors considered by the candidates while joining

the Advisors job.

Limitations:

Not single work is exception to the limitation every work every work has got its

limitations. It is assumed that the sample selected represents entire population.

Research Methodology:

Data Source : Primary Data (Field Survey)

Secondary data-Internet

Area of Research : Belgaum city

Research approach : Survey method

Research Instrument : Questionnaire

Sample Plan : Personal Interview

Sample Unit : Newly recruited Advisors

Sampling Method : Convenience sampling

Sample size : 50 Financial Advisors newly recruited

Observations:

o Out of 50 candidates, 36% of the candidates were recruited through Telecalling

followed by 30% through Circulation of pamphlets through newspapers and 14%

through Beauty parlour visit.

o From the survey made on 50 candidates who were newly recruited, 66% of the

candidates are male and 34% are female.


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o A survey on a sample of 50 candidates recruited showed that the most potential

segment age wise is 18-25 with 60%, followed by 38% lying in between the age

category of 25-35.

o On the basis of education I found that the most potential segment education wise

was graduation with 50% and post graduation with 26%.

o Findings also showed that 48% of the candidates which were recruited were

salaried followed by 20% others which consist of all freshers.

o It was also found that 38% of the candidates which were recruited joined this job

to build their career.

o Findings showed that 94% of the candidates opted for online training and 6% of

the candidates opted for manual training.

o Commission/incentive is the main factor which was consider by all candidates

before applying for job followed by growth opportunities as the second highest

factor.


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Introduction

Success begins with hiring. Getting the right person for the right job at the right time helps us to

build a winning team and this starts with effective recruitment. Once the required number and the

kind of human resources are determined, the management needs to find the places where

required human resources will be available and also find the means of attracting them towards

the organization before selecting suitable candidates for jobs.

It is becoming very difficult to get the right type of employees these days. Recruitment

refers to the process of searching for the prospective candidates and stimulating them to apply

for the jobs. It refers to the process of acquiring applicants who are available and qualified to fill

positions in the organization. The basic goal of recruitment is to locate, at the least cost, qualified

applicants who will remain with the organization.

Recruitment is the process during which potential employees are attracted, informed and

oriented about the organization and thereby motivated to make themselves available for vacant

positions. The three important elements in this definition are

Potential suitable employees

Recruitment goes further than informing people of a vacancy. It has to attract those that

meet the general criteria of the organization as well as the criteria qualified for the

vacancy.


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Motivation

During recruitment, a person should be motivated to go further than just take note of the

advertisement or information. To be successful, the person should be motivated to take

the necessary action that can lead to employment.

Recruitment and selection

Because the organization has vacancy, the recruitment originates from the organization.

The applicant has to accept the employment before the recruitment process can be seen as

successful and complete.

It takes careful planning and consideration to recruit successfully. When you fill a

vacant or new position you have an opportunity to reflect on the work to be done, the need

for change and what new skills might be required in the future.

When planning to recruit, we need to consider how we will schedule the various

recruitment and selection tasks. You also need to make some important decisions about the

position and complete certain tasks before you can get approval to recruit. This process starts

when vacancies are available and the management decides to fill them through suitable

recruitment procedures. This will be later followed by selection procedure, which is concerned

with the selection of best among the interested candidates.


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Insurance: Definition and Meaning

Functional definition:

In the words of R.S.Sharma Insurance is a Co-operative devices to spread the loss

caused by particular risk over a number of persons who were exposed to it and who agree

top insure themselves against the risk

Contractual Definition:

According to E.W.Patterson, Insurance is a contract by which one party, for a

consideration called a premium, assures a particular risk of other party ad promises to

pay to him or his nominee a certain or ascertainable sum of money on a specified

contingency.

According to the U.S Life Office Management Association Inc (LOMA), Life

Insurance is defined as follows: Life insurance provides a sum of money if the person

who is insured dies whilst the policy is in effect.

Other terms used in relation to insurance and their meaning:


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Agent: The authorized representative of the insurer, licensed by the concerned authorities

like IRDA to canvass insurance.

Bonus: The yearly share of policy holders profit declared by the company based on its

profits which gets added to the policy amount and is payable upon its maturity.

Claim: The amount entitled to the policy holder or his nominee/assignee under a policy

contract in the event of the happening of the contingency insured against.

Insurable Interest: Evidence suggesting financial losses due to the occurrence of the

event insured against.

Policy: The evidence of contract between the insurer and the insured. A stamped sealed

and signed document issued by the insurer to the insured in proof of insuring his life.

Premium: The amount mentioned in the policy contract to be paid by the insurer

periodically to the insure to keep the policy in full force.


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There are two kinds of insurance as given below:-

1. Life Insurance:

Human lives are insured under life insurance. A Life Insurance is a combination

of savings as well as security element. The insured is assured that the insurance

company will pay his family the insured amount in the case of premature death. Is

he is alive and the policy matures for payment, the savings so made will be

helpful in his old age. Only the Life Insurance Corporation of India transacts life

insurance business in India.

2. General Insurance:

All insurance other than Life Insurance fall under General Insurance. Only the

general insurance corporation of India transacts General Insurance business in

India.

The following are different types of general insurance:

o Marine Insurance:-


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The marine insurance is the oldest form of insurance and covers all the

marine perils. Due to marine perils, the ship can be damaged or destroyed,

cargo can be lost and consequently there can be lost of freight. Therefore,

the marine insurance covers the risk to ship, cargo, and freight on the high

seas.

o Fire Insurance :

The fire insurance covers the risk of fire to property because there is every

likelihood of fire spreading in big factories, go-downs, ware housing,

house shops and ships. The fire insurance not only covers the risk of fire,

but also the consequential losses from such fire.

o Liability Insurance:-

The Liability insurance includes the risk of liability towards third parties

which the insured is required to pay, such as damage to property

belonging or to third person or injury or death of third person or both in

case of accident, It also covers the employers liability towards death of or

injury to the employees while on duty.

o Social Insurance:-

The social insurance is meant to protect and uplift the weaker section of

the society and may be in different forms like pension plans, disability

benefits, unemployment benefits, sickness insurance,etc.


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Insurance in Indian Financial System

In India insurance is in practice since 12 th century as per the records. The first life

insurance company to operate in India the Oriental Life Insurance company was

established in 1818 in Calcutta. However it was a British company. The first Indian

Insurance company, the Bombay Mutual Life Assurance Society started its operation in

1871. The Indian Life Insurance company Act was passed in 1928.Subsequently, both of

these Acts were merged and the insurance Act 1938 was promulgated.

Independent India amended the Insurance Act in 1950 and in 1956, the then

fianc minister of the nation Mr. C D Deshmukh nationalized all insurance companies,

154 Indian Insurance companies and 75 provident societies. Finally the life insurance

Corporation was born on 1st September 1956.

The story of non-life insurance in India is no different. Though Lloyds insurance

pioneered the general Insurance way back in 1688, the first non-life Insurance Company

to set up shop in India was the Triton Insurance company of Calcutta. In 1907 the first

Indian general insurer the Indian Mercantile insurance company started its operations.


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The New India Assurance Company Limited was incorporated in 1919. After

independence the India Reinsurance Corporation was set up in 1956 and in 1957 the

office of the controller of the insurance was constituted. In 1968, that tariff advisory

committee was set up to regulate the investment of the players and finally in 1972, the

non-life insurance business in the country was nationalized and the general insurance

company was formed as holding company with four subsidiaries, the National Insurance,

Oriental Insurance, United India Insurance and the new India Assurance Company

Limited. In the same year the National Insurance Company Limited was amalgamated

with 22 foreign and 11 Indian Insurance companies. Thus over a period of two centuries,

the Indian insurance industry has gone through the full circle. From being an open

competitive market, it went through nationalization and has been subsequently liberalized

again. Keeping in mind the national economic and commercial objective of India the

government has set up IRDA on 7 th December 1999. Through which the reforms process

of the industry got under way.

Insurance in Indian Financial System Its Importance

Insurance industry is one of the corner stone of any economy and financial System.

Insurance industry contributes its major part in increasing the saving and the fund

collected is utilized in developmental programmes.

The Financial sector in our country is in the process of change with the objective

o the overall growth of the economy. The insurance sector as every one knows,

constitutes a very important and vital financial intermediary for the growth of the

economy.


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Insurance has become part and parcel of the financial system because it:

Reduces the uncertainty of business loses.

Increases business efficiency.

Identifies key men.

Enhances the credit.

Takes care of welfare of the society.

Protect the wealth of the nation.

Helps to attain economic growth.

Reduces the inflation level.

It is said Every rupee invested in insurance contributes thrice the amount in the

economic development.

The Life Insurance:

Life Insurance is one of the most common forms of insurance. It has acquired top

position all over the world.

Life insurance is a contract fare by the insured promised to pay a uniform rate premium

of fixed intervals of time against which the insurer agrees to pay a fixed amount on the

happening of the event which may be the death of the insured on the expiry of certain

number of years.

The advantages of Life Insurance


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Life insurance is brought not because someone is going to die, but because

someone is going to live.

Life insurance means peace of mind.

Life insurance promises payment of the full sum assured from the moment the

first premium is paid.

Life insurance encourages regular savings and guards against extravagances.

In most cases life insurance possesses a cash value after the first three years.

Life insurance removes the worry of looking after your savings. Experts safely

and profitably invest your money on your behalf by experts.

Life insurance guarantees payment in cash and is backed by the Government of

India.

Life insurance is a tax saving product.

Life insurance is free from loss, from theft, fire, misplacement etc.

A life insurance contract is one sided, i.e., always in favour of the insured and his

family. One can withdraw from the contract anytime, but the companys cannot.

Life insurance replaces uncertainty with certainty. It provide a complete, balanced and

perfect hedge against economic threats, which confront all person, the danger of living

too long or the danger of dying soon.

How Insurance Works


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Suppose there are 1000 person all aged 35 years and healthy lives. They are insured for

one year against the risk of death. Each person is insured for Rs. 50,000. if the past

experience indicates the 4 out of 1000 people die during the year, expected amount

claimed to be paid to the family of 4 persons would come to Rs. 2,00,000. the

contribution to be paid by the each of the 1000 will come to Rs.200 per year. Thus, all the

1000 persons share loss caused to the 4 unfortunate families. 996 persons who survived

till 1 year have not lost any thing as they have secured peace of mind and a feeling of

security for their family. While insurance cannot prevent accident or premature death, it

can help, protect the family of the deceased against the loss of income caused by the of

the main breadwinner. In return for specified payments, insurance will provide protection

against the insurance of an uncertain event such as premature death.

The business of insurance company called insurer is to bring together persons

who are exposed to similar risk, collect contribution (premium) from them on sum

equitable basis and pay the losses (claim) to the unfortunate few who suffer.

The working of an agency

The important activities in a life insurance company are:-

Procuring proposal from prospective buyers of Life Insurance.

Insurance. The underwriting department would do this.

Issuing a policy document.

Keeping track of the performance of the insurance contract like timely payment of

renewal premium.


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Attending to the various requirements that may arise during the duration of the

contract.

Actuarial department deciding on the premiums to be charged by the insurer.

Investing the premiums collected and maximizing the investment return (Interest

on Investment).

NEED FOR THE INSURANCE:

Unlike other avenues of savings where the amount saved with interest is payable only on

maturity, insurance plans provide for payment of the total sum assured along with a

bonus, if any, on any eventuality even before the maturity of the policy. And another

advantage of insurance is that an insurer can avail loans against the security of the policy

from the insurance company. Even banks and other financial institutions advances loans

with insurance policies as a collateral security.

To provide for ones family and perhaps; others in the event of death, especially

premature death. Originally, policies were to provide for short period of time, covering

temporary risky situations, such as sea voyages. As lie insurance became more

established, it was realized what a useful tool it was for a number of situation, including:

Temporary needs/threats:-


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The original purpose of life insurance remains an important element, namely

providing for replacement of income on death etc.

Regular savings:-

Providing for ones family and oneself, as a medium o long term exercise

(through a series of regular payment of premiums). This has become more relevant in

recent times as people seek financial independence from their family.

Investment;

It is the insurance that builds up the savings of the society and thus safeguard the

economy from the ravages of inflation. Unlike regular saving products,

investment products are traditionally lump sum investments, where the individual

makes one time payment.

Retirement:

Provisions for ones own later years become increasingly necessary, especially in

a changing cultural and social environment. One can buy a suitable insurance

policy, which will provide periodical payments in ones old age.

Why should you take insurance


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Insurance is desired to safeguard oneself and ones family against possible losses on

account of risk and perils. It provides financial compensation for the losses suffered due

to the happening of unforeseen events. By taking life insurance a person can have peace

of mind and need not worry about the financial consequences in case of any untimely

death.

Along with the growth of overall population in the country, crossing the benchmark of

hundred crore, there gas been a significant awareness for the need for insurance in the

other as well as rural segments and even among the lower middle class and illiterate class

of the population.

We in India have around 30 crore middle class educated and enlightened people who

have not realized that insurance is as necessary as the other basic necessities of life such

as food, shelter, clothing.

Functioning of the IRDA

To exercise all the powers and functions of controller of insurance.

Protection of the interest of the policy holders.

To issue, renew, modify, withdraw or suspend certificate of registration.

To specify requisite qualification and training for insurance intermediaries and

agents.

To promote and regulate professional organizations connected with insurance.

To conduct inspection/investigation etc.

To prescribe method of insurance accounting.

To regulate investment of funds and margins of solvency.


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To adjudicate upon dispute.

To conduct inspection and audit of insurers intermediaries and other organization

concerned with insurance.

With a mission of : protect the interest of the policy holders to regulate promote and

ensure orderly growth of the insurance industry and for matters connected there with

or incidental thereto.

IRDA Enablers

In the new market set up, the IRDAs role that of an enabler. The new insurers will

conduct insurance business in India according to the healthy norms prescribed the

IRDA. Regulations for all insurance intermediaries will specify sales-norms.

Guidelines for the code of conduct for the surveyors and loss assessors will help all

concerned. Efficiency will be promoted in the conduct of insurance business.

Professional organizations connected with insurance business will regulated.

The role of IRDA, besides regulating the market, it also intents to develop it. The

IRDA has the task to promote fair competition in hither to monopolistic insurance

market. In such a fast develop scenario were the prospected appears to be brighter

both for insurers and the customers

Insurance Market in India

The term insurance market is used to denote the means available for the placing of

insurance and the various organizations that are willing to accept risks. It comprises of

the demand side i.e., the buyers and the supply side i.e. sellers and the intermediaries.


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The rational behind the opening up to the sector was to five individual and corporate

insurance consumers a competitive environment that can deliver products and service in

tune to their requirements. At the same time and open insurance market will enable

capital formation. Reducing the need for India to seek external capital to support its

infrastructure of development program. The industry is believed to benefit from any

increased private participation especially in terms of technology from other global

players as these players enter into joint ventures with India counterparts. The partnership

between Indian and foreign firms will also enable the market to grow beyond the currents

rates and will offer wider choice for the consumer through the introduction of new

products, service and price option. New players are aggressive in their marketing

campaigns and the challenging LIC, virtually in all aspects.

Total players registered under IRDA

Life Insurers:

S.No Registration No Date of Registration Name of the Company

1 101 23.10.2000 HDFC Standard Life Insurance Co Ltd.

2 104 15.11.2000 Max New York Life Insurance Co Ltd.

3 105 24.11.2000 ICICI Prudential Life Insurance Co Ltd.


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4 107 10.01.2001 Om Kotak MahindraLife Insurance Co Ltd

5 109 31.01.2001 Birla Sun Life Insurance Co Ltd.

6 110 12.02.2001 TATA AIGLife Insurance Co Ltd.

7 111 30.03.2001 SBILife Insurance Co Ltd.

8 114 02.08.2001 ING VYSYALife Insurance Co Pvt. Ltd.9 116 03.08.2001 Allianz BajajLife Insurance Co Pvt. Ltd.

10 117 06.08.2001 Met Life India Insurance Co Pvt. Ltd.

Literature review

Introduction to Recruitment:

Recruitment and selection is the process of identifying the need for a job, defining the

requirements of the position and the job holder, advertising the position and choosing the

most appropriate person for the job. Retention means ensuring that once the best person

has been recruited, they stay with the business and are not poached by rival companies.


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Undertaking this process is one of the main objectives of management. Indeed, the

success of any business depends to a large extent on the quality of its staff. Recruiting

employees with the correct skills can add value to a business and recruiting workers at a

wage or salary that the business can afford, will reduce costs.

Employees should therefore be carefully selected, managed and retained, just like any

other resource.

Recruitment methods

A manager can recruit in two different ways:

Internal recruitment is when the business looks to fill the vacancy from within its

existing workforce.

External recruitment is when the business looks to fill the vacancy from any suitable

applicant outside the business.

Internal Recruitment

Advantages

1. Cheaper and quicker to recruit

2. People will be already familiar with the business and how it operates.


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3. It provides opportunity for promotion within the business and it will act as a

motivating factor.

Disadvantages:

1. limits the number of potential applicants.

2. no new ideas can be introduced from outside the business.

3. it may cause resentment amongst the candidates not appointed.

External recruitment:

Advantages:

1. Business already already knows the strengths and weakness of candidates.

2. Outside people bring in new ideas.

3. Larger pool of workers from which we can find the best candidates.

4. People have a wider range of experience.

Disadvantages:

1. Creates another vacancy which needs to be filled.

2. longer process

3. More expensive process due to advertisements and interviews required.

4. Selection process may not be effective enough to reveal the best candidate.

The four most popular ways of recruiting externally are:


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Job centers - These are paid for by the government and are responsible for helping the

unemployed find jobs or get training. They also provide a service for businesses needing

to advertise a vacancy and are generally free to use.

Job advertisements - Advertisements are the most common form of external

recruitment. They can be found in many places (local and national newspapers, notice

boards, recruitment fairs) and should include some important information relating to the

job (job title, pay package, location, job description, how to apply-either by CV or

application form). Where a business chooses to advertise will depend on the cost of

advertising and the coverage needed (i.e. how far away people will consider applying for

the job

Recruitment agency - Provides employers with details of suitable candidates for a

vacancy and can sometimes be referred to as head-hunters. They work for a fee and

often specialize in particular employment areas e.g. nursing, financial services, teacher

recruitment

Personal recommendation - Often referred to as word of mouth and can be a

recommendation from a colleague at work. A full assessment of the candidate is still

needed however but potentially it saves on advertising cost.

Why to Recruit

There are a number of possible reasons as to why a business may have to recruit more

employees:


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Business is expanding due to:

- Increasing sales of existing products

- Developing new products

- Entering new markets

Existing employees leaving to work with competitors or other local employers Existing employees leaving due to factors such as retirement, sick leave,

maternity leave Business needs employees with new skills

Business is relocating and not all the existing workforce wants to move to the

new location

In each of these circumstances a business will normally carry out Workforce Planning to

find out how many workers and what types of workers are required. The workforce plan

will establish what vacancies exist and managers then need to draw up a job description

and job specification for each post.

Job description:

A job description is a detailed explanation of the roles and responsibilities of the post

advertised. Most applicants will ask for this before applying for the job. It refers to the

post available rather than the person.

Job specification:

A job specification is drawn up by the business and sets out the kind of qualifications,

skills, experience and personal attributes a successful candidate should possess. It is a

vital tool in assessing the suitability of job applicants and refers to the person rather than

the post.


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These documents are an important part of the recruitment and selection process and

provide the basis as to where the job may be advertised and whether an applicant is

suitable for the post. They also help provide a framework for questions to be asked at an

interview.

Methods of recruitment developed by me:

Circulation of pamphlets through newspapers.

Apartment visits.

Beauty parlour visit.

Joggers Park.


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Telecalling.

References.

Circulation of pamphlets through newspapers:

This method is developed with an intention to recruit a wide range of people

which will cover every category of people. Under this method I took the

Parivartan pamphlets from the company and put a seal of my own, which

displayed my name and contact number. I then circulated these pamphlets in few

areas of Belgaum city by hiring a newspaper agent. This method had a wide

coverage in terms of geographical area because it could get the highest recruits.

Apartment visit:

This method was developed with an intention to tap the housewives and also

because we could get to approach many houses at a time. And apartments will at

the least consist of 10 to 15 flats. It was conducted by visiting a multi-storied

apartments and speaking to them with regard to the job.

Beauty parlour visit:

This method mainly concentrated on recruiting young ladies and girls, and

through this method I could recruit candidates by visiting Beauty parlour. This

method can be recommended as we come across many people at time in one

place.

Joggers Park:


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This method is developed to tap all age group people who gather in morning

times. This would be a better way to convince people when they are in a relaxed

state of mind.

Telecalling:

This method of recruitment is usually carried out by all the organization because

it is one of the easiest ways to recruit candidates at the convenience of both the

parties.

Reference:

References could referred to as word of mouth and can be a recommendation

from a colleague at work or a friend or a relative.

Eligibility criteria

o The candidates interested in applying for the job should be at least 12 th passed.

o They should be 18 years or older.

If the candidate is eligible then after applying for the job he needs to attend a IRDA

training of 18 days if it is manual training or he should take 100 hours of online training.

Once the IRDA training is over, then he can attend the refreshers course of 2-3 days.

After the refreshers course is completed he is asked to attend the IRDA exam. If passed

he gets the license or else he needs to attend the exam once again paying a DD of Rs.200.

Purpose of the study


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The main purpose of this study is to find some creative and innovative methods of

recruitment for recruiting Financial Advisors at ICICI Prudential Life Insurance Co Ltd.

Which will help the company to get the required kind and the number of candidates for

Advisors job who will place their insurance products and give a hand in doing their

business successfully.

Scope of the Study

The scope of my study is limited to the Financial Advisors recruited by me and my

sample size is 50 newly recruited Advisors.

Statement of the problem

Management Problem

In spite of lot many efforts ICICI Prudential is unable to get the requisite Candidates for

Financial Advisors.

Research Problem

To develop effective and Practical methods of Recruitment for recruiting

Financial Advisors at ICICI Prudential.

Hence the statement of problem is A Study on Recruitment for recruiting

Financial Advisors at ICICI Prudential Life Insurance Co. Ltd


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Objectives of the study:

Main Objectives

To develop effective and practical methods of recruitment for recruiting Financial

Advisors

Sub Objectives:

To evaluate the effectiveness of different methods practically conducted.

To find out the most potential segment, based on age, education, and occupation

level, for financial Advisors job.

To know the urge of why people go in for this job.

To find out the most important factors considered by the candidates while joining

the Advisors job.


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CONTENTS

- Organization Profile

- Organization Chart

- Sampling

- Date Collection Methods

- Measuring Tolls


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Company Profile

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,

a premier financial powerhouse and Prudential plc, a leading international financial

services group headquartered in the United Kingdom. ICICI Prudential was amongst the

first private sector insurance companies to begin operations in December 2000 after

receiving approval from Insurance Regulatory Development Authority (IRDA).

Vision:

To make ICICI Prudential the dominant Life and Pensions player built on trust by

world-class people and service.

This we hope to achieve by:

Understanding the needs of customers and offering them superior products and

service.

Leveraging technology to service customers quickly, efficiently and conveniently

Developing and implementing superior risk management and investment strategies to

offer sustainable and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our employees

And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching commitment to 5 core

values -- Integrity, Customer First, Boundary less, Ownership and Passion. Each of the

values describes what the company stands for, the qualities of our people and the way we

work.


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We do believe that we are on the threshold of an exciting new opportunity, where

we can play a significant role in redefining and reshaping the sector. Given the quality of

our parentage and the commitment of our team, there are no limits to our growth.

ICICI Bank

ICICI Bank (NYSE:IBN) is Indias second largest bank and largest private sector bank

with over 50 years of financial experience and with assets of Rs. 1812.27 billion as on

30th June, 2005. ICICI Bank offers a wide range of banking products and financial

services to corporate and retail customers through a variety of delivery channels and

through its specialized subsidiaries and affiliates in the areas of investment banking, life

and non-life insurance, venture capital and asset management. ICICI Bank is a leading

player in the retail banking market and has over 13 million retail customer accounts. The

Bank has a network of over 570 branches and extension counters, and 2,000 ATMs.

Prudential plc

Established in London in 1848, Prudential plc, through its businesses in the UK and

Europe, the US and Asia, provides retail financial services products and services to more

than 16 million customers, policyholder and unit holders worldwide. As of June 30, 2004,

the company had over US$300 billion in funds under management. Prudential has

brought to market an integrated range of financial services products that now includes life

assurance, pensions, mutual funds, banking, investment management and general

insurance. In Asia, Prudential is the leading European life insurance company with a vast

network of 24 life and mutual fund operations in twelve countries - China, Hong Kong,

India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand

and Vietnam.


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Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed

people from the finance industry both from India and abroad.

Mr. K.V. Kamath, Chairman

Mr. Mark Norbom

Mrs. Lalita D. Gupte

Mrs. Kalpana Morparia

Mrs. Chanda Kochhar

Mr. HT Phong

Mr. M.P. Modi

Mr. R Narayanan

Mr. Keki Dadiseth

Ms. Shikha Sharma, Managing Director

Mr. N.S. Kannan, Executive Director

Management Team:

Ms. Shikha Sharma, Managing Director & CEO

Mr. N.S. Kannan, Executive Director

Mr. V. Rajagopalan, Chief - Actuary

Mr. Sandeep Batra, Chief Financial Officer & Company Secretary

Ms. Anita Pai, Chief - Customer Service and Technology

Mr. Puneet Nanda, Chief - Investments


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ICICI Prudentials other recent achievements include:

First life insurer in India to receive a National Insurer Financial Strength rating of AAA

(Ind) by Fitch Ratings

Rs. 7,000 crore funds under management (FUM) ? largest for any private sector life

insurance company

Prudence Customer Centricity Award for the second year in a row - Prudential

Corporation Asia

ICICI Prudential continuously researches to understand the emerging needs of its

consumer base. The company recently launched two health products ? Health Assure and

Health Assure Plus. The products are designed to provide the customers a guaranteed

financial benefit at the time of a critical illness, over and above the direct medical

expenses that are incurred. The policy aims to cover aspects like loss of income during

the period of illness and recovery, lodging for a family member, travel and stay, etc.

ICICI Prudential was one of the first private life insurance companies to commence

operations after the privatization of the sector in 2000. Over the years, it has enhanced its

understanding of various saving and investments need of customers and launched a series

of flexible products to meet the same, spanning the segments of child plans, retirement

solutions, health plans, savings solution as well as pure protection plan. For the period

April-December 2005, the companys retail market share stood at 31.8% amongst all

private companies and 11% of the total market.


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Fact Sheet

THE COMPANY

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,

a premier financial powerhouse, and Prudential plc, a leading international financial

services group headquartered in the United Kingdom. ICICI Prudential was amongst the

first private sector insurance companies to begin operations in December 2000 after

receiving approval from Insurance Regulatory Development Authority (IRDA).

ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI Bank and Prudential

plc holding 74% and 26% stake respectively. For the period April- December, 2005, the

company garnered Rs 1,430 crore of new business premiums for a total sum assured of

Rs 15,170 crore and wrote 497,765 policies. For the past four years, ICICI Prudential has

retained its position as the No.1 private life insurer in the country, with a wide range of

flexible products that meet the needs of the Indian customer at every step in life.

ICICI Prudential is also the only private life insurer in India to receive a National

Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the

highest credit rating, and is a clear assurance of ICICI Prudentials ability to meet its

obligations to customers at the time of maturity or claims.


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DISTRIBUTION:

ICICI Prudential has one of the largest distribution networks amongst private life

insurers in India, having commenced operations in over 116 cities and towns in India,

stretching from Bhuj in the west to Guwahati in the east, and Amritsar in the north to

Trivandrum in the south.

The company has 8 banc assurance tie-ups, having agreements with ICICI Bank,

Bank of India, Federal Bank, South Indian Bank, Ernakulam Bank, Lord Krishna Bank

and some co-operative banks, as well as about 290 corporate agents and brokers. It has

also tied up with NGOs, MFIs and corporates for the distribution of rural policies and

organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially and

economically underprivileged sections of society.

ICICI Prudential has recruited and trained more than 65,000 insurance advisors to

interface with and advise customers. Further, it leverages its state-of-the-art IT

infrastructure to provide superior quality of service to customers.


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PROMOTERS

ICICI Bank (NYSE:IBN) is Indias second largest bank and largest private sector bank

with assets of Rs. 1892.18 billion as on September 30, 2005. ICICI Bank provides a

broad spectrum of financial services to individuals and companies. This includes

mortgages, car and personal loans, credit and debit cards, corporate and agricultural

finance. The Bank services a growing customer base of more than 14 million customers

through a multi-channel access network which includes over 590 branches and extension

counters, 2,030 ATMs, call centers and Internet banking (www.icicibank.com).

Established in London in 1848, Prudential plc, through its businesses in the UK and

Europe, the US and Asia, provides retail financial services products and services to more

than 16 million customers, policyholder and unit holders worldwide. As of June 30, 2004,

the company had over US$300 billion in funds under management. Prudential has

brought to market an integrated range of financial services products that now includes life

assurance, pensions, mutual funds, banking, investment management and general

insurance. In Asia , Prudential is the leading European life insurance company with a vast

network of 24 life and mutual fund operations in twelve countries - China, Hong Kong,

India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand

and Vietnam.


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PRODUCTS

Insurance Solutions for Individuals:

ICICI Prudential Life Insurance offers a range of innovative, customer-centric products

that meet the needs of customers at every life stage. Its products can be enhanced with up

to 5 riders, to create a customized solution for each policyholder.

Savings Solutions

SecurePlus is a transparent and feature-packed savings plan that offers 3 levels of

protection.

CashPlus is a transparent, feature-packed savings plan that offers 3 levels of

protection as well as liquidity options.

SavenProtect is a traditional endowment savings plan that offers life protection

along with adequate returns.

CashBak is an anticipated endowment policy ideal for meeting milestone

expenses like a childs marriage, expenses for a childs higher education or

purchase of an asset.

LifeTime & LifeTimeII offer customers the flexibility and control to customize

the policy to meet the changing needs at different life stages. Each offer 4 fund

options ? Preserver, Protector, Balancer and Maximiser.

LifeLink II is a single premium Market Linked Insurance Plan which combines

life insurance cover with the opportunity to stay invested in the stock market.


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Premier Life is a limited premium paying plan that offers customers life

insurance cover till the age of 75.

InvestShield Life is a Market Linked plan that provides capital guarantee on the

invested premiums and declared bonus interest.

InvestShield Cash is a Market Linked plan that provides capital guarantee on the

invested premiums and declared bonus interest along with flexible liquidity

options.

InvestShield Gold is a Market Linked plan that provides capital guarantee on the

invested premiums and declared bonus interest along with limited premium

payment terms.

Protection Solutions

LifeGuard is a protection plan, which offers life cover at very low cost. It is

available in 3 options ? level term assurance, level term assurance with return of

premium and single premium.

HomeAssure is a mortgage reducing term assurance plan designed specifically to

help customers cover their home loans in a simple and cost-effective manner.

Child Plans

SmartKid education plans provide guaranteed educational benefits to a child

along with life insurance cover for the parent who purchases the policy. The

policy is designed to provide money at important milestones in the childs life.

SmartKid plans are also available in unit-linked form ? both single premium and

regular premium.


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Retirement Solutions

ForeverLife is a retirement product targeted at individuals in their thirties.

SecurePlus Pension is a flexible pension plan that allows one to select between 3

levels of cover.

Market-linked retirement products

Lifetime Pension IIis a regular premium market-linked pension plan

LifeLink Pension II is a single premium market-linked pension plan.

InvestShield Pension is a regular premium pension plan with a capital guarantee

on the investible premium and declared bonuses.

Golden Years: is a limited premium paying retirement solution that offers tax

benefits up to Rs 100,000 u/s 80C, with flexibility in both the accumulation and

payout stages.

ICICI Prudential also launched Salaam Zindagi, a social sector group insurance policy

targeted at the economically underprivileged sections of the society.

Health Solution

Health Assure: Is a regular premium plan which provides l ong term cover against

6 critical illnesses by providing policyholder with financial assistance,

irrespective of the actual medical expenses.

Health Assure Plus: Is a regular premium plan which provides long term cover

against 6 critical illnesses by providing financial assistance, irrespective of actual

medical expenses, as well as an equivalent life insurance cover

Group Insurance Solutions


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ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance

benefits to their employees.

ICICI Pru Group Gratuity Plan: ICICI Prus group gratuity plan helps employers

fund their statutory gratuity obligation in a scientific manner. The plan can also be

customized to structure schemes that can provide benefits beyond the statutory

obligations.

ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined

contribution superannuation scheme to provide a retirement kitty for each member

of the group. Employees have the option of choosing from various annuity

options or opting for a partial commutation of the annuity at the time of

retirement.

ICICI Pru Group Term Plan: ICICI Prus flexible group term solution helps

provide affordable cover to members of a group. The cover could be uniform or

based on designation/rank or a multiple of salary. The benefit under the policy is

paid to the beneficiary nominated by the member on his/her death.

Flexible Rider Options

ICICI Prudential Life offers flexible riders, which can be added to the basic policy

at a marginal cost, depending on the specific needs of the customer.

Accident & disability benefit: If death occurs as the result of an accident during

the term of the policy, the beneficiary receives an additional amount equal to the

rider sum assured under the policy. If the death occurs while traveling in an


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authorized mass transport vehicle, the beneficiary will be entitled to twice the sum

assured as additional benefit.

Accident Benefit: This rider option pays the sum assured under the rider on death

due to accident.

Critical Illness Benefit: protects the insured against financial loss in the event of

9 specified critical illnesses. Benefits are payable to the insured for medical

expenses prior to death.

Income Benefit: This rider pays the 10% of the sum assured to the nominee every

year, till maturity, in the event of the death of the life assured. It is available on

SmarKid, SecurePlus and CashPlus

Waiver of Premium: In case of total and permanent disability due to an accident,

the premiums are waived till maturity. This rider is available with SecurePlus and

CashPlus.


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Organization Chart


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Regional Manager

CEO


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Regional Manager

ZM Manager

BM Manager

Territory Manager

Area Manager

Area Manager

Sales Manager

Sr.Agency Manager

Asst. Unit Manager

CEO

Agency Manager

Unit Manager


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Sampling:

Sample size: 50 Financial Advisors newly recruited

Sampling Method : Convenience sampling

Survey conducted on the Advisors recruited by me.

Data Collections Methods:-

Primary data: Field Survey

Secondary data: ICICI Prudential records.

: Internet

Area of research: Belgaum city

Research approach : Survey method

Measuring Tool:-

Questionnaire (Graph and Charts)


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CONTENTS

- Results & Discussion with Charts & Graphs

- Summary, Conclusion & a Proposed Action Plan with Resource

Requirements & Projected Benefits to the Organization


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Analysis

Q-1.Gender

Male Female

33 17

66% 34%

0

5

10

15

20

25

30

35

Male Female

gender

Interpretation:

From the survey made on the candidates who were recruited, it was found that

66% of the candidates are male and 34% are female because male people are the income

earners of the family and they find ease in doing field work and can find time besides

their present job.


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Q - 2.Marital Status

12%

88%

Married

Unmarried

Interpretation:

Majority of the candidates which are recruited are unmarried because these are the people

who want to build their career.


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Married Unmarried

6 44

12% 88%


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Q-3.Chart showing the most potential segment for Financial Advisor's job(Age wise)


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18-25 25-35 35-45 Above 55

30 19 0 1

60% 38% 0 2%


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0

5

10

15

20

25

30

18 - 25 25 - 35 35 - 45 Above 45

age

Interpretation:

Majority of candidates age fall between 18-25, because they are energetic in nature and

have enthusiasm in doing job.

Q-4. Chart showing the most potential segment for Advisors on the bases ofeducation


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8

4

25

13

0 5 10 15 20 25 30

PUC II

Diploma

Graduation

Post

graduation

Series1

Interpretation:

Majority of the candidates who applied for the Advisors job are graduates followed by

post graduates because these are the people who after completion of their degree start

hunting for jobs and as this is a job which gives unlimited income they would prefer to go

for it.


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PUC II Diploma Graduation Post Graduation

8 4 25 13

16% 8% 50% 26%


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Q-5.Chart showing the potential segment on the basis of occupation level

Salaried Businessmen Professional Housewife Retired Students Others

24 4 4 3 0 5 10

48% 8% 8% 6% 0 10% 20%

Occupation wise

0

5

10

15

20

25

30

Salaried

Businessmen

Professional

Hou

sewife

Retired

Students

Others

Series1

Interpretation

:48% of candidates are salaried people, followed by 20% others which consists of all

freshers. And salaried people can spare few hours for this whenever they get free time

from their job and can earn commission, which is addition to their salary.


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Q-6.How you were been made aware of ICICI Prudential Financial Advisors job

18

15

4

7

4

2

0

2

4

6

8

10

12

14

16

18

20

Telecalling

Pamphlets

Apatment

Beautyparlour

Joggerspark

References

Series1

Interpretation:

36% of the candidates are recruited by Telecalling, because it is the media which can

reach to different cities at a given time followed by pamphlets with 30% and Beauty

parlour visit with 14%.


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Telecalling Pamphlets Apartment

activity

Beauty

parlour

visit

Joggers

park

References

18 15 4 7 4 2

36% 30% 8% 14% 8% 4%


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Q-7.Chart showing the number of candidates opted for training

0

10

20

30

40

50

Series1 3 47

Manual training Online Training

Interpretation:

Online Training is most preferable because it fetches 94% of the respondents. Online

training is accessible at any time and at any place only Internet matters.


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Manual Training On-line training

3 47

6% 94%


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Q-8.What made the candidates to join ICICI prudential as Financial Advisors

11 119

19

0

2

4

6

8

10

12

1416

18

20

To

supplement

my income

Passion for

job

To utilise my

spare time

To build my

Career

Series1

Interpretation:

Majority of candidates are graduates and fall under age 18-25, so they are the people who

are new to corporate world and want to prove themselves i.e. want to build their career by

acting as financial advisors.


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To supplement my

income

Passion for job To utilize my

spare time

To build my

Career

11 11 9 19

22% 22% 18% 38%


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Q - 9. How would you rate the following factors with regard to Advisors

job?

(Rate between 1 to 5, 1 being the highest and 5 being the lowest)

0

5

10

15

20

25

Commission/Incentive

s

24 15 4 2 4

Growth opportuniyies 15 9 14 11 1

Quality of work life 6 16 13 11 5

Brand images 2 3 8 17 20

Personality

development

3 7 11 9 20

1 2 3 4 5

Interpretation

Majority of the candidates are salaried and applied for this advisors job to get extra

commission or incentive, so commission/incentive is the main factor which was consider

by all candidates before applying for job.


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Findings

1. Techniques of recruitment:

Out of 50 candidates, 36% of the candidates were recruited through Telecalling followed

by 30% through Circulation of pamphlets through newspapers and 14% through Beauty

parlour visit.

2.

From the survey made on 50 candidates which were newly recruited, 66% of the

candidates are male and 34% are female.

3. Potential segment age wise:


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Telecalling Pamphlets Apartment

activity

Beauty

parlourvisit

Joggers

park

References

18 15 4 7 4 2

36% 30% 8% 14% 8% 4%

Male Female

33 17

66% 34%

18-25 25-35 35-45 Above 55

30 19 0 1

60% 38% 0 2%


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A survey on a sample of 50 candidates recruited showed that the most potential segment

age wise is 18-25 with 60%, followed by 38% lying in between the age category of

25-35.

4. Potential segment education wise:

On the basis of education I found that the most potential segment education wise was

graduation with 50% and post graduation with 26%.

5. potential segment occupation wise:

Salaried Businessmen Professional Housewife Retired Students Others

24 4 4 3 0 5 10

48% 8% 8% 6% 0 10% 20%


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PUC II Diploma Graduation PostGraduation

8 4 25 13

16% 8% 50% 26%


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Findings also showed that 48% of the candidates which were recruited were salaried

followed by 20% others which consist of all freshers.

6.

It was also found that 38% of the candidates which were recruited applied for his job with

an intention to build their career.

7.

Findings showed that 94% of the candidates opted for online training and 6% of the

candidates opted for manual training.

8. Commission/incentive is the main factor which was consider by all candidates

before applying for job followed by growth opportunities as the second highest

factor.


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To supplement my

income

Passion for job To utilize my

spare time

To build my

Career

11 11 9 19

22% 22% 18% 38%

Manual Training On-line training

3 47

6% 94%


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MY ACHIEVEMENTS

At ICICI Prudential Life Insurance Company Ltd, I was given a target to make my task

more challenging and I accepted it.

My target was to recruit 15 Candidates in two months. I gained a lot of experience while

achieving my target and this inspired me to get more than the number assigned.

At the end of second month I had carried out all the methods of recruitment

which I had developed and met totally 50 individuals. In this process of my work I


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educated them regarding the job and created awareness about ICICI Prudential Life

Insurance Co Ltd.

Out of the 50 individuals I found that 33 were interested and I could finally

convince them for the Financial Advisors job. And for doing my job successfully I was

awarded with a cash price of Rs.10, 250.

Suggestions

For recruiting a large number of people, circulation of pamphlets through

Newspapers would be more effective as it has a wide coverage.

Another effective method of recruitment would be Beauty parlour visit as this is

one such method where we get the required number and kind of candidates like

young girls and ladies in one place at a time.


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Other than the methods which I conducted I would even like to suggest setting up

of a stall at a shopping mall and other crowded areas like theatres and religious

places wherein we will get a large number of people.

For ICICI Prudential to have more efficient advisors it should tap those people

who are in the age group of 18 to 25 years and 25 to 35 years and this can be done

by tapping the fresher who finish their graduation and are about to hunt for job

and the salaried and business people as they will be having many contacts.

Another most effective method could be by giving Television ads on local

channels like In Belgaum, as this method could be a better one to reach out to

every house at a faster rate.

The number of candidates recruited for manual training were very less when

compared to online training. So to increase the manual recruits the continuous

training of 18 days should done for 3 days in every week or on weekends as

working people find difficult in attending the continuous regular training.

I would further suggest focusing much on the growth opportunities as now a days

people are interested in achieving more and more and they dont want to be stable

in their life.

Conclusion

I conclude that, after resorting to the various methods developed and an extensive

analysis, ICICI Prudential Life Insurance Co Ltd., should take up aggressive methods of

recruitment like circulation of pamphlets and other practical methods like visiting beauty

parlours, apartments and setting up of stalls at crowded areas like shopping malls, trade


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fairs, religious places and theatres and Television Adds on local channel to reach out to

every house.


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Contents

- Appendix

Questionnaire

- Bibliography

Questionnaire

Dear Sir/Madam,

I am pleased to introduce myself as MBA student of PES&Ts Belgaum Institute of

Management Studies, MBA, Belgaum. As a part of curriculum I have undertaken


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study on, Recruitment Methodology. The information provided by you will be

strictly kept confidential and used for academic purpose only.

Name: ____________________________

Address:___________________________

___________________________

Contact No: _______________________

Email ID: __________________________

1. Gender:

Male ( ) Female ( )

2. Marital status:

Married ( ) Unmarried ( )

3. I am aged between:

18 yrs 25 yrs ( )

25 yrs 35 yrs ( )


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35 yrs 45 yrs ( )

Above 45 yrs ( )

4. I have completed my

PUC II ( )

Diploma ( )

Graduate ( )

Post Graduate ( )

5. Right now I am

Salaried ( )

Businessman ( )

Professional ( )

Housewife ( )

Retired ( )

Any other, specify ___________

If Professional:

Doctor ( ) Advocate ( ) Teacher ( )

Engineer ( ) CA/ICWA/CFA ( )


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6. How were you been made aware of ICICI Prudentials Financial Advisors

job offer? Through:

Tele-calling ( )

Pamphlets through Newspapers ( )

Apartment activity ( )

Beauty parlours visit ( )

Joggers park ( )

Friends and Relatives ( )

Any others specify___________________

7. Which method of Training did you opt for?

Manual Training ( ) Online Training ( )

8. What made you join ICICI Prudential as Financial Advisor?

To supplement my income ( )

Passion for job ( )

To utilize my spare time ( )

To build my Career ( )


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9. How would you rate the following factors with regard to Advisors job?

(Rate between 1 to 5, 1 being the highest and 5 being the lowest)

Commission/incentives ( )

Quality of work life ( )

Growth opportunities ( )

Brand Image ( )

Personality Development ( )

Thank You


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Bibliography

Text book:

1. Subha Roa

Web Site:

1. www.google.com

2. www.iciciprulife.com

3. www.insurance.com
http://www.google.com/http://www.insurance.com/http://www.google.com/http://www.insurance.com/

icici marketing project

Documents