A Study on Recruitment for recruiting Financial Advisors

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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.

_________________________ 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.

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.

_________________________ 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.

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:-

_________________________ 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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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

_________________________ 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. 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.

_________________________ 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.

Purpose of the study

_________________________ 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.

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

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.

Research Methodology:
Data Source : Primary Data (Field Survey) Secondary data-Internet Area of Research Research approach Research Instrument Sample Plan Sample Unit Sampling Method Sample size : Belgaum city : Survey method : Questionnaire : Personal Interview : Newly recruited Advisors : Convenience sampling : 50 Financial Advisors newly recruited

Measuring Tool:Questionnaire (Graph and Charts)

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

_________________________ 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 ( ( ) )

_________________________ 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 CA/ICWA/CFA ( ( ) ) Teacher ( ) ( ( () ( ) ( ) ) ) ( ( ( ) ( ) ) ) ( ( ) )

Engineer (

_________________________ 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 ( ( ( ( ) ) ) )

_________________________

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

Bibliography

Text book:
1. Subha Roa

Web Site:
1. www.google.com 2. www.iciciprulife.com 3. www.insurance.com