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INTRODUCTION The human resources are the most important assets of an organization.

The success or failure of an organization is largely dependent on the caliber of the people working therein. Without positive and creative contributions from people, organizations cannot progress and prosper. In order to achieve the goals or the activities of an organization, therefore, they need to recruit people with requisite skills, qualifications and experience. While doing so, they have to keep the present as well as the future requirements of the organization in mind.

Human Resource Management theories focus on methods of recruitment and selection and highlight the advantages of interviews, general assessment and psychometric testing as employee selection processes. The recruitment process could be internal or external or could also be online and involves the stages of recruitment policies, advertising, job description, job application process, interviews, assessment, decision making, legislation selection and training Examples of recruitment policies within healthcare sector and business or industrial sectors could provide insights on how recruitment policies are set and managerial objectives are defined. Successful recruitment methods include a thorough analysis of the job and the labor market conditions and interviews as well as psychometric tests to determine the potentialities of applicants. Small and medium sized enterprises (SMEs) also focus on interviews and assessment with emphasis on job analysis, emotional intelligence in new or inexperienced applicants and corporate social responsibility (CSR). Other techniques of selection that have been described include various types of interviews, in tray exercise, role play, group activity, etc.

Recruitment is almost central to any management process and failure in recruitment can create difficulties for any company including an adverse effect on its profitability and inappropriate levels of staffing or skills. Inadequate recruitment can lead to labor shortages, or problems in management decision making and the recruitment process could itself be improved by following management theories. The recruitment process could be improved in sophistication with Rodgers seven point plan, Munro-Frasers five-fold grading system, psychological tests, personal interviews, etc.

Recommendations for specific and differentiated selection systems for different professions and specializations have been given.

The process of recruitment does not however end with application and selection of the right people but involves maintaining and retaining the employees chosen. Despite a well drawn plan on recruitment and selection and involvement of qualified management team, recruitment processes followed by companies can face significant obstacles in implementation. Theories of HRM may provide insights on the best approaches to recruitment although companies will have to use their in house management skills to apply generic theories within specific organizational contexts.

RECRUITMENT Recruitment is defined as, a process to discover the sources of manpower to meet the requirements of the staffing schedule and to employ effective measures for attracting that manpower in adequate numbers to facilitate effective selection of an efficient workforce. Edwin B. Flippo defined recruitment as the process of searching for prospective employees and stimulating them to apply for jobs in the organization. In simple words recruitment can be defined as a linking function-joining together those with jobs to fill and those seeking jobs. Recruitment is however not just a simple selection process but also requires management decision making and extensive planning to employ the most suitable manpower. Competition among business organisations for recruiting the best potential has increased focus on innovation, and management decision making and the selectors aim to recruit only the best candidates who would suit the corporate culture, ethics and climate specific to the organisation.

Recruitment is distinct from Employment and Selection. Once the required number and kind of human resources are determined, the management has to find the places where the required human resources are/will be available and also find the means of attracting them towards the organization before selecting suitable candidates for jobs. All this process is generally known as recruitment.

Recruitment is however not just a simple selection process and requires management decision making and extensive planning to employ the most suitable manpower. Competition among business organizations for recruiting the best potential has increased focus on innovation, and management decision making and the selectors aim to recruit only the best candidates who would suit the corporate culture, ethics and climate specific to the organization This would mean that the management would specifically look for potential candidates capable of team work as being a team player would be crucial in any junior management position. Human Management resource approaches within any business organization are focused on meeting corporate objectives and realization of strategic plans through training of personnel to ultimately improve company performance and profits. The process of recruitment does not however end with application and selection of the right people but involves maintaining and retaining the employees chosen. Despite a well drawn plan on recruitment and selection and involvement of qualified management team, recruitment processes followed by companies can face significant obstacles in implementation. Theories of HRM may provide insights on the best approaches to recruitment although companies will have to use their in house management skills to apply generic theories within specific organizational contexts.

PURPOSE AND IMPORTANCE The general purpose of recruitment is to provide a pool of potentially qualified job candidates. Specifically, the purposes and needs are: Determine the present and future requirements of the organization in conjunction with its personnel-planning and job-analysis activities. Increase the pool of job candidates at minimum cost. Help increase the success rate of the selection process by reducing the number of visibly, under qualified or overqualified job applicants. Help reduce the probability that job applicants, once recruited and selected, will leave the organization only after a short period of time. Begin identifying and preparing potential job applicants who will be appropriate candidates. Induct outsiders with a new perspective to lead the company. Infuse fresh blood at all levels of the organization. Develop an organizational culture that attracts competent people to the company. Search for talent globally and not just within the company.

SELECTION Selection is usually a series of hurdles or steps. Each one must be successfully cleared before the applicant proceeds to the next one. The time and emphasis place on each step will definitely vary from one organisation to another and indeed, from job to job within the same organisation. The sequence of steps may also vary from job to job and organisation to organisation. For example some organisations may give more importance to testing while others give more emphasis to interviews and reference checks. Similarly a single brief selection interview might be enough for applicants for lower level positions, while applicants for managerial jobs might be interviewed by a number of people.

Importance of Selection The term selection denotes a choice of one or some form amongst many. The vital importance of making the right selection of staff for any enterprise cannot be overemphasized. While selecting employees it should be born in mind that they are the greatest source of an organization. Building and money are always secondary. The critical element is always the spirit team work and the skill of the organizations personnel. Everything can be brought or reproduced except skilled and dedicated service. Essentials of Selection Procedure The selection produced adopted by an organization is mostly tailor made to meet its particular needs. The thoroughness of the procedure depends upon three factors: First, the nature of selection, whether faulty or safe, because a faulty selection affects not only the training period that may be needed, but also results in heavy expenditure on the new employee and the loss that may be incurred by the organization in case the job-occupant fails on his job. Second, the policy of the company and the attitude of the management. As a practice some companies usually hire more than the actual number needed with a view to removing the unfit persons from the jobs. Third, the length of the probationary or the trial period. The longer the period the greater the uncertainty in the minds of the selected candidate about his future.

The Recruitment Process at KOTAK SECURITIES is as follows:

1. Manpower Requisition Form (MRF) Generation accompanied by External Hiring Form (EHF) Business Manager

A detailed job analysis is conducted to identify the skills required to do a job, the sources which can be tapped and hence make the sourcing focused. Hence the primary objective of the generation of Manpower Requisition Form (MRF) is to identify what the job entails and what an incumbent employee must posses to perform successfully on the job.

This form is to be essentially accompanied by the External Hiring Form (EHF) which is the documented proof of the Managers requisition and willingness to increase the Head Count in his / her team.

CONTENTS OF MRF

Job Description

Job Specification

Job title

Education

Location

Industry Experience required

Job Summary

Behavioral Skills

Duties

Communication skills

Job role and responsibility

Specific functional skills

CONTENTS OF EHF

Date of release

Name of the manager making the requisition

Name of the Business Unit

Location at which employee would be posted

Position of the employee (Band / Grade)

Details regarding whether the employee would on company rolls or traning

Term of employment

Signatures of concerned manager(s)

Once it is known how many and what types of recruits are required, consideration is given to:

i) Sources of recruitment to be considered ii) Companies where the required hires may be employed Knowing the companies where the desired applicant would be employed helps in sourcing the candidate on a job portal.

iii) Time for each step of recruitment This last step helps in control and evaluation of recruitment process. The time frame is laid down for each step of recruitment.

This exercise gives the staffing member concerned a clear idea of the requirement and hurdles if any.

2. Sourcing

Following are the sources used at kotak securities. As can be seen from the chart that the Employees Referrals are most relied upon and the least is Consultants.

SOURCE Data Base Company Website Job Portals

PERCENTAGE 14%

10% 30% 38%

Employees

Referrals Consultants 8%

SOURCES OF RECRUITMENT

Consultants, 8%

Data Base, 14%

Company Website, 10%

Employees Referrals, 38%

Job Portals, 30%

JOB PORTALS:

The most preferred job portal at kotak Securities is Naukri.com.

EMPLOYEE REFERRALS:

One or the biggest challenges for any company today is attracting the right kind of talent.Kotak Securities has specific Referrals Policy.The open positions are made open to existing employees through HRIMS i.e.Human Resource Information Management System and also ks.referrals@kotak.com.

All below mentioned details shold be provided by the referrals - employee referred ,employee number,department, name of the candidate who is being referred, his or her years of experience , qualification , skills , location .

Rewards Provided to referrals are monetary rewards are gifted a sum of:

Rs 5000 Rs 8000 Rs 10000

For employees on S1 Grade For employees on trainee rolls For employees on rolls of Kotak Securities

Application of close relatives such as siblings, spouse or any other dependent are not allowed under referrals scheme. references from VP and above ate not considered under scheme. References from personnel involved in the recruitment process are not eligible under this scheme. References from human resource personnel are not eligible under the referrals scheme.

COMPANY WEBSITE:

The open positions are also publicized on website of Kotak Securities. This is done through the help of corporate communication department. The details of position, contact details of staffing partner and minimum qualifications and skills required for the job are given and response is received at e mail address of kotak securities.com

The response received thus, is sorted as per the requirment and the rest data is kept for meeting the future need. The details of candidates are captured in a excel sheet and used as source of database. This is revised on a regular basis.

The company website is an economical source of recruitment as the internet is catching on potential employees. It is comparatively simple and easy to operate.

DATABASE:

The database, is maintained in a excel sheet format and consists of resumes sent to the business manager with details of candidates profile, comments of the manager, interview date etc.

If the requirement is such that a candidate found unsuitable for a position in one business unit is found suitable for another business unit then the candidate may be reconsidered for an opening at kotak securities.

By applying various filters of qualification, experience, position or employer the data in the Recruitment database can be made accessible.

The only point to be taken into account is to update the database both in terms of changed qualification of candidate and resumes sent to business manager.

CONSULTANTS:

Consultants are another source receiving resume.as per the need for recruitment consultants are contected these are also economical and simple way of getting candidates

3. Pre Screening

The resumes received from various sources are to be pre-screened before sending to the business manager. The purpose of pre-screening is to remove from the pool of candidates, at an early stage those applicants who are clearly unqualified for the job.

Telephonic Pre Screen: The candidate is contacted on phone and relevant details of profile are captured.

4. The Pre-Screened Resumes are sent to LOB / one who needs Manpower

5. On receiving Feedback from LOB, Interview Scheduling is done telephonically.

6. If necessary a Telephonic Interview is taken

7. Selection Process:

Selection is the process of differentiating between applicants in order to identify and hire those with a greater likelihood of success in job.

The role of selection is crucial in any organization for at least, two reasons.

--Firstly, work performance depends on individuals. The best way to improve performance is to hire people who have the competence and willingness to work.

--Secondly, the cost incurred in re-recruiting can be avoided if the right personnel are selected in the first place.

Selection is a long process commencing from preliminary interview of the applicants and ending with the contract of employment. Selection is influenced by several factors, the attitude of selector or panel of interview, nature of candidate, etc.

SELECTION PROCESS AT KOTAK SECURITIES

*Selection Tests (For candidates less than 3 years of experience)

**Technical Round of Interview

***HR Round of Interview

****Selection Decision

*SELECTION TESTS

The tests that are conducted are purely technical and aim at knowing the technical know how of the candidate. The test is conducted only for those candidates with less than three years of experience. Following are tests conducted :Aptitude Tests,

Language (English) Tests are also conducted. The test questions are changed every three months.(but these test are not for all designations )

It is also noted if the candidate has qualified the NCFM examination conducted by National Stock Exchange (NSE).Depending upon the designation the candidate should be passed in their respective exams .This examination is compulsory for all employees.

**Technical Round of Interview

The most favored selection technique used at Kotak Securities is interview. Interview is an in-depth formal conversation conducted to evaluate the applicants acceptability. It is considered to be an excellent selection device. Its popularity is because of its flexibility; it can be adapted to managerial, skilled, unskilled and professional employees. It allows a two way exchange of information, the technical team learns about the applicant, and applicant also learns about Kotak Securities.

The selection interview consists of an extensive technical discussion, where in the technical team asks various technical questions to the applicant.

The applicant is also asked to make presentations, draw technical diagrams, etc basically those employees are preferred who are skilled, professional ,and knowledgeable.

***HR ROUND OF INTERVIEW

The HR round of interview is not just a formality. Apart from salary discussions and negotiations, various non technical abilities such as ability to work under stress, decision-making skills, and time management are assessed in the HR round of interviews.

The HR round is to ensure that the candidate and Kotak Securitiesl are not a mismatch in terms of work culture, aspirations etc.

After discussing the candidature with technical team HR gives its final decision.

****SELECTION DECISION

After obtaining information through these steps, selection decision - the most critical part of all steps must be made. The views of line of managers will be generally considered in the final selection because it is he or she who is responsible for the performance of new employee. The HR team also plays a crucial role in the selection process.

8. Relevant Salary Documents are taken from the candidate to check for Salary fitment.

9.

Salary Negotiations take place after which Selection is finalized.

10. Joining Date Negotiations

11. Medical Test

After the selection decision and before the job offer made the candidate has to undergo a physical fitness test those recruited above M6 grade and below have to provide fitness certificatefrom doctor in specified manner . A job offer is contingent upon the candidate being declared fit after physical examination.

12. Offer Release

The final step in selection process is job offer. This offer is made through an offer letter. The offer letter is final confirmation from Kotak Securities as to the person has cleared all selection criteria except the medical test.

Following are the contents of offer letter: Designation Date of joining Location and Business Unit Salary Break Up Explanation on various components Timings of office Documents to be brought while joining Medical Test to be Conducted

13. Acceptance of Offer 14. Reference Checks

Kotak Securities requests the names, addresses and occupations for the purpose of verifying information and perhaps gaining additional background information on an applicant. Although listed on the application form, references are not usually checked until an applicant has successfully reached this stage in the sequential selection process.

Previous employers, colleagues can act as good references.

Reference check serves two purposes

To gain insight about the potential employee from people who have previous experience with him or her. To assess the potential success of a prospect.

15. Appointment Letter Release (issued after medical formalities are completed)

16. Joining Formalities includes Relevant Documents Submission and Induction of the employee into the Organization.

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