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CHAPTER I

INTRODUCTION

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INTRODUCTION:-

Every organization has different sources of recruitment and each source of recruitment
comes with a particular cost. Although not all sources of recruitment are cost effective.
Each source varies in costs. Some of the sources might be extremely expensive and some
might be inexpensive as well.

Some of the sources of recruitment will give us a higher number of shortlisted candidates
to the number of applicants as well as compared to the other sources of recruitment.

Therefore its important for a source of recruitment to not only be cost effective but also
give a high percentage of shortlisted candidates to the number of candidates who apply
for that particular position.

However all sources of recruitment are important and have their own set of advantages
and disadvantages as well. Organizations usually recruit and select candidates through
both internal and external sources of recruitment and also give importance to each source
because each might be beneficial for the organization in its own way and therefore mostly
all the sources of recruitment are taken into consideration and given importance.

Internal sources of recruitment include promotions usually and this is one of the most
cost effective source of recruitment.

External sources of recruitment include Campus placements, Employee referrals, Direct


walk ins, Job portals, and Recruitment Agencies to name a few important ones.

Each of these sources of recruitment have their own set of advantages and disadvantages
and also come with some or the other cost which solely depends from organization to
organization.

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COMPANY PROFILE:-

The Bank of New York Mellon Corporation, commonly referred to as BNY Mellon, is
an American multinational banking and financial services corporation formed on July 1,
2007, as a result of the merger of The Bank of New York and Mellon Financial
Corporation.
It is also the largest custodian bank in the world.

It operates in 35 countries in the Americas, Asia Pacific, Europe, The Middle East and
Africa, with over 100 offices in these countries.

The headquarters of BNY Mellon is on One Wall Street, New York, USA

The Europe and Middle East headquarters is located in London.

The Asia Pacific headquarters is located in Hong Kong.

The Chairman and CEO is Gerald Hassell

The President is Karen Peetz

Thomas Gibbons has served as the CFO of the organization and currently is the
Vice President.

The CIO is Suresh Kumar

The organizations Investment Management business is run by CEO Curtis


Arledge.

The Investment Services business is run by CEO Brian Shea.

There are 15 members in the Board of Directors.

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HISTORY OF THE COMPANY:-

Bank of New York:-

The Bank of New York was founded on June 9, 1784, making it the oldest bank in the
United States. Alexander Hamilton wrote the new bank's constitution, and became the
individual most actively involved in the organization of The Bank of New York, guiding
it through its early stages. The bank opened for business at the Walton House in Lower
Manhattan only a few months after the departure of British troops from American soil. It
opened with a capitalization of $500,000. William Seton, future father-in-law of Saint
Elizabeth Seton, was named director in 1786.

Mellon Financial Corporation:-

Mellon Financial Corporation was one of the world's largest money management firms.
Based in Pittsburgh, Pennsylvania, it was in the business of institutional and high net-
worth individual asset management, including the Dreyfus family of mutual funds;
business banking; and shareholder and investor services. On December 4, 2006 it
announced a merger agreement with Bank of New York, to form The Bank of New
York Mellon. After regulatory and shareholder approval, the banks completed the
merger on July 2, 2007.

MERGER:-

On December 4, 2006, the Bank of New York and Mellon Financial Corporation
announced they would merge. The merger created the world's largest securities servicing
company and one of the largest asset management firms by combining Mellons wealth-
management business and the Bank of New Yorks asset-servicing and short-term-
lending specialties.

BNY Mellon India:-

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It is an investment banking organization, and their primary function being investment
management, investment services and wealth management.

In India it has its offices in Pune, Mumbai and Chennai. It has over 5000 employees
onboard in India itself and approximately 50,000 all over the world. The main
headquarters for the India branch is in Pune itself. It is however not listed in The BSE
(Bombay stock Exchange) or the NSE (National Stock Exchange) but it is listed in the
NYSE (New York Stock Exchange).

The CEO of India is Dinesh Deo.

The Indian office however does not deal with the clients directly, as their clientele is
completely abroad based however the back office operations take place in India at a very
large scale.

BUSINESS:-

The banks primary functions are managing and servicing the investments of institutions
and high net worth individuals. The two primary services of the organization is
Investment Management and Investment Services, which offer services for each stage of
investment from creating through to holding, management, distribution and restructuring.

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INVESTMENT MANGEMENT:-

Investment management is the professional asset management of various securities


(shares, bonds and other securities) and other assets (real estate) in order to meet
specified investment goals for the benefit of the investors.
In general it means to maintain a balance of the clients fixed or current assets, either to
maintain the current value or to help it appreciate.
Investors may be institutions such as insurance companies, pension funds, charities or
educational institutions, or they might be private investors.

BNYs investment management business generates 28% of the companys revenue. The
Investment Management business operates 14 asset management boutiques and is the
largest Multi-boutique investment manager in the world.
Investment strategies offered by the boutique firms include equity, fixed income, cash,
and alternative investments.

INVESTMENT SERVICES:-

Investment Services or Financial services are the economic services provided by the
finance industry, which encompasses a broad range of businesses that manage money,
including credit union banks, credit card companies, insurance companies,
accountancy companies, consumer finance companies, stock brokerages, investment
funds, real estate funds and some government sponsored enterprises.

BNY Mellon's Investment Services business represents approximately 72 percent of the


company's revenue. The financial services offered by the business include asset
servicing, alternate investment services, broker dealer services, corporate trust services
and treasury services Other offerings include global collateral services, foreign exchange,
securities lending middle and back office outsourcing, and depositary receipts.
Their services are capable of enhancing the transparency, maximize liquidity and mitigate
risks.

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THEIR CLIENTS:-

BNY Mellon has a number of clients, they are individuals, families, companies etc, apart
from these their clientele include:-

Corporations

Health care

Consultants

Insurance Companies

Investment managers

Public and not for profit organizations

Registered Investment Advisors

US Federal Government

Wealth managers

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CORPORATE SOCIAL RESPONSIBILITY:-

BNY works in three main areas when it comes to Corporate Social Responsibility which
are:-

1. Market Integrity:-

The organization does extremely well in their area and has always proven
themselves and won the trust of their clients by being responsible of their
products and services.
They contribute to the health of the global market through the effectiveness of the
global markets.

2. The World:-

They contribute to the world by making the local communities a better place to
live in and also contribute to solutions of the worlds most grieve issues. They
also help in environmental management

3. The People:-

They help in areas specifically related to leadership and development,


engagement and well-being. They provide their talented work force with whatever
opportunities they need to evolve and succeed

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REWARDS AND RECOGNITION:-

It is the worlds largest custody bank.

It is the sixth largest investment management firm in the world.

It was also named one of the 50 safest banks in the world by Global Finance.

It was named one of the 20 most valuable banking brands in 2014 by The
Banker.

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HEIRARCHY OF POSITIONS AT BNY MELLON:-

CEO

Operations
Director
Service Delivery
Leader

Manager

Assisstant Manager

Team Leader

Analyst

Operations Executive

Figure 1

The above is the hierarchy of designations at BNY Mellon, starting from the position of
Operations Executive going upwards to the position of Chief Executive Officer.

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OBJECTIVES OF THE STUDY:-

1. Selection Ratio:-
To understand the selection ratio of the different sources of recruitment at
BNY Mellon.
The different sources of recruitment at the organization are Direct walk
ins, Employee Referrals, Recruitment Agencies/ Vendors, Job Portals,
Campus Placements.
Selection Ratio means the ratio of shortlisted candidates to the candidates
who applied in the organization.

2. Cost Analysis:-
To understand the costs of the various sources of recruitment of this
organization. To understand how expensive or inexpensive each source of
recruitment.

3. Cost Effective:-
After analyzing the cost of each source of recruitment it is also important
to analyze which source of recruitment gave a higher percentage of
shortlisted candidates at the same time.
The most cost effective source of recruitment will be the source which is
not only inexpensive but also gives a higher percentage of shortlisted
candidates at the same time.
Whereas the least cost effective source of recruitment will be which is
expensive and at the same time gives a lower percentage of shortlisted
candidate, or a percentage of shortlisted candidates which is almost close
to a more cost effective source of recruitment.

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LIMITATIONS OF THE STUDY:-

Limited Time Frame:-

The research was conducted within the limited time frame of 2 months, as that
was the duration of the internship, therefore its a short duration to conduct the
research as one gets a very brief idea about the sources of recruitment, the number
of shortlisted candidates.
In these 2 months there was no recruitment through campus placements as it was
conducted earlier in the year therefore there was no exposure to that as well.

Data:-

The data presented is indicative of the factual data, as the organization is not open
to sharing its actual data.
Therefore the data presented is on the same lines of the data which was actually
collected.

Cost and Position:-

The analysis on selection ratio, as well as the sources of recruitment and


shortlisted candidates limits to the position of Operations Executive only.

The cost presented in the data is again taken on the basis of 2 months and not
considered annually, as the research was conducted in the span of 2 months,
therefore the cost of only those 2 months (April, May) is taken into consideration.

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CHAPTER II

RESEARCH METHODOLOGY

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RESEARCH METHODOLOGY:

METHODOLOGY

SECONDARY
PRIMARY DATA
DATA

SURVEY OBSERVATION WEBSITES

Figure 2

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Research Methodology can be done by either using:-

i. PRIMARY DATA:-

Primary data is data which is collected directly from first- hand experience.

There are some advantages as well as disadvantages of Primary data being used in
the research.

Sources of Primary Data:-

The different sources of Primary data are

1) The organization itself

2) The environment

3) The Distribution Channel

However the Primary data of the project is the cost. The data which is used for
the cost analysis for most of the sources of recruitment which are:-

1) Direct Walk Ins

2) Employee Referrals

3) Campus Placements

4) Job Portals
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Method of data collection:

The source through which the primary data was collected is the organization
itself.

The method used for collecting the primary data is communication and
observation. Both these methods are used for collecting the data.

Through observation the cost of direct walk ins was known whereas the cost of
Job portals, employee referrals, campus placements, and job portals was through
communication with the people at the organization.
Communication is the direct approach by asking questions of respondents. In the
organization the form of communication was one on one interaction.

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ii. SECONDARY DATA:-

Secondary data is the data which was gathered previously for other purposes.
There are certain advantages and disadvantages which come along with secondary
data.

Advantages:-

1) Low Cost:

The cost of this data is relatively low because it is obtained from published
sources.
There is no sort of design cost involved and only the cost of time is incurred.

2) Speed:

Secondary data can be collected in a much shorter time frame than primary
data.

3) Availability:

Some data is available only in the form of secondary data.

However along with some advantages there are a few disadvantages as well.

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Disadvantages:

1) Poor fit:

Not always the data collected through secondary data fits the objective of your
research.

2) Age:

The timeliness of the information is a major problem of the data..

Sources of Secondary Data:-

There are two main sources of secondary data one is Internal Data Sources and
the other is External Data Sources.

Internal Data sources usually includes the data collected from the organization
records such as invoice records, inventory records, service records.

External data is originated from outside the confines of the organization. It can be
found through libraries, websites, general guides.

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Method of data collection:

The secondary data used in this research is the number of shortlisted


candidates through each source of recruitment, as well as the cost of one of
the sources of recruitment which is the Recruitment agency/Vendors.

The source used for data collection was Internal Secondary data.

The above mentioned data collected in the last two months was by extracting it
from the company records with the help of the CRMS (Candidate Recruitment
Management System) and by using MS Excel where most of the data is stored.

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CHAPTER III

THEORETICAL BACKGROUND

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THEORETICAL BACKGROUND:-

RECRUITMENT AND SELECTION:

Human capital for an organization is the most important thing without having proper
human capital, the organization will not be able to fulfill the organizations goals and
objectives, and increasing the monetary capital happens to be one of the most important
objectives. Therefore a stable and an efficient lot of human capital is extremely important
for any organization, and to get such employees in the organization we need to recruit
and select them.

Recruitment is an extremely important function of any organization. It is how any


organization builds their human capital. There are different sources of recruitment which
varies from one organization to another. A certain process is followed for the process of
recruitment and selection.

Recruitment can be defined as searching for and obtaining a pool of potential candidates
with the desired knowledge, skills and experience to allow an organization to select the
most appropriate people to fill job vacancies against defined position descriptions and
specifications.

The purpose of the recruitment process is to find the widest pool of applicants to provide
the greatest opportunity to select the best people for the required roles in an organization.

Acquiring the best applicants for a role can be a competitive advantage for an
organization whereas ineffective recruitment and selection can result in enormous
disruption, reduced productivity, interpersonal difficulties and interruptions to operations,
customer service and long term costs.

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Recruitment can be an ongoing process depending on the attrition rate of the
organization. The number of candidates recruited for every position differs. The
percentage of the number of recruited candidates might be comparatively fewer than
those who get recruited for entry level positions.

There is a certain process or a standard process of recruitment which includes:

SOURCES OF RECRUITMENT:-

This is the first and foremost step when it comes to recruitment and selection. There are
quite a few sources of recruitment

EXTERNAL:-

Job Portals:-

Using websites like Naukri.com or Monster.com, where recruiters post for Job
Openings along with a proper Job Analysis. LinkedIn is the Facebook for the
corporate world in todays industrial sector.

Job Analysis as earlier mentioned is always split into two parts which are Job
Description and Job Specification. Both of these should be extremely precise
while posting for a job on the portals because it gives the candidate a brief idea
about what the job is going to be.

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Advertising:-

A lot of organizations advertise for job opening as well. Online Job advertising or
through newspapers and magazines. They even advertise on careers sites.

Campus Placements:-

Most of the organizations also are actively involved in campus placements when
it comes to recruitment. They hire quite a few candidates from their organization
who they would to work for the organization.

Direct Interviews:-

There are some candidates who directly come for an interview as well. They hear
about the job opening through people and they come to the organization for an
interview.

Placement agencies/Outsourcing

Employee Referrals

INTERNAL:-

Transfers

Promotions/Demotions

Retired Employees

Dependents and relatives of the decease employees

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Retrenched Employees/ Retired Employees.

ADVANTAGES:-

1. Confidence of the employee:-

Internal sources of recruitment helps boost the morale of the employee,


especially when the employee has been promoted, it gives the candidate a
level of confidence and determination to further do better.

2. Cost Effective:-

It is also a cost effective source of recruitment as the cost involved for this
source of recruitment is usually negligible.

These are some of the main sources of recruitment.

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RECRUITMENT PROCESS:-

The Recruitment process is a systematic procedure from sourcing the candidates,


to arranging and conducting interviews and requires sources and time.

The general process is as follows:-

Vacant posts/positions to be filled in.

Number of people to be selected

Job Analysis

Locating an developing the sources and required number and type of


employees

Shortlisting and identifying the prospective employee with required


characteristics

Arranging and conducting interviews of the candidates

Job Analysis as earlier mentioned is always split into two parts which are Job
Description and Job Specification. Both of these should be extremely precise
while posting for a job on the portals because it gives the candidate a brief idea
about what the job is going to be.

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Job Description:

Job descriptions are an essential part of hiring and managing your employees.
These written summaries ensure your applicants and employees understand their
roles and what they need to do to be held accountable.

The Job Description usually includes

The duties and responsibilities of the candidate for that particular job.

The scope and purpose of the job.

The working conditions at the job, along with the equipment to be used if any.

Job Title, and the name and the designation of the person to who the candidate
will work under or report to.

Job Description is extremely important, it not only differs from job to job but also
forms the base for Job Specification.

Job Specification:-

Not everyone is qualified to take up a particular job, everyone has a different set of
qualifications and capabilities. Each Job position will have a written job specification
as well.
A job specification is a written statement of minimum qualifications and traits that a
person needs in order to perform the duties and undertake the responsibilities of a
particular position. Specification like description is a part of the job analysis process.

Like how Job Description is important while posting a job opening, similarly job
specification is important as well.

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Therefore a Job Analysis is extremely important.

After the recruitment process comes the selection process. Selection happens only when
the candidates are recruited. Selection is the filtering of the candidates recruited to select
a few best of the lot who fir the job the best.

RECRUITMENT EVALUATION:-

A) Quantity of Applicants:

For any good recruitment programme, any organization should have a sufficient
number of applicants to select their best from, hence quantity does matter when it comes
to recruitment.

B) Quality of Applicants:

As mentioned above the Job Analysis for any position in an organization is of great
importance, hence the quality of the applicant holds importance as well, whether or not
they fit in on the basis of the job analysis, because if they do not then it becomes a waste
of time and resources.

C) Yield Ratio:

A comparison of the applicants at one stage of the recruitment process to another stage
of the recruitment process.

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D) Evaluating Recruiting Costs and Benefits:

In a cost/benefit analysis to evaluate recruiting efforts, costs may include both direct
and the indirect costs.

GOOD ASPECTS OF RECRUITMENT:-

For any organization a recruiting time which will lead to a continuous flow of great into
the organization is important. Recruiting does not only mean hiring people, recruiters also
have to be good at marketing their product. On a whole any recruiting teams role has two
primary parts to it which includes :-

Selling
Buying

Selling:-

When it comes to selling, a recruitment team is putting the organization in such a way in
front of the potential candidate they want to hire, that the candidate would want to join
the organization.
The role of the recruiter would sum up to selling three things:-

1) The Vision
2) The role
3) Organizations value

A good recruiter should try to embody the organizations value, it should be visible in

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their actions and behavior. Impressions always have a lasting impact on the candidates,
being courteous should be followed like religion. The candidate should be really
convinced or should really buy into what you are saying/doing, and should be convinced
to join you.

Buying:-

A recruiter also becomes a buyer and should be able to buy two things which are culture
fit and skill fit.
Both of these things are extremely important. An eligible candidate should be sound in
both these areas.
Recruiters are always in search of good candidates who will be able to work efficiently
who they have to reach out, they need to find them.

A recruiter not only has to be a good seller, but also a good buyer. Usually they are good
only at one of them, which makes a recruiters job quite complex as they have to give
weightage to both these aspects and be good at both. Which leads us to the fact that a
recruiters team is quite difficult to build and the organization should first focus on
building a good recruitment team before concentrating on building the rest of the
organization.

Whenever we hear the word interview the first thing which crosses our mind is the
buyer-seller transaction where the seller the candidate must prove themselves to the
buyer recruiter by going through interviews, which is partially correct. Although at the
same time the organization and the candidate both need to love each other for a better
outcome.

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SELECTION:-

Once a pool of candidates has been identified through the recruitment process the most
appropriate candidate, or candidates are identified through a selection process including
but not limited to interviewing, reference checking and testing. The purpose of the
selection process is to ensure that the best person or people are appointed to the role or
roles using effective, fair and equitable assessment activities.

For different sources there are different assessment activities used. For campus students
an aptitude test is used and a major criteria, without clearing the aptitude test the student
does not proceed to the interview round.
In some financial organizations there are certain operations round, so the candidate clears
the person interview round but does not clear the operation round which creates a hurdle
for the candidate for being selected.

Therefore for example if 100 candidates are being recruited then out of those 100
candidates probably 15 or even less will get selected by the organization.

Also every recruitment source comes with a particular cost. To have efficient and cost
effective sources of recruitment, organizations should strategize to avoid excess costs and
wastage of time and resources, because both are equally important.
It becomes costly and an inefficient process if it is not approached correctly, which is in a
systematic and proactive manner.
It should follow some of the steps such as-

Ensure the organization has necessary skills, knowledge and attributes to meet
current and future strategic and operational requirements

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The supply and demand requirements meet.

To increase the pool of potential applicants.

Improving the selection process by ensuring that only those applicants that meet
the requirements of the position proceed for further selection processes.

To increase the organizational effectiveness.

By following these steps an organization can try to make its recruitment and selection
procedure cost effective as well as efficient, however it needs to suit the organization and
it is not that easy to suddenly adopt to changes.

Therefore the primary function of a HR department of any organization is Recruitment


and Selection, only once the candidates are recruited then other functions of the HR
department can be carried out such as Training and Development, Compensation and
Benefits, Employee Engagement.

If there are no candidates recruited and selected then firstly the organization will not
work, as the human capital performs all the functions of the organization to increase the
monetary capital, secondly all the other function of a HR department become baseless.
Hence recruitment and selection is the most important function of the HR department for
any organization.

Also since the recruited candidates form the human capital of the organization the entire
process should be carried out carefully and as efficiently as possible.

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SELECTION METHODS:-

There are primarily three methods of selection which are testing which is followed by
gathering information and lastly Interview. The method of Interviewing the candidate is
however the deciding factor whether or not the applicant is selected in the organization or
not.

1. Testing:-

There are certain kinds of tests which are taken by applicants which are used to
measure knowledge, skills and attitude along with other characteristics.
Some of the tests which are taken by an applicant include Cognitive test, Physical
ability test, Personality Test, Work Sample Test, Drug Test.

2. Information:-

Gathering information about the applicant is also an important part, the


organization should have proper knowledge of the applicant
They can do so by going through the application forms and more specifically
Resume and also Reference Checking i.e. collecting information of the applicant
from their previous organization, or their boss.

3. Interviews:-

Interviews is the most effective method of selecting a candidate. It is the most


frequently used method. It is the process when the applicant answers questions
asked by the Recruiter or the Operations Manager.
Questions are asked regarding the applicants educational background,

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professional life, to check their communication skills

There are two types of Interview: Structured and Unstructured Interview.

STRUCTURED INTERVIEW:-

A structured interview is usually of two types which is a

1) Behavior based Interview:-

It is an interview where the focus is on the candidates behavior in past situations


usually pertaining to professional situations.

2) Situation Based Interview:-

It is an interview where the candidate is asked what would he do in a particular


situation irrespective of whether such a situation has taken place in his life before
or not.

UNSTRUCTURED INTERVIEW:-

An unstructured interview is when the recruiter can ask the candidate questions
about themselves, usually ask them to talk about themselves.
There can be a different set of questions for different candidates.

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DIFFERENCE BETWEEN RECRUITMENT AND
SELECTION:-

Recruitment and selection are the two phases of the employment process. The
differences between the two are:

1) Recruitment is the process of searching the candidates for employment and


stimulating them to apply for jobs in the organization whereas Selection involves
the series of steps by which the candidates are screened for choosing the most
suitable out of the lot for the vacant post.

2) The basic purpose of recruitment is to create a talent pool of candidates to


enable the selection of best candidates for the organization, by attracting more and
more employees to apply in the organization whereas the basic purpose of
selection process is to choose the right candidate to fill the various positions in
the organization.

3) Recruitment is a positive process i.e. encouraging more and more employees to


apply whereas Selection is a negative process as it involves rejection of the
unsuitable candidates.

4) Recruitment is concerned with tapping the sources of human resources whereas


Selection is concerned with selecting the most suitable candidate through various
interviews and tests.

5) There is no contract of Recruitment established in recruitment whereas Selection


results in a contract of service between the employer and the selected employee.

6) The process of Selection comes only after Recruitment.

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COST EFFECTIVENESS:-

Every source of recruitment comes with a specific cost. However the cost varies from
one source to another. Some sources can be expensive for the organization, but at the
same time its an efficient source.

When we talk about costs and different sources of recruitment, then all the sources of
recruitment of the organization come with a cost, Right from referrals to job portals to
vendors.

However the cost varies from source to source and the major component to that is that is
how many candidates got shortlisted through that particular source of recruitment.

An ideal cost benefit source of recruitment will be the one which is extremely
inexpensive and at the same time gives a high percentage of shortlisted candidates as
well.

Although there are some sources of recruitment which will see, that although expensive
have other advantages to it, and hence cannot be avoided.

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CHAPTER IV

DATA PROCESSING AND ANALYSIS

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DATA PROCESSING AND ANALYSIS

The different sources of recruitment used are

Walk Ins
Referrals
Portals
Vendors
Campus

Direct Walk Ins:-

Direct Walk ins are those candidates who come to the organization for an
interview, by checking the companys website.
The most beneficial part about these direct walk ins are that it doesnt cost the
organization anything, as the organization doesnt spend any amount in even
advertising, so these candidates who come in, come by looking up for vacancy on
the companys website.
However there are certain disadvantages to this as well, that a lot of candidates
who come for an interview are a profile mismatch to the vacancies which the
organization has, mismatch in terms of educational background, and though direct
walk in interviews do not cost the organization anything monetarily, a lot of time
of the recruiter is wasted.

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SELECTION RATIO- DIRECT WALK IN APRIL (2015)

No. of Final Shortlists


7 1:3

No. shortlisted by Ops


20 1:3
No. shortlisted by HR 69
1:5
No. of applications received 359
G 1.1

The No. of applications received are 359,

Candidates rejected in the HR Round are 290

Candidates Rejected in the Operations round are 49

The Selection ratio for the month of April for Direct Walk Ins is 1:51, which
means out of every 51 candidates who applied only 1 of them got selected.

Approximately 2% of the candidates got selected.

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SELECTION RATIO- DIRECT WALK IN MAY (2015)

No. of final shortlists 6 1:3

No. of shortlisted by Ops 21 3:11

No. shortlisted by HR 75 1:4


No. of applicants received 298

G 1.2

The no. of applications received are 298

candidates who got rejected in the HR round are 223

No. of candidates who got rejected in the operations round are 54

The selection ratio for the month of May 2015 for Candidates who were recruited through
direct walk in is 1:49,

This means out of the every 49 candidates who applied only 1 got selected.

Approximately 2% of the candidates got selected.

In 2 months approximately 4% of the candidates got selected.

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SELECTION RATIO- DIRECT WALK IN TOTAL (2015)

No. of final shortlists 13 1:3

No. of shortlisted by Ops 41 1:3

No. shortlisted by HR 144 9:41


No. of applicants received 657

G 1.3

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EMPLOYEE REFERRALS

Employee Referral is a system which most of the organizations have, where the existing
employees give their reference to the candidate who is applying, and if the candidate gets
selected they get a commission from the organization apart from their salary.

There are certain advantages when it comes to the referrals, as the employees refer only
those candidates who they think are suitable for the required position, who are capable of
doing the job in terms of technicality as they have a good knowledge of what the
organization does and whether whoever they are referring will be able to work there.

It also works as a great motivating factor for the existing employees, as the candidates
referred by them is getting selected and the organization is acknowledging it as well.

Most of the candidates sent in are good, and quite a few get selected.

SELECTION RATIO- EMPLOYEE REFERRAL APRIL (2015)

No. of final shortlists 16 2:3

No. of shortlisted by Ops 24 1:2

No. shortlisted by HR 57 1:3


No. of applicants received 154

G 1.4

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The no. of applications received are 154

Candidates who got rejected in the HR round are 97

No. of candidates who got rejected in the operations round are 33

16 candidates got shortlisted amongst the 154 who came through employee referral. The
selection ration for Referral candidates for the month of April is 1:9 which is almost 10%
This means out of every 9 candidates 1 candidate got shortlisted in the month of April
2015.

SELECTION RATIO- EMPLOYEE REFERRAL MAY (2015)

No. of final shortlists 14 2:2

No. of shortlisted by Ops 20 2:2


No. shortlisted by HR 56
2:2
No. of applicants received
149

G 1.5

The no. of applications received are 149

candidates who got rejected in the HR round are 93

No. of candidates who got rejected in the operations round are 36

14 candidates eventually got shortlisted, making the selection ratio of 1:10,


approximately 10% again.

42
This tells us that in both the months even if the number of candidates for employee
referral was lower than who came for an interview through direct walk in, the selection
ratio of the candidates who came through employee referral was much higher than the
candidates who came directly for an interview.

SELECTION RATIO- EMPLOYEE REFERRALTOTAL (2015)

No. of final shortlists 30 2:3

No. of shortlisted by Ops 44 1:3


No. shortlisted by HR 113
1:3
No. of applicants received 303
G 1.6

43
JOB PORTALS

The two job portals which are extensively used in the organization are

LinkedIn
Naukri.com

LinkedIn:

LinkedIn is one of the most used portals, it is very different from the other portals, In
LikedIn we cannot connect with a lot of people, view their profiles whenever we want
and not only when a job opening is posted or when they upload their CV for it. It keeps
everyone connected at all times.

Naukri.com:-

Naukri.com however is a proper recruitment portal where a job opening is posted and
candidates start sending in their CVs for that particular position, the recruiters however
cannot view their profile or resume unless they have posted their CV themselves. It limits
the access but is highly used job portal when it comes to recruiting in the organization.

The biggest advantage these job portals have are that because of this a lot of time is
saved, for the recruiter as well as for the candidate. The candidate is only called for an
interview when the recruiter feels the candidate is a good match for the job opening.

They can select candidates as to who they want to interview, it increases their interest as
well, because out of all the CVs they went through they shortlisted a few and will have
to interview only them.

However these two portals are used the most by organization.

44
SELECTION RATIO- JOB PORTALS TOTAL (2015)

No. of final shortlists 29 1:2

No. of shortlisted by Ops 69 1:2

No. shortlisted by HR 105


1:3
No. of applicants received 230

G 1.7

On an average of both the months if there were 230 interviews taken in person as well as
telephonic 29 candidates were selected.

It makes the selection ratio 1:8

This means out of every 8 candidates, 1 candidate got shortlisted through this source of
recruitment.

45
RECRUITMENT AGENCIES/ VENDORS:-

Vendors are nothing but recruitment agencies which the organization has tie ups with.
Vendors usually are the most helpful when it comes to bulk hiring and niche hiring. It
reduces the burden of the recruiter and gets quality candidates. The biggest vendor from
where the organization gets most of their clients is Randstad.

However the disadvantage of vendor hiring is that it can be expensive and if an


organization or the recruiters are too dependent on the vendors for the recruitment it can
create a negative image for the recruiters as to how they might not be efficient enough.

The organization needs to maintain a rapport with the vendors so that they are aware of
what is the recruiting scenario in the organization, so that they are not completely
unaware and can help us out when we need them the most.

46
SELECTION RATIO- RECRUITMENT AGENCIES TOTAL (2015)

No. of final shortlists


11 2:3

No. of shortlisted by Ops


15 3:5

No. shortlisted by HR
26
2:5
No. of applicants received 66
G 1.8

No of candidates selected by the vendors: 66

No. of candidates who got rejected in the HR Round: 40

No of candidates who got rejected in the Operations Round: 9

No. of candidates who got shortlisted: 11

The selection ratio becomes 1:6, which means out of 6 candidates 1of the candidates got
shortlisted.

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PIE CHART OF THE TOTAL APPLICANTS THROUGH DIFFERENT
RESOURCES

5%
19%
Direct Walk Ins
52%
Referrals
24% Job Portals
Vendors

G 2.0

This pie diagram shows us how the highest number of applicants have come through
direct walk in, followed by referrals, then vendors and lastly through Job Portals

Approximately more than half of the number of the total number of applicants have come
through direct walk in.

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PIE CHART OF THE TOTAL SHORTLISTS THROUGH DIFFERENT
RESOURCES

Direct Walk Ins Referrals Job Portals Vendors

13% 16%

35%
36%

G 2.1

In the chart we can see that the highest percentage of shortlisted candidates have come
through employee referral, even though the percentage of applicants were quite few in
comparison to direct walk in.

Followed by Job Portals, the number of candidates who were interviewed through job
portals were fewer than candidates who came through employee referrals, However there
is negligible difference in the percentage of shortlisted candidates between the two.

We can see that compared to the percentage of applicants who came through direct walk
ins the percentage of candidates who got selected from that particular source is
comparatively the lowest when compared to each source.

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HR AND OPERATIONS REJECTS

Ops Reject
46% HR Reject
54%

HR Reject Ops Reject

G 2.2

The percentage of candidates who got rejected in The HR round of interview are higher
than the one who got rejected in the Operations round of interview, as the HR round
filters the data to a great extent.

The candidate usually proceeds to the second round of interview when the candidate has
good communication skills and a decent knowledge in the finance domain. There are a lot
of people who get rejected because of lack of knowledge in the field of finance and since
its an investment banking company its an important criteria.

The number of candidates who get rejected in the Operations round are fewer than the
HR round because the HR recruiters have already filtered the candidates on basic criteria,
operations round is a technical round, so they operations manager just tests them on their
technical skills whether they are fit to join the company.

50
COST EFFECTIVE ANALYSIS

Every source of recruitment comes with a specific cost. However the cost varies from
one source to another. Some sources can be expensive for the organization, but at the
same time its an efficient source.

When we talk about costs and different sources of recruitment, then all the sources of
recruitment of the organization come with a cost, Right from referrals to job portals to
vendors.

However the cost varies from source to source and the major component to that is that is
how many candidates got shortlisted through that particular source of recruitment.

An ideal cost benefit source of recruitment will be the one which is extremely
inexpensive and at the same time gives a high percentage of shortlisted candidates as
well.

Although there are some sources of recruitment which will see, that although expensive
have other advantages to it, and hence cannot be avoided.

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STANDARD COSTS OF VARIOUS SOURCES OF RECRUITMENT

Direct walk Ins- Rs.0/-

Employee Referral - Rs.25,000/- to the employee whose referred candidate gets


selected.

Naukri.com- Rs.1880/- for a job posting and 28,000/- rental for a recruiters
profile

LinkedIn- Rs.30,000/- for a recruiters profile

Vendors- In a contract with the different consultancy firms or agencies that 8% of


the shortlisted candidates first salary will go to them.

Campus- The cost for campus recruitment keeps varying, depending where they
go for recruitment, besides the organization does not incur any cost as far as
campus placements are considered because all the expenses are taken care by the
colleges they are going to for recruitment.
Right from the transport, to the hospitality everything is taken care of by the
colleges.

These are the various costs associated with the different sources of recruitment the
highest being that of the portals.

In these past 2 months we can see which source cost them the most depending on
the number of shortlisted candidates from each source.

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COST PER EMPLOYEE

Cost Per Employee


0%
5%
14%

81%

Direct Walk-In Employee Referral Job Portals Vendors

G 2.3

As we can observe in the chart above that the company incurs a major expense through
the source of Employee Referral as far as cost per employee is concerned.

It accounts for almost 4/5th of the entire cost.


It is followed by the cost incurred through job portals and then Recruitment
agencies/Vendors.

53
Direct Walk In:-

This source of recruitment is cost free.

The candidates come to know about the openings through the companys website
or through a company official.

Employee Referrals:-

In the last 2 months the most number of candidates have been shortlisted through
employee referral.

30 candidates in all, over the past 2 months have been shortlisted.

The total amount which was spent on Referrals was for both the months combine
was Rs.7,50,00/-

The cost per employee is Rs.25,000/-

Job Portals:

Since the organization operates on 2 portals which are LinkedIn and Naukri.com,
they have a recruiters profile on each of these portals which costs them 30,000/-
and 28,000/- respectively as a monthly rental.

54
Which makes their monthly rental Rs.58,000/- for a month and Rs.1,16,000 for 2
months.

Apart from this the organization also needs to pay for job postings which they
upload on Naukri.com, which costs them a sum of Rs.1,880/- per job posting.

In these 2 months there were 5 job postings.

The cost of these 5 job postings on Naukri.com was Rs.9,400/-

The total cost which was incurred by the organization of job portals was
Rs.1,25,400/-

The cost per employee is Rs.4,324/-

The number of candidates selected through job portals is 29.

Vendor Drives:-

Only 11 candidates were shortlisted through the vendors in the months of April
and May, 2015.

The Vendors are paid 8% of the first monthly salary of the candidate who has
been shortlisted according to the organizations contract with the vendors.

A total of Rs.15,840/- was paid to the vendors for the shortlisted 11 candidates.

Cost per Employee is Rs.1,440/

55
EMPLOYEE REFERRAL:-

The most expensive source of recruitment for the organization is through employee
referral. This cost the organization a lot of money, approximately 5 times more than
the next most expensive source of recruitment to the organization.

However employee referral is beneficial for the organization. It acts as a source of


motivation for the current employees, and in a way also helps the organization to hold
them back.

JOB PORTALS:-

However according to me the most cost effective as well as the most reliable and time
saving source of recruitment is through the job portals.

Telephonic interviews or Skype interviews are held which not only saves time for the
recruiter as well as the candidate but is also extremely convenient for both of them.

As to the number of candidates who are interviewed to the number of candidates who
are shortlisted the count is pretty good, also does not cost the organization too much
money.

This is the most trending source of recruitment, which every organization has adapted
to.
LinkedIn is the Facebook of the corporate world. Everyone now has a LinkedIn
account because it helps connect faster.

Job portals have turned out ot be a boon for the corporate world.

56
VENDORS:-

Although in these 2 months the cost of vendors was not too much, it is always
important to maintain or keep in touch with the respective vendors give them a few
positions to close, as the vendors are very important when it comes to niche and bulk
hiring.

However hiring from the vendor shows dependency of the recruiter, so that
reluctancy to recruit through the vendors is always there.

However recruiting through vendors is a reliable source of recruitment is the most


cost effective as well as efficient when it comes to bulk and niche hiring.

The organization should keep recruiting a few candidates through vendors.

DIRECT WALK INS:-

There is absolutely no cost related to direct walk-ins. Its a cost free source of
recruitment, however it is the least efficient source of recruitment as whoever thinks that
they are a suitable for a particular job opening can come in.

Sometimes the candidate is not up to the mark when it comes to communication or


technicality so he/she is rejected as it occupies a lot of time of the recruiter as well as the
candidates.
Although it is cost free, the number of candidates shortlisted through this source are the
least.

57
CHAPTER V

MANAGEMENT LESSONS

58
MANAGEMENT LESSONS:

Apart from the excellent exposure which I received in the past 2 months of the
corporate world, there a quite a few things apart from the daily work which I learnt.

Some of them are:

1. Patience:

It is extremely important to be patient, whether it is your work, your superiors,


your clients, it is extremely important to handle everything with patience.

2. Courtesy:

As HR recruiters/managers it is extremely important to be courteous especially


with the candidates who come I for an interview. Once can have a lasting
impression on them.

3. Aggression:

One should have the right amount of aggression at the right time and at the right
moment. Being over aggressive can sometimes be a drawback.

4. Less Emotional:

It is necessary to be a little less emotional in the corporate world, because


sometimes it can act as a barrier in your work.

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5. Learn to say No:

Always learn to say no at the right time and in a right way, sometimes our
colleagues at work unintentionally take us for granted in respect to work, one
should always no to say no, in a nice way.

6. Punctuality:

Always be on time or before time at your work place, whether it is reaching your
office on time or attending a meeting.

7. Dont procrastinate:

Always finish whatever work you have on time, avoid procrastination, it just piles
up the work even more.

8. Team work:

Always work as a team, if youre working as a team always associate yourself as


we instead of I. A team will always have your back.

9. Communication:

Communication with everyone should be crystal clear, whether it is with the


candidates or your superiors communication should be absolutely clear.

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10. Respect Time:

Always respect time, yours as well as others. Do not keep anyone waiting for
you.

11. Keep your desk clean:

Make it a point to keep your desk clean always, a messy desk makes people think
that we might have a lot of work or a lot of pending work.

12. Approachable:

Try being as approachable as possible, especially with the candidates, as a


supervisor with your subordinates.

13. Always know why you are doing a particular task:

It is always good to have a brief knowledge as to what is the reason behind a


particular task you are performing.

14. To mark your team members in emails:

Make it a point to mark at least one of your team member in all the emails you
send.

15. Maturity:

Showing maturity as a person as well as the work you do is important.

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16. Responsible:

To be as responsible as possible, if one gives you some workhe/she need not have
to worry about it.
17. Calm:

Keep calm at your work, while doing your work. There is no point in getting
hyper.

18. Helpful:

Try being as helpful as you cam, there might be times when your colleagues
might need your help.

19. General Knowledge:

It is really important to have good general knowledge, knowledge about sports,


movies and other things.

20. Do not mix professional and personal life:

Always keep your personal life and professional life poles apart, try not to let it
mix as it might hamper your work.

21. Be thorough with the numbers:

We as HR professionals should be good with numbers, For example: the number


of shortlisted candidates, the number of HR rejects all these figures should be at
the tip of our tongue.

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22. Stress Management:

Try to not let your stress take on to your performance, remain calm, and the carry
on with your work.
23. Polite:

Try being as polite as you can be whether it is with the staff, candidates.

24. Feedback:

Receiving and giving feedback is extremely important. It is a growth as well as


learning opportunity and should be taken in a positive way.

25. Underestimation and Overestimation:

Try not to underestimate your as well as your colleagues capability or even


overestimate it.

26. Dress code:

Dress code is very important in any organization. Following the dress code is a
major point to keep in mind.

27. Taking notes:

Keep taking notes of whatever is discussed in meetings, whatever is being


discussed with you by your superiors, we being new to the industry have a high
probability of forgetting a few things which have been discussed.

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28. Do not take work home:

Never take your work home, finish it that day or come back the next day and
finish it.

29. Lock your computer/laptop

Form a habit of locking your computer or laptop whenever you leave your desk.
This is a must in bigger organizations, for corporate security reasons.

30. Follow up:

Always follow up with the candidates, clients, The managers should always
follow up with their subordinates and vice versa. It helps in keeping track of the
work.

64
CHAPTER VI

FINDINGS

65
FINDINGS

SELECTION RATIO AND PERCENTGE OF SHORTLISTED CANDIDATES

Source of Recruitment Selection ratio Percentage

Direct Walk Ins 1:50 16%

Referrals 1:10 36%

Vendors 1:6 13%

Job Portals 1:8 35%

T 1.1
The selection ratio as well as the percentage of shortlisted candidates both are extremely
good through Job Portals. There is not too much difference between the selection ratio
and percentage of shortlisted candidates of employee referral and Job Portals, but the
number of candidates who apply through job portals is lesser than the number of
candidates who apply through employee Referral which is 230 and 303 candidates
respectively.
The highest percentage of shortlisted candidates is through these two sources.

However the selection ratio of the candidates selected through recruitment agencies is
better than all the other sources, but recruiters do not prefer relying on these sources as it
may show a sign of them being dependent.
Therefore recruitment agencies or vendors work best when there is a niche or bulk
requirement in a limited time frame.

66
COST THROUGH DIFFERENT SOURCES

Source of Recruitment Total cost for 2 months Cost per employee

Direct Walk In Rs.0/- Rs.0/-

Employee Referral Rs.7,25,000/- Rs.25,000/-

Job Portals Rs.1,25,400/- Rs.4,324

Recruitment Agencies/ Rs.15,840/- Rs.1,440/-


Vendors

T 1.2

All the costs involved are direct costs only there are no indirect costs involved. The cost
per employee is negligible through direct walk ins, and the most expensive through the
employee referral, however the candidates selected through employee referral are better
in terms of quantity as well as quality.
Again the cost of hiring candidates through Job Portal is much lesser than the cost of
employee referral and the candidates hired through Job Portals are extremely polished
and thorough with their work.
As far as cost of employee is concerned Job Portal is cost effective not only in monetary
terms but also as a whole in terms of the quality of the candidate.

67
CHAPTER VII

RECOMMENDATIONS

68
RECOMMENDATIONS:

1. Employee Referral:

Although this source of recruitment gives us a high number of shortlisted


candidates, it is an expensive source of recruitment. In spite of it being expensive
according to me the organization should continue with this source and also give it
more weightage.

Employee Referral increases the motivation of the employees of the organization


and in a way even decreases the attrition rate of the organization to a certain
extent.

Therefore though it is the most expensive source of recruitment it should be given


priority as it increases their job motivation.

2. Campus Placements:

Campus placements should always be a source of recruitment as this is how the


organization will increase its brand name and value. The college gets a huge
recognition.

Due to campus placements more people will know about the organization, as they
will go to different colleges to recruit candidates its beneficial for the organization
as the cost of this source of recruitment is almost nothing and with that it
increases their brand value.

69
Therefore they should even look at colleges apart from Maharashtra and
Karnataka because the more colleges they recruit from the more the people know
about their organization. It creates a stronger place for itself in the industry.

3. Direct walk in:

The interviews which are held for candidates who come for an interview directly
can be restricted to 2-3days in a week only.

Other sources of recruitment should be concentrated upon such as employee


referrals, job portals etc.

Although cost effective the selection ratio is the least in comparison to the other
sources of recruitment, and is also very time consuming giving inefficient results.

70
CHAPTER VIII

CONCLUSION

71
CONCLUSION:-

Recruitment is essential to effective Human Resources Management. It is the heart of the


whole HR systems in the organization. The effectiveness of many other HR activities,
such as selection and training depends largely on the quality of new employees attracted
through the recruitment process.

All the sources of recruitment are significant in their own way, some help us in cases of
emergency, some help improve and increase the brand name of the organization. All of
the sources are unique in their own way.

However along with the uniqueness it is extremely important to understand the cost
effectiveness of each source of recruitment. Each organization is different and each will
have their own view about the different sources of recruitment and its cost effectiveness,
but very few organizations understand what is the right time to concentrate on what
source of recruitment and why.

Therefore each source of recruitment is important, if some are not very cost effective
there might be something else that, that particular source of recruitment provides the
organization with, but it is extremely important to understand the cost effectiveness of the
different sources of recruitment.

72
BIBLIOGRAPHY:-

Website:

https://www.bnymellon.com/
https://www.google.com/finance?q=BK
https://www.pershing.com/

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