SUMMER TRAINIG REPORT

ON

“RECRUITMENT AND SELECTION PROCESS of

INSURANCE MANAGER AND AGENT”

IN

DHFL PRAMERICA LIFE INSURANCE CO. LTD.

Submitted in partial fulfilment of the requirement of

Master of Business Administration (MBA)

Session 2017-2019

GUIDED BY: Submitted by:

PRATIBHA AGRAWAL ARCHANA RAI

Assistant Professor (HR) MBA, III SEM

(RSMT) ROLL NO: 1710870010

RAJARSHI SCHOOL OF MANAGEMENT AND TECHNOLOGYVARANASI

 Rajarshi School of Management and Technology
(UdaiPratap College Campus)
Varanasi, 221002

Ph.No: 0542 2280674,228163

Fax No: 0542 2281062

Certificate

This is to certify that the Summer Training report entitled “Recruitment and
selection process of Insurance manager and agent in dhfl pramerica”.
Submitted by Archana rai, Roll No. 1710870010 in partial fulfillment of the
Award degree of MASTER OF BUSINESS ADMINISTRATION of Dr. A. P. J. Abdul
Kalam Technical University, Lucknow is a bonafide work for academic session
2017-19.

In my opinion the report fulfils the requirement of the regulation & ordinance
in relation to the nature and standard of work for MBA Degree.

I recommend sending this project report for evaluation.

(P.N. SINGH)

(Co-ordinator)MBA

RSMT VARANASI
 ACKNOWLEDGEMENT

With deep sense of gratitude I acknowledged the encouragement and guidance

received by my Project Guide, in his valuable guidance. He has been a constant
guiding force and source of illumination for me. He was very generous in giving
me this opportunity to work under shape. I would like to thank him for his
valuable advice and guidance.

I would also like to thank Pratibha Agrawal without his guidance, supervision,
assistance, inspiration and cooperation the work would not have been possible
to come to the present shape.

Further I would thank all the staff members of HR division who have been very
courteous in providing all other information about company and its product.

I am also thankful to all the respondents who spared their valuable time for
filling up the questionnaire and helped me out with this project.
I convey my heartful affection to all those people who helped and supported
me during course, for completion of my Project Report.
 DECLARATION

I am Archana rai hereby declare that the project work entitled

“Recruitment and selection process of Insurance Manager and
agent in DHFL Pramerica ”was carried by me in the partial
fulfillment of MBA Program from Rajarshi School of Management
& Technology, Affiliated to AKTU lucknow ,UP.

This project was undertaken as a part of academic curriculum

according to the university rules and norms and it do not have any
commercial interest and motive. It is my original work. It is not
submitted to any other organization for any other purpose

Archana Rai Date:

MBA III sem Place:

Varanasi

Roll no: 1710870010

 TABLE OF CONTENTS

S. No. Topic

1. Declaration

2 Acknowledgement

3 Company Summer Internship Certificate

4 Introduction

5 Company Profile

6 Literature Review

7 Research Methodology

8 Data Analysis and Presentation

9 Finding and Conclusions

10. Conclusion

11 References/Bibliography

12.. Appendices
INTRODUCTION
 INTRODUCTION

WHAT IS HUMAN RESOURCE?

Human resources are the people who make up the workforce of

an organization, business sector, or economy. "Human capital" is sometimes used
synonymously with "human resources", although human capital typically refers to a
more narrow effect (i.e., the knowledge the individuals embody and economic
growth). Likewise, other terms sometimes used include "manpower", "talent",
"labour", "personnel", or simply "people".

A human-resources department (HR department) of an organization performs human

resource management, overseeing various aspects of employment, such as compliance
with labour law and employment standards, administration of employee benefits, and
some aspects of recruitment and dismissal.Every organization has resources in terms of
Men, Material, Money and Machinery. An organization aims at optimum utilization of
these resources in order to succeed in the long run. Since optimum utilization of money,
machinery and material depends upon the quality of people of the organization, therefore
people are the most significant resource of an organization. In order to grow and survive
in the long run an organization must employ the right people, with the right skills at the
right place and time. The effort that an organization makes to hire the right people at the
right place is known as human resource management.

Human resource management is the art of procuring, developing and maintaining

competent workforce to achieve organizational goals in an effective and efficient manner.

According to Invancevich and Glueck,

“Human Resource Management is concerned with the most effective use of people to
achieve organizational and individual goals”

NATURE OF HUMAN RESOURCE MANAGEMENT

 Pervasive force – It is present in all organizations at all levels of management.
 Future oriented – It provides competent and motivated employees to the
organization to meet its future goals.
 Action oriented–It focuses on needs, aspirations and problems of employees in a
rational and flexible way rather than following strict procedures and guidelines.
 Individual oriented – It focuses on motivating and developing the employees to
give their best to the organization through training and development programmes.
 People oriented – It tries to bring people with similar skills and interests together
in order to form effective groups to increase productivity and produce better
results.
 Development oriented – It aims to develop the full potential of the employees
through training and development programmes.
 Inter-disciplinary function – It borrows knowledge and inputs from other
disciplines like economics, sociology, psychology and anthropology etc.
 Continuous function – Human resource management is a continuous activity as
an organization’s manpower needs changes constantly adjusting to the changes its
internal and external environment.

SCOPE OF HUMAN RESOURCE MANAGEMENT

HRM take account of all the activities carried out by the employee during his/her
entire working life. It starts from the Procurement of the employees until his/her
separation from the organization. Therefore the scope of HRM lies in the following
activities –

A. Procurement- It includes –
 Determination of manpower requirement
 Job analysis
 Recruitment and Selection of employees
 Placement of Employees
 B. Training and development of employees- it includes on the job and off the job
training of employees and various development programmes to develop the
skills and abilities of employees.
C. Job Analysis and Job Description – it involves study of Job requirements,
assignment of tasks and duties and helps in delegation of authority and
responsibility.
D. Compensation Planning
E. Incentive/reward planning
F. Maintaining Personnel Records
G. Health and safety of Employees
H. Maintaining Human and Industrial Relations

HR RESPONSIBILITIES

Human resource managers are in charge of many duties pertaining to their job. The
duties include the recruitment process, posting job ads, organizing resumes and job
applications, scheduling interviews and assisting in the process and
ensuring background checks are carried out. Another job is payroll and benefits
administration which deals with ensuring vacation and sick time are accounted for,
reviewing payroll, and participating in benefits tasks, like claim resolutions,
reconciling benefit statements, and approving invoices for payment. [2] The last job is
regular maintenance, this job makes sure that the current HR files and databases are
up to date, maintaining employee benefits and employment status and performing
payroll/benefit-related reconciliations. [2] In May 2014, the U.S. Department of
Labor stated that human resource assistants earn about $38,040 annually and human
resource managers earn about $104,440 annually.

HR ACTIVITIES

A human resources manager has several functions in a company

 Determine needs of the staff.

 Determine to use temporary staff or hire employees to fill these needs.
 Recruit and train the best employees.
 Supervise the work.
 Manage employee relations, unions and collective bargaining.
 Prepare employee records and personalpolicies.
 Ensure high performance.
 Manage employee payroll, benefits and compensation.
 Ensure equal opportunities.
 Deal with discrimination.
 Deal with performance issues.
 Ensure that human resources practices conform to various regulations.
 Push the employees' motivation.
 Mediate disputes internally

Managers need to develop their interpersonal skills to be effective. Organizations’

behavior focuses on how to improve factors that make organizations more effective.

HUMAN REOURCE MANAGEMENT

Human resource management (HRM or HR) is the strategic approach to the

effective management of organization workers so that they help the business gain a
competitive advantage, Commonly referred to as the HR Department, it is designed
to maximize employee performance in service of an employer's strategic
objectives. HR is primarily concerned with the management of people within
organizations, focusing on policies and on systems. HR departments are responsible
for overseeing employee-benefits design, employee recruitment, training and
development, performance appraisal, and rewarding (e.g., managing pay and benefit
systems).[3] HR also concerns itself with organizational change and industrial
relations, that is, the balancing of organizational practices with requirements arising
from collective bargaining and from governmental laws.
Human resources overall purpose is to ensure that the organization is able to achieve
success through people. HR professionals manage the human capital of an
organization and focus on implementing policies and processes. They can specialize
in recruiting, training, employee-relations or benefits. Recruiting specialists find and
hire top talent. Training and development professionals ensure that employees are
trained and have continuous development. This is done through training programs,
performance evaluations and reward programs. Employee relations deals with
concerns of employees when policies are broken, such as in cases involving
harassment or discrimination. Someone in benefits develops compensation structures,
family-leave programs, discounts and other benefits that employees can get. On the
other side of the field are Human Resources Generalists or business partners. These
human-resources professionals could work in all areas or be labor-relations
representatives working with unionized employees.

HR is a product of the human relations movement of the early 20th century, when
researchers began documenting ways of creating business value through the strategic
management of the workforce. It was initially dominated by transactional work, such
as payroll and benefits administration, but due to globalization, company
consolidation, technological advances, and further research, HR as of 2015 focuses
on strategic initiatives like mergers and acquisitions, talent management, succession
planning, industrial and labor relations, and diversity and inclusion. In the
current global work environment, most companies focus on lowering employee
turnover and on retaining the talent and knowledge held by their workforce. New
hiring not only entails a high cost but also increases the risk of a newcomer not being
able to replace the person who worked in a position before. HR departments strive to
offer benefits that will appeal to workers, thus reducing the risk of losing corporate
knowledge.
SELECTION PROCESS

JOB ANALYSIS

In situations where multiple new jobs are created and recruited for the first time or
vacancies are there or the nature in such documents as job descriptions and job
specifications Often, a company already has job descriptions for existing positions.
Where already drawn up, these documents may require review and updating to reflect
current requirements. Prior to the recruitment stage, a person specification should be
finalized.
SOURCING

Sourcing is the use of one or more strategies to attract or identify candidates to fill
job vacancies. It may involve internal and/or external recruitment advertising, using
appropriate media, such as job portals, local or national newspapers, social media
(such as LinkedIn or Rite Site), business media, specialist recruitment media,
professional publications, window advertisements, job centers, or in a variety of
ways via the internet.

Alternatively, employers may use recruitment consultancies or agencies to find

otherwise scarce candidates—who, in many cases, may be content in their current
positions and are not actively looking to move. This initial research for candidates —
also called name generation—produces contact information for potential candidates,
whom the recruiter can then discreetly contact and screen.

RECRUITMENT

Recruitment (hiring) refers to the overall process of attracting, short listing,

selecting and appointing suitable candidates for jobs (either permanent or temporary)
within an organization. Recruitment can also refer to processes involved in choosing
individuals for unpaid roles. Managers, human resource generalists and recruitment
specialists may be tasked with carrying out recruitment, but in some cases public-
sector employment agencies, commercial recruitment agencies, or specialist search
consultancies are used to undertake parts of the process. Internet -based technologies
to support all aspects of recruitment have become widespread.

APPLICATION FORM; also known as application blank; The techniques of application

blank is traditionally and widely accepted for securing information from the prospective
candidates Many companies formulate their own style of application forms depending
upon the requirements of information based on the size, nature of business activities, type
and level of the job. Information’s is generally required on the following items in the
application form:
 a) Personal background information

b) Educational attainments

c) Work experiences

d) Salary

e) Personal details

f) References

WRITTEN EXAMINATION; The organizations have to conduct written examination for

the qualified candidates after they are they are screened on the basis of the application
blanks so as to measure the candidates ability in arithmetical calculations, to know the
candidates attitude towards the job, to measure the candidates aptitude, reasoning,
knowledge in various disciplines, general knowledge and English language.

PRELIMINARY INTERVIEW; The interview is to solicit necessary information from

the prospective applicants and to assess the applicant suitability to the job. This may be
conducted by an assistant in the personnel department.

SCREENING AND SELECTION

Various psychological tests can assess a variety of KSAOs, including literacy.

Assessments are also available to measure physical ability. Recruiters and agencies
may use applicant tracking systems to filter candidates, along with software tools
for psychometric testing and performance-based assessment. [4] In many countries,
employers are legally mandated to ensure their screening and selection processes
meet equal opportunity and ethical standards.

Employers are likely to recognize the value of candidates who encompass soft
skills such as interpersonal or team leadership. Many companies, including
multinational organizations and those that recruit from a range of nationalities, are
 also often concerned about whether candidate fits the prevailing company culture.
Companies and recruitment agencies are now turning to video screening as a way to
notice these skills without the need to invite the candidates in physical. Screening as
a practice for hiring has undergone continual change over the years and often
organizations are using video to maintain the aforementioned standards they set for
themselves and the industry.

TEST; Psychological tests play a vital role employee selection. A psychological tests is
essentially an objective and standardized measure of sample of behaviour from which
inferences about future behaviour and performance of the candidate can be drawn.

TYPES OF TEST

Aptitude Tests; These tests measure whether an individual has the capacity or latent
ability to learn a given job if given adequate training. Can be divided into general and
mental ability or intelligence and specific aptitudes such as;

 Intelligence Test

 Emotional Quotient

 Skill Test

 Mechanical Aptitude

 Psychological Tests

 Clerical Aptitude Tests

Achievement Tests; these tests are conducted when applicants claim to know something
as these tests are concerned with what one has accomplished. These tests are classified
into;

 Job knowledge test

 Work Sample Test

 Situational Test; this test evaluates a candidate in a similar real life situation. In this test,
the candidate is asked either to cope with the situation or solve critical situations of the
job. This classified into;

 Group discussion

 In basket

Interest Tests; these tests are inventories of the likes and dislikes of candidate in relation
to the work, job, occupations, hobbies and recreational activities.

Personality Tests; these tests prove deeply to discover clues to an individual value
systems, his emotional reactions and maturity and characteristics mood. They are
expressed in such traits, like self-confidence, tact, emotional control, optimism,
decisiveness, sociability, conformity, objectivity, patience, fear, distrust, initiative,
judgment dominance or submission and stability. Classified into;

 Objective Tests

 Projective Tests

Other tests are ; Cognitive Ability Tests, Wechsler Adult Intelligence Scale, Wonderlic
Personal Test Scale, Polygraph Test, Honesty Test.

INTERVIEW; this is the most essential step in the process of selection. In this step, the
interviewer matches the information obtained about the candidate through various means
to the job requirements and to the information obtained through his own observation
during the interview.

TYPES OF INTERVIEWS

Preliminary Interview; the interview is to solicit necessary information from the

prospective applicants and to assess the applicant suitability to the job. This may be
conducted by an assistant in the personnel department. This classified into;
 Informal interview

 Unstructured interview

Core Interview; It is normally the interaction between the candidate and the line
executive or experts on various areas of job knowledge, skill, talent etc. This interview
may take various forms like;

 Background informational interviews

 Job and probing interview

 Stress interview

 The group discussion interview

 Formal and structured interviews

 Panel interview

 Depth interview

Decision-Making Interview; after the candidates are examined by the experts including
the line managers of the organization in the core areas of the job, the head of the
department concerned interviews the candidates once again, mostly through informal
discussion.

INTERVIEW PROCESS

a. Preparation for the interview

 Appropriate type of interview

 The areas to be tested

 Type and number of interviews

 Review the informational

b. Conduct the Interview

 Open the interview

 Get complete and accurate information

 Record observation and impressions

 Guide the interview

 Check the success of the interview

c. Close the interview

d. Evaluate interview results

MEDICAL EXAMINATION; Certain jobs require certain physical qualities like clear
vision, perfect hearing, unusual stamina, tolerance of hardworking conditions, clear tone
etc. Medical examination reveals whether or not a candidate possesses these qualities.

REFERENCE CHECKS; after complication of the final interview and medical

examination, the personnel department will engage in checking references. Candidates
are required to give the names of references in their application forms. These references
may be from the individuals who are familiar with the candidate academic achieving or
from the applicant’s previous employer, who is well versed with the applicant job
performance and sometimes from co-workers.

JOB OFFER; After taking the final decision, the organization has to intimate this
decision to the successful as well as unsuccessful candidates. The organization offers the
job to the successful candidates either immediately or after sometimes depending upon its
time schedule.

EMPLOYMENT; The Company may modify the terms and conditions of employment as
requested by the candidate. The company employs those candidates who accept the job
offer with without modification of terms and conditions of employment and place them

on the job.

PLACEMENT AND INDUCTION

When once the candidate reports for duty, the organization has to place him initially in
that job for which is selected; immediately the candidate will be trained in various related
jobs during the periods of probation of training or trial. The organization generally
decides the final placement after the initial training is over on the basis of the candidate’s
aptitude and performance during the training/ probation period.

A probation period ranges between six months and two years. If the performance is not
satisfactory, the organization may extend the probation or ask the candidates to quite the
job.

Placement is the determination of the job to which an accepted candidate is to be

assigned and his assignment to that job. It is a matching of what the supervisor has reason
to think he can do with the job demands , it is a matching of what he imposes and what he
offers in the form of play roll, companionship with others, promotional possibilities etc. It
is not easy to match all factors to the new employee who is still unknown to many. So,
the new employee is placed as a probationer until the training period is over.
 EMPLOYEE PLACEMENT PROCESS

Collect details about the employee

Construct the employee’s profile

Match between sub-group profile and individual’s profile

Compare sub-group profile to job family profile

Match between job family profiles and sub-group profiles

Assign the individual to the job family

Assign the individual to specific job after further counselling and assessment

Inductionis the process of receiving and welcoming an employee when he first joins a
company and giving him the basic information he needs to settle quickly and happily and
start work.

Lecture, handbook, film, group seminar are used to impact the information to new
employees about the environment of the job and the organization in order to make the
new employee acquaint himself with the following heads;

 About the company’s history, objectives, policies, procedures, rules and regulations, codes

 About the department

 About the superiors, subordinates

ABOUT THE COMPANY

 History, growth, organization and management, products, market, customers

 Basic conditions of employment( hours of work, shift, holidays, retirement benefits)

 Pay, allowances, deductions

 Sickness rules, information

 Leave rules (casual, special, earned-holidays, vocation)

 Disciplinary rules and procedure

 Grievance procedure

 Unions, negotiating machinery

 Education, training and development facilities, Health , safety, medical care arrangements

ABOUT DEPARTIMENT

The departmental head concerned introduces the new employee to the important
employees and describes briefly about the department and the job. Then supervisor
concerned introduces the employee to all the employees in the selection, describes in
detail the job or work, material, machine, equipment with which the worker has to work
and process of production.

ABOUT THE SUPERIORS, SUBORDINATES

 Introduction the new employee to the superior to whom he should report

 Introduce to other superiors with whom his work is indirectly related

 Introduce him to his subordinates with whom he has to work

 Introduction to the subordinates who will report to him

 Introduce to his colleagues

 INDUCTION PROCESS

I. Reporting for duty at a certain place to the head of the department concerned

II. The head of the department welcomes the new employees

III. Introduction to the organizational/ branch head introduces to important employees and
describes about the organization

IV. Departmental head introduces to all the employees of the department, describes the
department, total work the department

V. Superior concerned introduces to his co-workers in that section/unit to the work/job, material,
machine

VI. Providing information about the duties, responsibilities, rights, facilities, provisions, welfare
measures

VII. Supervisor clarifies the doubts of the new employee about the work

TRAINING PROCESS

Training is short term skill enhancement campaign specially targeted at lower and middle level
employees and managers. It aims to fulfill the gap in current skills and required skills as
per job requirement. Training is focused to provide the operational skills to the
technician. In most of cases, training is essential to newly appointed employees but is
also necessary for refreshing the skills of working employees as well.

In training, those who wish to learn new skills are called trainees and who train or provide the
skills, knowledge and expertise are called trainers.

Training is a systematically organized program to enhance skills of newly appointed employees

as well as existing employees required for job requirements. Training is short term
package which aims at improving individual and group performance to increase
organizational performance. It focuses on knowledge, behavior and attitude of employee
Objectives of Training in HRM:
Training is the method by which the gap between actual skills and desired skills of
employees can be mitigated. It is common in all organizations.

.Training Methods in HRM:

Main objective of training is to increase employee's skills, knowledge and competencies.

As different programs have different objectives, they can be fulfilled by different
methods. On the basis of training place i.e., whether that is work place or not, training
methods can be of two types as on the job and off the job. They are discussed below:

A. On the job training method:

If the training is conducted at the working place of employee, that training method is
called on the job. Here, trainees are not necessary to go to the training center or elsewhere
out of the job station. Main objective of this training method is 'learning by doing'.
Training to provide skills or knowledge related to technical jobs like tailoring, plumbing,
wiring, computer programming, etc. are given at the working place of trainees under
direct supervision of highly skilled trainer. This method is more effective as trainees can
learn while doing. They get quick feedback regarding the level of their learning so that
they can revise if they lack skills. This method is considered as most economical method
of training. There are different types of training methods under on the job training as
follows:

1. Apprenticeship Training:
Apprenticeship training methods focuses on educational expertise at work. Under this
method, trainees learn by working under experts employees related to their job. This
method takes longer time i.e., two to five years according to job nature, to make trainees
expert. Expect employees observe and control the activities of trainees. Trainees get
regular salary and benefits as they work in regular basis. Training for plumbers,
electricians, accountants, etc., are conducted under apprenticeship method.

2. Internship training method:

Those persons which have theoretical knowledge are required to attain practical skills
knowledge and expertise. In such cases, to the persons who have acquired theoretical
knowledge through academic courses, join internship training to convert theoretical
knowledge into practice. Main purpose of such internship program is to combine
theoretical knowledge and practical experience. Through internship training, trainees get
practical knowledge regarding work conditions and work procedures.

3. Job instruction training method:

This method is focused for supervisors to train for operatives. It is the step by step
approach to teach new skills. It consists of four steps as training preparation, presentation,
practice and follow up. It is an effective low cost training solution. In above methods,
trainees learn in their self interest because supervisors do not provide any instructions for
particular job. In this method, instructors or supervisors prepare fixed learning schedule
to the trainees. So, in this method, trainees gain skills and knowledge according to
training plans.

4. Program instruction training:

This method is recently introduced by B.F. Skinner for training non-technical skills to
employees. Under this method, employees are given instruction for the jobs to be done in
terms of hands out, text and manual and written instruction. Trainees use the given
instruction at job. They can use the instruction again and again until they become perfect.
Instructors inspect the job done by trainee employees and evaluate the training
effectiveness.

5. Job rotation:
Job rotation is the training provided to trainee employees who need to develop overall
skills and experience. Under this method, same employees are shifted to different jobs
after being perfect at one job. As they are rotated job to job, they are expected to gain
skills from every sector.

B. Off the job training method:

If the trainees need to go to training center or anywhere outside their job station for
training then the training method is called off the job training. Basically training
programs based on lecture or class room activities are conducted outside the working
place. Off the job training method is trainer centered. Nowadays different audio visual
device like projectors, films, documentary etc. are available for training purpose make
training effective but the effectiveness of training depends upon the skills and knowledge
of trainer and methodology used to deliver the skills in the training. Trainees get relief
from the work place stress during training so training is assumed to be more effective.
Trainer cannot get the immediate feedback regarding the training output, so training
cannot evaluate the training effectiveness quickly. Main objective of off the job training
is to improve general behavior and skills of employees.

Different methods can be used off the job training method as follows:

1. Lecture and seminar:

Under this method, trainee employees are gathered at the seminar hall or training institute
and trainers deliver the training content verbally in a lecture way. Maximum trainees can
be adjusted at a single training schedule. Lecture method provides educational knowledge
and skills to improve their conceptual, behavioral and analytical abilities. Program
instruction, computer assisted instruction, reading materials like leaflets, brochures,
flyers, etc. are commonly used materials in off the job training.

2. Stimulation exercise:
Stimulation exercise is the act of reflection or abstraction of real world situation or
problem in the training hall or laboratory. Under this method, artificial work place is
prepared resembling the real work place and trainee employees are placed to that place.
Trainees realize as they are in the real work station. Trainees try to work and make
mistake. They learn from mistake. Main assumption of this method is that trainees
closely resemble the actual one wherein they are provided with the opportunities to
conduct trail or test runs which are as close as the reality. Driving or pilot training,
electrician and plumbing training, etc., are suitable training to be provided with
simulation exercise. This method helps to avoid the costly error like accidents at the work
place. Following common techniques are used in simulation method:
  Computer Modeling:

Different computer programming and aid are prepared to simulate the real world.
Trainees can observe such simulate the real work. Trainees can observe such simulations
in computer screen and analyze the problems. They try to find out the most suitable
solution.

 Vestibule training:

Vestibule labs are prepared to practice with actual equipment to be used in actual job. For
technical jobs, employees are given training in vestibule lab in order to reduce the chance
of accidents in actual work station.

 Virtual reality:

This is most sophisticated method of training in which trainees realize the actual working
conditions by sending such message in brain. Swimmers are taught skills out of the water
by using this techniques. They realize completely same working situation. This method
required complete brain concentration.

3. Programmed instruction:
Under this method, instructions for the skills or knowledge are recorded in text reading or
manuals. Such manuals are prepared in such a way that trainees can study the instruction
themselves in logical and sequential order. Trainees are expected to learn the training
content by themselves in their own pace. They provide progress feedback to their
resource person or trainer in regular basis. Nowadays computer aided instructions are
being popular. Having no active interaction with trainer is one important demerit of this
method.

4. Role play method:

Under this method, trainee employees play the role of actual working situation. They
prepare role to create imaginary situation as they have to work in real work situation.
They learn from the act of other trainees and discuss on the problem. With the joint effort
they solve the problems. This method is quite difficult but more interesting. This method
develops the habit of joint effort for solving problems.

PERFORMANCE APPRAISAL

A performance appraisal (PA), also referred to as a performance

review, performance evaluation,[1] (career) development discussion,[2] or employee
appraisal[3] is a method by which the job performance of an employee is documented
and evaluated. Performance appraisals are a part of career development and consist of
regular reviews of employee performance within organizations.

PROCESS -
METHODS OF PERFORMANCE APPRAISAL -

In the process of designing performance appraisal process, it is important to identify

the best method for assessment. There are a number of methods introduced to gauge
the quantity and quality of work performed by an individual. These methods are
broadly classified into two categories:

 Past-oriented Methods (Also known as Traditional Methods of Performance

Appraisal)

 Rating Scales

 Checklists

 Forced Choice

 Forced Distribution

 Critical Incident

 Performance test and observation

 Field review

 Confidential Record

 Essay method

 Comparative Evaluation Approaches

 Cost Accounting Method

 Behaviorally Anchored Rating Scales

 Future Oriented Methods (Also known as Modern Methods of Performance

Appraisal)
  Management by objectives

 Psychological Appraisal

 Assessment Centers

 360-Degree Feedback

COMPENSATION AND BENEFITS

The work of human resources is more than just hiring people. When you're a part of the
strategic planning of an organization, the role of HR is to lead the company into a
successful future.

From the starting point of hiring team members, to developing them and bringing them
into higher roles of leadership and management, the HR department is tasked with
making sure a company is able to continue to support its customers and its clients – and
that support comes from having the right team in place.

It's certainly a process that requires finding the right talent for the current (and future)
needs, but it's also a process of attracting the right talent when positions need to be filled.
The right compensation and benefits packages can help with these goals.

Compensation and benefits (abbreviated “C&B”) is a sub-discipline of human

resources, focused on employee compensation and benefits policy-making. While
compensation and benefits are tangible, there are intangible rewards such as recognition,
work-life and development. Combined, these are referred to as total rewards [1] . The term
"compensation and benefits" refers to the discipline as well as the rewards themselves.

The basic components’ of employee compensation and benefits –

Employee compensation and benefits are divided into four basic categories:

1. Guaranteed pay – a fixed monetary (cash) reward paid by an employer to an

employee. The most common form of guaranteed pay is base salary. Guaranteed pay
 also includes cash allowances (housing allowance, transport allowance, etc.),
differentials (shift differentials, holiday differentials) and premiums (overtime, night
shift, etc.)

2. Variable pay – a non-fixed monetary (cash) reward paid by an employer to an

employee that is contingent on discretion, performance, or results achieved. The
most common forms of variable pay are bonuses and incentives.

3. Benefits – programs an employer uses to supplement employees’ compensation,

such as paid time off, medical insurance, company car, and more.

4. Equity-based compensation – stock or pseudo stock programs an employer uses

to provide actual or perceived ownership in the company which ties an employee's
compensation to the long-term success of the company. The most common examples
are stock options.

Basically, people who work in compensation and benefits are responsible for devising
policies for an organisation’s salary, bonus and incentive schemes. These might include:

 Salaries

 Bonuses

 Commission

 Company cars

 Pensions

 Life assurance

 Profit sharing

 Dental plans

 Medical insurance

 Vouchers
 Capital bonds reward schemes.

They are then in charge of administering, managing and evaluating the payroll, salary
structures, and incentive schemes. Basically, they make sure that the right people get the
right amount of money, at the right time.

The right compensation and benefits schemes ensure that hard-working employees are
rewarded fairly and in the most cost-effective way for the company. This in turn then
motivates employees to sustain their performance.The compensation, benefits and reward
schemes that these HR professionals manage are not only important for retaining and
motivating employees, but also for attracting new people to the company. Salary and
incentive packages are one of the main reasons why people apply for specific jobs. The
more attractive compensation and benefit schemes tend to generate more interest in new
positions.

CAREER DEVELOPMENT

Career development is the series of activities or the on-going/lifelong process of

developing one’s career. Career development usually refers to managing one’s career in
an intra-organizational or inter-organizational scenario. It involves training on new skills,
moving to higher job responsibilities, making a career change within the same
organization, moving to a different or starting one’s own business.

Career development is directly linked to the goals and objectives set by an individual. It
starts with self-actualization and self-assessment of one’s interests and capabilities. The
interests are then matched with the available options. The individual needs to train
himself to acquire the skills needed for the option or career path chosen by him. Finally,
after acquiring the desired competency, he has to perform to achieve the goals and targets
set by him.
Career development is directly linked to an individual’s growth and satisfaction and
hence should be managed by the individual and not left to the employer.

Importance of Career Development

Every employee working in an organization is looking for a career development which

moves in the right direction. Career path taken by an employee determines the growth.
Career should be planned in a way that it moves forward. Career development provides
the framework with Skills, goals, awareness, assessment and performance which helps an
individual to move in the right direction and achieve the goals one has in one's career.
COMPANY PROFILE
 COMPANY PROFILE

WHAT IS INSURANCE?

Insurance is a means of protection from financial loss. It is a form of risk

management, primarily used to hedge against the risk of a contingent or uncertain
loss.

An entity which provides insurance is known as an insurer, insurance company,

insurance carrier or underwriter. A person or entity who buys insurance is known as
an insured or as a policyholder. The insurance transaction involves the insured
assuming a guaranteed and known relatively small loss in the form of payment to the
insurer in exchange for the insurer's promise to compensate the insured in the event
of a covered loss. The loss may or may not be financial, but it must be reducible to
financial terms, and usually involves something in which the insured has an insurable
interest established by ownership, possession, or preexisting relationship.

The insured receives a contract, called the insurance policy, which details the
conditions and circumstances under which the insurer will compensate the insured.
The amount of money charged by the insurer to the insured for the coverage set forth
in the insurance policy is called the premium. If the insured experiences a loss
which is potentially covered by the insurance policy, the insured submits a claim to
the insurer for processing by a claims adjuster. The insurer may hedge its own risk
by taking out reinsurance, whereby another insurance company agrees to carry some
of the risk, especially if the primary insurer deems the risk too large for it to carry.

PRINCIPLES

Insurance involves pooling funds from many insured entities (known as exposures) to
pay for the losses that some may incur. The insured entitiesare therefore protected frm
risk for a fee, with the fee beingdependent upon the frequency and severity ofthe event
occurring. In order to be an insurable risk, the risk insured against must meet certain
characteristics. Insurance as a financial intermediary is a commercial enterprise and a
major part of the financial services industry, but individual entities can also self-
insure through saving money for possible future losses.

Insurability

Risk which can be insured by private companies typically shares seven common
characteristics:

1. Large number of similar exposure units: Since insurance operates through

pooling resources, the majority of insurance policies are provided for individual
members of large classes, allowing insurers to benefit from the law of large
numbers in which predicted losses are similar to the actual losses. Exceptions
include Lloyd's of London, which is famous for insuring the life or health of
actors, sports figures, and other famous individuals. However, all exposures will
have particular differences, which may lead to different premium rates.
2. Definite loss: The loss takes place at a known time, in a known place, and from a
known cause. The classic example is death of an insured person on a life
insurance policy. Fire, automobile accidents, and worker injuries may all easily
meet this criterion. Other types of losses may only be definite in
theory. Occupational disease, for instance, may involve prolonged exposure to
injurious conditions where no specific time, place, or cause is identifiable.
Ideally, the time, place, and cause of a loss should be clear enough that a
reasonable person, with sufficient information, could objectively verify all three
elements.
3. Accidental loss: The event that constitutes the trigger of a claim should be
fortuitous, or at least outside the control of the beneficiary of the insurance. The
loss should be pure, in the sense that it results from an event for which there is
only the opportunity for cost. Events that contain speculative elements such as
ordinary business risks or even purchasing a lottery ticket are generally not
considered insurable.
4. Large loss: The size of the loss must be meaningful from the perspective of the
insured. Insurance premiums need to cover both the expected cost of losses, plus
the cost of issuing and administering the policy, adjusting losses, and supplying
the capital needed to reasonably assure that the insurer will be able to pay claims.
For small losses, these latter costs may be several times the size of the expected
cost of losses. There is hardly any point in paying such costs unless the protection
offered has real value to a buyer.
5. Affordable premium: If the likelihood of an insured event is so high, or the cost
of the event so large, that the resulting premium is large relative to the amount of
protection offered, then it is not likely that the insurance will be purchased, even
if on offer. Furthermore, as the accounting profession formally recognizes in
financial accounting standards, the premium cannot be so large that there is not a
reasonable chance of a significant loss to the insurer. If there is no such chance of
loss, then the transaction may have the form of insurance, but not the substance
(see the U.S. Financial Accounting Standards Board pronouncement number
113: "Accounting and Reporting for Reinsurance of Short-Duration and Long-
Duration Contracts").
6. Calculable loss: There are two elements that must be at least estimable, if not
formally calculable: the probability of loss, and the attendant cost. Probability of
loss is generally an empirical exercise, while cost has more to do with the ability
of a reasonable person in possession of a copy of the insurance policy and a proof
of loss associated with a claim presented under that policy to make a reasonably
definite and objective evaluation of the amount of the loss recoverable as a result
of the claim.
7. Limited risk of catastrophically large losses: Insurable losses are
ideally independent and non-catastrophic, meaning that the losses do not happen
all at once and individual losses are not severe enough to bankrupt the insurer;
insurers may prefer to limit their exposure to a loss from a single event to some
small portion of their capital base. Capital constrains insurers' ability to
sell earthquake insurance as well as wind insurance in hurricane zones. In the
United States, flood risk is insured by the federal government. In commercial fire
 insurance, it is possible to find single properties whose total exposed value is well
in excess of any individual insurer's capital constraint. Such properties are
generally shared among several insurers, or are insured by a single insurer who
syndicates the risk into the reinsurance market.

Methods of insurance

According to the study books of The Chartered Insurance Institute, there are variant
methods of insurance as follows:

1. Co-insurance – risks shared between insurers

2. Dual insurance – having two or more policies with overlapping coverage of a risk
(both the individual policies would not pay separately – under a concept named
contribution, they would contribute togetherto make up the policyholder's losses.
However, in case of contingency insurances such as life insurance, dual payment
is allowed)
3. Self-insurance – situations where risk is not transferred to insurance companies
and solely retained by the entities or individuals themselves
4. Reinsurance – situations when the insurer passes some part of or all risks to
another Insurer, called the reinsurer.

LIFE INSURANCE

Life insurance provides a monetary benefit to a decedent's family or other designated

beneficiary, and may specifically provide for income to an insured person's family,
burial, funeral and other final expenses. Life insurance policies often allow the option of
having the proceeds paid to the beneficiary either in a lump sum cash payment or
an annuity. In most states, a person cannot purchase a policy on another person without
their knowledge.

Annuities provide a stream of payments and are generally classified as insurance because
they are issued by insurance companies, are regulated as insurance, and require the same
kinds of actuarial and investment management expertise that life insurance requires.
Annuities and pensionsthat pay a benefit for life are sometimes regarded as insurance
against the possibility that a retiree will outlive his or her financial resources. In that
sense, they are the complement of life insurance and, from an underwriting perspective,
are the mirror image of life insurance.

Certain life insurance contracts accumulate cash values, which may be taken by the
insured if the policy is surrendered or which may be borrowed against. Some policies,
such as annuities and endowment policies, are financial instruments to accumulate
or liquidate wealth when it is needed.

In many countries, such as the United States and the UK, the tax law provides that the
interest on this cash value is not taxable under certain circumstances. This leads to
widespread use of life insurance as a tax-efficient method of saving as well as protection
in the event of early death.

In the United States, the tax on interest income on life insurance policies and annuities is
generally deferred. However, in some cases the benefit derived from tax deferral may be
offset by a low return. This depends upon the insuring company, the type of policy and
other variables (mortality, market return, etc.). Moreover, other income tax saving
vehicles (e.g., IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value
accumulation.

INSURANCE INDUSTRY

INTRODUCTION
The insurance industry of India consists of 57 insurance companies of which 24 are in
life insurance business and 33 are non-life insurers. Among the life insurers, Life
Insurance Corporation (LIC) is the sole public sector company. Apart from that, among
the non-life insurers there are six public sector insurers. In addition to these, there is sole
national re-insurer, namely, General Insurance Corporation of India (GIC Re). Other
stakeholders in Indian Insurance market include agents (individual and corporate),
brokers, surveyors and third party administrators servicing health insurance claims.

Out of 33 non-life insurance companies, five private sector insurers are registered to
underwrite policies exclusively in health, personal accident and travel insurance
segments. They are Star Health and Allied Insurance Company Ltd, Apollo Munich
Health Insurance Company Ltd, Max Bupa Health Insurance Company Ltd, Religare
Health Insurance Company Ltd and Cigna TTK Health Insurance Company Ltd.

Market Size
Government's policy of insuring the uninsured has gradually pushed insurance
penetration in the country and proliferation of insurance schemes.
The domestic life insurance industry registered 10.99 per cent y-o-y growth for new
business premium in 2017-18, generating a revenue of Rs 1.94 trillion (US$ 30.1
billion).

Investments
The following are some of the major investments and developments in the Indian
insurance sector.

 Insurance sector companies in India raised around Rs 434.3 billion (US$ 6.7
billion) through public issues in 2017.
 In 2017, insurance sector in India saw 10 merger and acquisition (M&A) deals
worth US$ 903 million.
 India's leading bourse Bombay Stock Exchange (BSE) will set up a joint venture
with Ebix Inc to build a robust insurance distribution network in the country
through a new distribution exchange platform.

Government Initiatives
The Government of India has taken a number of initiatives to boost the insurance
industry. Some of them are as follows:
  National Health Protection Scheme will be launched under Ayushman Bharat to
provide coverage of up to Rs 500,000 (US$ 7,723) to more than 100 million
vulnerable families.
 Over 47.9 million famers were benefitted under Pradhan Mantri FasalBima
Yojana (PMFBY) in 2017-18.
 The Insurance Regulatory and Development Authority of India (IRDAI) plans to
issue redesigned initial public offering (IPO) guidelines for insurance companies
in India, which are to looking to divest equity through the IPO route.
 IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1)
bonds that are issued by banks to augment their tier 1 capital, in order to expand
the pool of eligible investors for the banks.

Insurance Companies in India

Post liberalisation, the insurance industry in India has recorded significant growth. The
Indian insurance industry is expected to grow to US$ 280 billion by FY2020, owing to
the solid economic growth and higher personal disposable incomes in the country.
Overall insurance penetration in India reached 3.49 per cent in FY17 from 2.71 per cent
in 2001. Gross premium in Indian insurance industry increased from Rs 3.2 trillion (US$
49 billion) in FY12 to Rs 5.5 trillion (US$ 84.7 billion) in FY17 and reached Rs 4.6
trillion (US$72 billion) in FY18 (up to December 2017). The domestic life insurance
industry registered 10.99 per cent y-o-y growth for new business premium in 2017-18,
generating a revenue of Rs 1.94 trillion (US$ 30.1 billion). In April-May 2018, premium
from new life insurance business increased 7.33 per cent year-on-year to Rs 201.18
billion (US$ 3.12 billion). Gross direct premiums of non-life insurers in India reached Rs
1.51 trillion (US$ 23.38 billion) in FY18. Over FY12-18, non-life insurance premiums
(in Rs) increased at a CAGR of 16.65 per cent. In April-May 2018, the gross direct
premiums of non-life insurers reached Rs 24,397.09 crore (US$ 3.79 billion), showing an
year-on-year growth rate of 11.96 per cent.

There are 24 life insurance and 33 non-life insurance companies in the Indian market who
compete on price and services to attract customers. There are two reinsurance companies.
The industry has been spurred by product innovation, vibrant distribution channels,
coupled with targeted publicity and promotional campaigns by the insurers. Private sector
companies hold 48.01 per cent market share in the general insurance segment and 28.93
per cent market share in the life insurance segment.

Government has approved the ordinance to increase Foreign Direct Investment (FDI)
limit in Insurance sector from 26 per cent to 49 per cent which would further help attract
investments in the sector.

The Insurance Regulatory and Development Authority (IRDA) recently allowed life
insurance companies that have completed 10 years of operations to raise capital through
Initial Public Offerings (IPOs). Insurance products are also covered under the
Exempt-Exempt-Exempt (EEE) method of taxation, which translates to an effective tax
benefit of approximately 30 per cent on select investments. In 2017, insurance sector in
India saw 10 merger and acquisition (M&A) deals worth US$ 903 million. Enrolments
under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) reached 130.41 million in
2017-18. National National Health Protection Scheme was announced under Budget
2018-19 as a part of Ayushman Bharat. The scheme will provide insurance cover of up to
Rs 500,000 (US$ 7,723) to more than 100 million vulnerable families in India.
 DEWAN HOUSING FINANCE CORPORATION
LTD.

Dewan Housing Finance

Corporation Ltd.

Type Public

Traded as BSE: 511072

NSE: DHFL

ISIN INE202B01012

Industry Financial services

Founded 11 April 1984; 34

years ago

Founder Rajesh Wadhawan

Headquarters Mumbai, India

Area served India

Key people  Kapil Wadhawan

(Chairman & Manag
ing director)
  Harshil Mehta
(CEO &
Joint Managing
director)
Operating ₹8,857 crore
income (US$1.3 billion)
(2017)[1]

Net income ₹927 crore

(US$0.14 billion)
(2017)[1]

Total assets ₹78,385 crore

(US$11.8 billion)
(2017)[1]

Number of 2,118 (2017)[1]

employees

Parent Wadhawan Group

Website www.dhfl.com
INTRODUCTION

Dewan Housing Finance Corporation Ltd. (DHFL) is a deposit-taking housing

finance company, headquartered in Mumbai with branches in major cities across
India.[2][3] DHFL was established to enable access to affordable housing finance to
the lower and middle income groups in semi-urban and rural parts of India. DHFL is
the second housing finance company to be established in the country. [4] The company
also leases commercial and residential premises. DHFL is among the 50 biggest
financial companies in India.

DHFL's long-term bank loan programme is rated [ICRA]A(SO) and short-term is

rated [ICRA]A1+ by ICRA Limited.

HISTORY

DHFL was established and incorporated by Rajesh Kumar Wadhawan on 11 April

1984. The name of the company was changed to Dewan Housing Development
Finance Ltd. and later to Dewan Housing Finance Corporation.

In 2010, DHFL acquired Deutsche Post bank Home Finance unit for ₹1079
crores. On 18 December 2013, DHFL acquired 74% stake DLF Pramerica Life
Insurance Company Ltd.
 PRUDENTIAL INTERNATIONAL
INSURANCE HOLDINGS,LTD.

For 140 years, Prudential Financial has helped individual and institutional customers
grow and protect their wealth.

With operations in the United States, Asia, Europe and Latin America, provide
customers with a variety of products and services, including life insurance, annuities,
retirement-related services, mutual funds and investment management. And strive to
create long-term value for stakeholders through strong business fundamentals, consistent
with our mission guided by vision directed by our company's core values.

HISTORY

1875:Founding

Insurance agent John Fairfield Dryden establishes the Prudential Friendly Society, the
first U.S. company to make life insurance affordable to working-class people. The
company sold Industrial Insurance, which provided funeral and burial expenses for low-
income families, with some weekly premiums as low as three cents.

1876: Policy Growth

Prudential issues its 5,000th policy.

1876: First Woman

Prudential hires the first female life insurance agent, Julia Babbit.

1877: Evolution

The company changes its name to The Prudential Insurance Company of America.

1879: Marked Growth

Four years later, Prudential's sales extended beyond New Jersey, into New York City and
Philadelphia, and the company's customer base expanded to the newly emerging middle
class. With growing sales, assets reached $1 million.

1881: A New Leader

John Dryden is elected president of the company.

1885: The Headquarters is born

Property at Bank and Broad Streets in Newark is purchased for the construction of
Prudential's headquarters.

1898: Policy Holder Concession

Prudential grants a concession to policy holders, allowing them to serve in the Spanish-
American War without having to pay additional premiums.

1984: New Policy

Prudential introduces the industry's first Variable Appreciable Life policy.

1987: Real Estate Market

Prudential enters the residential real estate franchise business by forming The Prudential
Real Estate Affiliates.

2001: IPO

Prudential becomes a public company on December 13, the first NY Stock Exchange IPO
after the September 11, 2001 terrorist attack.

2006: Expansion to Mexico

Prudential launches a new life insurance operation in Mexico.

2010: Stability in Crisis

As a result of Prudential's strong capital position, the company does not seek funds from
the Troubled Asset Relief (TARP) in the aftermath of the 2007 financial crisis.

2010: Strength after Crisis

Prudential restores the annual dividend to its prior peak level of 2007.
 DHFL PRAMERICA LIFE INSURANCE

DPLI is a joint venture between DHFL Investments Limited (DIL), a wholly-owned

subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL), one of India’s largest
housing finance companies (the second largest in the private sector) and Prudential
International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential
Financial, Inc. (PFI), a financial services leader headquartered in the U.S. DPLI
represents the coming together of two renowned financial services organizations with a
legacy of business excellence spread over decades. The life insurance joint venture
agreement between the two partners was signed in July 2013.

DHFL Pramerica Life Insurance Company Limited is one of the fastest growing life
insurance companies in India headquartered in Gurgaon, India.
HISTORY

2008
 Company got IRDAI approval to start life insurance operations in India.
 Company launched its first product- Family income plan.
 First life insurance policy issued.

2009
 Company explored new business opportunities, signs its first third party
distribution partnership.
 Company paid its first claim.
 Prahri, a unique initiative to serve the life insurance needs defense personnel
launched.
2010
 Shiksha Uday, an initiative to ensure uninterrupted school education for children,
launched with the issuance of the channel’s first policy.
 Company launched its first brand outdoor campaign to enhance visibility in
Punjab and Haryana.

2011
 Company crossed 100,000 policies mark.

2012
 1st strategic outdoor campaign launched to enhance brand visibility in North-east.

2013
 Dewan Housing Finance Corporation Ltd. (DHFL) along with its promoters
entities acquired DLF’s 74% stake in DLF Pramerica Life Insurance Co. Ltd.
2014
 DLF Pramerica Life Insurance Co. Ltd. Renamed DHFL Pramerica Life
Insurance.
 Company reported break-even in FY2013-14, in its 6th year operations.
 Agency channel revamped Phoenix with 3 new financial products for its agents.
 Pioneer channel launched.
 Company secured more than 1 million lives.

2015
 Company secured more than 5 million lives.

2016
 1st digital initiative of the company called “AceApp” was launched for the agents
to perform need analysis of the customers.
 One of its kind – Online OTC health product called ‘Dengue Shield’ launched.
 Company secured more than 10 million lives.

2017
 Bancassurance channel launched and DPLI tied up with 3 national banks.
 DHFL Pramerica, along with NDTV launched a campaign called ‘Better India’ to
mobilize students, ordinary citizens and corporates to join a nationwide
movement that focused on three main pillars of the campaign – Health, Hygiene
and Environment.
 Company secured more than 15 million lives.
 PRAHRI

Prahri - This channel is dedicated to serving the life insurance needs of the armed
forces:
 Dedicated sales team comprising mainly of ex-Defence personnel.
 Defined training and sales processes to enable sales and support teams to understand and
deliver customer needs.
 Unique product offerings with base plans covering war and warlike situations.
 Defined and speedy claims process with waiver of death certificate in case of duty deaths.
INTRODUCTION

Defence personnel dedicate their lives to protecting their countrymen. Yet, when it comes
to protecting themselves and their families from the exigencies of life, existing life
insurance plans are often not adequate.

In our view, a critical need of the defence personnel is to supplement their basic existing
life insurance plans with a plan that is customized to their specific requirements.

That's where PRAHRI comes in with an initiative designed especially for the forces. It
has plans which work to protect the defence personnel and their families.

VISION

To secure and enrich the lives of the personnel working with the most prestigious
Indian organisation - The Indian Armed Forces, by working with and through them.

`
STRENGHTS
 Best in class products.
 Fastest growing organization
 Wide distribution channels
 Presences in almost all states with 117 branches pan India.
 Best claim ratio
 Manpower of the company

WEAKNESSES
 Under utilization of manpower

OPPORTUNITIES
 Need to work more on C-town cities
 Right employee for company’s growth

THREATS
 Competition
 High Attrition
LITERATURE REVIEW
 RECRUITMENT

“Recruitment is the finding and attracting capable applicant for employment. The
processes begin when new recruits are sought and end when their applications are
submitted. The result is a pool of applicants from which new employees are selected

“Recruitment is the process of searching the candidate for employment and stimulating
that to apply for jobs in organization.”

Recruitment can be defined as the as the process of locating, identifying and

attracting prospective and capable employees to the organization. Recruitment represents
the first contact that a company makes with potential employees. It is through recruitment
that may individuals will come to know a company and eventually decide whether they
wish to work for it. Recruitment lends itself as a potential source of competitive
advantage to a firm, an effective approach that produces the best pool of candidate
quickly and cost effectively. The recruitment process should inform qualified individuals
about employment opportunities create a positive image of the company provide enough
information about the jobs so that applicants can make comparison with their
qualifications and interests and generate enthusiasm among the best candidates so that
they will apply for the vacant position.

Recruitment of candidates is the function preceding the selection, which helps

create a pool of prospective employees for the organization so that the management can
select the right candidate for the right job from this pool.

The main objective of the recruitment process is to expedite the selection process.

Recruitment is a continuous process whereby the firm attempts to develop a pool of

qualified applicants for the future human resources needs even though specific vacancies
do not exist. Usually, the recruitment process starts when a manger initiates an employee
requisition for a specific vacancy or an anticipated vacancy.
FACTORS AFFECTING RECRUITMENT

INTERNAL:-

 Company’s pay packages.

 Quality of work life.
 Organizational culture.
 Career planning and growth.
 Company’s size.
 Company’s product or services.
 Growth rate of the company.
 Trade union.

EXTERNAL:-

 Socio-economic conditions.
 Supply and demand forces.
 Employment rate.
 Political, legal & govt. factors.
 THE RECRUITMENT PROCESS

These are the main recruiting stages.

SOURCING
Sourcing involves 1) advertising, a common part of the recruiting process, often
encompassing multiple media, such as the Internet, general newspapers, job ad
newspapers, professional publications, window advertisements, job centres, and
campus graduate recruitment programs; and 2) recruiting research, which is the
proactive identification of relevant talent who may not respond to job postings and
other recruitment advertising methods done in #1. This initial research for so -called
passive prospects, also called name-generation, results in a list of prospects who can
then be contacted to solicit interest, obtain a resume/CV, and be screened (see
below).

SCREENING & SELECTION

Suitability for a job is typically assessed by looking for skills, e.g. communication,
typing, and computer skills. Qualifications may be shown through résumés, job
applications, interviews, educational or professional experience, the testimony of
references, or in-house testing, such as for software knowledge, typing skills,
innumeracy, and literacy, through psychological tests or employment testing.
 RECRUITMENT PROCESS

Determinin
Selection
g man
&
power
Evaluation
requirement

Intervie Sourcing
wing

Scrutinizing, Shart-
Filtering listing
candidates

Determining Requirement man power planning:

Sourcing Resumes

 Internal sourcing
 Present Employees
 Employee Referrals
 Former employees
 External sources
 Advertisement
 Employment exchanges
  Walk – In
 Specialist and professional Journals
 Campus Recruitment
 Internet

SELECTION
“Selection is the process of differentiating between applicants in order to identify
those with a greater likelihood of success in a job”

“Selection involves a series of steps by which candidates are screened for choosing the
most suitable person for vacant post”.

Selection can be conceptualized in terms of either choosing the fit candidates. Selection
involves both because it picks up the fits and rejects the units. Qualified applicants go on
the next hurdle. Selection is a long process, commencing from the preliminary interview
of the applicants and ending with the contract of employment.

Once the recruiting efforts has developed a pool of candidates the next step in the HRM
process is to determines who is best qualified for the job. This step is called the selection
process.

Selection process involves evaluating and hiring qualified applicants for open positions.
A specific methodology is used for collecting information about an applicant in order to
determine if that individual should be hired. The following summarizes several selection
methods available to employers.
 FACTORS AFFECTING SELECTION

 Profile matching
 Organizational & social environment
 Successive Hurdles
 Selection procedure
1. Job analysis
2. Recruitment
3. Application form
 SELECTION PROCESS

Application pool form Recruitment process

Screening of Application forms

Selection tests

Selection interview

Checking of references

Physical examination

Approval by appropriate Authority

Final selection

Employment contract

Evaluation
 1. SCREENING OF APPLICATION FORMS

Application forms are wealth of information and should be used wisely. It should be
interpreted correctly. The primary objective would be to eliminate applicants failing to
meet minimum qualifying requirements.

2. TESTS

These include tests of intelligence, aptitude, ability and interest. Tests in intellectual
ability, spatial and mechanical ability, perceptual ability and motor ability have show to
be moderately valid predictors for many semi-skilled operative jobs in the industrial
organizations. Intelligence tests are reasonably good predictors for supervisory positions.
But the burden is on management to demonstrate that any test used is job related. There
are two sets of tests- performance and psychological. The following are some such tests:

Performance simulation test- These tests are aimed to find out if the applicants can do the
job successfully by asking him to do it.

 Work sampling- It is an effort to create a miniature replica of a job. The

applicants demonstrate that they possess the necessary skills by actually
doing the tasks

 Assessment centre-In assessment centers, line executives, supervises and

qualified psychologists evaluate candidates as
They go through two to four days of exercise that simulate real problems
that the candidates are likely to encounter on the job
Psychological test- Psychological tests are considered extremely beneficial. They can,
however can be easily misused and misinterpreted by untrained people. Good tests are
useful in the right circumstances because they can provide an objective measure of
people’s abilities. These tests are a most sophisticated tool for measuring human
characteristics and are unbiased as compared to other tests and are therefore extensively
used in selection decision. Some such psychological tests are described below:

1. INTELLIGENCE TESTS- Certain intelligence tests that are used now a day are
Bitnet Simon test, Thurston test.
2. APTITUDE TESTS- These tests measure whether an individuals has the capacity or
talent ability to learn a given job if given adequate training. Some of the tests under
this category are:

 MATRIX (Management Trail Exercise) designed by Proctor and Gamble

 CAT(Clerical Aptitude Test)- It is to assess coordination between hands and
arithmetical ability, details checking, etc
 PAT(Pilot Aptitude Test)- It is to assess coordination between hands and feet
movements
 Computer Aptitude Test-It is to assess power of reasoning and analysis.

3. INTEREST TESTS- These tests are designed to find out interest of an applicant
in the job he has applied for.

3. PERSONALITY TESTS- This test is of great importance and should be

conducted for all posts. Individuals possessing intelligence, aptitude and experience
 for a certain job have often been found unsuccessful because of their inability to get
along with others. Some of the personality tests are given below:

 Thematic apperception test- This is one of the most popular projective

test in which the candidates is show a series of pictures. Examples of such
scène are an old man knocked down by a car or a schoolboy sleeping
under a tree with his school bag and knife lying beside him. The
psychologist analyzes the story in terms of such factors as length
vocabulary, bizarre ideas, plot, mood, etc
 Rorschach inkblot test- In this test the candidates is asked to organize
unstructured ink blots into meaningful concepts. An integrated picture of
the candidate’s personality is then formulated.

3. INTERVIEW
Interview is designed to probe into areas that cannot be addressed by the application form
or tests. These areas usually consist of assessing candidates’ motivation, ability to work
under stress, inter-personal skill and ability to fit –in the organization. The use of the
interview in selecting executive makes sense whereas for lower level a job appears
questionable.

4. SELECTION DECISION

In practice the final decision will probably be between three or four candidates. It is
unlikely that any of the three or four remaining applicants meet the person specification
in every way. The personnel specialist together with line management will now have to
weigh up the strengths and Weakness of each candidate. The right decision depends on
management judgment.

Recruitment and selection is vital function of HR in the organization. Slightest mistake

will lead to a square peg in round hole. Instead of following a blind elimination process
focus should be on selecting people based on the skills and competencies required for the
job.
 RECRUITMENT AND SELECTION PROCESS AT

DHFL PRAMERICA LIFE INSURANCE

For my summer internship at DPLI for 2 months I was assigned to the HR department of
the organization wherein I saw the complete functioning of the HR team managing the
complete zone – central zone.

In the HR department I saw the complete process right from recruitment to exit.

I also saw the issues which are being taken care of by the HR on day to day basis like
managing problems of the employees, resolving the queries and the problems they face in
their day to day functioning.

I was given the work of recruitment of the ‘Front Line Sales Manager’ for all the
channels and getting them on board, generating their employee codes and explaining
them the complete basic process of attendance, bank account details and everything so
that when they return back to their branches they are completely aware of the basic
process of the organization like how the things have to be done and managed and what is
expected of them.

So when the requirement was raised by the reporting manager, first of all the
requirements were shared with the consultants and we also looked at the references given
by the internal employees.

So once we got the CV’s, the first interview was taken by the HR and once the candidate
is okayed by the HR then the second interview is taken by the branch manager and if the
candidate was okayed the CV was sent for the aptitude test which was conducted by our
EY team,
Once the candidate clears the EY test then his documents are asked for the case is then
processed for the offer letter generation. Then the offer letter is being filled and the
processed further for the generation of the employee code.

When the employee code is being processed an employee activation sheet is being made.
 Sourcing of CV’s
Requisition Interviews
Consultants/Internal/Direct

1st Round – 2nd Round –

taken by Line taken by HR
Manager manager

Negotiation by the Basic Documents Final

candidate- Expectation in Negotiation by
(Pan/Adhaar card/Educational
terms of salary and benefits documents/Employment HR manager
documents)

Rechecking of Approval (By Head)

the documents Offer Letter
Joining
RESEARCH METHODOLOGY
 RESEARCH METHODOLOGY
Research Methodology

A research process consists of stages or steps that guide the project from its conception
through the final analysis recommendations and ultimate actions. The research process
provides a systematic, planned approach to the research project and ensures that all
aspects of the research project are consistent with each other.

INTRODUCTION

This chapter aims to understand the research methodology establishing a framework of

evaluation and revaluation of primary and secondary research. The techniques and
concepts used during primary research in order to arrive at findings; which are also dealt
with and lead to a logical deduction towards the analysis and results.

Research Design
“Research means different things to different people” and the intentionbehind it are to
investigate innumerable data, theories, experiences, concepts and law. “The procedural
framework within which the research is conducted” is the definition of research
methodology.
The two broad and distinct approaches to social research cover the Quantitative and
Qualitative methods of enquiry.
The quantitative paradigm on the other hand intends to gain a deeper understanding,
knowledge and insight into a particular situation or phenomenon, by providing answers to
questions of ‘how?’ rather than ‘what?’. Unlike qualitative research which occurs in
natural settings, quantitative research is where hypotheses are established.

Data collection

\
Primary data
The data that is collected first hand by someone specifically for the purpose facilitating
the study is known as primary data.
So in this project report the data is collected from respondents through
QUISTIONNAIRE.
The primary source by which the data for the study has been collected through
questionnaire survey among the officials and employees of DHFL Pramerica Life
Insurance Co.

Secondary Data
Secondary data refers to the information gathered by someone other than the researcher
conducting the current study. Such data can be internal or external to the organization and
accessed through internet or published information.
Secondary sources of data provide a lot of information for research and problem solving.
Such data are mostly qualitative in nature.
The secondary data has been collected from the following secondary sources:-
 Internet, Websites
 Organizational reports
 Books
 Business magazines
 Journals

Sampling Method
In this project report the survey was done by through QUESTIONNAIRE
method.

Sample Unit
One of the unit into which an aggregate is divided or regarded as being
divided for the purpose of sampling, each and every unit regarded as being
individual and indivisible when the selection is made.
In this project report the sample unit were taken as the officials and the
employees of the company.

Sample Area
The sample area in this project report was taken as GURGAON.
 LIMITATIONS OF THE STUDY

 As the sample size was small, hence conclusions cannot be generalized.

 Inability of the respondents to provide the information.
 Due to time constraint, in-depth study could not be carried out.
 As the strength of the company is big, it was not possible to draw sample from
each and every department.
DATA ANALYSIS
 DATA ANALYSIS
This chapter aims to obtain the objective of the study by critically analyzing the
qualitative data through thoroughly examining the interviewee‘s responses and beliefs.
This has been achieved through evaluating the most relevant responses by the
participants. The data has been analyzed and discussed by comparing the comments made
by the respondents with the literature review keeping in mind the research objective of
the study. Thus, the rationale of this analysis is based on the personal answers provided
by the respondents. An appropriately designed questionnaire was used to collect the
primary data for the study. The data for 260 respondents was organized systematically in
tables and graphs and then was subjected to analysis using appropriate statistical tools.
The results of the analysis are presented in the following section in order to assess the
customer perception towards online shopping on Amazon.com in India. Here for
analyzing, we are considering two factors. That is:

 Demographical factors
 Behavioral factors
 ANALYSIS OF DATA

Q1) Is there a well defined Recruitment Policy in your organization?

S.NO. BASIS PERCENTAGE

1 Agree 90%

2 Disagree 5%

3 Neutral 5%

Agree
Disagree
Neutral

INTERPRETATION
An organisation must have a well defined recruitment policy corresponding to the
company and vacancy requirements. 90% of the employees feel that the organisation’s
recruitment policy is strong, 5% employees are not satisfied with the current recruitment
policy and the remmaning employees are partially satisfied.
Q2) Principle of right man on the right job is strictly followed/a detailed job-analysis is
done prior recruitment?

S.NO. BASIS

1 Agree 95%

2 Disagree 5%

3 Neutral -

Agree
Disagree
Neutral

INTERPRETATION
Responding to detail job analysis prior recruitment, 95% employees say that the principle
of right man on the right job is strictly followed prior to recruitment.
However, around 5% employees feel that the detail job analysis is not being done prior
recruitment which in future affects performance of new recruit.
Q3) Do you think the need for manpower planning is given due consideration inyour
organization and the manpower requirement is identified well in advance?

S.NO. BASIS

1 Agree 98%

2 Disagree 2%

Agree
Disagree

INTERPRETATION
98% say that manpower planning is given due importance and manpower requirement is
is identified in advance. 2% however feel that no due consideration is given manpower
planning in advance.
Q4) Which internal source of recruitment is followed by the company and givenmore
priority?

S.NO. BASIS

1 Internal Promotion 10%

2 Employee Referral 50%

3 Transfer 5%

4 Job Posting 35%

50%
45%
40%
35%
30%
25% Series1
20%
15%
10%
5%
0%
Internal Employee Transfer Job Posting
Promotion Referral

INTERPRETATION
Internal recruitment seeks applicants for positions from those who are currently
employed. 50% say that company prefers employee referral as internal source of
recruitment and 35% say that job posting is being used.
Though 10% people think internal promotion is also being used as internal source of
recruitment.
Q5) Which external source of recruitment is followed by the company and given more
priority?

S.NO. BASIS

1 Advertisement -

2 Online Job Portals 70%

3 Consultancy 30%

4 Employment Exchange 0%

100%

80%

60%
-
40%

20%

0%
Online Job Portals Consultancy Employment
Exchange

INTERPRETATION
External sources of recruitment lie outside the organization.
70% of the employees feel that online job portals are given more priority and 30% feel
that consultancy is preffered.
Q6) Which source of recruitment is relied upon when immediate requirement arises?

S.NO. BASIS

1 Internal 80%

2 External 20%

Internal
External

INTERPRETATION
Every organization has the option of choosing the candidates for its recruitment processes
from two kinds of sources: internal and external.
80% of the employees tell that internal sources are are relied upon when there is any
immediate manpower requirement in the company.
And 20% say that external sources are used more.
Q7)Which are the parameters on which candidates are evaluated (give ratings outof 10)?

S.NO. BASIS

1 Intelligence 25%

2 Aptitude 25%

3 Skills 25%

4 Past Experience 25%

25%

20%

15%
Series1
10%

5%

0%
Intelligence Aptitude Skills Past
Experience

INTERPRETATION
Responding to this question, equal weightage is given to each and every parameter as
mentioned above.
This means that while selecting the employee each attribute is taken care of and kept in
mind.
Q8) What type of interview is taken while selection?

S.NO. BASIS

1 Patterned -

2 Stressed 50%

3 Depth 50%

4 Others -

50%
45%
40%
35%
30%
25% Series1
20%
15%
10%
5%
0%
Patterned Stressed Depth Others

INTERPRETATION
Responding to the type of interview, employees feel that equal importance is given to
‘Stressed’ and ‘Depth’ type of interviews.
Q9) The view of the concerned department head is given special attention while selecting
the employee of the department?

S.NO. BASIS

1 Agree 100%

2 Disagree -

3 Neutral -

Agree
Disagree
Neutral

INTERPRETATION
Above analysis clearly shows that all the employees feel that the view of the concerned
department head is given importance while selecting the employee of that department.
Q10) Is Induction as well as a training program conducted after joining of employees?

S.NO. BASIS

1 Yes 100%

2 No -

Yes
No

INTERPRETATION
Induction is planned introduction of the employees to their jobs, co-workers and the
organization.
Every employee tells that a proper induction as well as training program is being
conducted for the new employees, which is a good sign for the company.
FINDINGS
 FINDINGS

During my training in DHFL Pramerica Life Insurance I have found out and
analysis following things.

 After the selection in over no. of data base/record of selection process

is maintained of hired and rejected candidates.
 The organization at present does have a 2 hours induction progress for
new joiners.
 The company does not give any kind of intimation to the rejected
employees.
 The recruitment cost is low most of the recruitment is done through
campus or job portals the consultant charges are 8.33% less compared
to other organization.
 In case of outstation candidate, the company as per its policy
reimburses the travels faire (up to second class A/C).
 The organization does not employ temporary employees or employees
on lease. Organization have on – job trainees which are on a letter
stage absorbed by the organization itself depending on their
performance.
 The organization does not pay reimburse new joiners for relocation
only the existing workforce gets the reimbursement with regards to
relocation.
CONCLUSION
 CONCLUSION

Effective recruitment and selection is initial step and the most important key. Point to run
any organization the success or failure of an organization is largely depended on the
caliber of the people working therein without positive and creative contribution from
people; organization cannot progress and prosper. In order to achieve the goals, perform
the activities of an organization therefore we need to recruit people with requisite skill
qualification and experience someone say that “Better R & S strategies result in improved
organizational out comes, more effectively organization recruit and select candidates, the
more likely they are to hire and retain satisfied employees”

The study mainly focuses on what should do DHFL Pramerica Life Insurance to
make effective recruitment and selection policy in own organization in comparison with
other companies. So here we conclude that DHFL Pramerica Life Insurance needs slight
improvement in the procedure of R&S. firstly company needs to concentrate on growth
opportunities for the employees because to-day’s tight labor market is making it more
difficult for organization to find, recruit and select talented people. The competition for
talent is intensifying; there are fewer qualified applicants available. This shortage of
applicants makes it all the more important for organization to be able to effectively
attract, select and retain qualified applicants. Organization needs to improve the selection
criteria for selection whether it is the post of manager, associate & staff, supervisor etc.
they should fix some parameters to select the candidates for specific position.

They should use assessment method and aptitude test to select the candidates they should
conduct behavioral interviews to some extent when selecting candidates. This type of
interviews can be used to validly predict future behavior in dimensions (or competencies)
critical to job success.
 BIBLIOGRAPHY

The research was done with following references:

 V.S.P. Rao second edition New Delhi, 2005, HRM.

 HRM - Venkat Ratnam & Srivastava.
 Personnel management - Memoria C.B
 Principles and practices of management - Prasad L.M
 Management ideas in action - Batra Pramod & Mahindra Deepak
 Managing HR - weighman
 Personnel/HRM - Subba Rao. P. & Rao. VSP
 www.dhflpramerica.com
 www.hr.ac.in
 www.hrm.org.com
 Annexure
Dear Employee,

I am a student of RSMT Varanasi pursuing MBA with specialization in Human Resource

Management as part of my summer training I am undertaking a project on Recruitment and
Selection process at DHFL .The Objective of this study is to identify the satisfaction level
amongst employees about recruitment and selection Process

I am enclosing a questionnaire for your perusal that would deal in identifying my objective

Designation:

Department:

1. Identify the source from where you came to know about the job?

Advertisement [ ]

Consultant [ ]

Personal Reference [ ]

Campus [ ]

E -recruitment [ ]

Other [ ]

2. Are you satisfied with recruitment process by which you are selected?

Yes [ ] No [ ]

3. You ever met with your interviewer before your interview?

Yes [ ] No [ ]

4. Were you comfortable with your interviewer while interviewed?

Yes [ ] No [ ]

5. Do you feel that your colleagues have been undergone similar process?

Yes [ ] No [ ]
6. In public would you like to talk about this organization?

Yes [ ] No [ ]

6. Would you like to refer your relatives/friends for the job in this organization?

Yes [ ] No [ ]

7 a. You are interested to perform the job which is:

(i)Routine in nature [ ] (ii) Demand creative thinking [ ]

(iii)Demand new ideas [ ] (iv) Finding methods [ ]

(v)Challenging in nature [ ] (vi) Participation in decision making [ ]

b. Your job meet you’re above stated interest?

Yes [ ] No [ ]

8. Have you been assigned the job what was explained to you at the time of selection?

Yes [ ] No [ ]

9. How long will you like to continue with this organization?

Yes [ ] No [ ]

10. How long will you like to continue with this organization?

(i) 0-3 yrs. (ii)3-6 yrs.

(iii) 6-10 yrs. (iv) Till Retirement

11. What could be the only one reason of your leaving the job?

(i)With an increase in designation

(ii)With more freedom in use of authority

(iii)With an increase in designation

(iv)To work with friendly and helping people

12. Your organization is considered as :

(i)People oriented Yes [ ] No [ ]

(ii)Task oriented Yes [ ] No [ ]

(iii)Combination of both Yes [ ] No [ ]

13. You ever get advice from your seniors or your colleagues to improve your
performance?

Yes [ ] No [ ]

14. Do you have the clarity of your roles and responsibility?

Yes[ ] No [ ]

16.Your suggestions for improvement in recruitment and selection process,(if any)

…………………………………………………………………………………………………………………………….......

…………………………………………………………………………………………………………………………………

………………………………………………………………………………………………………………………………….

………………………………………………………………………………………………………………………………….

…………………………………………………………………… Thank You