RELIANCE LIFE INSURANCE COMPANY LTD.

Need of the Topic

Recruitment and selection is a multifaceted concept. The relevance of recruitment and selection is to determine the number and quality of personnel required. The HR proceeds with the identification of sources of recruitment and finding suitable candidates for employment. Both internal and external sources of manpower are used depending upon the types of personnel needed.

Objectives and scope of the project study

To identify various sources of recruitment. To study the recruitment and selection process. To study various types of selection tests and interviews

Limitations
The feedback is received from a selected random sample, which may vary according to various factors for the whole population, so it can not be relied upon completely. The psychology and temperament of a respondent plays a significant role. Some respondents are more sensitive as against others who are more tolerant. A change in the composition of the respondents can affect the answers adversely or favorably. Respondents may not have been true in answering various questions and may be biased to certain other questions

Insurance
The business of insurance is related to the protection of the economic value of assets. Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. The risk, which can be insured against include, fire, the peril of sea, death, incident and burglary. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved.

a)
b) c)

Functions of insurance Primary functions

Insurance provides certainty
Insurance provides protection Risk Sharing

a) b) c) d)

Secondary function
Prevention of loss
It Provides Capital It Improves Efficiency It helps Economic progress

Introduction
Insurance in its basic form is defined as A contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event. Insurance is basically a protection against a financial loss which can arise on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. By paying a very small sum of money a person can safeguard himself and his family financially from an unfortunate event.

1)

Benefits from life insurance

It provides protection to the family of the assured (by way of replacement of income) in the event of premature death, making it financially independent of the assured. It becomes an old age provision for the assured when the survives the term of the policy, making him financially independent of the family. It is superior to traditional saving instrument, like fixed deposit, P.P.F. etc. because a premature is such as saving plan. Insurance plans, particularly when they are unit linked can act as an effective investment tool to provide market related to the policyholder. A life insurance policy can facilitate raising a loan.

2)

3)

4)

5)

Introduction
Reliance Life Insurance is a Reliance Capital Company and is part of Reliance Group. Reliance Capital is one of Indias leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies. Reliance Group also has presence in Communications, Energy, Natural Resources, Media, Entertainment, Healthcare and Infrastructure. Nippon Life Insurance Company acquired 26% interest in equity share capital of the Company effective October 7, 2011 subsequent to receipt of all regulatory approval.

Organizational profile
All actions and activities in national interest All actions in Companys interest Compliance to health, safety and environment Compliance of financial reporting and records Cooperation of RELIANCELIFE Insurance Company Ltd. Equal opportunities employer Equal opportunities procurer Fair and ethical competition Integrity and transparency with employees

Recruitment forms the first stage in the process, which continues with selection and cease with placement of the candidate. Recruitment makes it possible to acquire the number and type of people necessary to ensure the continued operation of the organization.

Meaning and Definition

In simple terms Recruitment is understood as a process for searching and obtaining applicants for jobs, from among the available recruits. A formal definition of Recruitment is:

Planning Strategy Development

Searching
Screening Evaluation and Control

Recruitment Planning
The first stage in the Recruitment Process is planning. Planning involves the translation of likely job vacancies and information about the nature of these jobs into a set of objectives is targets that specify the number and type of applicants to be planned.

Strategy Development
Make or Buy Employees

Technological Sophistication of Recruitment and Selection Devices

Geographic distribution of labor markets comprising job seekers Sources Of Recruitment


i.

Searching
Source Activation: Source Activation takes place when a job vacancy exists in the
organization. If the organization has planned and well and done a good job of developing its source and search methods, activation soon results in a flood of application.

ii.

Selling: In selling the, both the Message and Media deserve attention in the organization.
Message refers to the employment advertisements. Media refers to the source of any recruiting message. For example, Employment Exchanges, Advertises in Business magazines.

Screening
The purpose of screening is to remove from the recruitment process at an early stage, those applicants who are visibly unqualified for the job. Effective screening can save a great deal of time and money. Care must be exercised to assure that potentially good employees are not lost.

Evaluation And Control

It is necessary as considerable costs are incurred in the recruitment process. Stastical information should be gathered and evaluated to know the suitability of the recruitment process

Internal sources of recruitment

Promotions : Promotion means to give a higher position, status, salary and responsibility to the employee. So, the vacancy can be filled by promoting a suitable candidate from the same organization. Transfers : Transfer means a change in the place of employment without any change in the position, status, salary and responsibility of the employee. So, the vacancy can be filled by transferring a suitable candidate from the same organization. Internal Advertisements : Here, the vacancy is advertised within the organization. The existing employees are asked to apply for the vacancy. So, recruitment is done from within the organization. Retired Managers : Sometimes, retired managers may be recalled for a short period. This is done when the organization cannot find a suitable candidate. Recall from Long Leave : The organization may recall a manager who has gone on a long leave. This is done when the organization faces a problem which can only be solved by that particular manager. After he solves the problem, his leave is extended.

External Sources of Recruitment

Management Consultants : Management consultants are used for selecting higher-level staff. They act as a representative of the employer. They make all the necessary arrangements for recruitment and selection. In return for their services, they take a service charge or commission.

Public Advertisements : The Personnel department of a company advertises the vacancy in newspapers, the internet, etc. This advertisement gives information about the company, the job and the required qualities of the candidate. It invites applications from suitable candidates. This source is the most popular source of recruitment. This is because it gives a very wide choice. However, it is very costly and time consuming.
Campus Recruitment : The organization conducts interviews in the campuses of Management institutes and Engineering Colleges. Final year students, who're soon to get graduate, are interviewed. Suitable candidates are selected by the organization based on their academic record, communication skills, intelligence, etc. This source is used for recruiting qualified, trained but inexperienced candidates. Recommendations : The organization may also recruit candidates based on the recommendations received from existing managers or from sister companies. Deputation Personnel : The organization may also recruit candidates who are sent on deputation by the Government or Financial institutions or by holding or subsidiary companies.

Selection has been regarded as the most important function of HR department. It ensures the organization that; it has right number, right kind of people at the right place and at

the right time.

Meaning and Definitions:

It is the process of differentiating between applicants in order to identify (and hire)
those with the greater likelihood of success.
1. 2. 3. 4. 5.

6.
7. 8. 9.

Preliminary Interview Selection Tests Employment Interview Reference and Background Checks Selection Decision: Physical Examinations Job Offer Contract Of Employment Evaluation of Selection program

Preliminary Interview:
The purpose of this interview is to scrutinize the applicants, i.e. elimination of unqualified applications.

Selection Tests:
Different types of selection tests may be administrated, depending on the job and the company. Generally tests are used to determine the applicants ability, aptitude, and personality.

Employment Interview:
The next step in the selection process is employment interview, an interview is conducted at the beginning, and at the selection process of the employment interview can be one- to-one interview or panel interview.

Selection Decision:
Selection decision is the most critical of all steps in selection process. The final decision has to be made from the pool of individuals who pass the tests, interviews and references checks.

Physical Examinations:
After selection decision and before the job offer is made, the candidate is required to undergo a physical fitness test. A job offer is often; contingent upon the candidate being declared fit after the physical examinations.

Job Offer:
The next step in selection process is job offer. Job offer is made through a letter of appointment. Such a letter generally contains a date by which the appointee must report on duty

Contract Of Employment:
Basic information is written in Contract of employment that varies according to the levels of job. After the offer and acceptance of the job certain document is the attestation form.

Evaluation of Selection program:

The broad test of effectiveness of the selection process is a systematic evaluation .a periodic audit is conducted in the HR department that outlines and highlights the areas which need to be evaluated in the selection process

Evaluation of the program

Participation in Interview was from diverse educational background. Course content of the selection program was agreeable with respective aids and assistance. Quality of Exercise & Organization of the training program was interdependent on the tools and variables. Training co-ordination for the program was not satisfactory. Presentation methodology for induction programmed, guidance and support was average level.

Evaluation in respect of knowledge transfer

Based on pre post knowledge questionnaire the results were commendable.

Evaluation with respect of applicability

Employee performance was moderately augmented to subsequent level. Transfer of learning to other subordinates was improvised. Employees captivated the skills learned in recruitment program to improve their activities.