Recruitment in Insurance Sector

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OBJECTIVES OF THE PROJECT

Every task is undertaken with an objective. Without any objective a task is rendered meaningless. The main objectives for undertaking this project are:  To understand the internal Recruitment process at ICICI Prudential Life Insurance  To identify areas where there can be scope for improvement  To give suitable recommendation to streamline the hiring process

METHODOLOGY
The insurance sector is marked with a high level of attrition and therefore recruitment process becomes a crucial function of the organization. At ICICI Prudential Life Insurance, recruitment is all time high during May-June and Oct-Nov. The attrition is high among the sales managers, unit mangers mostly in the sales profile. The recruitment is high during these months due to the fact that March and September are half year closing and business is high during Jan-Mar. Thus it is only after March that people move out of the companies. Since my summer training was in the months of May-June, it gave me the opportunity of involving myself directly with the recruitment process and analyzing the process so that suitable recommendations can be given. This project is centered on identifying best hiring practices in the insurance industries. It therefore requires great amount of research work. The methodology adopted was planned in advance so as to collect data in the most organized way. My area of focus was the recruitment and selection particularly at ICICI Prudential Life Insurance. I was directly involved with the recruitment for candidates for the sales profile. I was particularly involved with the sourcing of candidates for the regions outside Delhi such as M.P, U.P and Rajasthan. Before any task was undertaken, we were asked to go through the HR policies of ICICI Prudential Life Insurance so that we get a better understanding of the process followed by them.  The first task was to understand the various job profiles for which recruitment was to be done.  The next step was to explore the various job portals to search for suitable candidates for the job profile.  Once the search criteria were put, candidates went through a telephonic interview to validate the information mentioned in their resume.  A candidate matching the desired profile was then lined for the first round of Face to Face interview in their respective cities.  Firstly the candidate had filled up the personal data form(pdf).  Then the candidates INTERVIEW EVALUATION SHEET which is provided by interviewer was crosschecked by the HR team. If they think that the candidate was good to hire or not.  When a candidate cleared his first round, he is then made to take an online aptitude test. We created the online aptitude test. It the HR department, which has the exclusive rights to assign test, codes to the candidates. Each code was unique and could be used only once by a candidate.  I was involved in assigning codes and administering the test  Once the candidate completed his first assessment, his scores were checked. If he cleared his cut-off he was given another test.  I had the responsibility to make sure that candidates complete all formalities and had to regularly follow up with them.  Since we received many resumes, it was essential that a database be maintained to keep a track. It was convenient method than to stock up piles of papers. ICICI has their own database named as “PACE”, I update all the records of the new joinees in that tracker. PACE containes all the information of a candidate such as name, contact number, location etc.  The external guide maintained a regular updating of the database.  Understanding what kinds of database are maintained and how they help in keeping a record.  I was also involved in maintaining a track of test codes given, the database for employee referrals, Database for the resumes received through mails and response of advertisement....
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