Recruitment and Selection Process of Insurance Companies
People are a company’s most important assets. They can make or break the fortunes of a business. In today’s highly competitive business environment placing the right people in the right position is very critical for the success of any organization. The recruitment and selection decision is of prime importance as it is the vehicle for obtaining the best possible person-to-job fit that will, contribute significantly towards the Company's effectiveness. It is also becoming increasingly important, as the Company evolves and changes, that new recruits show a willingness to learn, adaptability and ability to work as part of a team. The Recruitment & Selection procedure ensures that these criteria are addressed In this project I have studied Recruitment and Selection process of ICICI Prudential Life Insurance and attempted to provide some ways so as to make recruitment more effective and to reduce the cost of hiring an employee. I am privileged to be one of the students who got an opportunity to do my training with ICICI Prudential Life Insurance. My involvement in the project has been very challenging and has provided me a platform to leverage my potential in the most constructive way. ICICI Prudential Life insurance is one of India's leading financial institutions offering complete financial solutions that encompass every sphere of life. In a short span of time,ICICI has set an example by having a steady and confident journey to growth and success. During the training period I have studied deeply the process of hiring in ICICI Prudential Life insurance and did a SWOT analysis of ICICI Prudential Life Insurance to find out the existing shortcomings and potential threats and thereby recommended suggestions. This project however is an attempt to share as best as possible my experience in corporate world with all my colleagues and my faculty. I would be delighted to receive reader’s comments which maybe valuable lessons for my future projects.
In today’s rapidly changing business environment, organizations have to respond quickly to requirements for people. The Financial market has been witnessing growth which is manifold for last few years. Many private players have entered the economy thereby increasing the level of competition. In the competitive scenario it has become a challenge for each company to adopt practices that would help the organization stand out in the market. The competitiveness of a company of an organization is measured through the quality of products and services offered to customers that are unique from others. Thus the best services offered to the consumers are result of the genius brains working behind them. Human Resource Management in this regard has become an important function in any organization. All practices of marketing and finances can be easily emulated but the capability, the skills and talent of a person cannot be emulated. Hence, it is important to have a well-defined recruitment policy in place, which can be executed effectively to get the best fits for the vacant positions. Selecting the wrong candidate or rejecting the right candidate could turn out to be costly mistakes for the organization. Therefore a recruitment practice in an organization must be effective and efficient in attracting the best manpower. Coverage –The extent and limitation
With largest number of life insurance policies in force in the world, insurance happens to be a mega opportunity in India. Its business is growing at 15-20% annually and presently is of the order of Rs. 450m. Together with banking sector it adds about 7% to the GDP. Like the case of BPO’s, Insurance sector too faces the problem of attrition. Thus, recruitment is an ongoing process carried through out the year. The project is based on the study of recruitment process. The various recommendations suggested have been the result of the study. The idea is to generate ways of...
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