HRP, RECRUITMENT AND SELECTION IN FINANCIAL SECTOR

FUTURE GENERALI LIFE INSURANCE LTD.

HUMAN RESOURCE PLANNINGHRP PROCESS

At the beginning of the year the HR sits and decides to identify the needed manpower of the company. It comprises of :

DATA COLLECTION WORKFORCE ANALYSIS INVENTORY BUILDING GAP ANALYSIS FORMULATION OF HR PLANS

DATA ANALYSISThe HR collects the data regarding the current

manpower situation across the North zone. Data is collected regarding who is employed at what

level and the individuals skill level.

WORKFORCE ANALYSISThe strength of the current workforce will not remain

the same as employees can be lost due to:DeathResignationDismissalRetirementPromotionTransferA note is made of all the employees who are coming

up for retirement , promotion or transfer.

INVENTORY BUILDING After the analysis is done a record is made of all

the available employees and the what skills they posses.

This gives the HR a fair idea of available employees and their skill set.

Once the inventory is build it gives the HR a good understanding of how the workforce is spread and what is the current level of the employee skillset.

Hence it helps identify the VACANT POSITIONS and the employees who are lacking in some skills that are required for the effective and efficient performance of their job hence identifying the SKILL GAP.

GAP ANALYSIS

FORMULATION OF HR PLANSOnce the gaps are identified the HR moves on to formulate the plans to fill the gap that are present. GAP IN SKILL SET: The gap in skill set can be filled through training so the HR identifies the gap and recommends the names of the respective employees for the required trainingGAP IN MANPOWER: To fill the gap the HR either-1.Hires fresh talent (external recruitment)2.Fills position by promotions or transfers (internal recruitment)

Better recruitment and selection strategies result in improvedorganizational outcomes. The more effectively organizations recruitand select candidates, the more likely they are to hire and retainsatisfied employees.

RECRUITMENT

Company tailor its recruitment strategies to the specific positions they are seeking to fill. These strategies might differ depending on the level of the position. Different strategies are used to recruit for two types ofpositions: managerial/professional and non management.

RECRUITMENT PRACTICE

Company use decentralized recruitment practice for non management position. Recruitment is done at the office levelFor the management post recruitment is done at head office that is centralized practice.

RECRUITMENT SOURCESCompany fill positions with external candidates more often than internal candidates.Although internal candidates typically stay in positions and are more successful than external candidates, organizations fill positions with external candidates, on average, 13 percent moreoften than internal candidates.44 percent of positions are filled with internal candidates, with an approximate success rate (people who stay in the positions and are successful) of 86 percent.57 percent of positions are filled with external candidates, with an approximate success rate of 78 percent.

RECRUITMENT METHODSThe Internet is the most popular advertising medium to recruit for managerial/ professional positions.The Internet allows organizations to reach a large number of candidates easily and efficiently. Although the World Wide Web is becoming the hot new recruiting tool, traditional methods, such as newspaper advertising, are not yet obsolete. Local newspapers are the preferred advertising medium for non-management positions, and national newspapers are widely used to recruit managerial/professional candidates.

Company utilize internal resources when recruiting both internal and external candidates.Company use internal job postings and employee referrals to recruit candidatesfor both managerial and non-managerial positions. company also place job postings on their company web site to attract candidates. These are relatively easy, inexpensive ways to identify candidates both inside and outside the company. Internal job-posting programs are also an excellent method of providing promotion opportunities for employees and minimizing employee complaints of unfair treatment and discrimination.

Different kinds of agencies are used to recruit for positions at different levels.Company regularly use both temporary and government agencies to recruit non-management candidates. These kinds of agencies typically provide listings of individuals who have general, applicable skills and backgrounds for nonmanagerial work. When company look for candidates with specialized skills, abilities, or knowledge to fill managerial/professional jobs, it uses employment agencies ,colleges, and professional organizations.

SELECTION

SelectionThe process of choosing individuals who have needed qualities to fill jobs in an organization.Organizations need qualified employees to succeed

“Good training will not make up for bad selection.”“Hire hard, manage easy.”

SELECTION PROCESS ATFUTURE GENERALI

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