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CONTENT

Acknowledgement

List of Table & Illustration

Abbreviation

Summary

Introduction 7-17

(a) Company Profile 18-26

(b) Objective 28

(c) Limitation 29

(d) Research Methodology 30-32

Data Analysis 33-50

Finding & Suggestion 51-54

Conclusion & Recommendation 55-56

Glossary 57-59

Appendix 60

i. Questionnaires 61-62

ii. Charts 63-66iii. Reference 67

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ACKNOWLEDGEMENT

This page is for those people who have helped me directly or indirectly to make thisproject.

I would like to thanks my lecturerMs. Astha Nagar to guide me & help me in correctingmy errors while making this report, as it will help me to know about insurance company as ,what is the procedure of recruitment & selection in companies i.e Max Newyork Life Insurance.

I would like to thanks Mr. Amit Bhardwaj (Sales Manager of Max New York Life

Insurance Ujjain ) .that permit me to meet the member of the organization for my report.Thirdly I would like to thanks who give me its precious time & all the related information aboutthe co., about the recruitment & selection procedure of the advisor.

I would like to thanks Mr. DR. Vivek Bansod (Director of MITS Ujjain ) who give meinformation about the co. ,working culture, recruit. & selection procedure.

I am thankful to all those people, with whom I have got the scope to interact, cooperate,

and exchange ideas. Hope they will not refrain from giving me help in future.I would also like to thank all my friends who helped me and gave me ideas.

RENU KAUSHAL

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LIST OF TABLE & ILLUSTRATION

List of Table

3

S. No. Description1 Sources of Recruitment

2 Steps in Selection Process

3 Factor Affecting Recruitment &

Selection Policy

4 Recruitment & Selection Process

chart

5 Insurance Co. in India

Table of Vision, Mission & Values

of Max Newyork Life Insurance

6 Table A

Interpretation of

questionnaires filled

by the Max Newyork

Life Insurance

employee.

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List of Illustration

4

S. No. Description1 Recruitment Need

2 Source of recruitment

3 Internal Source

4 External Source

E-Recruiting

6 Collection of Job Data

7 Activity in Recruitment process

8 Type of interview

9 Available alternative of

recruitment

10 Selection test

11 Hurdles in Selection

12 Rejection & Selection Error

13 Shortage of qualified person

14 Cost effective source of

recruitment

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ABBRIVATION

MNLI: -Max Newyork Life Insurance

Co.:-Company

Org.:-Organization

F.A:-Financial Advisor

Recruit. : -Recruitment

Dr.: -Director

H.R.M: - Human resource management

Int: -Interview

G.D: -Group Discussion

Emp.: - Employee

P.I: -Personal Interview

Pru: -Prudential

V.C : - Videoconferencing

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SUMMARY

My project title is do comparative study on recruitment & selection process on MNLI Prudential.

As we all know employees are very useful resources in the org. so, that org. needs to do

invest on this resource for getting good return. So, org. has to recruit (search) & select employee

in such a way that it must be cost effective & job fit. i.e. according to the requirement of the

present & future requirement.

In today scenario everyone is thing about security or everybody wants to be securing its

future from uncertainties. Now a day people are purchasing more and more schemes, & for that

reason competition is increases in insurance sectors. So, now it is very necessary to make aware

the maximum population about more new scheme & product what they offer & for this it is very

necessary to recruit (search) & select qualified employee and trained employee accordingly that

they are able to satisfy customer & leads to create awareness among the population & let themknow about what they offer for them and then it is also important to change the perception of the

people which is next difficult task and all that leads to know about the market potential of the

product.

My project title is do comparative study on recruitment & selection process on MNLI

Prudential, as it will help me to know about insurance company as how a company will recruit

people in the organization, how they make them cost effective, what are the sources they are

used, what procedure they followed for collecting data, for recruitment, for selection. This

project has very important in its own because now people are qualified & more conscious about

their health & safety, so now it is very necessary for the co. that to satisfy the different needs of

the customer.

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INTRODUCTION

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INTRODUCTION

The project title provided to me is A Comparative Study of Recruitment and Selection Process

in Max Newyork Life Insurance. This project title consist of two important words that isRecruitment and Selection, so before describing about the title I would like to give the meaningof both the words.The recruitment and selection is the major function of the human resource department andrecruitment process is the first step towards creating the competitive strength and the strategicadvantage for the organizations. Recruitment process involves a systematic procedure fromsourcing the candidates to arranging and conducting the interviews and requires many resourcesand time. A general recruitment process is as follows:

1. Identify vacancy

2. Prepare job description and person specification

3. Advertising the vacancy

4. Managing the response

5. Short-listing

6. Arrange interviews

7. Conducting interview and decision making

RECRUITMENT: Recruitment is the process concerned with the identification of sourcesfrom where the personnel can employed & motivating them to offer themselves for employment.

According to Werther & DavisIt is the process of finding & attracting capableapplicants for employment. The process begins when new recruits are sought & ends when theirapplication are submitted. The result is a pool of application from which new employee areselected.

In simple words Recruitment is the process of searching for prospective employees andstimulating them to apply for jobs in the organizations. Recruitment as a process starts withidentification of the need for human resources and ends with getting the prospective employees

to apply for the vacancies available.

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There are different sources of recruitment available for an organization:-

a) Internal recruitment: -The sources within the organization itself (like transferof employees from one department to other, promotions) to fill a position are known as the

internal sources of recruitment. Present employee, Transfer etc.b)External recruitment: -Recruitment candidates from all the other sources (like

outsourcing agencies etc.) are known as the external sources of recruitment. Professional ortrade associations, advertisements etc.

SOURCE OF RECRUIT.

INTERNAL SOURCE

1TransferThe employees are transferred from one department to another according to theirefficiency and experience.

2 PromotionThe employees are promoted from one department to another with more benefits andgreater responsibility based on efficiency and experience.

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3 Upgrading and DemotionUpgrading & demotion of present employees are according to their performance.

4 Retired and Retrenched

Retired & retrenched employees may also be recruited once again in case of shortage ofqualified personnel or increase in load of work. Recruit. Such people save time and costs ofthe org as the people are already aware of the organizational culture and the policies andprocedures.

5 Dependents & relative of Deceased employees & Disabled employee: -This is also done by many co. so that the members of the family do not become dependenton the mercy of others.

EXTERNAL SOURCE

1 Press AdvertisementAdvertisements of the vacancy in newspapers and journals are a widely used source ofrecruitment. The main advantage of this method is that it has a wide reach.

2 Educational InstitutionVarious management institutes, engineering colleges, medical Colleges etc. are a goodsource of recruiting well qualified executives, engineers, medical staff etc. They providefacilities for campus interviews and placements. This source is known as Campus

Recruitment.

3 Placement AgenciesSeveral private consultancy firms perform recruitment functions on behalf of clientcompanies by charging a fee. These agencies are particularly suitable for recruitment ofexecutives and specialists. It is also known as RPO (Recruitment Process Outsourcing)

4 Employment ExchangeGovernment establishes public employment exchanges throughout the country. Theseexchanges provide job information to job seekers and help employers in identifyingsuitable candidates.

5 Labor ContractManual workers can be recruited through contractors who maintain close contacts with thesources of such workers. This source is used to recruit labor for construction jobs.

6 Unsolicited ApplicantsMany job seekers visit the office of well-known companies on their own. Such callers are

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considered nuisance to the daily work routine of the enterprise. But can help in creating thetalent pool or the database of the probable candidates for the org.

7 Employee Referral/ Recommendation

Many org. have structured system where the current employees of the org. can refer theirfriends and relatives for some position in their org. Also, the office bearers of trade unionsare often aware of the suitability of candidates. Management can inquire these leaders forsuitable jobs. In some organizations these are formal agreements to give priority inrecruitment to the candidates recommended by the trade union.

8 Recruitment at Factory GateUnskilled workers may be recruited at the factory gate these may be employed whenever apermanent worker is absent. More efficient among these may be recruited to fill permanentvacancies.

The latest trends in recruitment are the E-Recruitment. Also known as Onlinerecruitment, it is the use of technology or the web based tools to assist the recruitmentprocess. The tool can be either a job website like naukri.com, the org. corporate web site orits own intranet. Many big and small organizations are using Internet as a source ofrecruitment. They advertise job vacancies through worldwide web. The job seekers sendtheir applications or curriculum vitae (CV) through an e-mail using the Internet.Alternatively job seekers place their CVs in worldwide web, which can be drawn byprospective employers depending upon their requirements.

The internet penetration in India is increasing and has tremendous potential. According to a

study by NASSCOM Jobs is among the top reasons why new users will come on to theinternet, besides e-mail. There are more than 18 million resumes floating online across theworld.

The two kinds of e- recruitment that an org. can use is

Job portals i.e. posting the position with the job description and the job specificationon the job portal and also searching for the suitable resumes posted on the site correspondingto the opening in the org.

Creating a complete online recruitment/application section in thecompanys own website. - Companies have added an application system to its website,where the passive job seekers can submit their resumes into the database of the org. forconsideration in future, as and when the roles become available.

Resume Scanners: Resume scanner is one major benefit provided by the job portalsto the org. It enables the employees to screen and filter the resumes through pre-definedcriterias and requirements (skills, qualifications, experience, payroll etc.) of the job.

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Job sites provide a 24*7 access to the database of the resumes to the employees facilitatingthe just-in-time hiring by the org.

SELECTION Selection is a process of picking individual out of the pool of jobapplicants with requisite qualification & competence to fill jobs in the organization.

It is the process of differentiating between applicants in order to identify those with agreater likelihood of success in a job.

Selection starts where recruitment ends; it is the process of choosing the most suitablecandidate for a job from among the available applicants. It is the process of ascertaining thequalifications, experience, skill, knowledge, etc, of an application form and ends withinducting the candidate into the organization. The selection process also serves the purposeof selling the organization to the candidate. During the selection process, the candidatescome in continuous contact with the organization through its representatives. While thecandidate is being evaluated, he tries to assess the company and its culture, apart from thejob.

METHODS OF SELECTION PROCESS

1) Application formApplication form enable the employer to know about the applicants history relating tohis/her education, work experience, reasons for leaving previous job, hobbies etc

2) Reference checkThe next step is to verify the applicants information with the reference he/she is provided.

3) Personal InterviewNext step is to conduct a personal interview to check the knowledge & skill of the applicantsby questioning & observing him personally.

4) Testing InstrumentIn this test try to forecast the future performance of the applicant by measuring hisintellectual capabilities & his past experience in handling the job.It include two type of test: -

Psychological test

Achievement test

5) Physical ExaminationIn physical exam. Fitness of the applicants should be checked & provide health & disabilityinsurance.

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6) Final SelectionFinally applicants should be selected after objective & subjective evaluation

STEPS IN SELECTION PROCESS

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SELECTION TEST

1. Intelligence test

It is explicitly defined the components of intelligence as reasoning, judgment,

memory & the power of abstraction

2. Achievement test

It is also termed as a proficiency test or knowledge test. These test measure the job

related proficiency & knowledge of the applicants.

3. Situational Test

This test is generally used in middle & senior level mgt. selection to test the

applicants likely response to real-life business situation.

4. Interest test

These test help co. to identify & understand the degree of interest a candidate has in a

job.

5. Personality test

These test help in assessing an individuals value system, emotions, maturity & other

personal characteristics.

SELECTION INTERVIEW

1. Preliminary Interview

These are the first round int. that are short & aim at eliminating the less qualified job

applicants

2. Formal /Structured Interview

This int. is very rigid in its structure & contents. It is based on through job analysis,

which directs the flow of the interview.

3. Unstructured Interview

As the name suggest, has no predetermined framework of ques. & takes its own

course depending on the response of the candidate & the interest of the interviewer.

4. Stress Interview

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In this type of int. applicants have the ability to perform & delivery under stress. In

this interviewer puts the interviewee under stress, by repeatedly interpreting him,

criticizing his ans. asking him unrelated ques. etc.

5. Group Interview

In this int. there is one interviewer & large number of interviewee.

6. Panel Interview

Panels of experts specialized in different fields meet & int. a candidate.

7. In depth Interview

An interview where the job applicants are questioned extensively in core area of

knowledge & skills pertaining to the job.

Difference between recruit. & selection:-

Recruitment & selection are two crucial steps & they are often interchangeably, but there is adifference between two:-

1) Recruitment is said to be a positive approach as it refer to the process of identifying &encouraging prospective employee to apply for a job. Selection on the other hand is negativein its application as much as it seeks to eliminate as many unqualified applicants as possiblein order to identify the right candidates.

2) Recruitment is the process of searching the candidates for employment and stimulatingthem to apply for jobs in the org.WHERE AS selection involves the series of steps by whichthe candidates are screened for choosing the most suitable persons for vacant posts.

3) The basic purpose of recruitments is to create a talent pool of candidates to enable theselection of best candidates for the org., by attracting more and more employees to apply inthe org. WHEREAS the basic purpose of selection process is to choose the right candidate tofill the various positions in the org.

4) Recruitment is concerned with tapping the sources of human resources WHEREAS

selection is concerned with selecting the most suitable candidate through various interviewsand tests.

5) There is no contract of recruitment established in recruitment WHEREAS selection resultsin a contract of service between the employer and the selected employee

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COMPONENTS OF THE RECRUITMENT POLICY

The general recruitment policies and terms of the org.

Recruitment services of consultants

Recruitment of temporary employees

Unique recruitment situations

The selection process

The job descriptions

The terms and conditions of the employment

FACTORS AFFECTING RECRUITMENT & SELECTING POLICY

16

Factor Affecting Recruitment & Selection Policy

Organizational O objective

Personnel policies of the organization

& its Competitors

Government policies on reservations.

Preferred sources of recruitment.

Need Of the Organization

Recruitment cost & FinancialImplication

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Recruitment & Selection Process Chart

17

Induction of

successful

applicant and

store records

safely and

appropriately

* If it has been agreed on the application form that

references can be taken up, then this should be done

prior to interview.

** These should be done in accordance with regulations/legislation and where appropriate.

New post

arises or

resignation

Job analysis Decide on

shortlist/

interview team

Plan

timetable and

agree dates

Agree

information

to be sent to

applicants

Draft advert

and agree on

where/how to

advertise

Advertise

Shortlist

Plan interviews

Take up referencesif possible *Intervie

w

Take up reference of

successful applicant

* and do police

checks **

Select

successful

applicant

Make

conditional

offer

Review/prepare

new job description

and person

specification

Agree

assessme

nt

methods

Confirm

appointment

Feedback to

unsuccessful

a licants

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INDUSTRY

PROFILE

&COMPANY

PROFILE

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INDUSTRY PROFILE

Insurance is concerned with protection of economic value of assets. Tangible assets are humanbeings, house, furniture, motor cycle etc. Insurance started from Lloyds coffee house London.First policy issued in England in 1583 In India first policy issued in 1870

INSURANCE COMPANY IN INDIA

A COMPANY INDIAN PARTNER

FOREIGN

INSURER AREA

1 LIC - Fully owned by Govt. Indian Govt. ----- Life

B COMPANY INDIAN Partner

FOREIGN

Insurer AREA

Birla Sun Life Aditya Birla Group Sun Life, Canada Life

OM Kotak

Kotak Mahindra

Finance

Old Mutual, South

Africa Life

HDFC-Standard Life HDFC Standard Life, UK Life

Reliance Life Insurance Reliance Group Life and Non-Life

ICICI-Prudential ICICI Prudential, UK Life

Max New York Life Max India NewYorkLife, SA Life

Tata AIG Tata Group AIG USA Life & Non Life

ING Vysya Vysya BankAIG Insurance,

Netherland Life

Aviva Dabur CGU Life, UK LifeBajaj Allianz Bajaj Auto Allianz Life & Non-Life

SBI Life Insurance SBI Cardiff France Life

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With an annual growth rate of 15-20% and the largest number of life insurance policiesin force, the potential of the Indian insurance industry is huge. Total value of the Indianinsurance market (2004-05) is estimated at Rs. 450 billion (US$10 billion). According togovernment sources, the insurance and banking services contribution to the country'sgross domestic product (GDP) is 7% out of which the gross premium collection forms a

significant part. The funds available with the state-owned Life Insurance Corporation(LIC) for investments are 8% of GDP.Till date, only 20% of the total insurable population of India is covered under

various life insurance schemes, the penetration rates of health and other non-lifeinsurances in India is also well below the international level. These facts indicate the ofimmense growth potential of the insurance sector.

The year 1999 saw a revolution in the Indian insurance sector, as major structuralchanges took place with the ending of government monopoly and the passage of theInsurance Regulatory and Development Authority (IRDA) Bill, lifting all entryrestrictions for private players and allowing foreign players to enter the market with somelimits on direct foreign ownership.

Though, the existing rule says that a foreign partner can hold 26% equity in an insurancecompany, a proposal to increase this limit to 49% is pending with the government. Sinceopening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion havepoured into the Indian market and 21 private companies have been granted licenses.

Innovative products, smart marketing, and aggressive distribution have enabledfledgling private insurance companies to sign up Indian customers faster than anyoneexpected. Indians, who had always seen life insurance as a tax saving device, are nowsuddenly turning to the private sector and snapping up the new innovative products onoffer.

The life insurance industry in India grew by an impressive 36%, with premium

income from new business at Rs. 253.43 billion during the fiscal year 2004-2005,braving stiff competition from private insurers. This report, Indian Insurance Industry:New Avenues for Growth 2012, finds that the market share of the state behemoth, LIC,has clocked 21.87% growth in business at Rs.197.86 billion by selling 2.4 billion newpolicies in 2004-05. But this was still not enough to arrest the fall in its market share, asprivate players grew by 129% to mop up Rs. 55.57 billion in 2004-05 from Rs. 24.29billion in 2003-04.

The 14 private insurers increased their market share from about 13% to about22% in a year's time. The figures for the first two months of the fiscal year 2005-06 alsospeak of the growing share of the private insurers.There are presently 12 general insurance companies with four public sector companiesand eight private insurers. According to estimates, private insurance companiescollectively have a 10% share of the non-life insurance market.

Though the focus of this market research report is on the potential growth on theIndian Insurance Sector, it also talks about the market size, market segmentation, and keydevelopments in the market after 1999. The report gives an instant overview of the Indiannon-life insurance market, and covers fire, marine, and other non-life insurance.

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COMPANY PROFILEOF

MAX NEWYORK LIFE INSURANCE

Gary R. Bennett Analjit Singh

Managing Dr. & CEO Chairman

Max New York Life Insurance Company Ltd. is a joint venture between New York Life, aFortune 100 company and Max India Limited, one of India's leading multi-businesscorporations. Max New York Life is one of the fastest growing private life insurance companiesin India. As a leading life insurance company it provides innovative and customized lifeinsurance solutions backed by New York Lifes rich experience of over 160 years.Max New York Life is the first life insurance company in India to be awarded the IS0 9001:2000

certification.An ever-increasing presence of offices across the country reinforces our commitment to

serving the nation. We have over 5000 employees, 172 offices spread over in more than 120cities.

We were among top five most respected private insurance companies in India according toa 2004 & 2006 Business World survey. In 2006, we were nominated as best Indo-American jointventure in Financial & Services sector by Indo-American Chamber of Commerce. We were alsonominated for Avaya Global Customer Responsiveness Award in 2006.

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Max New York Life offers exciting, fast-forward careers in areas such as legal, compliance,accounting, actuarial, auditing, communications, customer service, operations, finance, financialmanagement, human resources, information systems, marketing, advertising and branding andmany other professional fields.

We are very passionate about our values and endeavor to create an environment where each

employee is able to fulfill his/her dreams while helping the organization achieve its mission anNew York Life Insurance has been in the Big Apple since it was just a tiny seed.

The Max New York Life Insurance Company (NYLIC) is the largest mutual lifeinsurance company in the Unitated State, one of the largest life insurers in the world TheCompany (the top mutual life insurer in the US) is adding products but retaining its corebusiness: life insurance and annuities. New York Life has added such products and services asmutual funds for individuals. It also offers its investment management services to institutionalinvestors. Other lines of business include long-term care insurance and special group policiessold through AARP and other affinity groups or professional associations. The company,through New York Life International, is also reaching out geographically, targeting areas such asMexico and India where the life insurance markets are not yet mature.

The company is listed as #78 in the 2007 Fortune100. In 2007, Standard and Poorsupgraded New York Life Insurance Company's insurance financial strength rating to AAA, thehighest rating Standard and Poor's assigns. The company is now one of only three life insurers tohold the highest possible rating from all four major rating agencies.Four major companies Fitch, Moody's Investors Service, Standard & Poor's, and A.M. Best.

Today, Max India Limited is a multi-business corporate, driven by the spirit of Enterprise,focused on Knowledge, People and Service oriented businesses of:

Healthcare (Max Healthcare)

Life Insurance (Max New York Life Insurance)

Clinical Research (Neeman Medical International)

Max also Maintains Interests in:

Specialty Plastic Products for the packaging industry (Max Specialty Products)

Healthcare Staffing (Max Health Staff)

In 2000, the Company reinvented and restructured itself to focus on the businesses of Life

under the name, LifeOur Focus.

Max Healthcare, a subsidiary of Max India Limited is Indias first provider of comprehensive,standardized, seamless, and integrated world-class healthcare services.

As a leader in the insurance industry, New York Life continues to bring to its operations newmanagement concepts, advanced technologies, new distribution and training systems andinnovative insurance products.

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New York Life Insurance Company

Type Mutual

Founded 1845

Headquarters New York, New York, USA

Key peopleSeymour G. "Sy" Sternberg,CEO

Industry Insurance: Life & Health

Revenue $28.3651 Billion[1]USD (2006)Net income $2.3 Billion.[2]USD (2006)

Employees 12,650 (2005)

Slogan The Company You Keep

Website www.newyorklife.com

COMPANY OBJECTIVE

The company believes in building relationships with the people they serve so that theircustomers enjoy the highest quality of service in life insurance. Towards this the company spellsout its defining qualities as under:

1. They are experts in life insurance: That's all they do.2. New York Life Insurance as over 156 years of experience in the life insurance business.

It is a Fortune 100 company that has been trusted by millions worldwide, acrossgenerations

3. Their existence is rooted in their commitment to financial strength, integrity andresponsibility

4. Max New York Life Insurance also deposits 1% of the premium income with the RBI,towards Contingency Funds.5. They like to believe they have the best Agent Advisors in the business6. They Endeavour to offer the best products with Flexibility7. They have a national presence with a network in the 9 cities of Delhi, Mumbai, Kolkata,

Chennai, Bangalore, Hyderabad, Ahmadabad, Pune and Chandigarh.

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http://en.wikipedia.org/wiki/Category:Types_of_companieshttp://en.wikipedia.org/wiki/Mutual_companyhttp://en.wikipedia.org/wiki/New_York%2C_New_Yorkhttp://en.wikipedia.org/wiki/USAhttp://en.wikipedia.org/w/index.php?title=Seymour_G._%22Sy%22_Sternberg&action=edithttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Lifehttp://en.wikipedia.org/wiki/Healthhttp://en.wikipedia.org/wiki/Revenuehttp://en.wikipedia.org/wiki/New_York_Life#_note-0%23_note-0http://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/2006http://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/New_York_Life#_note-1%23_note-1http://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/2006http://en.wikipedia.org/wiki/Employmenthttp://en.wikipedia.org/wiki/2005http://en.wikipedia.org/wiki/Sloganhttp://en.wikipedia.org/wiki/Websitehttp://newyorklife.com/http://en.wikipedia.org/wiki/Category:Types_of_companieshttp://en.wikipedia.org/wiki/Mutual_companyhttp://en.wikipedia.org/wiki/New_York%2C_New_Yorkhttp://en.wikipedia.org/wiki/USAhttp://en.wikipedia.org/w/index.php?title=Seymour_G._%22Sy%22_Sternberg&action=edithttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Lifehttp://en.wikipedia.org/wiki/Healthhttp://en.wikipedia.org/wiki/Revenuehttp://en.wikipedia.org/wiki/New_York_Life#_note-0%23_note-0http://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/2006http://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/New_York_Life#_note-1%23_note-1http://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/2006http://en.wikipedia.org/wiki/Employmenthttp://en.wikipedia.org/wiki/2005http://en.wikipedia.org/wiki/Sloganhttp://en.wikipedia.org/wiki/Websitehttp://newyorklife.com/

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Vision, Mission & Values of the Company

Vision To become the most admired life insurancecompany in India

Mission

Become one of the top quartile lifeinsurance companies in India

Be a national player

Be the brand of first choice

Become principal of choice foragents.

Values This vision to become India's most admiredlife insurance company will be realizedthrough our unique set of values. which areas follow:-

1) Knowledge Knowledge leads to expertise; and ourexpertise is in helping people protectthemselves. Perfectly combining globalexpertise with local knowledge, we areIndia's life insurance specialist. Max NewYork Life believes that for knowledge to beof value it must be focused, current, testedand shared

2) Honesty Honesty is the heart of the life insurancebusiness. It is all about trust. Transparency,integrity and dependability form the

cornerstones of the Max New York Lifeexperience. The company ensures thateveryone who represents the brand carries apromise : we care in word as well asdeed

3) Caring Max New York Life is redefining the lifeinsurance paradigm by focusingon customers first. The service process isresponsive, personalized, humane andempathetic. Every individual whorepresents the company is for us our brand

champion

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HISTORY OF MNLI

The company was founded in 1845 as theNautilus Insurance Company inNew York City, withassets of just $17,000. It was renamed the New York Life Insurance Company in 1849

New York Life developed the non-forfeiture option, the predecessor to the guaranteed cash

values of modern policies, under which a policy remains in force even if a premium payment ismissed. It was also the first American life insurance company to pay a cash dividend topolicyholders, and the first U.S. company to issue policies to women at the same rates as men

In 1896, New York Life became the first company to insure people with disabilities and thefirst to issue a policy with a disability benefit that presumes total disability to be permanent aftera predetermined period.

New York Life, including its subsidiaries, is a Fortune 100 company, with over $225 billionin assets under management and over $11 billion in operating revenues. We have officesthroughout the nation. Internationally, we have offices in Argentina, mainland China, HongKong, Mexico, Taiwan, India, Vietnam and South Korea

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Board Member of MNLI.

Analjit Singh, Chairman Max India Ltd.

Rajesh Sud, Managing Dr. & CEO MNLI

Anuroop 'Tony' Singh, Vice Chairman MNLI

Ted Mathas,President & Chief Operating Officer NLI

Rajesh Sud, Managing Dr. & CEO MNLI

Sunil Sharma, Executive Dr. & Chief Operating Officer

Rajit Mehta, Deputy Chief Operating Officer

Anil Mehta, Senior Dr - New Markets SBU

Sunil Kakar, Senior Dr & Chief Financial Officer

Ajay Seth, Senior Dr- Legal & Compliance

Debashis Sarkar, Senior Dr. & Chief Marketing Officer

John Poole, Appointed Actuary

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OBJECTIVE

&

LIMITATION

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OBJECTIVE OF THE STUDY

The main objective of the project is to:

1. Study on different type of recruitment methods.2. Which method of recruitment is more effective?3. Identify the human resource requirement in both the organization.4. Study on different type of selection method adopted by both the organization.5. Which method of selection is better?6. Study on various factors that affect recruitment procedure and selection process in both

organizations.

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LIMITATION

1 Absence of head office in the city.2 Problem regarding filling of questionnaires.3 Due to recent origin of organization may be not much data will be

available.

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RESEARCH

METHODLOGY

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RESEARCH METHODLOGY

Research Methodology:-

ResearchMethodology defines what the activity of research is, how to proceed,how to measure progress, and what constitutes success. It is also the strategy thatgives the researcher in providing answer to the research question and for thisresearch survey is done for this a analytical research method is done.

Methodology

Research Design:-

Descriptive StudyData and information will be collected through various sourcesof information; the researcher arranged the information in a proper manner, anddescribes the situation. On the basis of description suggestion can be made, that iswhy we use the descriptive study.

Mode of Data Collection:-

Data will be collected using a structured questionnaire.In questionnaire, question depends on the nature of the research.

Basically questions are of two types:

Open ended questions

Close ended questions.

In this report I can make the close/open ended questionnaire.

Data sources:-

Primary Source of Data:-Questionnaire is the primary source of data.

Face to face interaction with associated partner, financialAdvisor, unit manager & employees.

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Sample Size:-

Ask question from 15 employees of company.

Data Analysis Tools:

In order to analyze the data I will apply Average

NO. OF EMPLOYEE SAY IN FAVOUR *100 \ TOTAL NO.

OF EMPLOYEE

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DATA ANALYSIS

For data analysis:- Table A explain the result which I have

get from Max New Life Insurance after filling thequestionnaires from the employee

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TABLE A

Question No. Answer Given Formula Result

1 1)8said Present req.2) 2said Future req.

8*100/102*100/10

80%20%

2 1)3 said Internal2)5 said External3)2 said Both

3*100/105*100/102*100/10

30%50%20%

3 1) 4 said Presentemployee2)4 said employeereferral3) none- Formeremployee

4) 2 said Previousapplication

4*100/10

4*100/10

0*100/10

2*100/10

40%

40%

-

20%

4 1) Advertisement2)Employee Exc.3) 1 said campusrecruit.4) 9 said consultant

1*100/10

9*100/10

--10%

90%

5 1) 4 said website2) 3 said job portal

3) 3 said int. viavideoconferencing

4*100/103*100/10

3*100/10

40%30%

30%

6 1) 3 said observation2) 2 said ques.3) 5 said int.4) checklist

3*100/102*100/105*100/10-

30%20%50%-

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7 1)G.D2) 10 said P.I

-10*100/10

-100%

8 1) 2 said structure int2) 1 said unstructured

int.3) 7 said 1-1 int.

2*100/10

1*100/10

7*100/10

20%

10%

70%

9 1)7said outsourcing2) 3said Temporaryemployment

7*100/10

30*100/10

70%

30%

10 1)4 said intelligencetest2) 2 said apti.

3) 1 said personalitytest4) 3 said interest test

4*100/10

2*100/10

1*100/10

3*100/10

40%

20%

10%

30%

11 1) 2 said money2) 2 said qualification3) 2 said pressure4) 4 said job fit

20*100/1020*100/10

20*100/1040*100/10

20%20%

20%40%

12 1)4 said 60%-40%

2)2said 20%-80%3)2 said 50%-50%4)2 said 70%-30%

4*100/10

2*100/102*100/102*100/10

40%

20%20%20%

13 1) 7 said yes2) 3 said no

7*100/103*100/10

70%30%

14 1) 7 said employeereferral2) 3 said consultant

7*100/10

3*100/10

70%

30%

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Ques1 On what basis your organization determine recruitment need.1) Future requirement

2) Present requirement

MNLI

Feature Future requirement Present requirement

On what basis your organizationdetermines recruitment need.

80% 20%

MNLI

Interpration:- Table 1tabulation is based on what basis your organization determinesrecruitment need. In this 80% of the employees said on the basis of future requirement & 20% ofthem said about present requirement in MNLI.

Ques2 What are the main sources of recruitment.1) Internal sources

2) External sources

3) Both

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MNLI

Feature Present

employee

Employee referral Former

employee

Previous

application

Which internal source is

preferred most?

40% 40% - 20%

MNLI

Interpration:- Table 3tabulation is based on which internal source is preferred most. In this,40% of the employee said on the basis of present employee, 40% of the employee said about

employee referrals & 20% of the employee said on the basis of previous application in MNLI.

Ques4 Which external source is preferred most1) Advertisement

2) Employee exchange

3) Campus recruitment

4) Consultant

MNLIFeature Advertisement Employee

exchange

Campus

recruit.

Consultant

Which external source ispreferred most

0% 0% 10% 90%

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MNLI

Interpration:- Table 4tabulation is based on which external source is preferred most. In this,

90% of the employee said they hire consultant for recruiting people, 10% of the employee saidthey use campus recruitment, they are not using employee exchange & Advertisement forrecruiting people in MNLI.

Ques5 For E-Recruiting which preferred most1) Website

2) Job portal

3) Interview via videoconferencing

MNLI

Features Website Job portal Interview via VC

For E-Recruiting whichpreferred most

40% 30% 30%

MNLI

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Interpration:- Table 5tabulation is based on For E-Recruiting which preferred most. In this,40% of the employee said they use website for recruiting people, 30% of the employee said they

use job portal & 30% said they use int. via VC in MNLI.

Ques6 What method is adopted by your organization for collecting job data1) Observation

2) Questionnaires

3) Interview

4) Checklist

MNLI

Features Observation Ques Interview Checklist

What method is adopted by yourorganization for collecting job data

30% 20% 50% -

MNLI

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Interpration:- Table 6tabulation is based on what method is adopted by your organizationfor, 30% of the employee said they do observation for recruit people, 20% of the employee saidthey use ques, 50% of the employee said they conduct int, they are not using checklist in MNLI.

Ques7 Which of the following activity are involved in recruitment process1) Group discussion

2) Personal interview

MNLI

Features G.D P.I

Activity involved in recruitment process - 100%

MNLI

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Interpration:- Table 7tabulation is based on which of the following activity are involved inrecruitment process. In this 100% of the employee said they recruit people through P.I in MNLI.

Ques8 Which type of interview is conducted1) Structured interview

2) Unstructured interview

3) Stress interview

4) One to one interview

5) Panel interview

6) Group interview

MNLI

Feature Structured

int.

Unstructur

ed int.

Stress int. 1 to 1

int.

Panel

int.

Group

int.

Type of interview isconducted

20% 10% - 70% - -

MNLI

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Interpration:- Table 9tabulation is based on what are available alternative of recruitment in,70% said they outsource employee & 30% of the employee said they use temporary employmentin MNLI

Ques10 Which selection test is used by your organization for evaluating applicants.1) Intelligence test

2) Aptitude test

3) Personality test

4) Interest test

MNLI

Feature Intelligence

test

Apti test Personality

test

Interest

test

Which selection test is used byyour organization for evaluatingapplicants?

40% 20% 10% 30%

MNLI

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Interpration:-Table 10tabulation is based on which selection test is used by yourorganization for evaluating applicants. In this, 40% of the employee said that they conductintelligence test, 20% of the employee said they conduct aptitude test, 10% of the employee saidthey conduct personality test & 30% of employee said they conduct interest test in MNLI.

Ques 11 What are the main hurdles of selecting an employee.1) Money

2) Qualification

3) Pressure

4) Job fit

MNLI

Feature Money Qualification Pressure Job fit

Main hurdles of selecting anemployee. 20% 20% 20% 40%

MNLI

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Interpration:- Table 11tabulation is based on what are the main hurdles of selecting anemployee. In this.20% of the employee said that the main hurdle is money, 20% of the employee

said about qualification, 20% of the employee said about pressure & 40% of employee said thatthe main hurdle is job fit in MNLI.

Ques12 What is the ratio of Rejecting & Selecting error.1) 60%-40%

2) 20%-80%

3) 50%-50%

4) 70%-30%

MNLI

Feature 60%-40% 20%-80% 50%-50% 70%-30%

Ratio of Rejecting & Selectingerror.

40% 20% 20% 20%

MNLI

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Interpration:- Table 12tabulation is based on what is the ratio of rejecting & selecting error.In this 40% of the employee said that the ratio is 60-40, 20% of the employee said the ratio is 20-

80, 20% of the employee said the ratio is 50-50& & 20% of employee said the ratio is 70-30 inMNLI.

Ques13 In case of shortage of qualified person, organization extend the services of presentemployee.

1) Yes2) No

MNLI

Feature Yes No

In case of shortage of qualified person, organization extends theservices of present employee.

70% 30%

MNLI

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Interpration:-Table 13tabulation is based on In case of shortage of qualified person,organization extends the services of present employee. In this 70% of the employee says yes,30% of the employee says no in MNLI.

Ques14 According to your organization which is cost effective source of recruitment.

1) Print media

2) Electronic media

3) Employee referrals

4) Consultant

MNLI

Feature Print

media

Electronic

media

Employee

referrals

Consultant

Which is cost effective

source of recruitment?

- - 70% 30%

MNLI

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Interpration:- Table 14tabulation is based on According to your organization which is costeffective source of recruitment. In this 70% of the employee said they use employee referrals &30% of employee said they use consultant in MNLI & they are not using print media &electronic media.

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FINDINGS

&

SUGGESTIONS

FINDING & SUGGESTION

(1) 80% of the employees said on the basis of future requirement & 20% othem said about present requirement in MNL.

(2) 30% of the employees said on the basis internal source & 50% of them saidon the basis of external sources & 20% of employee said both in MNLI.

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SUGGESTION

The recruitment and selection is the major function of the human resource department andrecruitment process is the first step towards creating the competitive strength and the strategicadvantage for the organizations & recruit employee very carefully because they are the asset of

the co. & invest money in them by giving training because they are the best resource.

A recruit. & selection policy of an org should be such that:

It should focus on recruiting the best potential people.

To ensure that every applicant and employee is treated equally with dignity and respect.

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Unbiased policy.

To aid and encourage employees in realizing their full potential.

Transparent, task oriented and merit based selection.

Weightage during selection given to factors that suit organization needs.

Optimization of manpower at the time of selection process.

Defining the competent authority to approve each selection.

Abides by relevant public policy and legislation on hiring and employment relationship.

Integrates employee needs with the org. needs.

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As I said earlier recruitment of employee is very crucial process for the H.R department.

Here the MNLI insurance recruit & select employee according to job fit i.e to recruit right person

at right time for right position. Or they select employee who has a potential to perform the work.

g: -

MNLI treat employee as a valuable asset, they invest enough money to trained the

employee & frehers.

MNLI treat employee as Human resources.

MNLI use employee for that they gave enough money to employee.

MNLI provide proper customer service or say after sell service

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GLOSSARY

GLOSSARY

Achievement test: - It is also termed as a proficiency test or knowledge test. These test

measure the job related proficiency & knowledge of the applicants.

Formal /Structured Interview: - This int. is very rigid in its structure & contents. It is

based on through job analysis, which directs the flow of the interview.

Group Interview: - In this int. there is one interviewer & large number of interviewee.

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H.R.M: - The function performed in org. that facilitate the most effective use of people to

achieve org. & individual goals

Induction: -It the formal process of introducing the org. culture, values, principal, rules &

regulation, working envi. etc to the new employee.

Intelligence test: - It is explicitly defined the components of intelligence as reasoning,

judgment, memory & the power of abstraction

Interest test: - These test help co. to identify & understand the degree of interest a candidate

has in a job.

In depth Interview: - An interview where the job applicants are questioned extensively in

core area of knowledge & skills pertaining to the job.

Job analysis: -The systematic collection, evaluation & org. of information related to job.

Job description: -A written statement that explains the duties, working condition & other

aspects of a specified job.

Job specification: -The process of listing the qualification, knowledge, skills, experience,

personal characteristics etc. required for the incumbent to perform the job successfully.

Outsourcing: - To hire a talent (employee) outside the co. for accomplishing a certain work

Panel Interview: -Panels of experts specialized in different fields meet & int. a candidate.

Personality test: - These test help in assessing an individuals value system, emotions,

maturity & other personal characteristics.

Preliminary Interview: -These are the first round int. that are short & aim at eliminating

the less qualified job applicants.

Recruitment: - The process of seeking & attracting a pool of people from which a qualified

candidates for job vacancy can be chosen.

Selection: - The process of ascertaining the qualification, experience, skills knowledge etc. of

an applicants with the purpose of determining his suitability for the job.

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Stress Interview: - In this type of int. applicants have the ability to perform & delivery under

stress. In this interviewer puts the interviewee under stress, by repeatedly interpreting him,

criticizing his ans. asking him unrelated ques. etc.

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APPENDICES

QUESTIONNARIES

Ques1 On what basis your organization determine recruitment need.3) Future requirement

4) Present requirement

Ques2 What are the main sources of recruitment.

1) Internal sources

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2) External sources

3) Both

Ques3Which internal source is preferred most.

1) Present employee

2) Employee referral

3) Former employee

4) Previous application

Ques4 Which external source is preferred most1) Advertisement

2) Employee exchange

3) Campus recruitment

4) Consultant

Ques5 For E-Recruiting which preferred most1) Website

2) Job portal

3) Interview via videoconferencing

Ques6 What method is adopted by your organization for collecting job data1) Observation

2) Questionnaires

3) Interview

4) Checklist

Ques7 Which of the following activity are involved in recruitment process1) Group discussion

2) Personal interview

Ques8 Which type of interview is conducted

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1) Structured interview

2) Unstructured interview

3) Stress interview

4) One to one interview

5) Panel interview

6) Group interview

Ques9 What are available alternative of recruitment in your organization1) Overtime

2) Employee leasing/ outsourcing

3) Temporary employment

Ques10 Which selection test is used by your organization for evaluatingapplicants.

1) Intelligence test

2) Aptitude test

3) Personality test

4) Interest test

Ques 11 What are the main hurdles of selecting an employee.1) Money

2) Qualification

3) Pressure

4) Job fit

Ques12 What is the ratio of rejecting & selecting error.1) 60%-40%

2) 20%-80%

3) 50%-50%

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4) 70%-30%

Ques13 In case of shortage of qualified person, organization extend the services ofpresent employee.

1) Yes

2) No

Ques14 According to your organization which is cost effective source ofrecruitment.

1) Print media

2) Electronic media

3) Employee referrals

4) Consultant

CHARTS

(1)

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(2)

(3)

(4)

(5)

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(6)

(7)

(8)

(9)

(10)

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(14)

REFERENCE

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REFERENCE

The information that I will give in my report will be secondary as well as primary.

The main sources of information will be:

www.maxnewyorklife.com

www.iciciprudential.com

www. google.com

Mr. Amit bhardwajSales ManagerMax Newyork Life Insurance Ujjain