SUMMER TRAINING PROJECT REPORT ON Recruitment and selection of employees in

Hazratganj , Lucknow A REPORT SUBMITTED TOWARDS THE PARTIAL FULLFILLMENT OF POST GRADUATION DIPLOMA IN MANAGEMENT (PGDM)
Under the guidance of : Submitted by

Mr. Manish Bajpai Singh (Manager (HRD) BAJAJ CAPITAL) SESSION 2009-2011

Richa (PGDM 1st year )

SHRI RAMSWAROOP MEMORIAL 1

COLLEGE OF ENGINEERING AND MANAGEMENT

ACKNOWLEDGEMENT
With great pleasure, I extend my deep sense of gratitude towards Mr. Faizulla Khan (Regional Manager AVP ) Bajaj Capital & Mr. Manish Bajpai (Assistant Manager HRD) Bajaj Capital under whose valuable guidance, constant interest and encouragement, who has devoted their ever-precious time from their busy schedule and helped me in completing the Project. This co-operation is not only useful for this project but will be a constant source of inspiration for us in the future. I am also thankful to all the members of the HR Department without whose guidance I would have not been able to complete this project. Their valuable guidance, constant interest and encouragement, which devoted their ever-precious time from their busy schedule has helped me learn a lot. I am also thankful to those who helped us intellectually in preparation of this project directly or indirectly.

PREFACE
Many developments have taken place during the last one and half decade , with the opening of Indian economy through globalization and rapid industrialization . Developments have taken place in almost all the sector ,viz , the Techonology sector , Finance sector , Communication sector , Health sector ,Engineering sector , & Human resourse sector etc. Therefore ,the capacity to hire the right person at right time is the most crucial business process and priority for the organization .This leads to the process of RECRUITMENT AND SELECTION The scope of the topic Recruitment and Selection is too vast , but I have tried to keep it short and simple without losing the objectivity , I feel great pleasure in presenting this report . All suggestions and corrextions are invited from the readers . My sincere thanks are due to all those people who have helped me in making this project a success .

DECLARATION

I RICHA SINGH , student of PGDM 1st year Shree Ram Swaroop Memorial College Of Engineering & Management , Lucknow , hereby declare that all the information , facts and figures presented in this report are extremely based on my individual observation and work experience during the research project training in Bajaj Capital at Lucknow . This project is my original work and it has not been presented in this manner , the information presented is purely of academic interest.

RICHA SINGH PGDM 1ST YEAR

EXECUTIVE SUMMARY
This research report has been prepared for the partial fulfillment of Post Graduation Diploma In Management . It is based on the study of recruitment and selection procedure conducted in Bajaj Capital . Other objectives of this study are to find out whether the employees are satisfied with the recruitment and selection policy of Bajaj Capital Insurance Broking Ltd . to suggest ways /methods to make tjem satisfied and to identified the expectations and demands of the employees.

The organization has to be more responsive to the changing socio economic environment. Organizational capabilities need improvement through continuos updating of technology , involving latest trends and methodologies used for Recruitment & Selection ,Training & Development of man power , create climate that can promote a culture of excellence and job commitment of the individual to the organization goals and objective in the present day of stiff challenge from competitive market , it is ongoing process which requires proper identification of organizational stress and also ways of increasing the job commitment among the individual . It was found out in the study that employees are very well satisfied there . The research in an Exploratory one. This type of research is designed as survey of selected individuals thought to have some ideas . The main emphasis here is to explore the ideas and insights .This method consists of the intensive study of selected instances of the phenomenon in which one is interested .

Conduction of this research has undergone Research Methodology . Target Population is employees of Bajaj Capital , Lucknow . Sample size is taken 40 which is randomly selected . Sampling Method is Survey Method as it is convenient for me . Questionnaiares and personal interviews are used for the collection of primary data . Time frame of my study was 8 weeks .

Subsequently , there are conclusions given from the study and also the suggestions are elucidated which we feel should be carried out to further enhance the Recruitment & Selection Process in Bajaj Capital Insaurance Broking Limited.

There are some Limitations of my study : I have selected only 40 employees as a sample for my research work . So there exists a possibility that end results of the a possibility that the end result of the research may vary if the sample size is increased. End result of this research are based on the reponses of the employees and it might be possible that they have not revealed the true facts : hence the results may vary if the true facts and figures are reaveled by the respondents

TABLE OF CONTENT
1

INTRODUCTION

2 PROFILE OF THE COMPANY 3 BACKGROUND OF THE COMPANY 4 VISSION & MISSION 5 ACHIEVEMENTS 6 PRODUCT LINE 7 ORGANISATIONAL HIERARCHY IN BAJAJ CAPITAL 8 HISTORY OF INSUARANCE SECTOR 9 INSURANCE COMPANIES 10 LIFE INSURANCE 11 PRODUCTS OF THE COMPANY 12 COMPETITORS OF BAJAJ CAPITAL 13 HR POLICY OF THE COMPANY 14 RECRUITMENT 15 RECRUITMENT POLICY OF THE COMPANY 16 GENERAL RECRUITMENT PROCESS
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17 RECRUITMENT PROCESS AT BAJAJ CAPITAL 18 OBJECTIVE OF THE STUDY 19 RESEARCH METHODOLOGY 20 PROBLEMS AND LIMITATIONS 21 ANALYSIS AND INTERPRETATION 22 FINDINGS OF THE STUDY 23 SUGGESTIONS / RECOMMENDATIONS 24 CONCLUSION 25 BIBILIOGRAPHY 26 APPENDIX

INTRODUCTIO N

WHAT IS INSURANCE?
Insurance is not necessarily an investment from which one expects to get ones back. Nor it is gambling a gambler takes risks. While insurance offers protection against risks that already exist Insurance is a way to share risk with others.

The Origin of Insurance

Insurance has existed for thousand of years a form of credit insurance was included in the Code of Hammurabi, a collection of Babylonian laws said to predate the Law of mosses for finance their trading expeditions in ancient times. Ship owners obtained loans from investors, if a ship was lost the owners were not responsible for paying back the loans since many ship returned safely. The interest paid by numerous ship owners ship owners covered the risk to the lenders. It was likewise in a maritime setting that later one of the worlds most famous insurance providers. Lloyds of London was born By 1688, Edward famous insurance provider accepts in exchange for certain payment, to premium. These insurers came to be known as underwriters. Finally in 1769 Lloyds became a formal group of underwriters that in time grew into the foremost market for marine risks.

What if I already have Life Insurance ?

As an individual for the extent of financial protection you need is from that a married man which in turn is different from that as a parent. At each life stage, it is necessary to re- evaluate the amount of protection and provision you require and adjust for the same. Below are some of the events in your life for which you should re-evaluate and plan your life insurance needs.
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An Advisor is the main and elementary level in the field of insurance that comes in contact with both investors, a company or they can be said as a mediator between insurers and insured, and he is the one who brings business and the only one who helps customers to choose the right plan for his investment. As they add so much value to the insurance business services and brings benefits to the employers they get in return is the commission so the main motive behind the study is to see how advisors get differently paid for different plans sold and how the commission is prepared at head office and its disbursement process as well as to see what are the problems and queries they raise for not receiving the commission due to them and to see various other reasons for problems in commission disbursement. This study is one of its kinds, which looks at the insights of the working of the bajaj in making commissions of its advisors agents and to look at their full process starting from making commission for advisors to its disbursement and query resolution about the commission The scope of such study is to see working of company and how insurance company benefit and perks they give their advisors in return of the business and services brought in by them to the company for their various plans. To look for details and to collect data for my project I worked in Lucknow Zonal Office to gather full information about the system and working . The time period taken for this study are 2 months

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PROFILE OF THE COMPANY

COMPANY NAME : BAJAJ CAPITAL

HEAD OFFICE : Bajaj Capital Ltd, 97, Bajaj House, 5th Floor, Nehru
Place, New Delhi

BRANCH OFFICE:
BAJAJ CAPITAL LUCKNOW ZONAL OFFICE TEZ KUMAR PLAZA HAZRATGANJ

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THE BACKGROUND

The Bajaj Capital Group is one of Indias premier Investment Advisory and Financial Planning companies. We are also SEBI-approved Category I Merchant Bankers

We offer personalised Investment Advisory and Financial Planning services to individual investors, corporate houses, institutional investors, Non-Resident Indians (NRIs) and High Networth Clients, among others.

As one of Indias largest distributors of financial products, we offer a wide range of investment products such as mutual funds, life and general insurance, bonds, post office schemes, etc. offered by reputed public and private and government organisations.

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The History of Bajaj Capital

Bajaj Capital has contributed to the growth of the Indian Capital Market at every step.

In 1965, we were the first to innovate the Companies Fixed Deposit. Today, we are playing an active role in the growth of the Indian Mutual Fund industry.

We are also working closely with private insurance companies to deepen India's insurance market.

Here is a brief gist of our journey throug the years.

1964 Bajaj Capital sets up its first Investment Centre in New Delhi to guide individual investors on where, when and how to invest. India's first Mutual Fund, Unit Trust of India (UTI) is incorporated in the same year.

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1965 Bajaj Capital is incorporated as a Company. In the same year, the company introduces an innovative financial instrument the Company Fixed Deposit. EIL Ltd. (Oberoi Hotels, then known as Associated Hotels of India Ltd.) becomes the first company to raise resources through Company Fixed Deposits.

1966 Bajaj Capital expands its product range to include all UTI schemes and Government saving schemes in addition to Company Fixed Deposits.

1969 Bajaj Capital manages its first Equity issue (through an associate company) of Grauer & Wells India Ltd.; right from drafting the prospectus to marketing the issue.

1975 Bajaj Capital starts offering 'need-based' investment advice to investors, which would later be known as 'Financial Planning' in the investment world.

1981 SAIL becomes the first government company to accept deposits, followed by IOC, BHEL, BPCL, HPCL and others; thus opening the floodgates for growth of retail investment market in India. Bajaj Capital plays an active role in all the schemes as 'Principal Brokers'

1986 Public Sector Undertakings (PSUs) begin making public issues of bonds MTNL, NHPC, IRFC offer a series of Bond Issues. Bajaj Capital is among the top ranks of
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resource mobilisers. 1987 SBI leads the launch of Public Sector Mutual Funds in India. Bajaj Capital plays a significant role in fund mobilisation for all these players. 1991 SBI issues India Development Bonds for NRIs. Bajaj Capital becomes the top mobiliser with collections of over US $20 million. 1993 The first private sector Mutual Fund Kothari Pioneer is launched, followed by Birla and Alliance in the following years. Bajaj Capital plays an active role and is ranked among the top mobilisers for all these schemes. 1995 IDBI and ICICI begin issuing their series of Bonds for retail investors. Bajaj Capital is the co-manager in all these offerings and consistently ranks among the top five mobilisers on an all-India basis. 1997 Private sector players lead the revival of Mutual Funds in India through Openended Debt schemes. Bajaj Capital consolidates its position as India's largest retail distributor of Mutual Funds. 1999 Bajaj Capital begins marketing Life and General Insurance products of LIC and GIC (through associate firms) in anticipation of opening up of the Insurance Sector. Bajaj Capital achieves the milestone of becoming the top 'Pension Scheme' seller in India and launches marketing of GIC's Health Insurance schemes.

2000 Bajaj Capital implements its vision of being a 'One-stop Financial Supermarket.' The Company offers all kinds of financial products, including the entire range of investment and insurance products through its Investment Centres. Bajaj Capital offers 'full-service merchant banking' including structuring, management and marketing of Capital issues. Bajaj Capital reinvents 'Financial Planning' in its
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international sense and upgrades its entire team of Investment Experts into Financial Planners. 2002 The company focuses on creating investor awareness for Financial Planning and need-based investing. To achieve this goal, the company introduced the International College of Financial Planning. The graduates of this institute become Certified Financial Planners (CFPs), a coveted professional qualification.

2004 Bajaj Capital obtains the All India Insurance Broking Licence. Simultaneously, a series of wealth creation seminars are launched all over the country, making Bajaj Capital a household name.

2005 Bajaj Capital launches 360 Financial Planning, a software-based programme aimed at encouraging scientific and holistic investing.

2007 Bajaj Capital launches Stock Broking and Depository(Demat) Services.

2008 Bajaj Capital launches Just Trade, an online Platform for investing in Equities, Mutual Funds, IPO's

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BOARD MEMBERS
Mr. K.K. Bajaj Chairman

A visionary par excellence, a pioneer and a leader, Mr K.K. Bajaj has been instrumental in shaping Bajaj Capitals emergence as one of Indias largest Investment Advisory companies. He is a highly respected figure in the field of institutional and personal finance and Company FDs. His emphasis on honesty, ethics and values are the guiding principles of the organisation. Mr Bajaj is also a prolific writer and has written over 200 articles on diverse issues such as Personal Finance, Economic Affairs, and Health.

Mr. Rajiv Deep Bajaj - Vice Chairman & Managing Director Mr. Sanjiv Bajaj Mr. Anil Chopra Joint Managing Director
CEO & Director

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Vision & Mission

The focus of our organisation is to be the most useful, reliable and efficient provider of Financial Services. It is our continuous endeavour to be a trustworthy advisor to our clients, helping them achieve their financial goals. Our Aims To serve our clients with utmost dedication and integrity so that we exceed their expectations and build enduring relationships. To offer unparalleled quality of service through complete knowledge of products, constant innovation in services and use of the latest technology. To always give honest and unbiased financial advice and earn our cilents' everlasting trust. To serve the community by educating individuals on the merits of Financial Planning and in turn help shape a financially strong society.

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 To create value for all stake holders by ensuring profitable growth. To build an amicable environment that accords respect to every individual and permits their personal growth. To utilise the power of teamwork to function as a family and build a seamless organisation.

Why consult Bajaj Capital ?

We are truly independent and unbiased investment advisors, suggesting products and services that are best for you, not for us.

We search the market to find the best coverage for you.

We have a research team that helps us scan through hundreds of products from across the market place to pick only those that meet your requirements.

Most importantly, Bajaj Capital Insurance Broking Ltd. is an IRDA approved Direct Broker, bearing licence number DB 042/02.

ACHIEVEMENTS
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BAJAJ CAPITAL A SMART PLACE TO WORK

Bajaj capital won Smart Workplace Awards 2008 in the financial sevices vertical. The smart workplace Award was instituted by The Economic Times in association with IT majors Acer and Intel , to recognize smart offices .

Bajaj capital is a smart place to work because they are a complete technology driven firm with human touch and higher emotional bonding. Our operations are almost paper free and even when the employees are on the move , they are connected to the work place all the time wth the help of technology.

We also have modern blend of inhouse built and outsourced systems like: Just Trade a world class online trading and financial planning platform for our clients .

Contact Management System for ensuring that we stay in touch with our clients.

World class CRM system for ensuring that we stay in touch with our clients.
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 World class CRM systems for enhanced customer experience.

Wealth Maker a unique technology platform for minute to minute business tracking , client service , performance management.

Smart online HR systems including elearning portal , performance appraisal & Rewarding system.

Automated Alerts & Escalations for internal and external world through SMS and Emails.

Smart Telecommunication Systems and technology driven contact center.

Web and technology facility for everyone.

Every workstation is technology enabled

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PRODUCT LINE
SOLUTION FOR INDIVIDUALS
Bajaj Capital offers Solutions for Individuals, which includes a series of plans that will help one to make wise investments, protect family, secure childs future and even chalk out a plan for retirement. To provide solutions for various requirements Bajaj has various plans of different comapanies suiting all its customers, which are as described:

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PROTECTION PLAN
In todays uncertain world, there could be calamity at every step of the life. It is up to oneself to ensure that your family stays protected always. Bajaj Protection Plans helps one to do the same where one has a wide range of options to choose a plan. Right from limited period plans to lifetime protection plans, you can opt for the one that suits your lifestyle.

SAVING AND INVESTMENT PLAN

In life, you have always given your family whatever they have wanted. Yet, there are some promises you have to fulfill, such as taking your family for a vacation, or buying that dream house. Set aside some money to achieve these specific goals with the help of Savings & Investment Plans. The plan allows you to experience the joys of life and provide for your familys needs.

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Retirement plan
A Retirement Plan will help you save money for your retirement. It ensures that you continue to get some income after retirement thereby ensuring that you do not have to depend on any other person or make any compromises to maintain the same lifestyle.

Being a parent is one of the joys of life. Your child looks up to you and depends on you for love, protection and support. You want to provide your child with the best in life. The Child Plan helps you save systematically so that you can secure your childs future needs. Be it higher education, his or her first home or any other requirement, you will always be there for your child when he or she needs you.

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TRADE POLICIES

WHAT IS INSURANCE
MEANING

Meaning of Insurance is the most important aspect a novice to insurance market should be conversant with. Insurance is a hedging instrument used as a precautionary measure against future contingent losses. This instrument is used for managing the possible risks of the future.

Insurances are bought in order to hedge the possible risks of the future, which might not take place. This is a mode of financially insuring that if such an incident happens then the loss does not affect the present wellbeing of the person. Thus, through insurance, a person buys the future happiness and smooth living.

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EXAMPLE
A simple example will make meaning of insurance easy to understand. A biker is always subjected to the risk of head injury. However, it is not certain that the accident causing him the head injury would definitely occur. Still people riding bikes cover their heads with a helmet. This helmet in such cases act as insurance by protecting him/her from the contingent accident and the ultimate danger. Though loss of life or injuries cannot be measured in financial terms, still in this materialistic world it is quantifiable which tries to compensate the potential future loss financially. Meaning of Insurance can be defined as the process of reimbursing or protecting a person from contingent risk of losses through financial means. It may sound that the financial reimbursements by the insurance giving company come free of cost. But in real life, insurance is not a free commodity. The Insurance companies do charge a regular payment from the insurance customers (known as Insurance Premium) which are reimbursed, either in part or entirety, to the customers in cases of actual loss (for which the insurance has been bought).

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From medical to general insuranceA long journey

Meaning of Insurance can range from life to medical to general (residential, commercial property, natural incidents, burglary, etc).

LIFE It insures the life of the person buying the Life Insurance Certificate. Once a company sells a Life Insurance then the company remains legally entitled to make payment to the beneficiary after the death of the policyholder.

MEDICAL this is also known as med claim. Here, the policyholder is entitled to receive the amount spent for his health purposes from the insurance company.

GENERAL This insurance type involves insuring the risks associated with the general life such as automobiles, business related, natural incidents, commercial and residential properties, etc.

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Opening door policies adopted by all most all the countries of the world has expanded the insurance business over the Globe. The present materialistic tendency over the globe hankers after more towards being insured than the past leading to a flourishing insurance business

Pure economics dealing with the Risk theory explains Insurance, one type of risk management used in the risk of loss. Here the risk is transferred from one to another by exchanging a fee. Simply Insurance can be defined as promise to reimburse in the chance of losses. It is paid either to the people or to the companies due to the unforeseen conditions.

More over it is contracts, which guaranty both the property and persons against damage and loss. One party agrees to pay for another party's financial loss.

The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries.

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A brief history of the Insurance sector

The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

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1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public

1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 corer from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

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Insurance companies
IRDA has so far granted registration to 12 private life insurance companies and 9 general insurance companies. If the existing public sector insurance companies are included, there are currently 13 insurance companies in the life side and 13 companies operating in general insurance business. General Insurance Corporation has been approved as the "Indian reinsure" for underwriting only reinsurance business.

PRIVATE OR PUBLIC I AM THERE EVERYWHERE

Insurance in India has been divided into two sectors-:

PRIVATE PUBLIC

COMPANIES PROVIDING LIFE INSURANCE BENEFITS

PUBLIC
Life Insurance Corporation of India

PRIVATE
Allianz Bajaj Life Insurance Company Limited Birla Sun-Life Insurance Company Limited
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 HDFC Standard Life Insurance Co. Limited ICICI Prudential Life Insurance Co. Limited ING Vysya Life Insurance Company Limited Max New York Life Insurance Co. Limited MetLife Insurance Company Limited Om Kotak Mahindra Life Insurance Co. Ltd.

SBI Life Insurance Company Limited TATA AIG Life Insurance Company Limited AMP Sanmar Assurance Company Limited Dabur CGU Life Insurance Co. Pvt. Limited

GENERAL INSURERS Public Sector

National Insurance Company Limited New India Assurance Company Limited Oriental Insurance Company Limited
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 United India Insurance Company Limited

Private Sector
Bajaj Allianz General Insurance Co. Limited ICICI Lombard General Insurance Co. Ltd. IFFCO-Tokio General Insurance Co. Ltd. Reliance General Insurance Co. Limited Royal Sundaram Alliance Insurance Co. Ltd. TATA AIG General Insurance Co. Limited Cholamandalam General Insurance Co. Ltd. Export Credit Guarantee Corporation HDFC Chubb General Insurance Co. Ltd.

REINSURER

General Insurance Corporation of India

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Life insurance
Life Insurance is a kind of agreement made among the owner of the policy and the insurer, which says that the issuer would pay a sealed amount of money after the death of the policyholder. In return, the policy payer would have to pay a specified amount of money, known as premium regularly. The Life Insurance covers both natural death and accidental death.

There are many kinds of Life Insurance Policies in the Market. Some of them are:

Temporary Life Insurance: Temporary Life Insurance Policy

offers Life Insurance coverage for a limited period. Temporary Life Insurance premium buys protection for nothing else but death.

Permanent Life Insurance: Permanent Life Insurance is a

kind of insurance that stays valid until the policy gains maturity or the policy holder fails to pay the premium within due date. The permanent Life Insurance can be of three types: Whole Life, Universal Life and Endowment.

Accidental Death Life Insurance: Accidental Death Life

Insurance is a limited policy, which is decorated to cover the Life Insurance policyholder at the time of his death due to some
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accidents. This also offers protection to those who loose his or her body parts by an accident.

For todays fast paced life it is essential to have a Life Insurance Policy for everyone.

To know more about Life Insurance one should know the following topics:

Life Insurance Policies

Life Insurance Policies has an important role in ones life. These policies cover losses that arise from the loss of one's life. Find various life insurance policies.

Life Insurance Companies

Life Insurance Companies renders various life insurance products and ultimately protects from the risk associated to life.

Life Insurance Rates

Life Insurance Rates can be broadly categorized into Proffered Category, Preferred Plus Category and Standard Category. Get detailed on the life insurance categories.
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Insurance premium
Insurance Premium is the payment made by the policyholder to the insurance company on a regular time span. This payment has to be made by the insured person until the maturity of the insurance. Insurance Premium may vary from company to company along with the coverage limit. Thus, while selecting an insurance policy one should be very careful and should compare all the possible options through online website services. The customers are advised to compare the quotes offered by the different insurance companies and select from the wide variety of options available to them. Insurance brokers play an important role in finding the appropriate insurance for the customer by assessing and titrating the different insurances available in the market. The brokers or agents calculate the premiums on the basis of the requirement particulars of the customer. The lowest quote offered by the insurance company is considered to be the most suitable one for the customer. The above mentioned work of insurance premium calculation now-adays are also done by the specialized websites doing the searching, comparing and calculating the insurance premium on behalf of the customers. The insurance premium generally increases with the increase in the risk perception of the company about that person.

In case of medical insurance or med claim, the cost of premium is more for the smokers than the non-smokers because the insurance company considers that the smoker possesses a greater risk of health hazard than the non-smoker. Hence, the cost of premium is directly proportional to the risk associated.
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In case of the car insurance, the cost of premium is generally higher than an older one because the insurance company considers that the younger driver is more prone to accident than the latter.

In case of Life Insurance, the insurance company considers the aged person to be more prone to death. Hence, it charges a higher premium than from him. However, when it comes to a younger person seeking life insurance, then the premium charged from him is less. The reason behind it is that in normal conditions a younger person stands more chance in living a longer life span.

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PRODUCTS CAPITAL
1 - Life Insurance

OFFERED

BY

BAJAJ

2 - General Insurance

3 - Mutual Fund

LIFE INSURANCE is a contract between a person and a life insurance company ,

which provides with a pre determined amount case of the person death during the contract term .Buying insurance is extremely useful if the person is only the principal earning member in the family . In case of his unfortuanate premature demise , his family can remain financially secure because of the life insurance policy that he have purchased . The primary purpose of life insurance is therefore protection of the family in the event of death . Today , insurance is also seen as a tool to plan effectively for your future years , your retirement , and for your childrens future needs . Today , the market offers insurance plans that not just cover your life and but at the same time grow your wealth too .

General Insurance Health Motor Home

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 Travel Personal Accident

Health Insurance offers protection from unexpected medical emergencies providing a financial support . Health Insurance therefore , can be a source of support as it takes care of financial burden of the persons family which they may have to go through . It will help them to tackle such situation with ease by providing them with timely and adequate medical care. This policy covers individual & ones family from medical expenses during : Sudden illness , surgeries (acquired in respect of any disease , which has arisen during the policy period ). Accidents including room chanrges, doctors fees, medicines , tests etc. that may arise in future . Motor Insurance is a wide comprehensive cover designed to provide protection to you & your car . Protection from loss of car or damage to the car giving a secured driving . It covers : own damage , legal liability of insured towards third personal injury and property damage arising out of an accident involving the insured vehicle , Passengers , Hired driver . Home Insurance Policy provides a cover to the structure and contents of you home from all unforeseen natural & man made catastrophes . It provides protection for property and interests of the insured and his family members . Wealth over the long term . In fact , mutual funds represent the hands-off approach to entering the equity market . There are a wide variety of mutual funds that are viable investment avenues to meet a wide variety of financial goals. This section explains the various aspects of Mutual Funds. A Mutual Fund is a trust that pools together the savings of a number of investors who shares a common financial goal . The fund manager invests this pool of money in securities ranging from shares and debentures to money market instruments or in a mixture of equity and debt , depending upon the objectives of the scheme .

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LIFE INSURANCE PRODUCTS

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HIERARCHY IN BAJAJ CAPITAL

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Head office

Regional office

Branch Office

HIERARCHY OF BAJAJ CAPITAL BASED ON DESIGNATION

Managing Director
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Joint Managing Director Chief Executive Director Vice President Regional Manager Venue Manager Area Manager Branch Manager Team Mentor Executive

COMPETITORS OF BAJAJ CAPITAL

Karvy Insurance Broking Limited Religare Insurance Broking Limited RNR
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KARVY
The Karvy group was formed in 1983 at Hyderabad, India. Karvy ranks among the top player in almost all the fields it operates. Karvy Computershare Limited is Indias largest Registrar and Transfer Agent with a client base of nearly 500 blue chip corporates, managing over 2 crore accounts. Karvy Stock Brokers Limited, member of National Stock Exchange of India and the Bombay Stock Exchange, ranks among the top 5 stock brokers in India. With over 6,00,000 active accounts, it ranks among the top 5 Depositary Participant in India, registered with NSDL and CDSL. Karvy Comtrade, Member of NCDEX and MCX ranks among the top 3 commodity brokers in the country. Karvy Insurance Brokers is registered as a Broker with IRDA and ranks among the top 5 insurance agent in the country.

RELIGARE INSURANCE BROKING LIMITED

Religare Enterprises Limited (REL) is a global financial services group with a presence across Asia, Africa, Middle East, Europe and the Americas. In India, RELs largest market, the group offers a wide array
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of products and services ranging from insurance, asset management, broking and lending solutions to investment banking and wealth management. The group has also pioneered the concept of investments in alternative asset classes such as arts and films .With 10,000 plus employees across multiple geographies, REL serves over a million clients, including corporates and institutions, high net worth families and individuals, and retail investors. Products of RIBL Life Insurance General Insurance Reinsurance

RENAISSANCE REINSURANCE LTD.

Provides property catastrophe and specialty reinsurance coverages for insurers and reinsurers worldwide. The company is based in Hamilton , Bermuda . Renaissance Reinsurance , Ltd. Operates as a subsidiary of Renaissance holdings , Ltd .

HR POLICIES OF THE COMPANY

Human resource department is the main soul of any company. In todays era as we all are well aware that for any company work force of the company is the main asset of the company .if the
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companys workforce is satisfied then obviously, the company will hold the hands of success. However, this all depends on whether the company is having good HR department or not. In addition, one can easily evaluate it with the help of the policies that the department adopts for their employees. A policy is a predetermined decision to serve as a\ guide towards certain accepted objectives. In broad terms, policies are statements of overall organizations purpose and it is objectives in the various areas with which its operation are concerned. Personnel policies lay down the decision-making criteria in line with the overall purpose of the organization in the area of work force management. Personal policies are developed by the top management to assist the managers with at various levels to deal with the people at work. Thus, personnel policies can be interpreted as the recognized intentions of the top management with respect to workforce. They lay down the criteria for taking various personnel decisions such as transfer, formantion, training, advance increment etc.

Policies adopted by the HR department

1) RECRUITMENT AND SELECTION POLICY
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This policy is made to have best recruitment and selection of personals in the company. This policy includes three sub policies Minimum qualification required in prospective employees o There is a minimum qualification required for each post. This has been the main feature of the selection and recruitment policy. o The sources from where lab our supply can be tapped. o This means that from where the target lab our for the company can be found who are having necessary skills and talent that is must for the company. o Selection test. o This is very important to check that whether the selected candidate is up to the mark or not. This can be checked by the help of various selection tests such as -: o Personality tests o Intelligence tests o Aptitude test o Achievement tests o Interest tests

2) PROMOTION AND TRANSFER POLICY

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The policy covers different plans for promotion and transfer of the employees. Their are different categories according to which an employee is transfer or is promoted. These all things are mentioned in this policy. An employee is promoted or transferred based on three categories-:

a) Relevance of seniority
An employee is promoted or transferred first of all on the basis of his seniority. An employee who is more senior will be preferred more under this.

b) Relevance of merit
An employee who has scored high when his performance has been evaluated will be given priority than others and this totally depends on his work, skills, and talent, which he shows in achieving his goal.

c) Bases of transfer
Some times employee is promoted based on transfer. An employee gets promotion only if he is ready to take the charge of a new location.

3) Training policy
Whenever an employee enters in the company he needs to be mentored and trained, both at personnel and professional level .so
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how an employee will be trained and mentored these all are covered under training policy. The programs, which are there in this policy, are

a) Induction training
First feature of this policy is induction training.

b) Type of training
This covers, which training should be given to which employee. This also covers on the job and of the job training of the employees. In this, there is a fixed period for which the employee will be trained and in this period, he will be taught both practical and theoretical work.

C) Training of executive and operative employee

As discussed earlier there are different training program for different categories of employees. The executives are not trained in the same way as operative employee. Each employee is first categorized based on his or her work and then according to that they are trained.

4) Compensation policy
a) Minimum wages

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As some workers of the company are not permanent employees. They work on daily wages. So its the duty of hr department to fix their minimum daily wages, which they get according to their work. This is some times based on hourly bases or shift bases.

b) Non financial incentives

These are incentives or perks given to the employees which are non monetary .like here in the company the employees get free passes for movies as well as discounts in some branded showrooms

c) Incentive plans
The employees are given incentives and perks which are monetary to motivate them .they are given to them on monthly basis. The incentives depends upon the an employee sincerity towards his work.

D) Bonus
Employees are subjected to get bonus annually or six monthly. However, that depends on the grade, which they get while working from their superiors .seniority and experience is also counted in giving bonus to the employees.

5) Welfare and safety policy

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These policies include the safety measures and the welfare measures, which are to be taken for the welfare and d the safety of the employees. I the company there is a welfare club for each department and the employees use to contribute some money in that monthly which will be further use for welfare purposes.

6) Human relations policy

In any organization, it is must to maintain a coordinal and healthy relation between the employees of the organization. So the organization decides certain norms according to which the human relations are built and are maintain in the company. This includes

a) handling of grievances
Handling the grievances of the employees is must for any company because if the employees of the company are not satisfied then how can a company even think of bringing success to the business. Therefore, the problems of the employees should be listened and then should be properly handled so that they can work in the company with full satisfaction.

b) Participative management
The best policy that the company is having is participative management approach in which every body is having the right to participate up to a certain level in any managements decision.

MAIN FUNCTIONS OF HR IN BAJAJ CAPITAL

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Main functions of HR manager in Bajaj Capital are :

Recruitment and Selection :

It is a process of finding and attracting capable applicants for employment. The process begins when new recruits are sought and ends when their applicants are submitted. The result is a pool of applicants from which new employees are selected. Recruitment and selection are department head and also HR of Regional Office in Bajaj Capital.

Training and Development :

It is any attempt to improve current or future employee performance by increasing his or her skills and knowledge. Bajaj Capital gives its employees regular training and development opportunities .

Performance Appraisal :
It may be understood as the assessment of an individuals performance in a systematic way , the performance being measured against such factors as job knowledge , quality and quantity of output , imitative, leadership abilities, supervision , co-operation , judgement ,etc . Bajaj capital too conduct this performance appraisal from time to time .

Employess Remuneration:
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Remuneration is the compensation an employee receives in return for his or her contribution to the organization , his or her standard of living , status in the society , motivation , loyality and productivity depends upon the remuneration he or she receives.

Components of remuneration : Wages and Salary:

Wages represent hourly rates of pay and salary refers to the monthly rate of pay, irrespective of the no. of hours put in by an employee . In Bajaj capital wages and salaries are subjected to annual increments.

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Recruitment

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An Overview
Recruiting the wrong kind of people can become a serious issue for any company. A defined recruitment process needs to be followed to ensure that the right person reaches the right place. A general recruitment process involves Identifying vacancies, prepare job description and person specification, advertising, managing the response, short-listing, arranging interviews, conducting interviews, decision making, convey the decision and appointment action. This means that a lot of time and resources have to be invested. Interviews are an important and a crucial part of recruitment process. The person taking the interview of the candidate has to be well prepared in advance. Concerns like the location of the interview, the timetable, the structure of the question strategy, style of taking the interview needs to be decided beforehand so that nothing is left ambiguous in. A general recruitment process may include a written test to judge particular skills of a candidate. In this case, the test should be prepared carefully, not deviating from the subject. A lot can be judged about the candidate from his CV. A proper presentation of his CV in an organized and refined manner speaks a lot about the individual. His mindset and attitude can be judged according to his CV.
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There are a few things that need to be kept in mind during the recruitment process. Until the final decision about a certain candidate is taken, it is important to keep in regular touch with the candidate. The decision making process should not take

Very long to avoid the candidate from taking up some other opportunity. A candidate should be duly informed once the decision is taken. He should be told the complete process of his appointment clearly with details of all the documents that he needs to submit. A record file should be maintained of the candidate for any future reference. The recruitment process must be robust and justifiable and should stand up to external scrutiny. Only a good recruitment agency with good understanding can perform the same with a good understanding. Qpluslearning understands the needs of the clients and of the candidates. The team works accordingly to recruit people.

DEFINITION
According to Edwin B. Flippo, Recruitment is the process of searching the candidates for employment and stimulating them to apply for jobs in the organization. Recruitment is the activity that links the employers and the job seekers.

A few definitions of recruitment are:

A process of finding and attracting capable applicants for employment. The process begins when new recruits are sought and
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ends when their applications are submitted. The result is a pool of applications from which new employees are selected. Recruitment is a continuous process whereby the firm attempts to develop a pool of qualified applicants for the future human resources needs even though specific vacancies do not exist. Usually, the recruitment process starts when a manger initiates an employee requisition for a specific vacancy or an anticipated vacancy.

RECRUITMENT NEEDS ARE OF THREE TYPES

1. PLANNED: The needs arising from changes in organization and retirement policy. 2. ANTICIPATED: Anticipated needs are those movements in personnel, which an organization can predict by studying trends in internal and external environment. 3. UNEXPECTED: Resignation, deaths, accidents, illness give rise to unexpected needs.

Purpose & Importance Of Recruitment

Attract and encourage more and more candidates to apply in the organisation. Create a talent pool of candidates to enable the selection of best candidates for the organisation.
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 Determine present and future requirements of the organization in conjunction with its personnel planning and job analysis activities. Recruitment is the process, which links the employers with the employees. Increase the pool of job candidates at minimum cost. Help increase the success rate of selection process by decreasing number of visibly under qualified or overqualified job applicants. Help reduce the probability that job applicants once recruited and selected will leave the organization only after a short period of time. Meet the organizations legal and social obligations regarding the composition of its workforce.

Recruitment Process
The recruitment and selection is the major function of the human resource department and recruitment process is the first step towards creating the competitive strength and the strategic advantage for the organizations. Recruitment process involves a systematic procedure from sourcing the candidates to arranging and conducting the interviews and requires many resources and time. A general recruitment process is as follows:
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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

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The recruitment process is immediately followed by the selection process i.e. the final interviews and the decision-making, conveying the decision and the appointment formalities.

Sources Of Recruitment
Every organization has the option of choosing the candidates for its recruitment processes from two kinds of sources: internal and external sources. The sources within the organisation itself (like transfer of employees from one department to other, promotions) to fill a position are known as the internal sources of recruitment. Recruitment candidates from all the other sources (like outsourcing agencies etc.) are known as the external sources of recruitment.

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SOURCES OF RECRUITMENT

Internal Sources Of Recruitment

1. TRANSFERS The employees are transferred from one department to another according to their efficiency and experience.

2. PROMOTIONS The employees are promoted from one department to another with more benefits and greater responsibility based on efficiency and experience.

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3. UPGRADING
Upgrading and Demotion of present employees according to their performance.

4. RETIRED EMPLOYEES Retired and Retrenched employees may also be recruited once again in case of shortage of qualified personnel or increase in load of work. Recruitment such people save time and costs of the organisations as the people are already aware of the organizational culture and the policies andprocedures. 5. DEPENDENTS & RELATIVES OF DECEASED EMPLOYEES The dependents and relatives of Deceased employees and Disabled employees are also done by many companies so that the members of the family do not become dependent on the mercy of others.

External Sources Of Recruitment

1. PRESS ADVERTISEMENTS Advertisements of the vacancy in newspapers and journals are a widely used source of recruitment. The main advantage of this method is that it has a wide reach. 2. EDUCATIONAL INSTITUTES Various management institutes, engineering colleges, medical Colleges etc. are a good source of recruiting well-qualified executives, engineers, medical staff etc. They provide facilities for campus interviews and placements. This source is known as Campus Recruitment. 3. PLACEMENT AGENCIES
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Several private consultancy firms perform recruitment functions on behalf of client companies by charging a fee. These agencies are particularly suitable for recruitment of executives and specialists. It is also known as RPO (Recruitment Process Outsourcing) 4. EMPLOYMENT EXCHANGES

Government establishes public employment exchanges throughout the country. These exchanges provide job information to job seekers and help employers in identifying suitable candidates.

5. LABOUR CONTRACTORS Manual workers can be recruited through contractors who maintain close contacts with the sources of such workers. This source is used to recruit labour for construction jobs. 6. UNSOLICITED APPLICANTS Many job seekers visit the office of well-known companies on their own. Such callers are considered nuisance to the daily work routine of the enterprise. But can help in creating the talent pool or the database of the probable candidates for the organisation. 7. EMPLOYEE REFERRALS / RECOMMENDATIONS Many organisations have structured system where the current employees of the organisation can refer their friends and relatives for some position in their organisation. Also, the office bearers of trade unions are often aware of the suitability of candidates. Management can inquire these leaders for suitable jobs. In some organizations these are formal agreements to give priority in recruitment to the candidates recommended by the trade union.
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8. RECRUITMENT AT FACTORY GATE Unskilled workers may be recruited at the factory gate these may be employed whenever a permanent worker is absent. More efficient among these may be recruited to fill permanent vacancies.

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Factors Affecting Recruitment

The recruitment function of the organisations is affected and governed by a mix of various internal and external forces. The internal forces or factors are the factors that can be controlled by the organisation. And the external factors are those factors which cannot be controlled by the organisation. The internal and external forces affecting recruitment function of an organisation are:

FACTORS AFFECTING RECRUITMENT

INTERNAL FACTORS
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The internal forces i.e. the factors which can be controlled by the organization are: 1. RECRUITMENT POLICY The recruitment policy of an organization specifies the objectives of recruitment and provides a framework for implementation of recruitment programme. It may involve organizational system to be developed for implementing recruitment programmes and procedures by filling up vacancies with best qualified people. FACTORS AFFECTING RECRUITMENT POLICY Organizational objectives Personnel policies of the organization and its competitors. Government policies on reservations. Preferred sources of recruitment. Need of the organization. Recruitment costs and financial implications.
2. HUMAN RESOURCE PLANNING

Effective human resource planning helps in determining the gaps present in the existing manpower of the organization. It also helps in determining the number of employees to be recruited and what qualification they must possess.
3. SIZE OF THE FIRM

The size of the firm is an important factor in recruitment process. If the organization is planning to increase its operations and expand its business, it will think of hiring more personnel, which will handle its operations.

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4. COST

Recruitment incur cost to the employer, therefore, organizations try to employ that source of recruitment, which will bear a lower cost of recruitment to the organization for each candidate.

5. GROWTH AND EXPANSION

Organization will employ or think of employing more personnel if it is expanding its operations.

EXTERNAL FACTORS
The external forces are the forces, which cannot be controlled by the organization. The major external forces are:
1. SUPPLY AND DEMAND

The availability of manpower both within and outside the organization is an important determinant in the recruitment process. If the company has a demand for more professionals and there is limited supply in the market for the professionals demanded by the company, then the company will have to depend upon internal sources by providing them special training and development programs. 2. LABOUR MARKET Employment conditions in the community where the organization is located will influence the recruiting efforts of the organization. If there is surplus of manpower at the time of recruitment, even informal attempts at the time of recruiting like notice boards display of the

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requisition or announcement in the meeting etc will attract more than enough applicants.
3. IMAGE / GOODWILL

Image of the employer can work as a potential constraint for recruitment. An organization with positive image and goodwill as an employer finds it easier to attract and retain employees than an organization with negative image. Image of a company is based on what organization does and affected by industry. For example, finance was taken up by fresher MBAs when many finance companies were coming up. 4. POLITICAL-SOCIAL- LEGAL ENVIRONMENT Various government regulations prohibiting discrimination in hiring and employment have direct impact on recruitment practices. For example, Government of India has introduced legislation for reservation in employment for scheduled castes, scheduled tribes, physically handicapped etc. Also, trade unions play important role in recruitment. This restricts management freedom to select those individuals who it believes would be the best performers. If the candidate cannot meet criteria stipulated by the union but union regulations can restrict recruitment sources.
5. UNEMPLOYMENT RATE

One of the factors that influence the availability of applicants is the growth of the economy (whether economy is growing or not and its rate). When the company is not creating new jobs, there is often oversupply of qualified labour, which in turn leads to unemployment.

6. COMPETITORS
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The recruitment policies of the competitors also affect the recruitment function of the organisations. To face the competition, many a times the organisations have to change their recruitment policies according to the policies being followed by the competitor

Recruitment Policy Of a Company

In todays rapidly changing business environment, a well-defined recruitment policy is necessary for organizations to respond to its human resource requirements in time. Therefore, it is important to have a clear and concise recruitment policy in place, which can be executed effectively to recruit the best talent pool for the selection of the right candidate at the right place quickly. Creating a suitable recruitment policy is the first step in the efficient hiring process. A clear and concise recruitment policy helps ensure a sound recruitment process. It specifies the objectives of recruitment and provides a framework for implementation of recruitment programme. It may involve organizational system to be developed for implementing recruitment programmes and procedures by filling up vacancies with best-qualified people.

COMPONENTS OF THE RECRUITMENT POLICY

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 The general recruitment policies and terms of the organization Recruitment services of consultants Recruitment of temporary employees Unique recruitment situations The selection process

The job descriptions The terms and conditions of the employment

A recruitment policy of an organisation 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. Unbiased policy. To aid and encourage employees in realizing their full potential. Transparent, task oriented and merit based selection. Weight age during selection given to factors that suit organization needs. Optimization of manpower at the time of selection process.
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 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 organizational needs.

RECRUITMENT PROCESS AT BAJAJ CAPITAL

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FORMALITIES AFTER THE JOINING BY THE HR

Reference Check
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Validation Entry in the Joining Kit Tracker Preparing the Partial Kit Getting the kit signed Dispatching the kit to the corporate office

STEP BY STEP RECRUITMENT PROCESS AT BAJAJ CAPITAL

Short listing of the candidate by the TM. In case of internal recruitment then they should assure that they have fulfilled the
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criteria. And in case of external recruitment they should follow the process note forwarded to them by the HR Department. The interview needs to be conducted very properly; selection of the candidate should be done only he satisfies the criteria for that post. Proper care should be taken while selecting a candidate. After the interview is conducted and reference check of the candidate is done, the papers need to be processed to the HR Department. When processing the papers the TM should ensure that the following documents are there:- Interview Assessment Sheet - CV - Appointment letter of the previous company - Salary slip of last two months - Reference Check form On receiving the papers at HR, entry needs to be made in the documents received tracker. If all the documents are complete then the IP Code, (CV Code) needs to be allotted to it and then the papers should be forwarded to the respective HR Cluster Heads. In case any documents are pending then the candidate needs to be called for the papers. On receiving the complete documents, the HR needs to negotiate the salary with the candidate and close the offer. On closing the offer the an offer mail is to be sent to the candidate stating his post, salary, date of joining and as to what documents they are to bring along with them. On the day of joining, the candidate needs to fill the joining kit and the online PDF Form. The kit contains information about the

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candidate i.e. their personal details, education qualification, work experience, and other information that are required by the firm. The online PDF Form contains general details such as name, address, identification mark, place of posting, etc. Once through with the kit, the documents are to be collected and should see that the kit is properly filled i.e. the date of joining, place of posting, and that they have signed where required. On receiving the complete kit, the joining kit tracker needs to be updated. The tracker contains information such as the BDF No, name, address, contact details, position & location of the candidate, his previous work experience, his account No, & PAN No., the date of joining and the date of dispatching the kit to the corporate office Once the tracker is updated, the kit needs to be validated. It is done in order to generate the SAP Code of the employee. During validation information such as the post & the location of the employee, SAP Code of their reporting authority and their CTC is required. After all these formalities, the partial kit is to be prepared and the kit needs to be signed by the HRM, then the kit is to be dispatched to the corporate office .

CONCLUSION
In order to expand the talent pool of organizations the number and kind of people available for employment organizations must focus on multiple approaches to recruitment and career management.
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Job opportunities may be identified by studying jobs and determining the knowledge and skills each one requires. Once career paths are developed and employees are identified on the career ladder, it is possible to inventory the jobs and determine where individuals with the required skills and knowledge are needed or will be needed. Beyond recruitment, organization also needs to consider the progression of employees through a series of jobs. In this way they can manage not only the immediate contribution of individuals to the organization, but the long term contribution throughout their career. In order to be successful, a career management program must receive the support of top management. The program should reflect the goals and the culture of the organization, and managerial personnel at all levels must be trained in the fundamentals of job design, performance appraisal, career planning and counseling. The objectives and opportunities of the career development program should be announced widely throughout the organization. We often think that successful people plan their careers out and then work toward their goals in a very logical, sequential manner. Although some successes are designed and implemented this way, others are created through insight, preparedness, and taking advantages of opportunities as they rise.

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