SUMMER TRAINING PROJECT REPORT

ON
“Recruitment and selection of employees in BAJAJ CAPITAL”

Dehradun, Uttarakhand

a report submitted towards the partial fulfilment of the requirement for the degree

BACHELORS OF BUISNESS ADMINSTRATION

By
FIZA SHAN
Enrollment no. ODL/19/403/10520
Batch: 2019-22

SUBMITTED TO: Mr. Mohammad Jamshed

Under the Supervision of

Mrs. Aanchal Chand

(manager, BAJAJ CAPITAL)

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 ACKNOWLEDGEMENT

I am thankful to my supervisor of Dr. Mohammad Jamshed whose encouragement,

guidance and support from the initial to final level enabled me to develop an
understanding of the project.

It is him and guidance due to which I remain able to come out with this project.

All I want to thank almighty as without his will nothing is possible. Last but not the
least I wish to express a sense of gratitude to my professor, love to my family and
friends for their immense support, strength, their faith in me and for everything.

FIZA SHAN
BBA, Jamia Hamdard

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INTERNSHIP CERTIFICATE

3
 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 Technology sector , Finance sector , Communication sector , Health sector
,Engineering sector , & Human resources 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 corrections are invited from the
readers . My sincere thanks are due to all those people who have helped me in
making this project a success .

FIZA SHAN
BBA, Jamia Hamdard

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 DECLARATION

I FIZA SHAN, student of BBA 3rd year JAMIA HAMDARD, Delhi, 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 Dehradun. This project is my original
work and it has not been presented in this manner , the information presented is
purely of academic interest.

FIZA SHAN
BBA, Jamia Hamdard

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 EXECUTIVE SUMMARY

This research report has been prepared for the partial fulfillment of
Bachelors of business administration 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 them
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 .

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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

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 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

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16 GENERAL RECRUITMENT PROCESS

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

INTRODUCTION

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”.

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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 world’s most famous
insurance providers. Lloyd’s 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 Lloyd’s 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.

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

10
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

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, Ballupur Chowk, Dehradun

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 THE BACKGROUND

The Bajaj Capital Group is one of India’s 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 India’s 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 Centreâ„¢ 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.

1965
Bajaj Capital is incorporated as a Company. In the same year, the company
introduces an innovative financial instrument – the Company Fixed Deposit. EIL

13
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
resource mobilisers.

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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
international sense and upgrades its entire team of Investment Experts into
Financial Planners.

15
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 Capital’s emergence as one of India’s
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 - Joint Managing Director

Mr. Anil Chopra - CEO & Director

Vision & Mission

17
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.
• 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 ?

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 • 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

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

19
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

22

22
 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 child’s 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:

PROTECTION PLAN

In today’s 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.

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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 family’s needs.

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.

24
The Child Plan helps you save systematically so that you can secure your
child’s 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.

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.

25
 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).

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

26
 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.
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.

27
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.

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.

28
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.
• 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.

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
29
 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
• 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.
30
 • 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
• 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.
31
REINSURER

• General Insurance Corporation of India

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
32
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
accidents. This also offers protection to those who loose his or her
body parts by an accident.

For today’s 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.

33
 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.
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

34
health hazard than the non-smoker. Hence, the cost of premium is
directly proportional to the risk associated.

35
 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.

39

37
PRODUCTS OFFERED BY BAJAJ
CAPITAL

1 - Life Insurance

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
children’s 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
• Travel
• Personal Accident

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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 person’s 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, doctor’s 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 .

39
LIFE INSURANCE PRODUCTS

40
 HIERARCHY IN BAJAJ CAPITAL
Head
office

Regional office

Branch Office

HIERARCHY OF BAJAJ CAPITAL BASED ON

DESIGNATION

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

41
 Team Mentor Executive

COMPETITORS OF BAJAJ CAPITAL

• Karvy Insurance Broking Limited

• Religare Insurance Broking Limited
• RNR
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 India’s 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.

42
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, REL’s largest market, the group offers a wide array
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 .

43
 HR POLICIES OF THE COMPANY

Human resource department is the main soul of any company. In

today’s 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 company’s
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 organization’s 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.

44
 Policies adopted by the HR department

1) RECRUITMENT AND SELECTION POLICY

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

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.
45
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
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

46
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
As some workers of the company are not permanent employees.
They work on daily wages. So it’s 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

47
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

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.
48
 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 management’s decision.

MAIN FUNCTIONS OF HR IN BAJAJ CAPITAL

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 :

49
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 individual’s 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:

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.

50
 Recruitment
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.
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

51
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 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.
52
 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.
• 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.

53
 • 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:

54
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

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.

55
 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.
3. UPGRADING
Upgrading and Demotion of present employees according to their performance.

56
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

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)
57
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.
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.

58
59
60
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
The internal forces i.e. the factors which can be controlled by the
organization are:
61
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.
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.
62
5. GROWTH AND EXPANSION

Organization will employ or think of employing more personnel if it is

expanding it’s 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 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 MBA’s
when many finance companies were coming up.

63
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

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 today’s 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
64
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

• 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

65
• 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.

• 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.

66
RECRUITMENT PROCESS AT BAJAJ
CAPITAL
FORMALITIES AFTER THE JOINING BY
THE HR
Reference Check
↓
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

67
 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.

68
 •
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

77

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.

70
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.

72