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Summer Training Report on recruitment channels evaluation

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This is a report which is based on live training at Reliance Securities.

This provide you detail knowledge how company is using different channels for recruitment and their effectiveness.
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  • 1. REPORT ON SUMMER TRAINING EVALUATION OF EFEECTIVENESS OF RECRUITMENT CHANNELS Submitted to Ewing Christen Institute of Management & Technology In partial fulfillment of the Requirements for the awards of Degree of Master of Business Administration Submitted by: Hera Anwar ROLL NO. 131570006 DEPARTMENT OF MANAGEMENT EWING CHIRSTEN INSTITUTE OF MANAGEMENT & TECHNOLOGY ALLAHABAD UTTARPRADESH (2014)
  • 2. DECLARATION I declare the following: That the material contained in this project report is the end result of my own work and that due acknowledgement has been given in the bibliography and references to all sources be they printed, electronic or personal. The word of this term paper is around ----------- words. In the event that there is a high degree of similarity in content detected, further investigations may lead to disciplinary actions including the cancellation of my degree according to Uttar Pradesh Technical University rules and regulations. Unless this dissertation has been confirmed as confidential, I agree to an electronic copy or sections of the project report to be placed on the e-learning portal, if deemed appropriate, to allow future students the opportunity to see examples of past dissertations. I understand that if displayed on the e-learning portal it would be able to print off copies or download. The authorship would remain anonymous. I declare that ethical issues have been considered, evaluated and appropriately addressed in this research.
  • 3. ACKNOWLEDGEMENT Conducting my summer training project has been one of the most enlightening and interesting episode in two years of my studies in Ewing Christen Institute of Management & Technology. It has served as a wonderful experience in my life. I am thankful to Mr.Faruqe Nadeem manager of Reliance Securities for his continuous support. I very thankful to my industry project mentor Mr.-----------------, for being so corporative and supportive to me. He has given me all the relevant information related to my project about the company. I would also like to thanks Mr.--------------- for guiding me to evaluate the effectiveness of the recruitment channels of the company. Last but not the least I would thanks to all the employees of Reliance Capital for being so cooperative with me. Hera Anwar
  • 4. CONTANTS
  • 5. Chapter 1: “Introduction” The Human Resources are the most important assets of an organization. The success or failure of an organization is largely dependent on the caliber of the people working therein. Without positive and creative contributions from people, organizations cannot progress and prosper. In order to achieve the goals or the activities of an organization, therefore, they need to recruit people with requisite skills, qualifications and experience. While doing so, they have to keep the present as well as the future requirements of the organization in mind. Recruitment is defined as, “a process to discover the sources of manpower to meet the requirements of the staffing schedule and to employ effective measures for attracting that manpower in adequate numbers to facilitate effective selection of an efficient workforce.” In order to attract people for the jobs, the organization must communicate the position in such a way that job seekers respond. To be cost effective, the recruitment process should attract qualified appli cants and provide enough information for unqualified persons to self-select themselves out. The term “HR recruiter” may sound redundant, as both human resources managers and recruiters both find job candidates and get them hired, this job is very specific. Recruiters will work from resumes or by actively soliciting individuals qualified for positions. A recruiter’s job includes reviewing candidate’s job experiences, negotiating salaries, and placing candidates in agreeable employment positions. Recruiters typically receive a fee from the hiring employers.
  • 6. “Chapter 2: Literature Review” ------------------------------------------------------ 2.1 “What is Recruitment?” • According to Yoder “ Recruitment is a process to discover the sources of manpower to meet the requirements of the staffing schedule and to employ effective measures for attracting that manpower in adequate numbers to facilitate effective selection of an efficient working force.” • According to Edwin Flippo, “Recruitment is the process of searching for prospective employees and stimulating them to apply for jobs in the organization. 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 organization 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.
  • 7. “Need for Recruitment” The need for recruitment may be due to the following reasons / situations:  Vacancies: due to promotions, transfers, retirement, termination, permanent disability, death and labor turnover.  Creation of new vacancies: due to growth, expansion and diversification of business activities of an enterprise.  In addition, new vacancies are possible due to job specification. 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:  Identifying the vacancy:  The recruitment process begins with the human resource department receiving requisitions for recruitment from any department of the company. These contain: • Posts to be filled • Number of persons • Duties to be performed • Qualifications required
  • 8.  Preparing the job description and person specification.  Locating and developing the sources of required number and type of employees (Advertising etc.)  Short-listing and identifying the prospective employee with required characteristics.  Arranging the interviews with the selected candidates.  Conducting the interview and decision making. “Changing role of HR in recruitment” • Decides about the design of the recruitment processes and to decide about the split of roles and responsibilities between Human Resources and Hiring Manager • Decides about the right profile of the candidate • Decides about the sources of candidates • Decides about the measures to be monitored to measure the success of the process A traditional role of HR in Recruitment was an administrative part of the whole process. The HRM was responsible for maintaining the vacancies advertised and monitored, but the real impact of HRM to the performance of the whole recruitment process was minimal. But as the role of Human Resources in the business was increasing, the HR Strategy was changed. From making the process working to the real management of HR Processes and the Recruitment Process was the first to manage. The role of HR in Recruitment is very important as HRM is the function to work on the development of the recruitment process and to make the process very competitive on the market. As the job market gets more and more competitive, the clearly defined HR Role in Recruitment will be growing quickly. HRM is not a function to conduct all the interviews today, the main role of Human Resources is to make the recruitment process more attractive and competitive on the job market.
  • 9. “Objective of HR”  To obtain the number and quality of employees that can be selected in order to help the organization to achieve its goals and objectives.  Recruitment helps to create a pool of prospective employees for the organization so that the management can select the right candidate for the right job from this pool.  Recruitment acts as a link between the employers and the job seekers and ensures the placement of right candidate at the right place at the right time.  Recruitment serves as the first step in fulfilling the needs of organizations for a competitive, motivated and flexible human resource that can help achieve its objectives.  The recruitment process exists as the organization hire new people, who are aligned with the expectations and they can fit into the organization quickly.
  • 10. “Advantage of Outsourcing Recruitment/Hiring of Consultancy” • Traditionally, recruitment is seen as the cost incurring process in an organization. HR outsourcing helps the HR professionals of the organizations to concentrate on the strategic functions and processes of human resource management rather than wasting their efforts, time and money on the routine work. • Outsourcing the recruitment process helps to cut the recruitment costs to 20 % and also provide economies of scale to the large sized organizations. The major advantages of outsourcing performance management are:
  • 11. “Recruitment Process” “Recruitment Process in Depth” • 1. Client need assessment  Define objectives and specifications  Understand clients business and culture  Understand the job/position specifications  Understand roles and responsibilities of the prospective candidate  Develop a search plan and review with the client • 2. Candidate Identification  Identify target sources  Extensive organization mapping, research & database search of the profile  Provide status report to client about the available talent pool
  • 12. • 3. Candidate assessment and Presentation  Screen and evaluate candidates  Personal Interviews with Candidates wherever possible - assess skills, interest level and cultural fit  Discuss the shortlist with the client and send resumes • 4. Candidate interview, selection & Presentation of Offer  Facilitate interviews with the client  Obtain feedback  Participate in decision making process  Provide inputs on candidates desired compensation • 5. Closure & Follow up  Negotiate offer acceptance  Execute Reference check, Compensation & Job Level Discussions  Coordinate Joining Formalities and on boarding as per predefined date “HR Telephonic Interview Questions” • Tell me about yourself? • Tell me about your job profile? • Reason for change? • How much current CTC, you’re getting in current organization? • How much you’re expecting form new organization? • How the notice period you required if you are selected? • Why did you want to resign from your previous job?
  • 13. Profile of the Organization Reliance Money is promoted by Reliance Capital; one of India's leading and fastest growing private sector financial services companies, ranking among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Money is a part of the Reliance Anil Dhiru bhai Ambani Group. It is a one-stop-shop, providing end-to-end financial solutions (including mobile and web-based services). It has the largest non-banking distribution channel with over 10,000 outlets and 20,000 touch points spread across 5,165 cities/towns; catering to the diverse needs of over 3 million existing customers. Reliance Money is a comprehensive electronic transaction platform offering a wide range of asset classes. Reliance Money endeavors to change the way investors transact in financial markets and avails financial services. It provides customers with access to Equity, Equity and Commodity Derivatives, Off shore Investments, Portfolio Management Services, Wealth Management Services, Investment Banking, Mutual Funds, IPOs, Life and General Insurance products and Gold Coins. Customers can also avail Loans, Credit Card, Money Transfer and Money Changing services. Reliance Capital Ltd. has also interests in assetmanagement, life and general insurance, private equity and proprietaryinvestments, stock broking and other financial services. In addition to the home-grown portfolio of products and services that Reliance Money has to offer, Reliance Money also distributes a variety of third party financial products. It also assists millions of investors in creating customized individual portfolios based on their diverse investment needs and risk profiles Reliance Money is the largest broker and distributor of financial products in India with the largest distribution network and almost over 3,174 employees. Money has increased its market share among private financial companies to nearly convenient & effective – Anytime & anywhere financial transaction. Vision To build a global enterprise for all our stakeholders, andA great future for our country,To give millions of young Indians the power to shape their destiny,The means to realize their full potential… Mission To create and nurture a world-class, high performance environment aimed atdelighting our customers by providing endless financial products in all part of thecountry. Success sutras of Reliance Money The success story of the company is driven by 8 success sutras adopted by itnamely:  Trust  Integrity  Dedication  Commitment  Enterprise  Hard work and Team play  Learning and Innovation,  Empathy and Humility. These are the values that bind success with Reliance Money.
  • 14. Corporate Governance Reliance Money has a vision of being a leading player in the Mutual Fund business and has achieved significant success and visibility in the market. However, an imperative part of growth and visibility is adherence to Good Conduct in the marketplace. At Reliance Money, the implementation and observance of ethical processes and policies has helped us in standing up to the scrutiny of our domestic and international investors. Management The management at Reliance Money is committed to good CorporateGovernance, which includes t ransparency and timely dissemination of information to its investors and unit holders. The Board of Directors of RCAM is a professional body, including well-experienced and knowledgeableIndependentMembers. Regular Audit Committee meetings are conducted to review theoperations and performance of the company. Employees Reliance Money has at present, a code of conduct for all its officers. It has aclearly defined prohibition on insider trading policy and regulations. Themanagement believes in the principles of propriety and utmost care is takenwhile handling public money, making proper and adequate disclosures. All personnel at Reliance Money are made aware of their rights, obligations and duties as part of the Dealing Policy laid down in terms of SEBI guidelines. They are taken through a well-designed HR program, conducted to impart work ethics, the Code of Conduct, information security, Internet and e-mail usage and a host of other issues. One of the core objectives is to identify issues considered sensitive by global corporate standards, and implement policies/guidelines in conformity with the best practices as an ongoing process. Reliance Capital Asset Management Ltd. gives top priority to compliance in true letter and spirit, fully understanding its fiduciary responsibilities.
  • 15. “Objectives of the study” The main objectives of the study are as follows:  To understand the process of recruitment.  To know the sources of recruitment at various levels and various jobs.  To critically analyze the functioning of recruitment procedures.  To identify the probable area of improvement to make recruitment procedure more effective.  To search or headhunt people whose, skill fits into the company’s values.  To analysis the effectiveness of recruitment channels. “RESEARCH METHODOLOGY” • RESEARCH is a ‘careful investigation or inquiry especially through search for new facts in any branch of knowledge.’ • METHODOLOGY OF STUDY: This study contains Primary and Secondary Data. The Primary Data has been collected by the means of a questionnaire filled by 10 employees of Reliance Capital Ltd, Allahabad Branch and has been analyzed using percentage, tables and graphs. The secondary data has been collected from various sources such as the company website and magazine articles. The data has been collected from both the sources primary and secondary sources. DATA COLLECTION • Primary Data: Primary data was collected through survey method by distributing questionnaires to employees. The questionnaires were carefully designed by taking into account the parameters of my study. • Secondary Data: Data was collected from web sites, going through the records of the organization, etc. It is the data which has been collected by individual or someone else for the purpose of other than those of our particular research study. Or in other words we can say that secondary data is the data used previously for the analysis and the results are undertaken for the next process. • Tools of Analysis: The data collected from both the sources is analyzed and interpreted in the systematic manner with the help of statistical tool like percentages.
  • 16. Data Analysis and Interpretation The analysis of the data is done as per the survey finding. The data is represented graphically in percentage. The percentage of the people opinion were analyzed and expressed in the form of charts.  Which type of recruitment channel is used by your company?  Internal recruitment  External recruitment  Both Internal External Interpretations: - 40% of the employees say that company use internal source of recruitment, 20% employee says that company use external source and 40% of employees say that company use both the channels for their recruitment.
  • 17.  Do you often use several recruitment channels for the same vacancy?  Yes  No Internal External Interpretations: - As the graph says that the 60% employee of the company says that the company uses several channels for their recruitment purpose but 40% employee is disagree from others.
  • 18.  Is internal hiring is more effective and superior then external hiring or vice versa? Give your opinion. Interpretations: - Among the total 10 respondents, 6 opined that external recruitment is superior and effective as it brings new and fresh talent in the organization and capable of facing the dynamic external happenings while the remaining 4 answered that the internal recruitment is more effective and superior as the existing employees when promoted very well know about the organization rules, regulations and policies and they are much experienced as compared to the new recruits. Also the cost associated towards their training gets minimized.  By which source of channel, the recruit of last person who joined your company? 10 9 8 7 6 5 4 3 2 1 0 0 0.5 1 1.5 2 2.5 Series1 Interpretations: - 80% of the company employees say that last vacancy was fulfilled through internal recruitment and 20% are saying external.
  • 19.  Which factor do you regard as important while selecting the recruitment channel for hiring a person?  Yes  No Interpretations: - All the 100% employees say that the company considers the entire factor like Time Cost, Quality while selecting the recruitment channels. Internal External
  • 20.  Which of the below mentioned recruitment channels does your company uses when you are looking to recruit a new member of staff for a position but demands high level of skills? Please indicate all the alternatives that appear suitable and rank them, starting with the ones that you use the most to the one you use the least:  Newspaper advertisement  Recruitment agencies  Through search engines(e.g. monstor.com)  Internal through promotions. Interpretations: According to the responses recruitment agencies are given the most utilized recruitment channel as far as the hiring of employees with a high level of skills are required. Recruitment agencies were given an average of 2.45 points followed by newspaper advertisements with 2.08 points and internal recruitments through promotion with 1.78 points. Notably, search engines within the firms appear to be considered as rather unattractive alternatives.  Which of the below mentioned recruitment channels does your organizations use when you are looking to recruit a staff for a position that demands low level of skills. Please indicate all the alternatives that appear suitable and rank them starting with one that you use the most to the one that you use the least:  Newspaper advertisements.  Recruitment agencies.  Internal through promotions.  Through search engines( e.g. monster.com) Interpretations: The findings of this question suggest that internal through promotions, is the most favored recruitment channel, followed by search engines.
  • 21.  Has the recent global financial crisis changed your organization’s choice of recruitment channel(s)?  Yes  No Internal External Interpretations: 70% of the employees say that yes the current financial crises has changed the companies choice of recruitment channels but 30% of employees say that the financial crises does not make any effect on choice of recruitment channels.
  • 22. “FINDING”  According to the Survey recruitment style differs from individual to individual.  According to the survey there is high use of portals to source candidates.  Recruitment tool is effectively being used.  Company uses their internal source of recruitment for immediate fulfillment.  Recruitment process is fair and transparent. “Suggestion”  More references can be generated from the internal employees in order to avoid dependency on portals.  Company can employ some recruitment agency for specific post.  Through internal hiring company can save their recruitment cost and time.  Company can practice more to reduce biasness in recruitment process.  Company should maintain strong relation with their employee for fulfillment of coming vacncy.
  • 23. “BIBLIOGRAPHY”
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