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The INDIA INFOLINE LTD (IIFL) , was incorporated on 18th October in the year 1995 as Probity Research & Services Private Limited at Mumbai. The India Infoline is a one-stop shop for information, advice as well as transaction execution of financial services. India Infoline is an investment consultancy firm offering planning, investment advisory and facilitating services to retail investors, corporate and institutions. The range of Investment options include Research, Portfolio management, Mortgages, Mutual funds, Wealth management and newsletter. India Infoline Ltd is listed on both the leading stock exchanges in India, viz. the Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE). The India Infoline group, comprising the holding company, India Infoline Ltd and
its subsidiaries, straddles the entire financial services space with offerings ranging from Equity research, Equities and derivatives trading, Commodities trading, Portfolio Management Services, Mutual Funds, Life Insurance, Fixed deposits, GOI bonds and other small savings instruments to loan products and Investment banking. India Info line also owns and manages the websites, www.India Infoline.com and www.5paisa.com .
India Infoline branches are conceptualized to be a place where investors can come in contact with investment opportunities in an atmosphere of convenience. India Infoline services are available through India Infoline strong network of 1616 branches spread over 445 cities and towns across India facilitates the smooth acquisition and servicing of a large customer base. All India Infoline offices and branches are connected with the corporate office in Mumbai with cutting edge networking technology. The company carries out the business of broking, distribution of personal finance products including mutual funds, fixed deposits, government bonds etc., and corporate agency of life insurance and commodities broking in our separate wholly owned subsidiaries, as outlined in our corporate structure. Each subsidiary is managed like a Strategic Business Unit (SBU).
PRODUCT/ SERVICE PROFILE
India Infoline provided the prospect of researched investing to its clients, which was hitherto restricted only to the institutions. India Infoline leveraged technology to bring the convenience of trading to the investor's location of preference (residence or office) through computerized access. India Infoline made it possible for clients to view transaction costs and ledger updates in real time.
Our Portfolio Management Service is a product wherein an equity investmentportfolio is created to suit the investment objectives of a client. We at India Infoline invest your resources into stocks from different sectors, depending on your risk-return profile. This service is particularly advisable for investor.
Sound investment decisions depend upon reliable fundamental data and stock selection techniques. India Infoline Equity Research is proud of its reputation for, and we want you to find the facts that you need. Equity investment professionals routinely use our research and models as integral tools in their work. They choose Ford Equity Research when they can clear your doubts.
India Infoline's extension into commodities trading reconciles its strategic intent to emerge as a one-stop solutions financial intermediary. Its experience in securities broking has empowered it with requisite skills and technologies. The Company's commodities business provides a contra-cyclical alternative to equities broking. The Company was among the first to offer the facility of commodities trading in India's young commodities market (the MCX commenced operations only in 2003). Average monthly turnover on the commodity exchanges increased from Rs 0.34 bn to Rs 20.02 bn. The commodities market has several products with different and non-correlated cycles. On the whole, the business is fairly insulated against cyclical gyrations in the business.
During the year under review, India Infoline acquired a 75% stake in Money tree consultancy Services to mark its foray into the business of mortgages and other loan products distribution. The business is still in the investing phase and at the time of the acquisition was present only in the cities of Mumbai and Pune.
6) HOME LOANS
Get expert advice that suits your needs
â€¢ Loan against residential and commercial property
â€¢ Expert recommendations
â€¢ Easy documentation
â€¢ Quick processing and disbursal
â€¢ No guarantor requirement
7) PERSONAL LOANS
Freedom to choose from 4 flexible options to repay
â€¢ Expert recommendations
â€¢ Easy documentation
8) INVEST ONLINE
India Infoline has made investing in Mutual funds and primary market so effortless. All you have to do is register with the company and that's all. No paperwork no queues and no registration charges.
9) INVEST IN MF
India Infoline offers a host of mutual fund choices under one roof, backed by in-depth research and advice from research house and tools configured as investor friendly.
10) APPLY IN IPO's
India Infoline also gives an option to invest in Initial Public Offers (IPO's) online without going through the hassles of filling ANY application form/ paperwork.
An entry into this segment helped complete the client's product basket;concurrently, it graduated the Company into a one-stop retail financial solutions provider. To ensure maximum reach to customers across India, we have employed a multi pronged approach and reach out to customers via our Network, Direct and Affiliate channels. Following the opening of the sector in 1999-2000, a number of private sector insurance service providers commenced operations aggressively and helped grow the market.
12) WEALTH MANAGEMENT SERVICE
Imagine a financial firm with the heart and soul of a two-person organization. A world-leading wealth management company that sits down with you to understand your needs and goals.
The Daily Market Strategy is your morning dose on the health of the markets. Five intra-day ideas, unless the markets are really choppy coupled with a brief on the global markets and any other cues, which could impact the market. Occasionally an investment idea from the research team and a crisp round up of the previous day's top stories. The India Infoline Weekly Newsletter is your flashback for the week gone by. A weekly outlook coupled with the best of the web stories from India Infoline and links to important investment ideas, Leader Speak and features is delivered in your inbox every Friday evening.
AREA OF OPERATION
India Infoline services are available through India Infoline strong network of 1616 branches spread over 445 cities and towns in the country and in some of the foreign countries also. India Infoline is functioning in the following cities of India.It service is divided into four zones namely North, East, West and Southern zones of India.
Indian Financial Market has many leaders providing best of their financial services. This includes the public as well as private organizations. Even the nationalized banks have started different financial services to compete with the players of the private sector. The competitor's are like
Recruitment and selection
Human resource planning is important part of an organization. It is a vital ingredient for the success in the long run for an organization. Human resource planning has many objectives like recruitment and selection, training and development, compensation and employee benefits transfers and promotions, performance appraisal etc. Each objective requires different approach for planning and its implementation.
According to the formal definition â€•Recruitment refers to the process of attracting, screening, and selecting qualified people for a job. For some components of the recruitment process, mid- and large-size organizations often retain professional recruiters or outsource some of the process to recruitment agencies.â€- Recruitment process starts when recruiters sought applicants for the vacancy and ends when applicants are submitted. This results in creation of eligible and qualified employees. Out of this pool a candidate is selected to close the vacancy. Interested candidate for a vacant position can be sourced through advertisement, referrals, newspapers, colleges/University, etc. Selection of the candidate is based on the interviews, psychological testing, medical testing etc to ensure the candidate is able to fulfill their new role effectively. Recruitment and selection are simultaneous process and are incomplete without each other. They are important components of the organization and are different from each other. Recruitment is the process of searching the candidate for employment and stimulating them to apply for job in the organization whereas selection involves the series of steps by which the candidates are screened for choosing the most suitable persons for vacant post. Recruitment is a positive and selection is a negative process as recruitment is encouraging more employees to apply and selection is rejection of unsuitable candidate. For every organization it is important to have a right person on the right job. Shortage of skills and the use of new technology are putting considerable pressure on how employers go about recruiting and selection staff. It is recommended to carry out a strategic analysis of recruitment and selection process.
Recruitment and selection process at IIFL
Recruitment and selection process in IIFL is centralized. Recruitment and selection in IIFL starts with the first step of â€-Manpower Requisition form' given by each branch to the Zonal branch which contains requirements of each branch. This form is sent by all Branch Managers to the HR head after the approval of Territory Manager whenever there is a new vacancy or need to replace the existing one.
As soon as HR team gets requirement it starts sourcing for the vacancies as per requirement send by branch manager of each branch through manpower requisition form. HR officer source candidates in the following ways:
1) Employee Referrals- Employee referral is an internal recruitment method employed by IIFL to identify potential candidates from their existing employees' social networks. An employee referral scheme encourages a company's existing employees to select and recruit the suitable candidates from their social networks. As a reward, IIFL pays the referring employee a referral bonus. Recruiting candidates using employee referral is widely acknowledged as being the most cost effective and efficient recruitment method to recruit candidates. Referral schemes claim the benefits to be an improved candidate quality, â€-fit', nd retention levels, while at the same time delivering a significant reduction in recruitment expenditure. However, there are a number of potential drawbacks. One of the greatest concerns tends to be that relying too heavily on employee referrals could limit diversity in the workplace, with new staff recruited in the likeness of existing employees. But provided that there is already a diverse workforce in the organization.
2) Job Portals- IIFL HR team has an access with two main job portals which are www.naukri.com and www.timesjobs.com. IIFL pays around 2 lakhs of each job ortal per year. Job portal facilitates for posting the position with the job description and the job specification on the job portal and also searching for the suitable resumes posted on the site corresponding to the opening in the IIFL. It also provides with an option of mass mail for the shortlisted candidates. With the help of job portals we can find the candidates according to the job specification and job description. One of the problem associated with job portal is, it is difficult to hire the shortlist the suitable candidate out of huge database present on Job portals. It's a time consuming process as well.
3) Consultancy- Consultancy is other main source for selecting candidates. Recruitment consultant aims for a "win win" situation between candidate and company. Their role to ensure they provide an impressive shortlist of candidates who meet the criteria vacancy requires. They are also known as headhunters. Once HR Officer gets Manpower Requirement form he passes all the requirement to the consultancies which has tie- ups with IIFL like Anvya Consultancy, HMS consultancy, Braintree consultancy, Frandis groups, Shinewell consultancy etc. HR officer shares the job description of the position with the consultancy. It is the consultant's role to ensure a candidate has all of the information about a role to enable them to decide whether they are interested in it. If they are, thorough
details regarding both the position and the company are given to ensure you have the best chance of securing the role Consultancies shortlist the candidate and send the resume to HR Officer. HR officer goes through the resume and tells the consultancy to line up the screened candidates for interview. HR Officer provides feedback to consultancy about the sent candidate has been selected or not. Once the candidate is selected through the consultancy IIFL pays 5% of the average of the 3 months salary of the candidate. As soon as candidate completes 15 days in the company consultancy sends invoice and check is issued by HR Officer in the favor of consultancy. If the candidate leaves before 15 days than no payment is done to the consultancy. If the selected candidate leaves within 45 days of joining date than consultancy has to provide the candidate for the same position without any extra charges.
4) Campus Placement- Placement coordinators gives their proposal to HR Officer to call IIFL for the campus placement. IIFL goes with a team of 6 to 7 members for company presentation. If the number of students who applied for IIFL is much in number than then students has to clear the Aptitude test given by IIFL. Selected candidates are given with GD or role play and then out of them selected once are called for second round of interview in the company. If the number of students is less then, they are only screened through GD and then called for second round in company.
When candidate comes for interview in the company he has to fill candidate information form along with it he has to submit a copy of his resume.
HR Round-HR officer conducts the interview with question to make sure candidate skills matches with job requirements. He ensures candidate meets the laid down parameters necessary for a job position. HR officer fills the interview evaluation sheet and submit it the Recruitment team.
Technical round- This round is taken by Sales Manager or territory manager.This round is to check the experience of the candidate in the share market to inline with job requirement. Reference check and Background verification is other challenge for HRs in today`s scenario. It deals with contacting previous employers of the job applicant to determine his or her job history. To check that candidate should not be indulged in any illegal activity in the previous company. HR Officer of IIFL calls the HR of candidates previous company and fills Reference check form and submits it to HR head. Reference check is also done by contacting colleges and universities to make sure candidate has provided the correct information about himself. If the candidate`s information does not matches with what he has provided to company he is rejected and not allowed for next round of interview.
Salary negotiation, it is done after reference check and this round is taken by HR Head and Assistant Vice President of the IIFL that is Mr. Sanjay Reddy. Salary negotiation mainly done on the basis of experience applicant has in last company and on the basis job profile he has in the last company.
Online test- Online test is mandatory requirement irrespective of any level of employees. Job applicant has to pass in online recruitment test. This test varies according to job profile of applicant and with number of experience for example a candidate has applied for Relationship Manager in the company he will have teat which would be having mainly aptitude and sales related questions. If a candidate has applies for Sales manager he will be having questions related to stock market, Demat accounts and a few aptitude questions. Job applicant has to pass in all section of the test.
Result is generated as soon as candidate submits the online test. Once the candidate clears the online recruitment test he is been called for collecting his job offer letter and for submission for all important documents to create employee code and id. With this last step of recruitment and selection process completes with selection of right person is sieved through many rounds of selection process.
Formulating the Research Problem
The research problem central to this paper is to study the recruitment and selection process and its impact on the job productivity of employees.
To understand these elements a study was conducted in the Zonal branch of India Infoline, Bangalore.
Descriptive research design is used in the present study.
The type of survey conducted required questionnaires to analyze recruitment and selection process and barriers of job productivity. The questionnaires consisted of structured questions. The depth interview was conducted with open ended questions which is administered to the HR team of IIFL.
The questionnaire consisted of close ended questions which helped the researcher in knowing their views on aspects of recruitment and selection. For the purpose we used structured questionnaire.
They were analyzed on various parameters on a scale of 1-5 where 5=strongly agree and 1=strongly disagree.
To analyze the impact of recruitment and selection on job productivity depth interview was conducted with open ended questions.
Data Collection Method
The data collected was a mix of both primary and secondary data which is stated below.
â€¢ Primary Sources:
The primary sources were the employees who were interviewed for and asked to fill up the questionnaire. The questionnaire was structured. The employees belonged to Human Resource Department only.
â€¢ Secondary Sources
Various sites were visited to read on importance of recruitment and selection on job productivity.
â€¢ Best source of recruitment and problems related to recruitment and selection process.
â€¢ The barriers of job productivity in the company.
â€¢ Impact of recruitment and selection process on job productivity.
Sample size consists of 14 employees from HR team.
It was a convenience sampling. Employees belonged to Human Resource Department at zonal branch of India Infoline Ltd, Bangalore. Firstly, the questionnaire was distributed personally to all employees. The questionnaire was collected maximum in 1-2 days from the date of distribution according to the time and date given by the employees. Second special appointment was taken from each HR team members to gain more insight about functioning of recruitment and selection process and its impact on job productivity of employees.
â€¢ Small sample size.
â€¢ Personal Biasness.
Impact of Recruitment and Selection Process on Job Productivity
To observe the impact of recruitment and selection on job productivity an in-depth interview was conducted with the HR team of IIFL. When question was asked from respondents whether source of recruitment can affect job productivity of employees. According to 70% of responses job productivity is independent of the source of ecruitment. An employee will give the productivity irrespective of the source from which he is selected.
But according to the 30 % of responses, If HR selects a candidate from a consultancy company has to pay the 5 % of average 3 months' salary of the employees. Thus before selecting any candidate from consultancy HR analyze him strictly on all the parameters of selection like Personality, creative thinking, decision making ability, team handling aspects etc. After analyzing all these parameters only HR selects the candidate. But if a job applicant is selected through advertisements or through campus placement company has not pay anything extra after selecting the candidate. Thus in many cases the candidate selected through consultancy responsible for generating more business for the company.
Respondents were asked what changes in Recruitment and selection process should be done to improve the job productivity. According to the respondents the main job productivity barriers which can be minimized by an effective recruitment and selection process are poor job security, absenteeism, poor growth aspects in the company and work stress. From the response of respondents we will try to understand how they can be handled during recruitment and selection process.
Poor job security V/s job productivity
If we go by simplest definition of job security it's the employee will continue working in the organization. An employee will only continue in the organization once he is satisfied with what he is getting from the organization. Once the employee found out that company`s competitors can pay him more for the same services he is providing to the company this could lead to seed of insecure job. There is a necessary requirement for the company to maintain a balance between cost and benefit of job security. For example benefit in terms if an employee has high job security he will his best to the organization and will take his job as a investment in the organization but if person knows he is not stable and any time management can take hard decisions against him he will not perform as per expected out him. One more case would be if an employee knows that, he is the right hand of the boss than he knows there are very less chances for him to separate from organization. When an employee realizes his importance than at last he becomes lazy to work and his performance goes down.
IIFL makes sure that employee should feel secure about his job in all aspects like exposure he is getting, designation he is working, Compensation he is getting etc. An employee should not feel that other person on the designation is getting more than me for the same work within the organization or in other organization. Employee should be motivated to keep remain in the company by acknowledging his contributions in the public. Employee should be treated as, are one of the crucial contributors to the company`s growth. Culture should give a feeling of ownership to the employees. Employees should feel pride getting associated with company.
If the employee is satisfied with work, designation and compensation of his efforts he will hardly leave the organization and his will be committed to the organization. He will grow the organization rather than growing with the organization. Thus, while recruitment employee should be properly and very transparently told about his compensation and benefits he will get by associating with the organization. They should be very clearly told about their job profile. If while recruitment process only they would be told everything very transparently then the fear of job insecurity will reduce.
Absenteeism Vs job productivity
Absenteeism- According to the respondent's absenteeism is not which is very specifically associated with IIFL. Today if we see any organization we will find absenteeism is problem for every organization or business. It not only affects the job productivity of the employees but also adds cost to the company. Including these factors it also creates a burden on other team members.
Absenteeism can be of two types
1) Approved Leave- Approved leaves are covered under the company policy and given only after approval of the head of the department. These don't create much problem in the organization till they are properly arranged by the head of the department.
2) Unapproved Leave- These are not included in the policies and these leaves are taken without approval of management. Now we must look factors which can lead to absenteeism in the company like health problem and stress.
These are the main reasons for absenteeism's in the company. Health problems are the main reason for taking leaves frequently. This could be because of the reason that during selection of lower level employee's medical checkup is not being done in IIFL. As mainly lower level employees like Relationship Managers have set of list of his clints to whom they need to invest for the shares and if a Clint want to invest he is familiar with one employee of the company and that employee is absent most of the time than he start losing the confidence on the employee and company as well. This will not only decrease the productivity of the employee but company will also affect the image and business of the company. As in financial sector especially broking company's stress is one of the deriving factor for absenteeism. Share market is very volatile and no one can predict about it always correctly. Thus while recruiting every level of employees it should be made mandatory to submit the documents for medical fitness. As for level it's a marketing job like to sell DEMAT accounts for IIFL and if person is not well than definitely he won't be able to approach customers. It will not only affect employee productivity but as a whole it will also affect the overall business of the organization.
Poor growth aspects Vs job productivity;
Whenever an employee joins the organization he not only looks at compensation, culture, job profile but he also looks for the growth opportunities in the organization. When an employee feels now he can't grow further or he got the maximum exposure than he will try for changing the company. Or he will not be interested as there would be nothing left for him to achieve in future and finally leave the organization. Thus during recruitment and selection process an job applicant should be made clear about his growth aspects in the company.
Work stress Vs job productivity
As IIFL is in the financial sector and no one can predict about market ups and downs. For every level of employee each day is a stressful day they don't know when the invested shares will go down. Recently in June sensex went down and every investor lost lakes of rupees in one second. For fresher's who has to open minimum of DEMAT accounts, they also face lot of stress during their work. For example a Relationship Manager is costing 12000 rupee per month to IIFL. He has to create a business of triple than his salary, if he fails to do so he would be given an extension of two months to improve his performance. In case he fails to do so, he has to leave the organization. Stress is not only confined to lower level it is more haunting for middle and higher level also for example in any vertical of IIFL there are teams of 5 branch managers they have to compete not only with the teams of their vertical but also with other verticals. In the same manner, Territory manager for each branch has to see the performance of their branch managers and try to get maximum business in all verticals of IIFL. Not only stress work life balance is the other main reason responsible for hampering the job productivity. If any employee has any personal problem it will be difficult to manage work and personal problems together which hampers his job productivity. Stress is also caused by excess absenteeism employee will take leave to relax but they realize that they piled up lots of work at the end and feel stress and unable to manage with that much of work. Thus, while recruitment and selection process the candidate must be checked that whether job applicant can sustain in that stressful environment of the company. Whether he has already worked under same work conditions in his earlier company or not. To make sure that he could cope up with any stressful situation arising during the work and perform as per company expectation.
â€¢ For higher level of employees, consultancy is the best source of recruitment, high recruitment cost is the problem of recruitment and selection process and work stress and poor work life balance is the main job productivity barrier.
â€¢ For middle level of employees, consultancy is the best source of recruitment, high salary expectation is the problem of recruitment and selection process and work stress and poor growth aspects is the main job productivity barrier.
â€¢ For lower level of employees, job portal is the best source of recruitment, inadequate skills and knowledge is the problem of recruitment and selection process and work stress and poor job security is the main job productivity barrier.
â€¢ In the current recruitment and selection process only higher and middle level employees are asked for medical checkup it should be made mandatory for everybody irrespective of any level, this could decrease the absenteeism in the company arising due to health problems.
â€¢ In the recruitment and selection process online test is the last step. Suppose candidate has cleared all the rounds of recruitment but at the last step he could not clear in the online test then, all the efforts time and energy of recruiters get waste. To avoid this online test should be made mandatory at the second or first step of the recruitment and selection process. If the job applicant clears the test than only he should be allowed for further process.
â€¢ Decentralization of HR team should be done, as all the verticals have different requirements for their branch for example in gold loan branch there is completely different manpower requirement as compared requirements from other verticals. If there is decentralization, HR of the particular vertical can handle and can choose candidate according to the needs of their vertical more efficiently and effectively.
â€¢ With decentralization time to close down a position will also decrease. For example currently branch managers has to fill the manpower requirement form and mail to recruitment team but if they have a small team of HR in main verticals than there will be no delay and that team can exclusively work for their vertical.
â€¢ Currently, whenever there is a need for issuing the offer letter. Candidates has to come to the Zonal branch for collecting his offer letter and joining kit and for submitting his documents but with decentralization they can get it from the same branch to which they have to report.
â€¢ When a candidate is selected he is been sent to the vertical to which he has to report if get selected for technical round of interview. With decentralization candidate has not to move first to Zonal branch for HR interview and to the reporting branch for the second round. It will decrease the time to close a job position.
â€¢ The problems related to job productivity can be reduced by an effective recruitment and selection procedure. If during recruitment and selection process a candidate is selected by keeping all factors like stability, attitude, personality, motivational factors, team building and team player etc. Then the problems of job productivity can be reduced to an extent.