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Findings and analysis of birla sun life

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Findings and analysis of birla sun life

  1. 1. 35 7. Data Analysis and Interpretations A. Findings from surveying the Managers and company: 1. Job Analysis Conducted: Before starting the recruitment process the members of the sales organization of Birla sun life Insurance conduct a proper job Analysis. 2. Persuasions for vacant post: Birla sun life Insurance persuades people for the vacant posts for its sales personnel (sales Managers) through references and also through walk in Interview. And in case of Advisors the company does not go out to persuade people for the vacant post. The basic reason behind doing so is that sales personnel (advisors are not appointed on salary basis but on commission basis. So as many people who fulfill the criteria are taken into firm. 3. Sources of Recruitment: The main sources of Recruitment used in Birla sun life Insurance are external in nature. External sources like direct unsolicited applicants and sales force of competating components etc are the main external sources of recruitment. It also has internal sources of recruitment. It also has internal sources of recruitment like transfers within the company. 4. Informal Discussion of the Job opportunity: Once the candidates have been identified at the beginning of the recruitment process in Birla Sun Life Insurance, the chosen candidates are called in for an informal discussion of the job opportunity, so that candidates can have a clear knowledge of the about the career opportunity. 5. Minimum Educational Qualification criteria: The minimum educational criteria for recruitment in Birla Sun Life Insurance is a graduate i.e. a person to be recruited (as a sales manager) should possess the minimum qualification of being a graduate in any discipline from a recognized university. Preferably with at least 2-3 years of experience in sales. And for becoming advisors of the company a person must be 10th+2 pass. 6. Responsibility of Recruitment: The responsibility of recruitment in Birla Sun life Insurance is bestowed upon the sales manager. In addition the Branch Manager also has the responsibility of recruitment. 22
  2. 2. 7. Personnel Trait in Sales Personnel: Good communication skills, Leadership, sociality and extrovertism etc are some of the personality traits required by a person to be recruited as sales personnel in Birla Sun Life Insurance. Besides the above mentioned personality traits, the person to be recruited should also have the ability to receive information, besides knowledge and database, required to be successful in the field. 8. Budget for recruitment: Birla Sun Life Insurance does not have any fixed 35 budget for recruitment of sales personnel. 9. Profile of salesmen: profile of the type of sale [personnel needed in the organization is developed by the training department in Birla sun Life Insurance. 10. Period of recruitment: Recruitment is done actually as well as on a continual basis in Birla Sun Life Insurance. The organization believes in as many advisors as possible because of which it recruits people continually even when there is no such need to make recruitment. 11. Recruits Value: The Recruits in Birla Sun life Insurance do not value salary, job satisfaction, creativity, etc, but value Career opportunity, reward, and recognition. 12. Programme of evaluating your recruitment programme: Birla Sun life Insurance evaluates its recruitment programme and the recruited personnel through the performance of their sales personnel 13. Most suitable source of recruitment: According to the respondent, internal source of recruitment is more suitable for the organization. This is because, when recruitment is done from the internal source, then the recruits are already aware of the company and its policies, rules and regulations and hence less time is spent in making them understand and socialize with the environment of the company and thus it is less expensive. 14. Special technical knowledge preferred: Birla Sun Life Insurance does not give any special technical knowledge. 23
  3. 3. 15. Separate sales Department: Separate sales Department are preferable for any organization/Firm. Birla sun life Insurance does not have a separate sales department. The structure of the sales department is “functional sales organization” 16. Special Mode of sales personnel: Birla Sun Life insurance follows a specific mode for selection of its sales personnel. To become a sales manager of the company a person must be a graduate preferably MBA. He must be 25 years of age, he/she should be living in the city for more than 5 years. 17. Objective of Interview: Every organization interviews candidates with a certain objective of knowing whether the candidate has the capability to excel at the job, while some may want to know the level of determination of the candidate to have the job. Some other may want to know whether the job will realize the candidate’s goals. However Birla sun Life Insurance interviews its candidates not with the above mentioned objective but only to work to his fullest capacity. 18. Selection procedure: The selection procedure followed in Birla sun Life Insurance is flexible in nature. It can be altered or slightly changed according to the circumstances but the sales personnel are not selected informally. 19. Most advantageous selection process: In Birla Sun Life Insurance the formal selection process is regarded as more advantageous. Formal selection process is more dependable, and moreover it helps to know the exact need for the job of a particular candidate, hence it is more advantageous. 20. The selection tool employed: The selection tool employed by Birla Sun Life 35 Insurance are: a) Formal Application Form. b) Interview c) Reference d) Background investigation e) Physical Examination 24
  4. 4. 21. Techniques of Formal Interview used: Formal selection process used in Birla 35 Sun Life Insurance includes: a) Pattern Interview b) Rating tests c) Field observation. 22. Use of Psychological test: Birla Sun Life Insurance does go for any Psychological tests Birla Sun Life Insurance also use tests like personality test, aptitude test etc. 23. Problems Encounter during selection: Birla Sun Life Insurance does not encounter any major problem during selection of selection of sales personnel (sales manager). The only problem which they face is that the advisors fail in the IRDA examinations because of which the number of candidates selected is reduced in number. 24. Training of Sales Personnel: Birla Sun Life Insurance imparts training to its sales personnel. The training program is a decentralized as well as centralized. It is centralized program because it is done by the training department. Training is imparted to advisors with the objective of increasing productivity, improved personal selling, improve self confidence, improve communication and customer relation. And it can be said as de-centralized as sometimes it also involves the use of senior sales people, and on the job training. 25. Content of Training Program: The Program of Birla Sun Life Insurance include:  Product knowledge and persuasive communication skills  Trainee’s attitude towards the selling job.  Knowledge of the company goal, organization policies and procedures.  Knowledge of the competitive products as well as their own  Knowledge of their business principles  Selling skills 25
  5. 5. 26. Training Methods of the organization: the training methods used in Birla Sun Life Insurance are: 35  Lecture or class room instruction method  Group discussion method  Demonstration  Role-playing  Mentoring  Correspondence  Audiotapes and web-based training There are two types of training one s the IRDA training. IRDA gives hundred hour training about insurance as a whole. Then they are required to appear in one exam, only after getting the license, they are given product training. Product Training is very important because it as a knowledge based industry and without proper training a person cannot have clear concept about the product he is supposed to sell. Training for the sales personnel is known as MDP (Management Development program), held for a period of ten days. 27. Evaluation of training Program: Birla Sun Life Insurance does not have any strict evaluation programs for its sales personnel. It evaluates its sales personnel on the basis of their performance. 28. Rewards and Recognition: there is various performance based reward in Birla Sun Life Insurance. Some of the rewards recognition given to the advisors includes.  Silver Club member: when an advisor gives 25 lives, with a W.R.P of Rs.60000, he is rewarded as silver club member.  Gold Club Member: when an advisor gives 50 lives, with a W.R.P of 3 lakhs, he is rewarded as the gold club member. 26
  6. 6.  M.D.R.T: when an advisor gives a business of 3 lakhs and 34 thousand he is 35 rewarded as an M.D.R.T (million Dollar Round table)  C.O.T: when an advisor gives business, which is 3 times of what he needs to be a MDRT, he is rewarded as COT (centre of Table)  T.O.T: when an advisor gives business which is 3 times of what he needs to be a COT, he is rewarded as TOT(top of the table) 29. Allocation of Responsibilities: The Basis of allocation of responsibility of the sales personnel in Birla Sun Life Insurance is mainly dependent upon the objective of the organization. 30. Motivational Tolls Used: Birla Sun Life Insurance conducts seasonal contests for motivating the advisors. They also use motivational tools for motivating the sales personnel. Sometimes they float internet completions within the company; they also use rewards and recognition and also felicitation to motivate their sales personnel’s. B: Managers: 1. How do they come to know about the job? Sample size-10 Through advertisement-3 Through Reference-4 Through walk-in Interview-3 pie showing how the manegers came to know Through Advertise ment 30% about the job Through Walk-in Interview 30% Through Reference 40%
  7. 7. 35 2. Qualification of Managers: Sample size-10 Graduate-6 Post graduate-3 Out of 10 managers that I have survey I found 6 of them to be Graduate and 4 of them to be post –graduate. 3. Past experience of managers: Sample size-10 0-1 year- 2 0-2 year-3 0-3 year-3 0-4 year-2 Past Experience 0-1 year 0-4 year 0-3 year 0-2 year 4. Training Program: All the sales managers in Birla Sun Life Insurance have undergone a training program of minimum 6 days after their selection as a sales manager.
  8. 8. 5. Is Training Program Effective: All the sales personnel in Birla Sun Life Insurance agreed to the fact that training program given to them is very effective and helps them to get a wide knowledge of the company and product they are dealing with. 6. What does the training program include: According to the sales personnel’s the training program consists of product knowledge, personality developments, types of markets, company background and Introduction. 35 7. Sources of recruitment of sales personnel’s: Sample size-10  Internal Transfers-1  Sales force of competating companies-2  Advertisement-3  Direct unsolicited Appllicants-4 sources of recruitment Internal transfers Sales force of competating companies Advertisemen t Direct unsolicited Appllicants
  9. 9. 35 8. Age group of managers: Sample size -10  25-26 - 2  26-27 - 4  27-28 - 2  28-29 - 2 B. Advisors : age group of managers 25 - 26 22% 26 - 27 43% 28 - 29 13% 27 - 28 22% 1. How do they come to know about the job Vacancy?  Sample size – 50  Through Reference – 30  Through advertisement - 5  Through sales manager - 15
  10. 10. 35 pie showing how the advisors came to know about the vaccancy 2 Qualification of advisors:  Sample size – 50  10+2 – 28  Graduate – 20  Post Graduate – 2 Through Reference Through advertisement Through sales manager qualifications 10+2 Graduate Post-graduate
  11. 11. 35 3. Training Program: Of all the sales personals advisors) interviewed all of them have undergone training after joining Birla Sun Life Insurance and all of them are satisfied with the training provided to them and feel that the training program had helped them much in selling the company’s products. 4. What does the training program include? The training program provided to the advisors include, introduction and knowledge about the company, the types and products they have to deal with, market knowledge, information about the competitors products, strengths and weaknesses of their company.
  12. 12. 35 8. Conclusion Birla Sun Life Insurance is among the top ranked insurance company in the private sector. The company is running successfully because of good selection procedure, training programs and motivational tools. Birla Sun Life Insurance is successful with ethics. They require business but never misled public. They claim to follow all the rules and regulations issued by the company. Birla Sun Life Insurance recruits its sales force generally from sales force of competating and non- competating companies, Direct unsolicited applicants and trough internal transfers. The main criterion for recruitment is educational qualification (graduate). Besides an experience of at least 2-3 years is preferred. They evaluate their sales personnel on the basis of their performance. While selecting candidates, interview, background, investigation, some psychological tests and other tests are used. The selection procedure is formal and flexible. Training is imparted through lectures or class room instruction method, demonstration, mentoring, on the job training etc advisors in Birla Sun Life Insurance are given a training after which they are required to appear in IRDA exam. Only after qualifying in the exam they are granted with a license. The sales personnel (sales manager) also undergo training of at least 6-7 days after selection. The company uses various motivational tools to motivate sales personnel and sales force. Rewards and recognition facilitation and internal competition are the motivational tools the company generally uses.
  13. 13. 35 9. Suggestions 1. Besides focusing only on sales- force of competating companies and direct unsolicited applicants and internal transfers, the company should also go for other sources of recruitment such as educational institutes, sales executives clubs etc. 2. Role playing should also be used as a [art of the selection process so that the capacity of the candidates perform well in a given situation can be assessed. 3. The company should focus on advertisement as, it attracts young and aspirant people to join sales force.
  14. 14. 35 11. Biography Davar, Rustom’s, Davar Shorab R, Davar, Nuslir Salesmanship and Publicity Vikash Publishing House,Pvt Ltd Pillai, R.S.N Bhagwati Modern Marketing principles and Practices, S.Chands company Ltd. Sudha G.S Sales and Advertisement Management, Indus valley Publication, Jaipur
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