People Management and Performance at Pearl Insurance Company Report

This report analyzes the recruitment and selection processes of Pearl and Mutual Benefit Insurance Company, focusing on the challenges of high employee turnover and the implementation of a new graduate selection process. The current process involves initial screening, panel interviews, and competency-based assessments, but has faced issues with retaining employees. The report discusses the effectiveness and loopholes of the existing procedure, proposing a new graduate selection process that emphasizes skills and the ability to drive sales. The new process includes application review, panel interviews, skill identification, analytical tests, and final selection, with a focus on selecting candidates who can enhance sales. The report also provides a timeline and estimated costs for the new process, along with a comparison to other target-based organizations. The conclusion emphasizes the benefits of the proposed changes and offers recommendations for successful implementation, aiming to improve sales, productivity, and internal capabilities.

PEOPLE MANAGEMENT AND PERFORMANCE IN
CONTEMPORARY ORGANIZATIONS
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Table of Contents
Overview of the report..........................................................................................................................1
Introduction..........................................................................................................................................1
Selection and Recruitment Process of Pearl and Mutual Benefit Insurance Company........................1
Effectiveness and Loopholes of existing procedure.............................................................................2
New Graduate Selection Process..........................................................................................................3
Example of the organization.................................................................................................................5
Conclusion............................................................................................................................................5
Recommendations................................................................................................................................5
Self reflection.......................................................................................................................................5
References............................................................................................................................................7
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OVERVIEW OF THE REPORT
Pearl and Mutual Benefit Insurance Company have recruited 15 to 20 graduates’ trainees
over past five years and through company analysis, it has been found out that 60% people have left
the company from past five years. The current selection process method includes well-known test of
general mental ability of all the candidates as an initial screening process and after that panel
interviews are conducted with company's senior line manager (Liu and Motoda, 2012). Selection is
made on the basis of test scores of the candidates. Managers of the company are provided training
while they use competency framework for the interview process. The basis on such people are
selected are selling skills, interpersonal strengths and ability to manage goal achievement process.
Looking towards the turnover ratio, the senior manager decided to go for the graduate recruitment
process so that potential and skilled people can be recruited who are able to drive sales of the
company.
INTRODUCTION
Recruitment and Selection Process are essential for Pearl and Mutual Benefit Insurance
Company as through such process only; candidates are recruited in the company. Turnover ratio has
been increasing; therefore the senior manager decided to opt graduate selection process where in
only skilled and potential candidates will be employed for the company's purposes (Kundu, Rattan
and Gahlawat, 2012). Thus, in such context, researcher has discussed efficacy of current recruitment
and selection process and along with the same, discussion is also made regarding the proposed new
system for recruitment. Furthermore, several recommendations have been made so that graduate
selection process can properly be executed in the insurance company. Effectiveness and feasibility
of the new process has been included in the present study along with the time and budgetary
aspects.
SELECTION AND RECRUITMENT PROCESS OF PEARL AND MUTUAL BENEFIT
INSURANCE COMPANY
It is apparent that every company has different selection and recruitment process; thus Pearl
and Mutual Benefit Insurance Company also has a systematic process of selecting people in the
organization. Chief concern has been given towards those candidates who have the potential to
drive sales ratio of the company so that large number of insurance policies can be sold to consumers
(Shi and Pamer, 2011). The manager selects people on the basis of final interview and afterwards
induction sessions are organized for them to make them familiar about company's policies and
operations. Here in the below mentioned section, recruitment process of Pearl and Mutual Benefit
Insurance Company is discussed:
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 Application for candidates: At the initial stage, screening is made regarding all the
applications and manager selects appropriate candidate as per the qualifications and
eligibility. Applied candidates have to specify the areas for which they are applying for the
job. Screening of the applications: All the applications are scrutinized at this stage so that only
desirable candidates can be selected. The manager makes sure that the step of screening is
conducted on effective and justified basis; where in potential candidates must get the
opportunities for specific job roles. Group discussion: Candidate group discussion is conducted so that their ability to present
things can be identified. In group discussion, candidates are judged on the basis of ability of
convincing people (Ployhart and Weekley, 2014). Panel interview: Afterwards, group discussion, the senior manager conducts panel
interview in which all the candidates are judged on the basis of interaction among the senior
level managers. Marking is based as per the criteria of sales effectiveness of a candidate. Conduction of test: Ability of the candidate is tested on the basis of his convincing skills
because the skill is directly related to selling of insurance policies (Raziq and Shaikh,
2015).
 Final selection: Only those people are selected who have the ability to drive the ratio of
sales and who can develop sales oriented culture at workplace. Final selection helps the
candidates to perform the job roles in adequate manner.
EFFECTIVENESS AND LOOPHOLES OF EXISTING PROCEDURE
The present selection process seems to be effectual for Pearl and Mutual Benefit Insurance
Company because through this, the company is able to generate sales through selling large number
of insurance policies. At the same time, it has been identified that turnover ratio of the company has
been increasing; therefore for such purpose the company has decided to select only skilled and
efficient talent who have the capability to drive the ratio of sales. At present, more than 20
graduates are employed in the business activities so that they can help in selling huge number of
insurance policies. The process needs some changes so that sales and profitability ratio of the
company can be encouraged. This can also augment the ratio of profitability and more segments can
be covered for the same. Performance level of the business has been reducing because candidates
are unable to sell more units of insurance policies (Shi and Pamer, 2011). This is the major loophole
of recruitment process of Pearl and Mutual Benefit Insurance Company; hence for such purpose
Graduate Selection Process has been taken into account.
The ratio of selling has been declining and that needs to be improved so that they sales
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turnover ratio can be augmented. Present culture of Pearl and Mutual Benefit Insurance Company is
sales oriented but the company is unable to enhance the degree of sales. One of the major
effectiveness of existing sales process of Pearl and Mutual Benefit Insurance Company is that
candidates are recruited on the basis of sales capacity. Further, the process seems to be beneficial
because it senior manager directly analyzes the potential of employees; hence they have the idea
regarding the people who are working with the entity. Hence, there exists close communication
between the manager and the candidates (McGraw, 2013). The process needs some changes so that
skilled and potential people can be employed. The process is easy to implement; hence this
consumes less time as compared to other practices. Similarly, brand value of the company has been
increasing because the candidates give the best efforts in selling more units of insurance policy.
Concluding, it can be said that several new changes are required to be implemented in existing
process of recruitment.
NEW GRADUATE SELECTION PROCESS
Pearl and Mutual Benefit Insurance Company has adopted new process of selection where in
chief focus has been given towards selection of freshers who have the potential and ability to sell
more units of insurance policies to different customers. The policy seems to be effective for the
insurance company because through that larger market share can be acquired. The main reason for
which Pearl and Mutual Benefit Insurance Company is emphasizing on this selection process is that
the managers want to create sales oriented culture in the business entity (Smith, 2015). The senior
manager has recruited around 15 to 20 graduate trainees because the management believes that
graduate trainees have the potential to convince people and they are also more capable of enticing
people towards insurance policies and schemes. As per the process, managers have specified several
parameters which need to be followed while recruiting and selecting potential candidates. Selection
of candidates should be made on the basis of skills and capability of the candidates and their ability
to persuade customers for policy purchasing. The graduate selection process has been mentioned in
the subsequent section: Review of applications: At the initial stage, the senior manager of Pearl and Mutual Benefit
Insurance Company will be accessing all the applications that come for different job
profiles. There must be proper review and evaluation of all the applications so that fair
chances can be given to all the candidates (Liu and Motoda, 2012). Panel interview: Panel interview needs to be conducted so that senior manager can analyze
the capability and potential of candidates to persuade customers towards insurance policies.
Through this interview session, manager can ascertain confidence level of candidates and
according to the same, job roles can be delegated to the candidate (Shi and Pamer, 2011).
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 Identification of skill: The manager at this stage will be identifying the sales skills and
potential of the candidates so on that basis selection can be made. Manager will be
considering the ability to drive the ratio of sales and along with the same, candidate's
interpersonal strengths will also be identified. Ratings will be given to the candidate on such
basis only (Ployhart and Weekley, 2014). Conducting analytical test: Manager will be conducting analytical skills so that
interpersonal strengths of the candidate can be ascertained. Hence, the candidate will be
allotted a product which the person has to sell it to the ultimate users. Hence, during this
process, the manager has to screen the potential of candidates as how much they are able to
sell the insurance policy (Kakac, Liu and Pramuanjaroenkij, 2012).
 Final selection: At the last stage, manager will select the candidate on the basis of varied
skills. The final candidate will be provided different job roles; however the chief work is to
enhance the ratio of sales.
The selection process will be followed for all types of job profiles and this might enhance
turnover ratio of Pearl and Mutual Benefit Insurance Company (McGraw, 2013). The process will
be completed within two days so that management of insurance company can undertake adequate
decision related to selection of the candidates. The selection process will be adopted within the
budgetary aspects because that is supposed to be followed in future time period as well.
Time scale
The process will be conducted within the period of two days because company needs to
make proper decision regarding the selection of appropriate candidate. Since, the main purpose of
Pearl and Mutual Benefit Insurance Company is to recruit talented employee; therefore proper
consideration should be given towards convincing and presentability skills of the candidate
(Ratcliffe, 2012). From the above mentioned stages, the time period of selection and recruitment
process can be defined.
Estimated cost
Particulars Amount (in pounds)
Expenses on advertisement of the job vacancy 200
Employing different recruiters from diversified
fields
150
Expenses required for conduction of test 100
Miscellaneous expenses 250
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Total cost of the selection process 700 pounds
EXAMPLE OF THE ORGANIZATION
Most of the target based organization follows this method of selection and recruitment
because the major concern is given towards selling more number of units. The main aim would be
to enhance the ratio of profitability; hence selection criteria are determined for that purpose only.
Hence, most of the consultancy firms use Graduate Selection Process. Huge consideration is given
towards sales and revenue aspects; hence the organization considers sales driving ability of the
candidates while recruiting them (Bratton and Gold, 2012).
CONCLUSION
On the basis of above mentioned study, it is clear that the above suggested procedure for
selection can be adopted by Pearl and Mutual Benefit Insurance Company since that can assist the
entity to recruit only talented and skilled employees. Thus, the ratio of selling can be encouraged
afterwards adopting the subsequent process. Furthermore, this process can also augment
productivity aspects of the business and along with the same internal capability of business
processes can be enhanced. The study has depicted the difference between existing and new process
of recruitment; thus on that basis, it is concluded that sales and profitability ratio of Pearl and
Mutual Benefit Insurance Company will be accelerated.
RECOMMENDATIONS
Since, Pearl and Mutual Benefit Insurance Company has adopted new procedure for
recruitment and selection of sales force; therefore it can be stated that integrating such process in
business practices can assist to meet the determined objectives. The process seems to be feasible for
the insurance company because it includes only those people who have the potential to drive the
quantity of company sales (Taylor, 2014). The brand image of the insurance company will also be
enhanced if the employees have the potential to promote the services and policies in different
market place. This subsequent requisite can be fulfilled only when the organization will select
talented work force; hence this showcases practicability of the selection process.
SELF REFLECTION
I have made the present study in appropriate manner and I have also accessed relevant
studies and researches to make the content more authentic and germane. Wide range of sources like
books, journal and web pages are accessed so that I can take relevant data from such resources.
While developing the study, I have reviewed several journals that are formulated for recruitment
and selection aspects. I have realized that selection process of the entity needs to be managed in
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such a way so that effective and skilled talent can be recruited. I have seen the present structure of
Pearl and Mutual Benefit Insurance Company and from the same I came to conclude that every
insurance company needs to have proper sales employee so that more number of policies can be
sold to market place. It is also evident that existing sales ratio of the company has been reducing;
therefore to manage such problem, it is vital for the company to emphasize on prominent sales force
that has the potential to maximize the ratio of selling.
I have worked upon Graduate selection process where in I have analyzed that graduates have
to focus on sales generating skills so that they can contribute in maximizing the profit ratio for the
company. While working on this project, I faced one of the major challenges that are related to
problem identification in the organization. I was unable to comprehend the reason for which actual
turnover ratio of Pearl and Mutual Benefit Insurance Company is declining. The manager desires to
emphasize on proper recruitment process so that new candidates can assist the business entity to sell
more number of policies. The company desires to expand the market share; thus this is the reason,
policies are sold out of market as well. Focusing on selection and recruitment process has helped
me to get knowledge on different aspects related to people involvement in the organization.
This study has increased my knowledge and capability level and I am also aware about the
topics included in Human Resource Dimension. I know how to take decisions related to selection
and recruitment process of candidates. I have also worked upon recruitment and selection process of
the organization as I attended the session with the senior managers. I have seen all the questions that
senior managers have raised while they interviewed the candidates. What I observed during the
interview process is consideration of confidence aspects in selection process. The person giving
interview has to be more confident and capable so as to get selected for the subsequent job profile. I
have accessed only constricted resources because I had limited budget and time; thus somewhere
this reduces the scope of research credibility. Therefore, on the basis of subsequent study, I can say
that I have acquired good experience while working on this research. The content of study is
relevant and germane; thus I can recommend it to other researchers as well so that they can make
use of the study resources whenever required.
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REFERENCES
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The Indian Journal of Industrial Relations. 47(3). pp.436-449.
Bratton, J. and Gold, J., 2012. Human resource management: theory and practice. Palgrave
Macmillan.
Kakac, S., Liu, H. and Pramuanjaroenkij, A., 2012. Heat exchangers: selection, rating, and thermal
design. CRC press.
Kundu, S.C., Rattan, D. and Gahlawat, N., 2012. Recruitment and Selection Techniques in
Manufacturing and Service Organizations Operating in India. Journal of Strategic Human
Resource Management. 1(3). pp.9.
Liu, H. and Motoda, H., 2012. Feature selection for knowledge discovery and data mining (Vol.
454). Springer Science & Business Media.
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Ployhart, R.E. and Weekley, J.A., 2014. Recruitment and selection in global organizations. The
Routledge Companion to International Human Resource Management. 4(1). pp.155.
Ratcliffe, D., 2012. A nature conservation review: volume 1: the selection of biological sites of
national importance to nature conservation in Britain. Cambridge University Press.
Raziq, A. and Shaikh, A., 2015. Exploring recruitment & selection practices in Pakistani SMEs.
International Journal of Basic and Applied Sciences. 4(1). pp.102-108.
Shi, C. and Pamer, E.G., 2011. Monocyte recruitment during infection and inflammation. Nature
Reviews Immunology. 11(11). pp.762-774.
Smith, P.H., 2015. Labyrinths of power: political recruitment in twentieth-century Mexico.
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Taylor, S., 2014. Recruitment and selection. Strategic Human Resource Management: An
International Perspective, p.139.
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