EUREKA FORBES LTD.

For 25 years now, Eureka Forbes has gifted health and happiness. Ensuring that their products and services bring joy to their customers. For Life. Over 6000 employees. 941 service centresEureka Forbes is the organization, which first introduced the concept of direct selling in India. Nowadays, Eureka Forbes is the market leader in India in water purification systems (over 70% market share), vacuum cleaners (over 90% market share) and air purifiers. Today it is India's largest direct selling organization with a strong direct sales force of over 7,000 people At the time of launch in India there was no other company in the market for water purifiers and vacuum cleaner . Now various new companies emerged. They were the initiaters of direct marketing in India.Thus they had the advantage.They recruited young men- from middle class families in their early 20s straight out of College. Attitude, interpersonal and communication skills were a pre-requisite. The company termed them as Eurochamps.After recruiting they had to go through training to get knowledge about company products , functional skills. These sessionswill be both in class and onfield. Training is an ongoing phase with mentoring and pairing with seasoned marketing people. Sometimes new salesmen are recruited using Friend get a friend scheme. And in some cases potential Eurochamps are located during sales call at customers house.The customer is not aware that he may have some use for the product. The companycreated a need for the product by bringing on the theme of clean environment. The salesman will make a cold call initially and try to woo the customer with logic andreason If he is successful in his attempt he will arrange for a demo . On closing thedeal order will be placed and the product is delivered in two days. The man with a case became a second logo for the company.

RECRUITMENT POLICIES
Needed highly motivated sales personnel with drive to excel High end and complex product needing higher product interaction Targeted young men from middle class in early 20;s Extroverted, enthusiastic, outgoing and communication skills Financially needy made them driven and young age made them enthusiastic Process needs to be subjective as the process needs to find people with right attitude Recruited through colleges through recruitment sessions Second tier college students may not have any better placement offers and would take up offer Through friend get a friend A current euro champ knows the qualities needed and would be able to recommend acquaintainces with qualities

TRAINING
Training is basically carried out in the following areas: Market information i.e. about customer profile, market updates, and computer integrated manufacturing applications, etc Sales Process i.e. how to deal in the situation of conflicts with customer, coaching on undesirable behavior, supplement skills developed during live courses Product information, such as, product usage, applications, system description, product description, comparison with competitors products, etc Policies and procedures, i.e. about sales contests, incentive plans on achieving targets, annual bonuses, winners receiving the best salesperson award to motivate the sales force The following areas also require equal emphasis The job of a saleman is physically demanding involving lots of travelling and long hours Its also psychologically demanding as lots of negotiations, customer handling takes place Demoralizing and insulting responses sometimes seem to discourage and put the patience of the salesmen to the test Pressure to sell more and more as 2/3rd of income is through sales incentives These reasons make Euro Champs drop out after 1 yr on an average Eureka forbes limited should train team leaders to be able to recognize the signs of frustrations Introduce an attractive TA package which adequately compensates travelling efforts Introduce psycho-therapist services to be able to handle frustrating and insulting responses beter Change compensation structure which focuses on other aspects of jobs too and reduces pressure Introduce Gym or swimming pool, etc for after office relaxation

COMPENSATION PLAN & MOTIVATION

From the outset, every employee is called Eurochamp and consistently engaged and motivated through the four pillars of its unique people development strategy - Earning, Learning, Pride and Fun. Designed to enable its people to realize their potential and aspirations, it makes them invaluable partners in progress for they become the drivers of its strategy, forging lasting bonds with customers as friends for life. The only limit to employees earnings is in their minds as it is their performance which determines their earning Compensation for the sales force is squarely linked to performance with fixed and variable components for all levels (the fixed to variable ratio varies for each level). Performance is regularly monitored through Performance Review and Development Plan (PRDP), which is applicable for all levels of Eurochamps. This unique tool tracks performance not just on sales numbers but on various competencies and developmental milestones as well.

attractive bulletins are published every month that give regular recognition to the top achievers in sales till date. This generates a lot of excitement as sales people vie with each other to find a place in the coveted achievers clubs - Club 100, the companys most prestigious Champions Club which recognizes the top 100 sales people, rewarding them with a holiday-cum-recognition at exotic locales like Dubai, Macau & Hong Kong as well as the Silver Circle Club, which honors the best among the best in sales and where about 1,000 top sales people get personally felicitated with great fanfare by the Top Management. Five time (consecutive) qualifiers at the Silver Circle Club are honored as Living Legends of the company and earn a week-long trip to South-East Asia. 10 time (consecutive) qualifiers are celebrated as Pioneer Living Legends and rewarded with a trip to Europe It is strongly believed that if money was the sole motivator for working, the company wouldnt have retained some of the best employees. When an employee achieves something extra from others, he needs a pat on the back, an appreciation that lets everyone know that he has done a remarkable job. This is the philosophy at Eureka Forbes that makes Eurochamps go beyond their roles and raise the bar of performance. The recognition certificates on landmark sales serve this very purpose. They also serve as stepping stones that spur the sales people to cross the next landmark. In fact, each passing sale motivates them to perform better. The Circle of Champions has been specifically created to provide Eurochamps with a continuous platform to pursue higher and higher levels of excellence. It has had a considerable impact on employee retention. On confirmation, a Eurochamp enters the blue level of the Circle and, as her / his performance accelerates, journeys up to the other levels (bronze to silver to gold), earning greater recognition and rewards at each level. Special unique identification has been designed for each level along with training and learning opportunities to enhance performance and growth. The Circle of Champions helps Eurochamps put their careers on the fast track and lets them bring their aspirations and dreams to fruition

LIFE INSURANCE COMPANIES

When it comes to life insurance companies or other insurance companies, the business of the company depends heavily on the sales force , the agents who sell the policies. The following data has been based on the recruitment policies, training, compensation plan and motivational tactics of the LIFE INSURANCE CORPORATION OF INDIA LIC of India or Life Insurance Corporation of India is perhaps Indias largest financial institution. It came into existence when a large number of life insurance companies were taken over by government of India. The nationalization of private insurance companies started a new era of insurance business i.e. lic of India. In its early years, being a monopoly public sector company, it did not face any competition. After opening the sector to private players, lic of India faced some heat of competition. The large field force of Development Officers and Agents were not properly trained in soft skills viz. communication, human relation, customer service etc. There was no human touch in these sales personals. Though LIC has its own training department yet it felt the need of hiring professionals from outside the organization. It was the time when TS got the training assignments The main asset of LIC is its staff nearly 1.24 lakh employees, over six lakh work force are working at 2048 branches, 100 divisional offices, 07 zonal training centers, 35 sales training centers

RECRUITMENT
Life Insurance Corporation Recruitment 2011 - Life Insurance Corporation Recruitment invites candidates from advertisement published on the companies website for recruitment For the purpose of recruiting the following requirements and qualifications are to be met Details Direct Sales Executives Vacancies - 617 Posts Age - 21 - 35 years as on 01.05.2011 Educational Qualification Bachelors Degree of a University established in India under a statute. Preference may be given to those applicants who possess a Bachelor Degree or Diploma in Marketing /Management. Good working knowledge of English and also one Regional language preferably local language is desirable. Knowledge of soft skills such as Power Point / Word / Excel would be additional advantage

Training
Life Insurance Corporation's training programme for agents, called post-recruitment orientation', with 25 life insurance companies in the market selling almost similar products, the distinguishing factor of companies would be on the competence level of agents.Therefore training of agents plays a crucial role has resulted in agents' productivity going up by 30 per cent. Earlier, the minimum requirement for agents was to insure only 12 lives a year but from August last year, the requirement has been revised to collect first year annualised premium over Rs 1 lakh The agents go through both generic and specific, professional programs that help them remain well-informed and knowledgeable about the companys products in the market. There is a further focus on soft skills such as communication, managing long-term relationships and selling skills, which are very relevant in a service-driven industry like life insurance. State of the art infrastructure training facilities coupled with an excellent faculty, guarantee an exceptional learning environment. For agents who might be occupied with their daily business/professional routines. A 17-18 day training schedule covers the mandatory IRDA training requirements and LIC product-training module. Revision session ensure that the candidates thoroughly understand the course contents and are well prepared for the licensing examination. Theoretical training is interspersed with practical appointment settings with potential customers, giving agents a feel of how their business will work from the very first day. All through, the Development Officer and the management provide continuous support to the advisors in achieving independence towards garnering businesspany are referred to as

captive agents Career development is emphasized upon from the very day the agent joins the system. Though individual meetings with his or her Development Officer, the agent can discuss various issues related to business development and career enhancement. Expectations from the organization in terms of chalking a career in the insurance industry are also discussed. Absorption into the management is another career enhancement option provided at LIC. This program helps agents build a full time career as a Development Officer in the organization, offering great potential for managing a team of agents and personal development.

Compensation and motivation

LIC agents are constantly recognized and rewarded for their performance. Numerous competitions all year round promote healthy competition amongst agents and recognition for their efforts. Depending on the level of business the agent achieves in a year, he or she can become a member of various clubs such as the Corporate Club, the Chairmans club, etc. Each of these clubs have specific performance criteria for qualification and members of these clubs are entitled to attend seminars held at exotic international and domestic locations each year. Advisors can also qualify for the renowned MDRT (Million Dollar Round Table), an exclusive international insurance advisors club LIC offers various club memberships through which number of facilities are provided to Insurance Agent.

MANAGEMENT INSTITUTES
With respect to management of sales force of management institutes the following data is based on IIPM . IIPM has been the recruitment destination for recruitments in the General Management and leadership profiles. This year, TAS, Aditya Birla Group, Mahindra & Mahindra, Hinduja Group, Reliance Industries LTD, Lodha Group, Manipal Group, RPG Group and Murugappa group. IIPM struck strategic partnerships with a number of first time recruiters in the areas of financial services, information technology, marketing, pharmaceuticals and energy. Firms such as Google, Hindustan Coca Cola Beverages Pvt ltd, BNP Paribas, ICICI Securities, India Infoline, Akzonobel, Amazon.com, Lodha Group, Medtronic, Glenmark Pharma, HPCL-Arcelor Mittal Energy Ltd and AC Nielsen recruited for several prized positions in their respective organizations. The general consensus among them about student quality has been nothing less than outstanding. They returned satisfied knowing fully well that they are now part of IIPMs valued recruiters and have forged a relationship that will only strengthen with time. And their popular caption is DARE to THINK BEYOND the IIMs, and they prove that too. IIPM has been a offering in developing short duration Management Development Programmes (MDPs) with a four-decade enviable standing in the comity of B-schools in India. These MDP are designed keeping in view the ever changing demands on business/professional executives. The programme content of even the standard MDPs is constantly reviewed and changes made therein on a continuous basis. The objective of the MDPs is to help improve management systems and practices in India and other countries in

South Asian Region by providing relevant training to the executives of different sectors of the economy operating at different levels in the organisational hierarchy. The participants are equipped with the latest tools, techniques and skills spanning different streams of management such as General Management, Human Resources, Organizational Behaviour, Marketing, Finance ...

MOTIVATION AND COMPENSATION PLAN

It is said that incentives play a major role in motivating your employees and encouraging them to achieve higher goals. In any organization, incentives work because employees are then goal-driven and push themselves to achieve their targets. Each organization has a reward system in place to motivate their employees. This reward system is based on incentives like an increase in the salary, cash, gift or a holiday. Compensation is offered to each employee based on his or her performance on the job. Incentives are usually seen as short term motivators for employees. Hence, incentives are used a lot to motivate sales employees so that they achieve their targets. The role of incentives is not to overload the employees with excess work but to realize their accomplishments and make them feel an important part of the business. Incentives allow the employees to take on responsibilities and in turn increase their job satisfaction. However, along with incentives, appreciation, positive feedback and praises are also important to motivate employees.