A STUDY ON EFFECTIVENESS OF RECRUITMENT AND SELECTION PROCESS

AT INFOTECH ENTERPRISES LIMITED, HYDERABAD

Recruitment is the process of searching the candidates for employment and stimulating them to apply for jobs in the organisation WHEREAS selection involves the series of steps by which the candidates are screened for choosing the most suitable persons for vacant posts. The basic purpose of recruitments is to create a talent pool of candidates to enable the selection of best candidates for the organisation, by attracting more and more employees to apply in the organisation WHEREAS the basic purpose of selection process is to choose the right candidate tofill the various positions in the organisation. Recruitment is a positive process i.e. encouraging more and more employees to apply WHEREAS selection is a negative process as it involves rejection of the unsuitable candidates. Recruitment is concerned with tapping the sources of human resources WHEREAS selection is concerned with selecting the most suitable candidate through various interviews and tests. There is no contract of recruitment established in recruitment WHEREAS selection results in a contract of service between the employer and the selected employee

Founded in the year 1991 by Mr. BVR Mohan Reddy, Infotech Enterprises is currently a 15 year old software services company, with about 18000 people (associates as they are called), spread across 22 global locations, with core competencies in Geographic Information Systems (GIS), Engineering Design and IT services. Infotech specializes in software services and solutions in these areas for the Utilities, Telecommunications, Manufacturing, Transportation, Government and Retail markets. With an impeccable track record of delivering quality services, - on time - first time - every time - InfoTech's global client list includes many Blue Chip and Fortune 500 Utility companies. Vision: "Delivering innovative solutions together for a better future" Mission: "Provide the best technology services and solutions to industry and governments worldwide"

The Infotech group of companies consists of: Infotech Enterprises GmbH Infotech Aerospace Services Inc Infotech Enterprises Ltd Infotech Enterprises Europe Ltd Infotech Enterprises America Inc Infotech Software Solutions Canada Inc. Infotech Enterprises Ltd

INDUSTRIES SERVED: Aerospace Automotive Government sectors Industrial sectors Retail Industry Telecom Transportation Utilities

BUDGET: A budget is a financial and quantitative statement, prepared and approved prior to defined period of time, of the policy to be pursued during that period for the purpose of attaining a given objective. It may include income, expenditure and the employment of capital. OBJECTIVES OF A BUDGET: Budgets serve as a Blue Print of the desired plan of action. Budgets serve as the benchmark for controlling ongoing operations. Budgets help to coordinate, integrate and balance various operations to achieve set objectives of the organization. Budget brings out the efficiency and improvement in the working of the organization as all the details are clearly spelled out. Budgets serve as means of communication. The organization communicates the policies and targets to the managers in the organization who are responsible to carry out the plan.

BUDGETARY CONTROL: Budgetary control is a system of controlling costs that includes the preparation of budgets, coordinating with the departments and establishing responsibilities, comparing actual performance with that of the budget and acting upon results to achieve maximum profitability. STEPS INVOLVED IN BUDGETARY CONTROL SYSTEM: Establish a plan or target of performance, which coordinates all the activities of the business. Record the actual performance. Compare the actual performance with the standards set. Calculate the variances and analyze the reasons for the difference. Take the necessary corrective action to set the actual performance right. ADVANTAGES OF BUDGETARY CONTROL: Budgeting helps to coordinate, integrate, and balance the efforts of various departments in the light of the overall objectives of the enterprise. Budgeting helps in proper utilization of existing resources, both human and capital and also helps in minimizing wastage. Budgeting measures efficiency and thereby enables self-evaluation by the management. It also indicates the progress made in attaining the enterprise objectives.

TYPES OF BUDGETS: The budgets are usually classified according to their nature. The following are the types of budgets, which are commonly used: (A) Classification according to time: Long term budgets. Short term budgets. Current budgets. (B) Classification according to functions: Operating budgets. Financial budgets. Master budgets. (C) Classification according to flexibility: Fixed budgets. Flexible budgets.

Studied Annual budgets of Production budget, Direct labor budget, sales budget, to forecast the variance between projected budget and actual budget to get variance. Studied budgeted income statement and material purchase budget too. Studied quarterly budgets of Sales volume, Total Material cost, Total labor absorption to forecast the variance.

The study at Tecumseh Products India Pvt. Ltd. at Hyderabad Plant is defined to be the most technical and analytical study. The professionalism that encapsulates the various degrees of performances at every step of financial study is like a new game. The various budgets called financial budgets, operating budgets, and their performances are studied and interpreted according to the actual performance evidenced from past three years. As the company incurred huge unexpected losses in the previous two years there is a lot of requirement to review its standards, estimations and follow accordingly. The overall performance of the company is found to be improving, well, and satisfactory

As the business of the company depends on exports up to a larger extent, increasing global standards is a vital element and that has to be practiced. The overall performance of the company found to be improving and satisfactory.

As the business of Tecumseh depends basically on exports up to a larger extent, increasing global standards is a vital element that has to be practiced. Taking timely appropriate steps may reduce the strain of incurring further losses is assured. The effective six-sigma and participatory budgeting will be beneficial for the organization.

TECUMSEH REPORTS: BOOKS AND PERIODICALS: Financial Management - M.Y. KHAN & JAIN Financial Management - ANNA CHANDRA Financial Management - BRIGHAM & VAN HORNE WEBSITES: www.tecumsehindia.com www.netmba/finance/capitalbudgeting.com