Mcb Internship Report

[pic] INTERNSHIP REPORT ON MUSLIM COMMERCIAL BANK Instructed by: Mr. Naveed Ahmed Lecturer Comsats Institute of Information Technology Presented by: Muhammad Hussain MBA-A Roll No. 65 Semester 3 DEDICATION I dedicate whole of my education along with my life to my beloved parents and respected teachers, who were always kind to me. May God Bless Them (Aamin). Muhammad Hussain TABLE OF CONTENTS 1. Preface 2. Introduction Of Bank 3. Types of Bank 4. Executive Summary of MCB 5. History of MCB 6. Vision & Mission Statement of MCB 7. Commercial Bank 8. Branches & ATMs 19 9.

Product & Services21 10. Department in MCB25 11. Management Hierarchy28 12. Investment Banking 13. Know Your Customer 14. Remittance Department 15. Financial Statements 16. SWOT analysis 17. Work Performed By Me 18. Findings 19. Recommandations PREFACE Banking sector owes a pivotal importance in the economy of any country through its variant functions. This basic motivator that stressed me to join any bank for Internship Training. Moreover, the experience and practice learned during this tenure also prove very helpful and facilitating in the forthcoming professional life.

This report is the result of two months Internship will, Muslim Commercial bank, Kot Fareed, Sahiwal. The motive behind selecting this bank is that it is one of the Top 10 Asia, Bank‘s. The fact remains that Muslim Commercial bank, posses an excel/cut and historical importance being the most senior and leading in terms fluids and services to Pakistan at all ages of life. I had with the strong belief that this report will guide and facilitate the readers to understand the functioning of banking system and more importantly have good knowledge about Muslim Commercial bank.

My utmost efforts to elaborate this report wit, material read, listened and observed. Yet, I feel that this period was not long enough to learn and understand the complex and widespread functioning of banking sector. I am really thankful to the entire staff members of the aforesaid branch for the friendly and cooperative behavior during my internship. Muhammad Hussain MBA-A Roll No. 65 w ell-developed banking setup plays very significant role in the economic development of a country. Banking sector is precondition for the development of any country.

The banking sector helps in proper utilization of resources of the country by financing the less developed sector. It also helps to keep cumulative demand in proper balance with the supply of those resources, which are responsive to monetary demand. DEFINITION OF BANK. “A bank is an institution, which deals in money. ” I BROADLY SPEAKING “Banks draw surplus money from the people who are not using it at that time, and lend to those who are in a position to use it for productive purposes. ” 2 IN OTHER WORDS “Bank also accepts the deposits from public repayable on demand or otherwise and withdrawal by cheques.

Drafts order and include any post office saving bank. ” BANK. The word bank is said to have been derived from the Italian words “Bancus” or “Banque”. The History of banking is transacted to be as early as 200 B. C. PEGETS DEFINITION: no one anybody. Corporate or otherwise can be a banker who does not: I Open current account 2 Pay cheques drawn on him 3 Collect cheques for his customers. HARTS DEFINITION. “A hanker is one who is in the ordinary course of his business, honors cheques drawn upon his by persons from and for whom he receives money on current account. ” ACCORDING TO THE BANKING COMPANIES ORDINANC, 1962:

SECTION 5(B): “Banker means a person transacting the business of accepting, for the purpose of lending or investment, of deposits from the public, and withdrawal by cheques, drafts, order of otherwise, and inclined any post office saving banks. ” IMPORTANCE OF BANKING. Banks play very important role in the economic life of a nation. The growth of the economy is dependent upon the soundness of its banking system. Although banks so not create new wealth but borrow, exchange and consume. These make generation of wealth. In this way. They become most effective partners in the development of that country.

To encourage the habit of saving and to mobilize these savings is its basic purpose. Banks deposit surplus from the public and then advances the surpluses in the form of loans to the industrialists, agriculturists, businessmen and unemployed people under different schemes so that they setup their own business. Thus banks help in capital formation if there are no banks, and then there would be concentration of wealth in few hands great portion of wealth of a country would be idle. In the fewer developing countries rate of saving is very low and due to this rate of investment and rate of growth is very low.

We can take hank just like a heart in the economic structure and capital provided by it is like blood in it. As long as the blood is in circulation, the organs will remain sound and healthy. If the blood is not provided to any organ then the organ would become useless. So if the finance is not provided to agriculture sector or to industrial sector, it wills he destroyed. Loan facility provided by bank works as an incentive to the producer to increase production. Banks provide transfer of payment facility, which is cheaper, quicker and safe.

Many difficulties in the international payment have been overcome and volume of transactions has been increased. These facilities are very much helpful for the development of trade and commerce. EVOLUTION OF BANKING IN INDO PAK SUB-CONTINENT: The Indian society was quite familiar with the banking, right for the beginning. There is also sufficient evidence to show that during 51h century people were accustomed to use 1-lounds as a credit investment. Loans were given to the people against personal and other Securities such as ornaments, goods and other immovable properties.

TYPES OF BANK: Following is the list of various types of banks: Central Bank Commercial Bank Exchange Bank Industrial Bank Agriculture Bank I. COMMERCIAL BANK: The banks in any country speeded over with an objective to get the excessive money Form the public in the form of deposits and providing finance to the investors. These Banks are in the ground for profit earning motive and in competition with each other. These banks are providing the basic services to the customers in the form of deposits, Advances, remittances and others. Commercial Banking Scenario In Pakistan:

At the time of Independence in 1947. ther were 38 scheduled banks with 195 offices in Pakistan. But by December 3l”, 1973 there were 14 scheduled Pakistani Commercial Banks with 3233 Branches in Pakistan and 74 Branches in the Foreign Countries Nationalization of banks was done on 1st January 1974 under the Nationalization Ac 1 947 due to certain objectives. But it had negative effects on the efficiency of the banking sector. Afterwards, a Privatization Commission was set upon January 22nd, 1991. The Commission transferred many banks to the private sector, i. e. Muslim commercial Bank and Allied Bank Limited. The Govt. approved and permitted the establishment of 1 0 new private banks in August 1991 Functions of commercial Banks: I borrowing of money from customers in shape of term deposits (PLS Saving Current Deposits and Notice Deposits). 2 Lending of money to borrowers in shape of finances, short-term finances, and long-term finances under various names such as Demand Finance, Small Finance, Cash Finance. 3 Agency services. 4 Remittance of money. 5 Foreign exchange business, foreign currency deposits. LCS, Imports and exports etc.

ROLE OF COMMERCIAL BANKS IN THE ECONOMIC DEVELOPMENT OF A COUNTRY: Banks play an important role in the economic development of a country. If the banking system is unorganized and inefficient, it creates market adjustments and impediments in the process of development. In Pakistan, the banking system is organized in well manner. The State Bank of Pakistan since July 1st. 1984 stands at the apex and is responsible of the operation of the banking system. The other bands, which form the banking structure in Pakistan, are playing role in h he economic development of the country.

The role of the commercial bank in the growth and development of the economy on sound and steady footings is discussed briefly as follows: Mobilization of Resources: The commercial banks are the most efficient organization of the economy in the mobilization the resources and making a profitable pool of these resources. Taking the Money from the savers and lending it to the investors is the most prominent job of the hank Financing Development Projects: The banks and other financial institutions advance loans for the development projects that enhance the pace of overall development of the country.

These advances are made in both public and private sectors for the purpose of achieving a good and strong economic field to catty on the other activities of trade and business. Creating Climate For Capital Formation: Capital formation is done by the act of accepting people’s money and putting into Profitable ventures. This money so accumulated, make possible the availability of the needed capital by the investors. The investors on the other hand are able to get the needed funds that shortfall their requirements. Planned Development:

With the help of well-organized banking sector the government is able to make good Implementation of its economic planning and can execute developmental activities for the welfare of the society. Promotion of Saving Habit: There are persons who have money but cannot put them in profitable use. The banks attract these persons by offering a variety of accounts. They provide them not only the safety of the funds but also higher returns on them. The banks, in this way, promote the habit of saving among the people. Effective Implementation of Monetary Policy:

With the help of a good banking system in the country the government and the central Banks regulate the monetary supply and demand of the money. A good system helps in the implementation of the policies that are formulated by the government. l through these banks using different techniques of credit control makes credit expansion and contraction. Narrowing Regional Disparity: The banks help in bridging the country. The surplus fund of on Region is sent to the centers of deficit. The less developed areas acquire funds, put them into productive channel and increase production.

The banks help in a balanced growth the economy. Executive Summary CORPORATE  PROFILE Mian Mohammad Mansha Chairman S. M. Muneer Vice Chairman Tariq Rafi Shahzad Saleem Sarmad Amin Aftab Ahmad Khan Atif Yaseen Dr. Muhammad Yaqub Mian Raza Mansha Atif Bajwa President / CEO Board Committees : Audit Committee Dr. Muhammad Yaqub Chairman Tariq Rafi Member

Mian Raza Mansha Member Atif Yaseen Member HR Committee Mian Muhammad Mansha Chairman Dr. Muhammad Yaqub Member Mian Raza Mansha Member Atif Bajwa Member Risk Management Committee Mr. Tariq Rafi Chairman S. M.

Muneer Member Mian Raza Mansha Member Aftab Ahmed Khan Member Committee on Physical Planning, IT System and Contingency Arrangements Sarmad Amin Chairman Atif Yaseen Member Aftab Ahmad Khan Member Atif Bajwa Member

Business Strategy & Development Committee Mian Mohammad Mansha Chairman S. M. Muneer Member Tariq Rafi Member Mian Raza Mansha Member Atif Bajwa Member Credit Committee Shahzad Saleem Chairman Sarmad Amin Member

Tariq Rafi Member Mian Raza Mansha Member Chief Financial Officer Tahir Hassan Qureshi Company Secretary Abdus S. Sami Auditors KPMG Taseer Hadi & Co Chartered Accountants Riaz Ahmed & Co. Chartered Accountants Legal Advisors Mandviwalla & Zafar Advocates & Legal Consultants History of Muslim Commercial Bank The Muslim Commercial Bank Limited was incorporated on 9th July 1947 in Calcutta in Bengal. After partition, the Registered Office of the bank was hifted to Dhaka where it commenced business from August 1948. The Bank transferred its registered/Head office from Dhaka to Karachi in 1956. In 1999, its registered / Head office was transferred to Islamabad and Karachi office was named as principal office. The government transferred a 26% management stake to a group of leading industrialists, collectively named National Group of which Mian Mohammad Mansha is the Major stakeholder. In 1992 a further 24% was sold to the National Group. The current shareholding structure is 50% National Group, 25% government and 25% floated on bourses.

NATIONALIZATION OF MCB Muslim Commercial Bank Limited was nationalized by the Government of Pakistan in January 1974 under the Banks Nationalization Act, 1974. Subsequent to nationalization the operations of premium Bank Limited were merged with the Muslim Commercial Bank Limited in June 1974. PRIVATIZATION OF MCB The previous Government declared the privatization policy as one of its main objectives and in accordance with its policy, the Government offered Muslim Commercial Bank Limited for privatization. The Bank was the first Public sector bank, which was privatized on 2nd April 1991.

The Government of Pakistan transferred management of the bank to Private Industrialists and Entrepreneurs, “National Group” by selling 26% shares of the Bank at Rs. 56 per share. Present Status Over the years Muslim Commercial bank fostered strong bonds with its customers. MCB understands them; their needs. They feel comfortable with MCB; its their bank; it responds to them; listens to them; partners with them; grows with them. That is why it is one of the leading commercial banks of the country, providing a wide range of modem banking services.

At present, the banking network consists of over 1000 branches along with – controlling offices known as Area Head offices and Regional Head offices. These controlling offices are responsible for the smooth operation of the bank on National & international levels. The entire financial and operational objectives are achieved with the Human Resources strength over 12000 employees. The bank is known as the major credit provider, best place of working and paymaster in the financial (money market) of the country.

Over the past few years, MCB’s profits have been hit by the need to increase provisions coverage and restructuring costs associated with the downsizing of the workforce and branch network, whilst there is some need to boost provisions, these charges (necessary to bring the bank back into shape) are largely over. It has also slowly received permission from the SBP to shut down a number of unprofitable branches. In 1999 EURO MONEY recognized MCB as the best domestic bank in Pakistan. The banking sector has been worst hit by the external account crisis that Engulfed the country following the nuclear tests. Due to the nature of banks as a

Medium for debt transactions the country’s technical default and subsequent rating downgrade impacted them the most. Those core concerns are still not fully alleviated in the view of the investors. The closest that investors have come to positive expectations regarding external account sustainability and a possible re- rating was back in the fourth quarter of the year 1999, and this led to MCB climbing to Pakistani rupees 56 per share. Resumption of the IMF funding and a possible rescheduling of bilateral debt will positively impact the banking sector and especially MCB. State Bank of Pakistan continued the process of

Banking Reforms, which included strengthen of Prudential Regulations and focus on recovery of defaulted loans. In 1999 return on Government Savings Scheme and Treasury Bills was reduced, which led to a lowering of lending rates, resulting in erosion of margins for banks but it is likely to give a boost to economic activity. MCB Rupee travelers Cheques continued to maintain their leadership position in the industry and sales registered a 45% growth over last year. MCB successfully introduced the Rs. 100, 000 denomination cheque countrywide and introduced RTC dialup tele-verification facility from Lahore city as well.

Mainly there are three types of Banking in MCB. These are: CORPORATE AND INVESTMENT BANKING Corporate Banking Group of MCB is focusing on top tier local corporate groups and multinationals in a structured and focused manner building relationships leading to increased market share. Branches having Advances of Rs. 100, 000,000 per party relationship and monitoring such advances are called as Corporate Branches. These branches include corporate clients and their requirements are looked after. There are about 20 corporate branches of MCB in Pakistan. OUR VISION & MISSION Vision Statement

To be the leading financial services provider, partnering with our customers for a more prosperous and secure future. Mission Statement We are a team of committed professionals, providing innovative and efficient financial solutions to create and nurture long-term relationships with our customers. In doing so, we ensure that our shareholders can invest in us with confidence. COMMERCIAL BANKING The Commercial Banking Group of MCB continues to service the trading Community and middle market, with sustained focus on developing new customer relationships and increasing the asset portfolio.

CONSUMER BANKING The Consumer Banking Group focuses on the lower end of the market and micro credit. Individual customer needs are being serviced through the introduction of diverse lifestyle consumer loans and introduction of new products and partnerships with service providers. Customers will continue to use the extensive branch network, which in turn will generate deposits to feed the asset development and liquidity requirements of the Bank through its diversified and stable deposit base. ATM TECHNOLOGY

At MCB, technology has a direct relationship with the needs of the customers, it is a mean of creating value and convenience for the customer. Over the last few years MCB has invested heavily into strengthening its technology backbone. Today it is leading the way in banking technology and setting new standards for the banking industry, penetrating into the local market, listening to the needs of the people. MCB’s strength lies in providing technological base at a grass root levels of the society with a challenge to educate and assimilate such systems across vast cultural and economic backgrounds.

With over 768 automated branches, 243 online branches, over 151 MCB’s ATMs in 27 cities nationwide and a network of over 16 banks on the MNet ATM switch, MCB continuously innovates new products and services that harness technology for the customer’s benefits. Additionally in order to enhance the utility of the ATM services they successfully linked their ATM network to the MasterCard, Cirrus and Maestro, effectively becoming part of the largest ATM network in the world. MasterCard and Cirrus/Maestro users can now access their ATM’s network.

Together with the above MCB made a strategic decision to establish an ATM switch and open their ATM network to other banks. The ATM switch has been named MNET. It has following banks in MNET switch: Standard Chartered Citi Bank MCB ATM SERVICES MCB ATM Card Welcome to a world of convenience with the MCB ATM 24- Hour Smart Card. “It Works. Anytime in Pakistan and abroad. ” With an ever growing number of ATMs operating across the nation, the MCB ATM Network is the largest and most advanced of its kind in the country, and is part of MCB’s continuing efforts to provide you with convenience that suits your requirements most.

And now the MCB ATM has gone global. MCB’s affiliation with Master Card International brings about added facilities for the MCB traveler abroad with the Cirrus and Maestro networks. So go ahead! Use your MCB ATM 24- Hour Cash Card day or night, at home or abroad. MCB ATM Regular Card The MCB ATM Regular Card allows withdrawal of up to Rs. 10,000 per day and a maximum of 3 withdrawals per day per card. BRANCHES & ATMs Mnet MNET enables all the member banks to share their electronic networks. Which means customers of member banks can use MNET as well as 1-Link ATMs Nationwide.

MNET member banks ATM machines accept cards issued by MCB Bank Ltd, Citibank, Standard Chartered, HSBC, Saudi Pak Bank Limited, Habib Metropolitan Bank, JS Bank, Deutsche Bank, SME Bank, Arif Habib Rupali Bank and First Women Bank. MNET customers can use over 600,000 ATMs worldwide that carry the logo and shop at over 5 million outlets that carry the logo. M-Net switch has currently 612 ATMs in 50 cities. We plan to have the network grow in faster pace in future as MCB itself will be adding more ATMs by the end of the year.

The ATM deployment has been planned in such a manner that a customer will be only a few minutes away from an ATM in major cities. This coupled with geographic coverage provides the largest convenient spread in the country, because of which we are very strongly concentrating on Diverse Coverage & Convenience. M-Net Switch ATMs are present in all the major cities of the country. They are available in the hilliest and northern areas of the country such as Murree, Abbottabad and Swat etc thus providing convenience of accessing 24 hours cash to the customers across the country.

M-Net switch also has its Service Centers in the main cities of the country providing support to member banks customers. M-Net Switch ATMs are also present in all 3 main Airports of Pakistan i. e. , Jinnah Terminal (Karachi), Allama Iqbal International Airport (Lahore) & Islamabad International Airport. MEMBER BANKS & their ATM Locations In Pakistan, the ATM facilities can be availed at any of the following locations: MCB Bank Ltd. Standard Chartered CITIBANK Saudi Pak Bank limited

HSBC Habib Metropolitin Bank Arif Habib Rupali Bank Deutsche Bank First Women Bank SME Bank CORPORATE IMAGE BUILDING In view of Goals established through mission and vision statement, the first step taken was to change the corporate image of the Bank, which inclined following aspects: In 1991 Bank changed its logo from to current logo which is: Which signifies the growth and prosperity? The change of logo was part of effort to change image of the Bank as a progressive bank in the minds of people of country.

A comprehensive electronic media campaign was launched with a logo “Good Banking getting even better” stressing on the improvement. An on going process of Face Lifting and renovation of MCB branches was started which is still going on. The purpose of it was to ensure the overall outlook of the bank changes and employees get a better environment to work and customers of the bank feel more comfortable. NEW PRODUCTS AND SERVICES SINCE PRIVITIZATION In order to achieve long-term goals of expansion and penetration in the market. Bank introduced various new products for its customers, which cater to the needs of various segments of the society.

In order to do so, a constant process of market research, evaluation and development of New products was started which resulted in introduction of various new products which were earlier not introduced by any other Bank in the country. Introduction of these products was indeed a major source of penetration for the bank and turned out to be a differential factor as compared to other banks: Prime Currency Accounts – For foreign currency deposits, (since 1991) Mahana Khushali Scheme – A monthly income plan through deposit of a fixed sum in the account, (since 1991) Hajj Mubarik Scheme – For intending Pilgrims, (since 1991)

Capital Growth Certificates – It doubles the deposit of depositor in 5 years. It offers high rate of return and was introduced for fetching long-term deposit, (since 1991) PLS 365 Savings Accounts. – Introduced high earning product with feature of calculation of profit on daily product basis. No restriction on deposit withdrawals and Minimum deposit of Rs. 300,000/- (since 1992) Fund Management Scheme – To generate funds to develop secondary market for Government Securities (from 1991 to 1992) MCB Khushali Bachat Accounts – Savings accounts with added value to customers due to profit application of daily product basis.

MCB Dollar Khushali Accounts – For foreign currency deposits, (launched in 1993) FAXPRESS – A fast inter-city Remittance Service, (since 1991) MCB Rupee Travelers Cheques – The most popular product of MCB, introduced Rupee Traveler cheque for the very first time in the country and it immediately fetched high share of the market and MCB share is still growing – (launched in 1993) Consultancy Services For intending buyers of State-owned enterprises being privatized, (since 1991) Self-Financing Scheme – Mark-up free finance from 5000 to 25000. (since 1991) Night Banking Services (since 1991)

Utility Bills Collection Centers – Separate utility Bills collection centers were established for collection of utility bills (since 1994) MCB MasterCard – (since 1994) EXPORTMOR – Financing facility for exporter (since 1994) REMITEXPRESS – A fast remittance service between Pakistan and Middle East. (Since 1994) Personal Banking Services- In order to promote Consumer Banking system in the country a proper personal Banking service was started for High Net worth clients of Bank in selected branches (since 1995) MCB Custodian Services – Launched for local and international capital market clients.

Online- The largest network of branches in the country and growing. Providing customers with 24×7 real time online facilities. MCB Call Center- Call now for answers to your queries-banking services, ATM services, mobile banking services, RTC services, telebanking services and MCB product information. The state of the art MCB call center is the right choice to keep you in step with your ever hectic schedule by providing you services relating to your account and Smart card at any point in time.

Our well-abreast and friendly call center team is available 24 x 7, 365 days a year to ensure that your daily financial obligations are taken care of guaranteeing you a good night’s sleep. Cash Plus-Cash management services for corporate customers help customers substantially reduce their receivable collection time frame, improve cash flow and business management. Islamic banking services through exclusive units/ branches offering a range of liability and asset based sharia compliant products like musharika, murabaha, ijara and istasana. MCB Mobile banking-

Banking at your figure tips. Dial in anytime to get information regarding balance and mini statements. At the forefront of technological excellence, MCB proudly introduces MCB MOBILE BANKING. The convenience of accessing your account balance information and mini statements whenever you want or wherever you may need them, with comfort and peace of mind. MCB Mobile Banking service is available to all MCB ATM cardholders, 24 hours – 365 days. Just call our Help Line on 111-000-MCB(622) or any MCB online branch for assistance. Mobile Banking at a Glance

MCB Mobile Banking gives you easy and quick access to your account(s) at a time you find convenient, including all holidays. Banking at your Fingertips With MCB Mobile Banking you can: Check your balance View the last 4 transactions of your MCB account(s). A Free Service MCB Mobile Banking is a free service for MCB account holders who have an ATM card. All you pay for is the cost of an SMS message if charged by the service provider. MCB lockers- The best protection for your valuables. Lockers of different capacities are available nationwide.

Pyara ghar- Flexible and competitive home financing facility with options of home purchase, construction and renovation. MCB car cash- Car financing and leasing at competitive rates with flexible options. Largest ATM Network- of 100 ATMs connected to worldwide ATM network of about 350,000 ATMs along with Cirrus and Maestro facility enabling MCB ATM card to be used All over the world & anywhere in the country. CUSTOMER SATISFACTION For any organization to succeed, it is extremely vital to ensure Customer Satisfaction.

Banks being in service sector, it is highly important that high service standards be maintained and real value to their money is provided to its customers. In order to do so MCB took three revolutionary steps: Provision of comparatively batter service to its customers as compared to other banks through value added features of low cost, quick disposal of work and friendly environment. Modernization, Computerization of most of the branches enabled Bank stay abreast with the technology and provision of better service at the root level to its customers.

Bank also started an ongoing process of Branch face lifting creating a better congenial environment for its customers. In order to be more customers’ conscious, MCB started a very effective and timely action system on Customer Complaints Departments in MCB Brief functions and responsibilities of departments at MCB are as follows. Human Resources and legal group: ? Recruitment. ? Training. ? Transfer & posting. ? Promotions. ? Disputes. ? Staff loans. Banks operations group: ? Policy. ? Premises. ? Capital & operating expenses processing. ? Return & consolidation. ? Reconciliation. ? Product sales. Relationship co-ordination. ? Service standards. ? Customer complaints. Financial Institution & overseas group: ? Inter-bank exposure. ? Forex licensing. Financial control & Audit group: ? Audit & internal control. ? Budgeting & planning. ? Monitoring of expenses. ? Financial reports. Credit & risk management group: ? Credit proposal evaluation & analysis. ? Project financing. ? Monitoring of credit portfolio of bank. . Corporate banking group: ? Placement of all multi-national & public sector companies. Consumer banking group: ? Penetration in high net-worth customers. ? Earning increase. Customer retention. Commercial banking group: ? Conduction of normal retail operations. Treasury & FX group: ? Funds management. ? Investment management. Assets management group/ Fraud control group: ? Classified portfolio looks after. ? Special assets management. ? Restructuring / Rescheduling. ? Out of court settlements Information technology group: ? ATM / CIRRUS facilities. ? I. T. related franchise management. ? SWIFT system. ? On-line branches network look after. ? Hardware / software support. MCB’s Management Hierarchy Business of MCB MCB is in it’s over 50 years of operation.

It has network of over 1,100 branches all over the country with business establishments in Bangladesh, Sri Lanka and Bahrain. The branch break-up province wise is Punjab (57%), Sindh (21%), NWFP (19%) and Baluchistan (3%) respectively. MCB has an edge over other local banks, as it was the first privatized bank. The State Bank of Pakistan has restricted the number of The Consumer Banking of MCB provides customers with innovative saving schemes, products and services. The ATM network of MCB is the largest in Pakistan and the Pak Rupee Travelers Cheques are market leaders.

MCB was the first to introduce the Photo Card with the launch of the MCB MasterCard. The Corporate Banking of MCB ensures assistance from a dedicated team of professional financial advisors for underwriting, project finance or corporate advisory services. When it comes to banking practices, the consumer can depend on MCB, because it’d been around for over fifty years. The State Bank of Pakistan has restricted the number of branches that can be opened by foreign banks, an advantage that MCB capitalizes because of its extensive branch network.

Eight years after privatization, MCB is now in a consolidation stage designed to lock in the gains made in recent years and prepare the groundwork for future growth. The bank has restructured its asset portfolio and rationalized the cost structure in order to remain a low cost producer. MCB now focuses on three core businesses namely Corporate, Commercial and Consumer Banking. Corporate clientele includes public sector companies as well as large local and multi national concerns. MCB is also catering to the growing middle class by providing new asset and liability products.

The Bank provides 24 hour banking convenience with the largest ATM network in Pakistan covering 9 cities with around 100 ATM locations. The Bank’s Rupee Traveler Cheques have been market leaders for the past six years. MCB looks with confidence at year 2002 and beyond, making strides towards fulfillment of its mission, “to become the preferred provider of quality financial services in the country with profitability and responsibility and to be the best place to work”. Corporate Banking MCB’s Corporate Banking Team consists of dedicated professionals with the requisite expertise to take care of the banking needs.

The Corporate Bank with 20 branches has its presence in all major cities of Pakistan. The Area Offices are located in Karachi, Lahore and Islamabad. Corporate Platforms have been established in the three principal cities where teams of dedicated Relationship Managers have been posted. These Relationship Managers have been entrusted with the complete responsibility for managing the risk of their allocated portfolios, acting as allusion between the customer and the bank, and providing you with the entire range of products/services offered by the bank.

The products/services of the Corporate Bank are broadly divided into the following categories: Working Capital Loans: The working capital loan includes Running Finance, Cash Finance, Export Refinance, Pre-shipment and Post-shipment etc. Term Loans: Offer Short to Medium Term Finance to meet capital expenditure of the customer business needs. Trade Finance Services: Trade finances services that include an entire range of import and export activities including issuing Letters of Credit (L/Cs), purchasing export documents, providing guarantees and other support services.

Cash Management: The network of about 1100 branches in Pakistan enables the bankers to collect and disburse payments efficiently with the MCB cash management services. This also enables. the bankers to offer the customer’s choice of paper based or electronic fund transfer solutions including collection amounts, rose branch on- line transactions etc. Investment Banking The Investment Banking Team of MCB has emerged as a leading player in Pakistan’s investment banking arena. The Team handles advisory, corporate finance and capital markets related transactions.

Within these areas, the investment banking team of the MCB has developed expertise in the following areas of the investment: Private Placements Debt/Equity Underwriting Term Finance Certificates Loan Syndication Arrangement of Non- Fund Facilities Mergers and Acquisitions Financial Highlights The results for the year 2001 are reflective of sustaining all-around efforts over the few years, to maintain profitable growth along with prudent and proactive risk management and expansion of product range of customers. Pre-profit for the year 2001 was Rs. 2. 0 billion as against Rs. 1. 32 billion in 2000-a healthy increase of 59%. Growth in profitability is primarily due to fund-based activities through efficient assets and liability management. Fee based income was lower despite increase in volumes due to competitive pricing and discontinuation of charges on PLS accounts. Administrative expenses grew by 3% generally attributed to absorb effect of inflation and enhancement in Govt. levies. Pragmatic efforts are, however, under way to manage costs in relation to revenues to further improve the revenue/expense ratio.

Higher level of provisions was in the line with the Bank’s policy to upfront recognize problem lending. In 2001, the Bank managed to recover Rs. 2. 19 billion as against Rs. 1. 97 billion in 2000. The balance sheet footings have increased to Rs. 187 billion from Rs. 175 billion primarily based on deposit growth. Deposits have registered a substantial increase of 14% and stand at Rs. 154. 5 billion in 2001 as against Rs. 136 billion in 2000. Despite of low PLS deposit rates, branch network has shown a commendable performance by increasing and managing the deposit mix.

This has been possible by improvement in customer services and targeted sales of products like ATM cards. Net advances as at December 31, 2001 stood at Rs. 76. 6 billion, a reduction of Rs. 9. 8 billion. Demand for credit from manufacturing and export clients fell considerably, post September 11,2001, which led to a reduction in advances as on the balance sheet date from a higher level during the year. Leadership in Rupee Travelers Cheques: Sales have grown by 26% in the year 2001 and continue to reflect meteoric growth.

With the extension of the generic brand, increase in the range of denomination backed by a powerful verification system and over 900 branches involved in this business. Leadership in ATM’s: With around 100 ATMs and 170 online branches, MCB is again an undoubted Indus leader with connectivity extended to 16 cities of Pakistan. In the year 2002 further ATM will be deployed and connectivity increased to other cities. MCB ATMs not only serve 24-hour cash convenience but also improve on the counter services and turn around time at cash counters. The MCB ATM Master Card with Maestro and Cirrus networks has become a global ervice furthering the convenience to our customers. Traveling customers can access their account from a large number of internationally deployed ATMs and point of Sale (POS) units. The MCB ATM Switch – MNET is now operational. IT GROUP of MCB has been able to create the largest network for secure electronic financial transactions in Pakistan. Local branches of six international banks are connecting to this network. This will enable participating banks to use each others’ ATMs resulting in an increased convenience to MCB customers and customers of other banks.

The IT Group is currently expanding the network capability to provide the customers access to banking through multiple electronic channels. American Express Bank enters into an ATM sharing alliance with Muslim Commercial Bank: Muslim Commercial Bank Limited and American Express Bank Ltd. signed a Memorandum Of Understanding creating a mutually beneficial alliance, which will enable customers of American Express Bank to use ATM facilities offered by Muslim Commercial Bank. Mr. Taufiq A. Hussain, Country Manager, American Express Bank Ltd. , Pakistan in a simple ceremony in Karachi, signed the MOU.

MCB has setup an ATM Switch called MNET and American Express Bank is the fourth foreign bank to sign the sharing MOU. Speaking at the ceremony – AEB Country Manager said, “Customer service quality is the cornerstone of AEB’s philosophy and this initiative will significantly enhance our customer service capability for our consumer banking clients”. He added “After having considered various routes to acquire this capability AEB selected MCB as an keeping in view the large network capability and long standing relationship with MCB”.

MCB with a network of over 1000 branches in the largest private sector bank of the country. The Bank is a market leader in 24 hour banking convenience with the largest nationwide ATM network covering 11 major cities in all provinces of the country. CITI bank and Muslim Commercial Bank sign ATM sharing agreement: Muslim Commercial Bank and CITI Bank signed an ATM sharing agreement today. By the middle of this year, both Banks’ customers will be able to use the services of either Bank’s ATMs. Seen at the signing ceremony are Mr.

Haroon Basheer Sheikh, Head of Consumer Banking and Information Technology – MCB and Mr. Nadeem Hussain, General Manager Global Manager Global Consumer Banking – CITI Bank Pakistan with their respective team members. Standard Chartered Grindlays and Muslim Commercial Bank to launch co-branded credit card: Rated as Pakistan’s best banks (‘domestic’ and foreign’ respectively) by Euro money magazine Muslim Commercial Bank (MCB) and Standard Chartered Grindlays signed a Memorandum of Understanding to launch the first-ever joint servicing co-branded credit card in Pakistan.

Under the arrangement the partnering banks will have shared as well as distributed responsibilities to service the customers in line with their respective strength’s. The Partnership will derive its strength by combining the large diversified customer base of MCB and the track record of Standard Chartered Grindlays in managing a successful credit card business in Pakistan. MCB, the largest Private Bank in Pakistan, has over four million accounts domiciled in 1100 branches across the country.

Standard Chartered Grindlays, the largest foreign bank in Pakistan, has over ninety thousand satisfied card members and is a leading international player in the cards business. With this new initiative the customers product of the two leading banks in Pakistan. This agreement further strengthens the relationship between these two banks; earlier this year Standard Chartered Grindlays signed an agreement to join MCB’s switch/ATM network, the largest in the country.

FAYSAL BANK LIMITED to sell Muslim Commercial Bank’s Rupee traveler’s cheques: Muslim Commercial Bank Limited and Faysal Bank Limited signed an agreement for the Sale and purchase of MCB Rupee Travelers Cheques at all 11 Faysal Bank branches in Pakistan. Main categories of Account opening form: Type of Account There is a category of “Type of Account “, the customer can check any option to open a certain account. Following are certain kinds of accounts: Current PLS-Saving MCB Saving-365 Khushali Bachat PLS Term Deposit New Foreign Currency Account (Current/Saving) Currency

There is a category of “Currency” in the form: In this section there are four kinds of currencies are given in which MCB opens account. They are: Pakistani Rupee US dollar Nature of Account There is a category of “nature of account” i. e. Individual Partnership Sole proprietor Joint stock company Introduction Before opening an account a banker should ascertain weather or not the person desirous of opening the account is a desirable customer. There is Reference section in the form in which the person who wants to open an account must provide a reference of a person who has already an account with MCB.

For current account only reference of current account holder is accepted whereas for saving account reference of any whether current or saving is allowed. Preliminary investigation is necessary because of the following reasons: ? To avoid frauds ? Safe guard against unintended overdrafts ? To avoid negligence ? To replay inquiries against clients ? To comply with Prudential Regulations/Laws There is a specimen signature card with the bank on which the signature of account holder is to be taken while opening of his account. And then he is issued with a cheque book.

It is advised that one must keep his cheque book under proper care but there are cases that people sometimes lost their cheque books. In that case there is an application form in the name of manager is available and the customer who wants to get a new cheque book fills that form and gives it to the manager then he is provided with a new cheque book. In other case a requisition slip is present in the cheque book and whenever the customer wants a new cheque book he simply fills that requisition slip and presents it to manager and gets a new cheque book.

Know your Customer In view of recent heightened global efforts to prevent the possible use of the banking sector for money laundering, terrorist financing, transfer of illegal/ill-gotten monies and as a conduit for white collar crime etc, the importance of “Know your Customer” has increased. The objective of knowing a customer is to have a fair idea about the identity, financial resources and general information about the customer at the time when the relationship is established. A banker must have following information about the customer: Customer’s Name:

Enter complete name as mentioned in original Identity Card/other business documents. Nature of Business/Profession: If the customer is of salaried class then banker will enter his employer’s name. If the customer is a businessman, trader, sole proprietor, then the banker will enter the business name. Also enter the customer’s title/position and address of the employer/business. Addresses with P. O. Box are not acceptable. Similarly remarks like “Private Service”, “Business” are not acceptable, rather specify what type of company/business the customer is associated with.

In case of individual his attested Photocopy of national identity card or passport is required, in case of salaried person, attested photocopy of his sarvice card. In case of partnership attested photocopy of identity cards of all partners is required and attested photo copy of “Partner ship Deed” along with a copy of Registration certificate with registrar of firms. In case of Company, Memorandom and Article of association, certificate of incorporation, certificate of commencement of business and attested photocopy of identity cards of all the directors is required. Address:

Enter the complete residential/business address. Within the brackets you may also provide prominent address identification marks for ease of physically locating the address. Contact Number: Enter home, official, mobile, fax numbers and e-mail address (if available). Special Instructions: Clear-cut operational instructions must be obtained from the customers. If the customer has not given any special instructions in specified column, the column must be cancelled by drawing a line, as this column must not be left blank under any circumstances. The bankers considered the following points while opening the accounts:

Remittances Department The next department I worked in is Remittances department. The incharge of this department, Mr. Khalid told me that there are four kinds of remittances they deal in: ? Telegraphic Transfer ? Mail transfer ? Demand Draft ? Pay order Another task of this department was to issue the traveler cheque and to give the ATM card numbers. Here is a little detail of all of these works: Telegraphic Transfer: It is a facility provided by the bank through which a customer can send or transfer any amount immediately. The procedure for the customer is simple.

And more importantly the person who wants to transfer the funds may not have the account in the bank even then he can avail this facility. The procedure is like this, a customer walks in and fills an application form named as “APPLICATION FOR REMITTANCE” in which he mentions the bank to which he wants to transfer the funds also the name of the payee, his account number, also he has to mention his own address etc. then there are charges for this special facility provided by the bank and the bank receives these from the person who is sending the funds. Further there are two kinds of telegraphic transfers:

Ordinary TT TT The ordinary TT reaches to its destination after two days of its dispatchment whereas simple TT reaches to its payee immediately because the payee branch is informed immediately through telephone and fax. For ordinary TT only two vouchers are prepared: Commission Voucher Postage Voucher Whereas for TT three vouchers are prepared: Commission Postage Telephone charges In the application form of TT there are two options available for the person who is sending the funds i. e whether the payees account is credited for the same amount or payee is simply to receive the payment in hand. Documents Prepared:

The documents that are prepared for the TT are: TT register Remittances Confirmation of cable sent And afterwards whole of these information are recorded in a big register named as: Branch outward remittance register And after this procedure the respective branch is informed through telephone. Recommendations This whole procedure is quite lengthy and hectic. So the only recommendation that could be given is, it must be computerized Another task of the accounts department is to give the customers the ATM card number. The procedure is like this that when a customer applies for the ATM card, he is given a certain time to collect the card.

On due date the customers gets his card from manager and for safety purpose the ATM number remains with the account department and the customer gets his number from there. Traveler cheque In account deptt there are two people working. One’s job is to issue the traveler cheque and the other is suppose to make the payment of TC. This work is separated for the purpose of safety and to prevent the frauds. When RTC is issued it is written in Traveler cheque register and when it is paid it is posted in MBIS. Traveler cheque register is used to maintain the stock of RTC’s.

When RTC is issued HO RTC deptt. Is credited and when RTC is purchased it is debited. One of the person has the complete register of staff’s salary he maintains a staff salary register. The remittance facilities of the MCB are according to the need of the customer. Your beneficiary will receive the amount even if he/she does not have an MCB account. The Remit Express facilities the MCB can be avail in the following Bank/Companies: Demand draft Demand Draft can be explained as the instrument which is payable on demand as its name implies the same, the value of which has already been received.

This instrument is issued by one branch and payable at other branch of same bank or other bank’s branch e. g. DD issued by MCB payable by ACBL. Procedure of issuance: The customer wants to make the DD fills in the same form or application i. e of remittances in which he mentions the DD, the beneficiary’s name, the place, the mode of payment i. e, whther he wants the payee to receive the cash, cheque or debit his account, signature and his name and address Check the application form. Commission is charged as per bank policy. Also excise duty & withholding tax are recovered as per applicable rates.

Entry is then made in DD issued register. In the DD issued register, separate folio is allotted for each drawee branch and a serial control number is applied. The entries made is DD payable account is credited and cash is debited and when the payee receives the cash against DD, DD payable account is debited and cash is credited. Procedure of Cancellation of D. D. On receiving the application for cancellation in writing along with original DD the signature of the applicant is verified This signature should tally with the signature on DD application form.

Then cancellation is marked in DD issued register and the drawee branch is Informed about cancellation. Issuance of Duplicate DD In case of Lost/Stop Payment: Application is received and signature is verified, then the drawee branch is informed about the loss of DD and further they are advised to tell the branch the status of DD i. e whether it has been paid or not. Then a duplicate of DD is issued with “Duplicate in lieu of original DD No____ dated____ reported lost” written on its face. The duplicate DD will have the same control number. PAY ORDERS:

Pay order is a kind of instrument issued and paid in the same branch. It is normally issued for payment in the same city. Procedure of Issuance of Pay order: The customer fills the remittances application form and mark check on pay order. On receiving application he is issued with a pay order after receiving charges. All pay orders are crossed i. e “Payees a/c only” Procedure of Cancellation of Pay order: On receiving application for cancellation of pay order along with the pay order, it is cancelled and cancellation charges are recovered. Duplicate Pay Order:

If the payment of pay order has not yet been made a duplicate copy of it can be made on receiving application from the customer. The duplicate charges are recovered from customer. Clearing Department Clearing: Clearing implies a system by which banks exchange cheques and other negotiable instruments drawn on each other within a specified area and thereby secure payment for their clients through the clearing house at specified time in an efficient way. Clearing House: In past State bank was indulged in clearing function i. e for the settlement of mutual obligations of different commercial banks.

As all banks have their accounts and keep a certain percentage of the cash deposits as a reserve with Central Bank, it become easy to set up their mutual obligations by off-setting their accounts. The claim of banks against each other is settled by simple transfers from and to their accounts. These methods of settling accounts though the central bank, apart from being convenient is economical as regards the use of cash since account are adjusted through accounts, there is usually no need for cash. At present this function of state bank is performed by NIFT.

And now clearing house is a place where NIFT’s representatives of all scheduled banks sit together and interchange their claims against each other with the help of controlling staff of State Bank of Pakistan and where there is no branch of State Bank of Pakistan the designated branch of National Bank of Pakistan acts as controlling member instead of State Bank of Pakistan. Reasons of Cancellation of Membership: When a bank is no longer a scheduled bank. When any bank fails to meet its liabilities. When It is prohibited to receive fresh deposits by State Bank of Pakistan or Central Government.

Advantages of Clearing: dAs clearing does not involve any cash etc and all the transaction takes place through book entries, the number of transactions can be unlimited. dNo cash is needed, as such the risks of robbery, embezzlements and pilferage are totally eliminated. dAs major payments are made through clearing, the banks came manage cash payments at the counters with a minimum amount of cash in vaults. dA lot of time, cost and labor are saved. Since it provides an extra service to the customers of banks without any service charges or costs, more and more people are inclined and attracted towards banking.

Rules & Regulations of Clearing House: Timing: -Monday through Saturday 1st Clearing 10. 00 A. M. 2nd Clearing 2. 30 P. M. ? Cheques and other negotiable instruments are sent through NIFT’s representative for exchange. ? All the cheques and negotiable instruments must be properly stamped and suitably discharged ? Each and every Cheque must be accompanied by an objection memo when returned unpaid duly initialed. ? Each bank is required to maintain sufficient funds in the principal account with SBP to meet the payment obligations. The State Bank of Pakistan debits the account of each member of the clearinghouse with the proportionate working expenses incurred on the operation of clearing house. These expenses are very nominal. Functioning of Clearing House: All the scheduled banks which are the member of clearing house, must maintain accounts with SBP, by debit and credit to which the clearing settlements are made. If on a particular day, a bank delivers Cheque and other negotiable instruments worth more than the total amount of Cheque received by it that banks account with State Bank of Pakistan will be credited with the differential amount.

If on the other hand the total amount of Cheque and other negotiable instruments drawn on a certain bank by other banks is more than the total amount receivable by it from other banks, then this bank’s account will be debited on that day. The Cheque delivered to the other banks through NIFT’s representatives for clearing are called outward clearing; whereas Cheque received from the representatives of other banks for payment are called inward clearing. How settlement is done in NIFT? Presume that MCB got the Cheque, which are drawn on UNION BANK, UBL and ACBL for amounts Rs. 50,000/-, Rs. 30,000/-, Rs. 5,000/- respectively, its total being Rs. 95,000/-. It means that this amount is to be credited to MCB A/c with S. B. P. On the other hand the Cheques drawn on MCB are from UNION BANK, UBL & ACBL of Rs. 15,000/- Rs. 75,000/- and Rs. 30,000/- respectively, its total being Rs. 1,20,000/-. It means that this amount is to be debited from MCB A/c. The difference between Rs. 95. 000/- credit and Rs. 120. 000/- debit is Rs. 25,000/- debit, which means the house, is against MCB for Rs. 25,000/-. If we separately show it then, MCB has to receive Rs. 50,000/- from UNION BANK and to pay Rs. 15,000/- to UNION BANK so difference is Rs. 5,000/- credit. MCB has to receive Rs. 30,000/- from UBL and to pay Rs. 75,000/- to UBL so difference is Rs. 45,000/- debit. MCB has to receive from ACBL Rs. 15,000/- and to pay Rs. 30,000/- to MCB so difference is Rs. 15,000/- debit. GRAND TOTAL: + 35,000, – 45,000, -15,000 = -25,000 i. e. Rs. 25,000/- debit. Hence MCB A/c with State Bank of Pakistan will be debited with Rs. 25,000/- and the contra will be other banks accounts respectively. This is called as “Debit and Credit Rule”. The amounts and number of instruments received are entered in the House Book from the main schedules of the respective banks.

The State Bank of Pakistan maintains two major books for clearing house purpose :- HOUSE REGISTER. This book contains the information about the amounts and number of cheques received and delivered by each bank is noted down. Its columns are just like our clearing house-page. HOUSE BALANCE BOOK: This book contains the amount and number of cheques received and delivered by each bank as well as the amounts which are to be received and paid to respective banks through their accounts by State Bank of Pakistan is written down. This book has the following columns:- |Initials |To Pay Amount |No. f Cheques Received/Delivered |Name of Bank|Received Amount |To Received Amount|Initials | Both sides of this book are balanced. Vouchers are prepared from the slips received from the respective banks and the amounts are compared with this balance book. Summary of Clearing House Working: The working of clearing house may be summarized as under:- ? The instruments are delivered to the respective banks. ? The instruments drawn on our Bank are received from other banks. ? The amount and number of instruments received are entered in the House Book from the main schedules of respective banks. The amount of instruments delivered, received and the difference is written on a Figure slip provided in the clearinghouse and the slip is returned to the supervisor. ? The instruments are arranged branch-wise. ? Schedules are detached and kept safely. OUTWARD CLEARING AT THE BRANCH: The following points are to be taken into consideration white an instrument is accepted at the counter to be presented in Outward Clearing: ? The name of the branch appears on its face where it is drawn on. ? It should not be stale or post dated or without date. ? Amount in words and figures does not differ. Signature of the drawer appears on the face of instrument. ? Instrument is not mutilated. ? There should be no material alteration if so, it should be properly authenticated. ? If order instrument, suitably endorsed and the last endorsee’s account being credited. ? Endorsement is in accordance with the crossings if any. ? The amount of the instrument is same as mentioned on the paying-in-slip and counterfoil. ? The title of account on the paying-in-slip is that of payee or endorsee (with the exception of bearer cheque). If an instrument is in order then our bank’s special crossing stamp is affixed across the face of the instrument.

Clearing stamp is affixed on the face of the instruments, paying-in-slip and counterfoil (The stamp is affixed in such a manner that half appears on paying-in-slip and half on counterfoil). The instrument is suitably discharged, where a bearer cheque does not require any discharge and also an instrument in favor of a bank need not be discharged. The instrument along with paying-in-slip is retained while the counterfoil is given to the customer duly signed. Then the following steps are to be taken:- ? The particulars of the instruments and the pay-in-slips or credit vouchers are entered in the Outward Clearing Register. Serial number is given to each voucher. ? The register is balanced, the credit vouchers are separated from the instruments and are released to respective departments against acknowledgement in the register. ? The instruments are arranged bank-wise. ? The schedules are prepared in triplicate, two copies of which are attached with the relevant instruments and the third is kept as office copy. ? The house page is prepared from schedules in triplicate. ? The Officer Incharge with branch stamp signs the schedules and house pages. ? The grand total of the house page is taken and agreed with that of the outward clearing register. The instruments along with duplicate schedules and house-page are sent to the Main Office. ? However the amount is kept in float till final status of various instruments is known from respective paying banks in second dealing. The entry of the instruments returned unpaid is made in Cheques Returned Register. If the instrument is not to be presented again in clearing then a covering memo is prepared. The covering memo along with returned instrument and objection memo is sent to the customer who deposited the same in his account. INWARD CLEARING OF THE BRANCH: The particulars of the instruments are compared with the list. The instruments are detached and sorted out department-wise. ? The entry is made in the Inward Clearing Register (Serial Number, instrument number, Account number and amount of instrument is written). ? The instruments are sent to the respective departments against acknowledgement in the Inward Clearing Register. ? The instruments are scrutinized in each respect before honoring the same. OUTWARD CHEQUES RETURNED UNPAID: These are the cheques returned unpaid by us presented to us in Inward Clearing due to some objections. INWARD CHEQUES RETURNED UNPAID: These are the cheques returned unpaid to us, which were lodged by us in Outward Clearing.

RETURN OF CHEQUES AFTER CLEARING HOUSE: Suppose all cheques received in the inward clearing are passed and later on it is found that a cheque should have been returned. In such cases, we contact the collecting branch and request them not to make payment against the proceeds of the cheque which was not returned unpaid by us in due time. The cheque with objection memo along with a covering letter is sent to the collecting branch, making request to issue a payment order in our favor. To balance the cash-cum-day book we may debit Suspense A/c Sundry Debtors with the approval of the manager.

When the payment order is received, it is lodged in clearing and the Suspense A/c -Sundry Debtor is adjusted accordingly. SPECIAL CLEARING: In addition to the normal clearing function at Clearing House it is mutually agreed to hold an extra clearing at the Clearing House on a particular day and time, which is known, as “Special Clearing”. It is arranged due to rush of work arising out of say, m

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Analyze the Summer Internship Project Essay

[pic] EMERGING HR TREND SUMMER INTERNSHIP PROJECT REPORT In partial fulfillment of the requirements for the Award Of the Degree of MASTER OF BUSINESS ADMINISTRATION IN HUMAN RESOURCE MANAGEMENT FROM [pic] Submitted by: SUTAPA DAS 2nd SEM Magnus School Of Business (Affiliated to ICFAI Dehradun) 19, R. N. MUKHERJEE ROAD KOLKATA-7000019 2007-2008 ACKNOWLEDGEMENT We would like to pay our sincere and humble homage to his holiness LE-Magnus foundation and Mr. S. K. DEB and seek their blessings. We gratefully thank our beloved Principal Mr.

S. K. DEB, and internal guide guide cum faculty of HR, Mr. Indranil Bose, and external guide from ADECCO INDIA STAFFING SOLUTIONS, Mr. DHRITIMAN SENGUPTA, Team-Lead Recruitment for their patronage and excellent atmosphere in the college as well as in office premises. The successful completion of any endeavor would be incomplete if I do not mention about our respected Mr SOURANSHU CHAKRABORTY, Mr. SANTO BHOWMICK, Mr.

AMIT DUTTA, Ms SONALI SARKAR, who helped in making it possible and provided an able tutelage and encouragement which served as bacons light and crowned our efforts with success. We are also thankful to all the teaching and non-teaching staff of our department for their ever helping attitude and constructive suggestions throughout. Lastly, I would like to thank all our friends and those who put in their efforts, to help us for preparing our target project successfully. [pic]___________________________________________________

DECLARATION I, Ms. Debasree Ray hereby declare that this project report submitted for the partial fulfillment of the requirements for the Summer Internship Project of MBA in Magnus School Of Business, is the result of my original and independent research work carried out under the supervision of Mr. DHRITIMAN SENGUPTA,(External Guide) and Prof. INDRANIL BOSE (Internal Guide) Magnus School of Business. This project report has not been submitted earlier for the award of any other Degree, Diploma in any other university.

SIGNATURE DATE: PLACE: KOLKATA …………………………………. PROJECT REVIEW 1. MARKET SURVEY : a. CAREER IN BPO( LONG-TERM & SHORT-TERM PROSPECT b. EFFECTIVENESS SURVEY OF EMPLOYEES WORKING IN INSURANCE SECTOR 2. FLEXIBLE HR SOLUTIONS : RECRUITMENT Recruitment services are organized along the following verticals- – TELECOM – ENGINEERING, MANUFACTURING, PHARMA & INFRASTRUCTURE – BANKING & FINANCIAL SERVICES – CONSUMER SERVICES & RETAIL – IT Enabled Services INFORMATION TECHNOLOGY : SEARCH ADECCO have track record in the Indian sub-continent over three years, building leadership teams for Corporate clients, is what our dedicated team of search consultants have expertise in. We have successfully completed searches at the CEO and Board levels and across all functional disciplines. : STAFFING

ADECCO provide end-to-end solutions in temporary Staffing and our services include- – Just-in-time RECRUITMENT – PAYROLL Services – Temporary-to-permanent RECRUITMENT : LEARNING ADECCO’s learning & training division is a leading provider of globally benchmarked training content & high quality training to clients across India. A large network of training partners across India helps us cater to training needs of clients anytime, anywhere.

INDEX Sl. No. Chapter NamePage No. 1. Introduction 7 2. Company Profile 8-10 3. Objective Statement 11 4. Databases 62-63 5. Data Analysis & Interpretation 32-53 6. Conclusion 43 7. Personal Learning 57 8.

Limitations 58 9. References 67 10. Annexure CURRENT HR TREND COMPANY & PRODUCT INFORMATION ? RECRUITMENT ? SEARCH ? PERMANENT STAFFING ? TEMPORARY STAFFING ? PAYROLL PROCESSING ? LEARNING [pic] COMPANY PROFILE ADECCO GLOBAL: ADECCO SA, a Fortune Global 500 company is the world’s largest HR services provider, with a comprehensive service offering that includes Temporary & Contract Staffing, Outsourcing, Permanent Recruitment , Outplacement & Career Services, Training & Consulting.

ADECCO has the highest market share, revenue, cashflow, and market capitalisation in the industry, globally. Creation: ADECCO was created in 1996, following the merger of ADIA(Switzerland) & ECCO(France), two leading personnel service firms with complementary geographical profiles. Group Sales 2006: USD 27. 4 Billion with USD 821 Million Net Income Fortune Global 500 Ranking: ADECCO is ranked 278 in the Fortune Global 500 list Worldwide Employees: 37,000 Global Client Base: Upto 150000 clients served everyday Global Office Network: 6700 offices in 70 countries & territories

Daily No. of Temporary Staffs on Assignment: 7,00,000 ADECCO Global Business Lines: Medical & Science Finance & Legal Sales, Marketing & Events Human Capital Solutions Engineering & Technical Information Technology [pic]ADECCO INDIA: Adecco India, headquartered in Bangalore, is a leading end-to-end Hr solutions Company with a focus on Executive Search, Recruitment, Training & Learning & Temporary Staffing Services to client organizations. With a national presence in 36 branches across & the Middle-East, ADECCO is the fastest growing Hr company in India. Rapid growth with the largest branch network of 36 . • Over 35,000 Associates on assignment everyday,nationally. • Distinguished list of over 1000 clients across all segments. • Placement of around 4,000 candidates placed/month across India. • Over 650 trained & specialized consultants to customize your HR solutions. • Consistent investments in IT & infrastructure to upgrade service quality. • Global resources of ADECCO compliment local intelligence & delivery ability • Domain expertise across specific industries. • Domain expertise across verticals, across levels High promotion of business is repeat business from existing Clients • Independent leading research Organisation • Ability to source large number of candidates in small towns and villages • Domain- specialist consultants with first-hand experience and knowledge of the sectors they represent. • Tailored solutions based on specific client requirements • Ability to place candidates through our Recruitment consultants present across India. • End-to-end back end support for clients • Online HR-MIS access for clients and associates • Headcount flexibility • Statutory complaint • Strong database of candidates

People are the most powerful assets of a company and the ability to choose the right people is most strategic for any company today. Companies across the globe lay critical emphasis on their human resources and in the process, newer methods have evolved to enable them to get the right people for the right job at the right time. Need to contain headcount, seasonal increase in business, need to lower employment costs and demand for niche skill sets are some of the underlying reasons that have made companies opt for Temp staffing. Today “HR OUTSOURCING” has become a globally accepted norm. pic]National Presence: ¦ Kolkata ¦ Chennai ¦ Delhi ¦ Mumbai ¦ Bangalore ¦ Hyderabad ¦ Bhubaneshwar ¦ Gurgaon ¦ Pune ¦ Ahmedabad ¦ Lucknow ¦ Chandigarh ¦ Bhopal ¦ Coimbatore ¦ Vizag ¦ Dubai Along with a wide international presence across the globe. ADECCO India Ltd, BANGALORE( HEAD_OFFICE) Peopleone House,Plot No. 17 S. T Bed,80 Feet road,4th Block, Koramangala, Bangalore-560 034 Tel: +91 80 3989 7070 Fax:+91 80 2563 1176 [CORPORATE OFFICE] KOLKATA 126, Hazra Road Kolkata-700021 [pic] GOAL & OBJECTIVE: ADECCO has listed out the following objectives to achieve its goal: ¦

To partner with the clients to integrate” flexibility” into their workforce and take care of their routine people management activities, helping them concentrate on their core business. ¦ Develop the market by effecting process transfer and providing value-added solutions ¦ Implement leadership through quality strategy through employees, by giving due respect to strengthen team spirit and create pride, in the company and its mission. [pic] [pic] Verticals At MRD: * Vertical comprising of Media, Banks, NBFCs, Courier and Logistics, Insurance, Real estate, Travel, Hotels, Hospitals *FMCG, Telecom-Sales, Consumer Durables IT, Telecom-Technical, Retail, Manufacturing [pic] [pic] [pic] [pic] [pic] [pic] [pic] [pic] [pic] [pic] Adecco Staffing- Service Offerings [pic] ? Recruitment ? Project recruitment ? Transfers ? Post recruitment ? On boarding ? Induction ? Pay roll services ? Statutory compliances ? Temporary to permanent Platinum Clients: Our client becomes a platinum account if- ? Adecco Staffing Solution’s top 20 accounts nationally ? Client should have more than 1000 associates on Adecco’s pay rolls and a potential to row to 2 to 3 thousand in a year ? And, must be present in more than 5 locations nationally. Commercials: ? Sourcing Fees ? Professional Charges ? Absorption Fees ? Service Tax TRAINING: [pic] 1. RECRUITMENT- CYCLE a. To Get the Mandate> Requirement of the client or the organization/ what type of candidate they are looking for. b. Go through the Job Description> (like ABP) What type of job they have to do. c. Job Portals search> Through Naukri. om , Monster. com d. Headhunting> Reference collection from Campussing, friend,colleagues of a candidate. e. Corehunting> Company with a particular profile( articular person) f. Through vendors> Company tied-up with agencies( like Adecco) g. Validation of a candidate> if interested then the candidate must forward the CV to the agencies(ADECCO) and Adeccoo will forward it to the client. h. Shorlisting of CV of the candidates. i.

Line-up> Agency will call up to the candidate for the interview and give them the details of Contact person, Venue, Time, and with the Documents that are needed. j. Chase calls> On the very day of the interview the candidates are being called up to give them the reminder of the interview. k. Post- interview formality> After the interview Adecco recruiters call up the client for the selection status and also for the joining date with intimation of all sorts of requirements. . Finally candidates are called up for joining along with proper documents. [pic] 2. ON-BOARDING/ JOINING FORMALITIES As part of the joining formalities, you need to complete the documentation process. Your joining kit consists of the following documents : ? Letter of Appointment (2 copies) ? Associate Manual ? Bank Account Application ? Providend Fund Nomination Form ? PF Transfer Form (If applicable) ? Joining Report ? ESI form ? IT Declaration form ? Mediclaim Form ? Reimbursement Forms- Conveyance,Lunch,Expense (as applicable)

Mainly 5 forms have to be filled up. a. Feedback Form b. HRIS Form c. EPF Form d. PHS Form e. Declaration Form The Candidates require to bring the belowmentioned documents: • Two postcard size photographs & 2 passport size photograph • Certificate of last passed examination • Residential proof • Birthday proof Onboarding technology vendors offer products that address a myriad of aspects of the above definition, all claiming their approach is the most important and therefore the only approach that matters.

It’s not surprising, then, that all of the vendors with onboarding products at IHRIM ’08 showed off widely varying approaches to onboarding. A closer look at each of the vendors and their products reveals that there are two basic approaches to onboarding: transactional onboarding, and acculturation. ask an HR professional what onboarding is and they will universally define onboarding simply as moving a candidate for a role into that role. The candidate can be new to the organization, or may already be participating in the organization as an employee, contractor, partner, or in any number of peripheral capacities.

The role the candidate is moving into may be any working relationship with the organization, most typically an employment role, but the role may also be an expansion of duty or responsibility, either permanent or temporary. [pic] PAYROLL PROCESS OUTSOURCING: A service that automates (and outsources)the regular payment of wages and salaries to the employees and the deduction of taxes, Statutory, Non-statutory from a company’s employees. ADVANTAGES OF PAYROLL PROCESSING: * Reduction in Staff * Relieved from Man Management * Relieved in terms of savings in salary & compensation Experts do it Better * Backed with a team of HR Professionals * Real time solution & value addition * Extended HR Wing * Best entrusted professionals with HR responsibilities * Throw light on your core competence * Gain Access when in Pain * Compliance of all legislations * Streamlining of system over a period of Time ADECCO INDIA will undertake a detailed transition during which the payroll database is set up in our system, the various heads of income and deductions are mapped, etc. REPORTS: ¦ Individual & Consolidated Pay Slip Leave Summary Details ¦ Bank Letter with details ¦ ESI Report for the month ¦ P. F Report for the month ¦ ESI Summary for the month ¦ P. F Summary for the month ADECCO INDIA. has a large set of reports carefully designed to meet most of your requirements. For special reports in addition to our existing range, ADECCO INDIA would assess the effort required to build that report and charge the client accordingly. [pic] Reimbursement of Claims: The employee will be eligible for claiming official expenses on prior approvals from the client as per client’s policy.

It is needed to submit the reimbursement form as per the format specified. Based on mutually agreed timelines with the client and the approvals, reimbursement will be directly credited to the Salary Account. Loans and Advances: The eligibility for loans and advances is at the sole discretion of the client. Only on getting the prior approvals from the client, the loan will be sanctioned and released. Based on the agreed timelines, the amount would be credited to the Salary Account of the employee. Rewards and Incentives: The eligibility for rewards and incentives is the sole discretion of the client.

Based on the agreed timelines the amount will be credited to the salary account of the employee. Tax Declaration: All associates who fall in to Tax bracket need to submit the Tax declaration within 30 days of their reporting. The Tax deduction of the employee will be based on the declaration and proof need to be submitted in the year-end based on the communication sent by Adecco India. [pic] PAYROLL: Working Hours: You will follow the working hours of the client where you will be deputed. You may have to work on shifts, based on the client’s requirement.

Attendance : Your attendance will be maintained by the Reporting Officer of the Client, which needs to be sent to the contact person at Adecco India within the cut-off date as mutually agreed. Leave Policy: You will be eligible for leave as per the policy of the client where you are deputed. The Reporting Officer of the client will do the Leave Tracking. You have to plan in advance and take approval of the Reporting Officer before going on leave, except on emergencies. Any uninformed leave will be treated as “ Loss of Pay “ and may call disciplinary action.

You have to submit the leave form duly signed by the Reporting Officer. Compensation & Benefits:- Adecco India will make payment on the dates mutually agreed with the client, which will be intimated to you by the Reporting Officer of the client. All your payments will be made through Bank Transfer. Please ensure you open your account to enable us to credit your payment in time. Your payroll information can be accessed on-li9ne by using Adecco India login details provided to you. In case, you do not have access, hard copy of your pay slip will be sent to you.

Benefits; • You will be eligible for Employer’ Contribution to Provident fund as per Rules. • All associates whose monthly gross salary is less than Rs. 10,000 will be covered under ESIC. • Associates will be covered under Mediclaim Insurance with cashless hospitalization. • Group Accident Insurance. • Please note, insurance coverage depends upon client’s policy and for the sum assured. [pic]Provident Fund: The basic purpose of Provident Fund is to cover the future of the employees after retirement or to have security in the event of early death of an employee.

The employer shall enroll such employee as a member shoes pay does not exceed Rs. 6,000 per month. • Deductions from employees (Employee contribution ) 12% of the Basic + DA +Retaining Allowance. Employee/Employer has no right for non-contribution. The employee may however, contribute if he so desires, an amount, exceeding the prescribed percentage of his basic wages, DA, retaining allowance, if any, subject to the condition to that the employer shall not be under an obligation to pay contribution over his contribution payable under the Act. • Employer’s contribution 12% of the basic wages and retaining allowances.

This is paid as follows: ? 3. 67% EPF and ? 8. 33% EPS (Employees Pension Scheme ) In addition to the above, the Employer shall contribute 0. 50% of pension Wages towards EDLI (Employee Deposit Linked Insurance Scheme ). ESIC : The ESIC was he first major legislation on social security for the workers in Independent India. The ESI Act encompasses certain health related eventualities that the workers are generally exposed to such as: sickness, maternity temporary or permanent disablement, resulting the loss of wages or earning capacity – total or partial.

Social security provisions made in the Act to counter balance negate the resulting physical or financial distress in such contingencies, are thus, aimed that upholding human dignity in times of crisis through protection from deprivation, destitution and social degradation while enabling society retention & continuity and socially useful and productive man-power. Employees drawing up to Rs. 10,000 are eligible under the scheme (w. e. f 1-10-2006). Employee Contribution – 1. 75% and the Employer – 4. 75% of wages paid/payable in respect of every wage period. Wages means the gross wages and includes incentive paid within 60 days interval). Insurance: Insurance policy and sum assured depends on client’s policy. Please check with our Executive for details. The policy details are not covered for all our associates but depends on client’s requirements. The offer letter will indicate whether the person is covered under the Insurance policy and the amount assured. The below mentioned services are provided by the third party administrator M/s. Paramount Health Care Management Ltd.

Mediclaim Insurance plan: • The Meciclaim Insurance policy covers reimbursement of hospitalization expenses only with the maximum coverage up to the coverage up to the limit of sum assured • The policy covers hospitalization anywhere in India. • In the event of any claim becoming admissible under the policy. The United Insurance Company will pay the amount for following expenses. ; Room rentals, hospitalization expenses a. Nurses expenses. b. Surgeon, Anesthetist, Medical Practitioner, Consultant, Specialist Fees. c.

Anesthesia, Blood, oxygen, operation theatre, surgical appliances, medicines & drugs, diagonistic materials & x-rays, dialysis, chemotherapy, radiotherapy, cost of pacemaker, cost of internal organs & similar expenses. d. Maternity benefit- extension from Day 1, Rs 10000 fro normal delivery & Rs 20000 ceasarean delivery , mins, treatment taken in hospital / nursinghome arising from traceable to pregnancy, childbirth including normal ceasarean section. ? The pre-requisites to claim for medical insurance are : a. Hospitalisation should have occurred for a minimum of 24 hrs in any Hospital or nursinghome.

However, the 24hrs rule does not apply in the case of dialysis, chemotherapy, radiotherapy, eye-surgery, kidney-stone removal & tonsilaectony. The patient should be admitted to any hospital/ nursinghome that contains at list 15 beds. The documents for the insurance claim have to be submitted within a maximum of 30 days after hospitalization. b. Expenses incurred for pre-hospitalisation treatment for aperiod of 30 days prior to hospitalization & medical expenses incurred upto 60 days after hospitalisaton will also be re-imbursed subject to total liability being limited to the sum assured.

PHOTO ID CARD Photo Id card would be issued to the person which will identify and is also for admission into the paramount panel of hospitals . The photo id card is ? Non-Transferable ? If the photo Id card is lost or misplaced a duplicate card will be issued at a nominal fees of Rs 50 ? The photo Id card is the sole property of Paramount Health care management Ltd HELPLINE NO; 1600-22-6855(toll-free) SALARY BREAK-UPS GROSS = BASIC HRA SPECIAL ALLOWANCE CONVEYANCE ALLOWANCE (Above 800- Taxable) CTC[ COST TO COMPANY] = GROSS SALARY + P. F EMPLOYER CONTRIBUTION + ESIC ESIC 10,000 above is not applicable. TAKE HOME SALARY= CTC Less: (-) Employee Contribution ; PF ESIC PROFESSIONAL TAX INSURANCE P. F Deduction from BASIC; 12% on BASIC ( Employee Contribution) 13. 61% on BASIC( Employer’s Contribution) * 1. 61-Admin Charge (Own trust) • ESIC DEDUCTION ON GROSS 1. 75% from Employee Contribution 4. 75% from Company Contribution Salary Invoice Details

Mainly this is the part of the Process where the employee salary details are being kept in a format withn a excel sheet. This is applicable to all the respective clients and their employees. The pattern is as follows: ? Serial No. ? Employee Code ? Ramco Code ? Name of the candidate ? Bank Name ? Location ? DOJ( Date Of Joining) ? Type Of Account ? NOAD( No. of Absent days) ? NOWD( No. of Working days) ? Gross ? PF ? ESI ? PF Admin ? Insurance ? Total CTC ? Net Pay ? Basic ? HRA ? Spl. Allowance ? Conveyance ? Gross Salary ? Reimbursement ? Total Net Pay ? Take Home Salary A/c // Cheque Which follows Disburesement.

There are two types of clients: a. Collectant Bill b. Upfront Bill ** PF- Form 19 Form 10C ADECCO’S PROCESS CYCLE [pic] Benefits to Associates ? Structured Induction – Manual/ Policy Guideline ? SPOC for all associates deputed per location ? Personal Files ? Rewards & Recognition Programs ? Appraisal documentation ? I cards for all associates ? Monthly Help Desk & Open House ? Response center for Query resolution ? Compliance with Statutory bodies – PF/ ESI/ PT ? Insurance Coverage – Mediclaim / Personal Accident ? Cashless Insurance Cards ? Timely error free payroll ? Guaranteed employment & growth prospect Why Adecco?

Customer oriented Organization ? Independent leading research Organization ? Ability to source large number of candidates in small towns and villages ? Domain- specialist consultants with first-hand experience and knowledge of the sectors they represent ? Tailored solutions based on specific client requirements ? Ability to place candidates through our Recruitment consultants present across India. ? End-to-end back end support for clients ? Online HR-MIS access for clients and associates ? Highly cost effective staffing solutions ? Headcount flexibility ? Statutory compliant Strong database of candidates [pic] Appraisals [pic]

EXIT INTERVIEW Every associate who has resigned from the services of the company will have to undergo the “Exit Interview” wherein, he will be given an opportunity to give his feedback/suggestions. The feedback of the individual is a very important tool to continue strive for improvement of the company. Later, the relieving/experience letter will be given. Associates can transfer their PF to the new company, they are joining by getting Form 13 from Adecco or if associate decides to close PF Account, he/she would need to fill in Form 10C & 19 along with cancelled cheque leaf and submit after 60 days on getting relieved from Adecco. pic] PERMANENT STAFFING: India being one of the fastest growing IT service providers in the world today, the demand for people is far greater than the available talent pool. There is a genuine case to outsource the hiring of permanent employees to an external agency that possesses the competence and the bandwidth to do so. Getting the right candidates at the right time is every HR Managers dream. ADECCO INDIA work towards achieving that dream for you. It has considerable expertise in providing Permanent Staffing at various levels.

ADECCO’s streamlined system is tuned to understand the client requirement and select the right candidate that matches their needs, both technically and culturally. Our permanent staffing selection is carried out through one of these ways: Selection from our wide database ADECCO has one of the widest and most refined database of prospective employees from various fields. This huge stream of employee listing could be fully leveraged by our clients, ensuring the widest possible search for the best candidates. Selecting from our database also means a quick solution for your staffing needs.

Permanent staffing is assuming great importance in the human resource strategy of every company today. Rightly so, as an organization that is equipped with quality and dedicated permanent staff has a greater chance of surviving and succeeding in the long run. Benefits of our Permanent Staffing Service : Comprehensive solutions : As a permanent staffing solutions firm, we follow a single window approach, delivering the entire gamut of services: • Screening resumes • Conducting technical and aptitude tests, in-depth interviews • Verifying references • Negotiating salaries

We shoulder the responsibilities of the process, so that you can focus on realizing your business objectives, without having to worry about the nitty-gritties of the staffing process. Trained Manpower: With a focus on the latest technological developments Authentic and reliable : ADECCO is committed to providing you with reliable, transparent and honest services. Our rigorous recruiting process: • Entails strict screening of resumes, in-depth interviews and thoroughly verifying and cross-checking references • Ensures selection of genuine talent pic] CAMPUSS INTERVIEW: A slow but sure trend is emerging in corporate recruitment that augurs very well for the student community. With the opening up of the job market and myriad job profiles available, corporates today are looking beyond just experienced individuals to fit into their organisations. [pic] An obvious destination is the campuses that are virtually sitting on a goldmine in terms of talent and resources. [pic] And most organisations have recognised this and have started tapping this source for their manpower requirements. [pic]

Another significant factor to note is that it is not just the large Indian companies but also the multi-national corporations (MNCs) that are on a campus trip. [pic] While Caritor hires 65 to 80 per cent from campuses, for Wipro the number is roughly 50 to 60 per cent. Deccan herald spoke with some premier organisations to learn the reason behind this paradigm shift in recruitment. [pic] The rationale [pic] “Yes, it is always easier to mould a campus recruit than a lateral recruit. So, while the initial training period and learning curve is more for a fresher, the medium term output is higher. pic] We plan to take lateral recruits only when there is a demand for niche skills on an immediate nature, or if our velocity of planned recruit intake is lesser than the actual business growth,” says Achuthan Nair, Vice President – Strategic Resourcing. [pic] IBM in fact has a dedicated team focused on building campus relationships. Apart from recruitment drives, they also work closely with many campuses in their research and development areas as well as providing training on their software products. [pic] It is an integrated approach to leverage the best of talent from these institutes. There is terrific talent coming out of the India institutions- really smart, dedicated an eager folks keen to make their mark. We have always seen this as an important channel of talent and this is only increasing,” says Martin Appel, VP, HR – IBM Global Services India. [pic] Catch them young [pic] The ‘catch them young’ concept has worked very well for TESCO to get the right talent. “At TESCO HSC, we require freshers for various IT projects. And campus recruitment have helped us achieve our talent pool,” says Sudheesh Venkatesh, Head HR, TESCO HSC. pic]At HP, a Central University Recruitment Team that is responsible for technical, graduate, and management/B-School campuses runs the Campus Recruitment Program. [pic] The university hiring program is a critical HR initiative for HP and is considered a key focus area. MV Subramanian, Staffing Director, HP India says, “HP has been recruiting from campuses for some years now. [pic]With the formation of the common University Team, which is vested with the responsibility of identifying fresh young talent across the country, the process has been made structured and focused. pic]The rationale was to have a common, unified approach for HP to meet the staffing requirements of its diverse businesses in the country. ” [pic] The specifics [pic] The campus initiatives have gained so much momentum that most organisations are building specific programs around the concept. At HP, campus recruitment will be a key focus area. Accenture has an initiative called Campus Corridor rolled out to an identified set of key colleges across the country (including many in Karnataka). pic]”As part of the Accenture Campus Corridor program, besides strengthening our recruitment efforts from these colleges, we have also defined an engagement plan’ with them to support areas such as curriculum development, faculty training, student seminars, visit to facilities and sponsorships,” says Prithvi Shergill, Head – HR, India Delivery Centre Network, Accenture. [pic]The programme is designed to ensure a significant, long-term association between Accenture and the colleges which will help in building an ‘industry-ready’ talent pool. pic]Wipro’s technology thought leaders participate in lectures and seminars giving the students an exposure to what is happening in industry. [pic] Caritor on the other hand sends out regular communication both on an event-driven and on a periodic basis. Says Varda Srinivasan, VP – Human Resources and Recruitment, Caritor India Pvt Limited, “we keep in touch with the placement officers, Board of Directors of colleges, principals and all stakeholders of the colleges on a periodic basis as well as communicate on an event-driven basis.

We also send them Caritor Newsletters and visit them as often as possible. ” [pic]In fact Caritor plays host by inviting the stakeholders to the campuses at Chennai or Bangalore. [pic]The organisation has gone one step ahead to invite parents during Induction so that the bonding with the company gets stronger. “We conduct ‘pre-induction’ training programs, called ‘ADEPT’ at campuses, using their facilities. [pic]This includes both behavioural as well as technical training. This gives us an opportunity to create strong bonds with the colleges,” adds Mr Srinivasan. pic]The institutes [pic] “We are open to visiting all colleges, but mostly look at our positive experience with people who have joined us from that college, the number of people who joined us vis-a-vis the number of offers we made in that campus and the number of people who continue to remain with us (‘loyalty’) after joining. [pic] We also look at the number of people we hired vis-a-vis the number of people we met and the recruitment slot the college is willing to give us,” says Mr Srinivasan. Accenture has identified several colleges in Karnataka that form part of this program.

Some of the colleges include MS Ramaiah Institute of Technology (MSRIT), Bangalore Institute of Technology, AIT, PES Institute of Technology (PESIT), BMS College of Engineering, Visvesvaraya College Of Engineering, RV College Of Engineering (RVCE) and Manipal Institute of Technology (MIT) among others. The colleges are selected on the basis of their reputation, heritage, infrastructure, governing body, and batch size. [pic]On the other hand Wipro visits about 100 colleges in a year all across India. The actual number varies with the plan for the year. “The IITs and NITs are definitely on our list. pic]So are the top colleges in the state that we have our Development centres (Karnataka, Tamil Nadu, A, Kolkata, Maharashtra, Kerala, Delhi). [pic] “In addition, we also do off campus exercises where we invite students from a clutch of colleges to a central location for tests, interviews etc,” explains Mr Nair. HP visits the well-known technical and graduate colleges in the state that are covered under the ambit of the recruitment program. Mount Carmel, St Joseph’s College for Science and Arts, NIT Surathkal, RVCE, PESIT, IIM Bangalore are a few of them. pic]The selection criteria is dependent on a variety of factors and may include their history of providing good talent, recent success in placements and the performance of their students in HP. MR Appel shares an interesting idea. [pic] “We have a commitment to diversity schools that have top women talent, as well as people with disabilities are of great interest to us. ” [pic] Attrition [pic] Arguably the biggest bane to organisations today is attrition. This is more pronounced between the MNC’s and software majors. So has hiring from campus had a positive affect on attrition? pic]”The attrition levels for campus hires are much less than that of lateral hires,” says MrSrininvasan. “Hires from campuses tend to have a lower attrition initially but around the two year mark is a crucial time – where the integration into IBM and its culture and values has been strong students have over the long haul a lower attrition rate,” says Mr Appel on similar lines. [pic]Given Accenture’s growing demand for technology professionals and the success from hiring from colleges, the company has decided to increase the intake from campus significantly. [pic] Compensation pic] So will this mean it will push up salaries for the freshers? “No. We believe the real value addition to the fresher is in terms of the training and development opportunities we provide,” says Mr Srinivasan. [pic] He goes on to explain, “we want to build our own people. We do not have any financial bond and we believe the value that we add in building the individual will help us build the strong bond with them. ” [pic] Salary increases for freshers may not be impacted. “We would like to maintain the attractiveness of the IT industry, as a first choice employer.

Moreover, with business growth remaining healthy, our need for freshers is seeing a proportionate increase,” says Mr Nair. [pic] Appel is more forthcoming. “Salaries are market drivers and will continue to be so. Increasingly students are becoming more discerning and long term in their view towards joining companies where they can have a fulfiling career, rather than ones which pay the highest entry level salaries. ” [pic] Competition [pic] Irwin says that her team remains flexible with franchisees and works closely with them to make sure they understand compliance and reporting procedures. If they miss an open enrollment, we don’t automatically shut them out; we might call and explain the importance of the deadlines and work with them,” she says. “We understand that they don’t always know the rules. It’s our job to help them understand. And there’s a huge difference between saying that and doing it. ” [pic] So with the rush to tap the talent pools are Indian corporates facing the heat from MNC’s? [pic]”While the multinational companies are hiring, they are still hiring very low numbers.

So the competition amongst large-scale recruiters is still amongst the Indian players. [pic]”Also, the students are quite canny and they are able to understand that the there could be differences in the job profile, the quality of work and the future prospects,” explains Mr Nair. Campuses offer the much needed balance between fresh talent and experienced candidates. [pic]”In fact the campus hires in HP have had outstanding work performance records and this has also contributed to campus recruitment becoming a focus area for the company. pic] A balance of the fresh and the experienced also helps create high productive teams,” says Mr Subramanian. Typically it was recruitment at the Indian Institute Of Management (IIMs) that attracted a lot of attention. But with this new trend things are surely changing and it is boom time at campus placements. [pic] And the winners are the students who can actually get their cake and eat it too. GRAPHICAL REPRESENTATION Q. How long have you been working in this sector? (A) Fresher (B) 1-3 year (C) 3 – 5 years (D) More than 5 years [pic]

Considering a sample of 100, we can give clearly a hypothesis statement that the Research Survey done consists of the employees working who are mostly experience and fall in the category of 1 – 3 years others, which signify the less tenure fall in the category of more than 5 years and the ratio is very less in case of 3 – 5 years. However the fresher percentage is also not bad. Q. Do you prefer target oriented job ? (a) yes (b) No [pic] This figure resemble the modern trend of target orientation the people like to follow despite pressure while the rest signifies their level of reluctance.

Actually the higher percentage implies that an employee expect improved performance through target jobs. Q. On which basis are you working ? a. Salary b. Commission [pic] Most of the Insurance employee are working on the Salary basis rather than commission. However, the commission paid to the employees in that booming sector is very high. Q. Which is mostly prevalent in your office ? (a) Cooperation (b) Conflict [pic] Cooperation seems to exist in much high percentage, since here exists team work and is not possible also. However, certain percentage of people did go for conflict.

Q. What do you miss in your office in this industry ( A ) Team work (B) Individual decision (C) Prospect (D) Encouragement [pic] Majority of the percentage, are in favour of individual decision little behind they have supported for encouragement. Percentage is low in case of Prospect. It is even lower in case of Team work. All these statistics clearly shows the communication gap amongst the employees who are properly not motivated. Q. Which one do you prefer ? (A) Office job (B) Field job [pic] The percentage shown above clearly indicates the unwillingness of the employees to go for out house job.

People still prefer for stereo typed concept of in house job like the earlier clerical job. The misconception about the field job leads to low percentage of support. Q. Do you think dominant work culture affects your work and you? a. Yes b. No c. Sometimes [pic] AS per the percentage 60% agree to this matter while 30% disagree 10% only went for can’t say. It shows that the effect is there which in some cases is immense. Q. Is continuous bad performance makes an employee imbalance? a. Yes b. No c. Sometimes pic] A glaring percentage have voted for yes, 63% admits it which is a sign of retardation for the industry. Only 26% says no and very negligible 11% says it is occassional. It reflects the lack of encouragement and the excessive target pressure in this sector. Q. To what extent , you get the skill support in terms of training and development? a. Maximum support b. Average support c. Negligible [pic] In the context of skill support, employees in this sector mostly get average support in terms of training and development though it should not be so.

People have even voted for negligible support when it comes in order of preference. Maximum support percentage is vey low which should not be so however. Q. Are you looking for jobs in other sectors? a. Telecom b. Back-office c. Sales d. Others [pic] People actually want to leave this sector despite good salary due to tremendous work pressure e. g 65% wants to go for direct sales 25% are interested in Back-office, while 8% wants to go for others and only 2% prefers the telecom sector. Q. Will you recommend near and dear ones to join this industry? a.

Yes b. No [pic] People have gone for preference however for suggestion to their gamily members to join this sector. CONCLUSION ON HYPOTHICAL BASIS [pic] The graph shows the ultimate conclusion of the survey that out of sample size 150 (assume 60 here) employees belonging to age group 18>25 are more in BPO than Insurance sector whereas it is just the reverse that is employees ranging between 25>30 age group are more in insurance than in BPO sector which concludes that the youth are much more fascinated towards IN-House job rather than OUT-house excluding the qualification talent part etc. n kolkata which is a trend not uniformly followed all over the country wher people consider salary as the most important aspect. Q. How long have you been working in this sector? a. Fresher b. 1-3 years c. 3-5 years d. More than 5 yrs [pic] The trend shows that the concept has changed regarding this sector people are working for long in this sector like the percentage showing in the chart is highest for people working for 1-3 years. , there are even people working for more than 5 years even 3-5 years . Q. Your qualification? a. UG b. Graduate c.

PG d. Professional [pic] Here the trend shows that people of higher academic qualifications are going for this sector and not only average ones so people are thinking of higher designations also. Q. Do you want to shift to day shift jobs for lesser salary? a. Yes b. No [pic] Once people are employed they are getting acquainted to the working shifts and are not that interested to move for other sectors simply due to the problems of shifts which is a sign of improvement from different aspects. Q. What lures you to come to this sector or motivates you most? . Good salary b. Growth prospect c. Exposure d. Experience [pic] The higher percentage shows that people see their growth prospect in this sector today , its simply bcause getting employed over here is so easy today and also so many companies coming up in this sector. Q. What do you like most of this industry? a. Ambience b. Remuneration c. Overall [pic] The trend shows that people todat are liking this sector and do not have much complaint like earlier so even more than ambience and remuneration they have voted for overall. Q.

Do you see your growth in this booming sector? a. Yes b. No [pic] The expectation of the growth prospect in the industry today is worth mentioning by the employees. Q. What do you dislike most in this sector? a. Work pressure b. job insecurity c. Shifts [pic] According to the trend report employees dislike mostly the job- insecurity part of it after that few have gone for shifts and very lower percentage have gone for work pressure. People are adopting the target orientation trend. Q. In comparison to other industries where will you place this sector? a. Better b.

At per c. Worse d. Can’t say [pic] In comparison to other industries people have today developed the concept that it is worth comparing to other sectors and they think that its very much progressive however few ones have negated the view too. Q. Are you looking for jobs in other sectors? a. Telecom b. Back-office c. Sales [pic] People mostly look for jobs in Back-office jobs from this sector due to target pressure maily rather than telecom and Sales. Q. Which one do you prefer most? a. Inbound b. outbound c. Telesales [pic]

Employees prefer majority the inbound sector rather than outbound which is almost sales equivalent and telesales is a new origin attractive too. Q. Will you prefer others in the family to join the sector? a. Yes b. No [pic] People are encouraging their family members to join this sector and the BPO culture has been popularized amongst people today. INTRODUCTION OF OUTSOURCING IN INDIA Out sourcing of man power (temp staffing) is the new word for the India, previously HR outsourcing done in the India. The word man power outsourcing is comes in India is before 7-8 yrs.

This word is comes from utopian country (USA). Outsourcing is In other words, temp staffing. The definition of outsourcing is, out source of manpower by a company according to their own requirement to a man power recruitment agent. The very easy definition of the temp staffing is, the employee is not the direct pay roll of the employee. After the definition of the temp staffing some question is arises like:- What is the future of temp business in India? • The future of temp business in India is very bright like other countries of the world, because more and more company of India are adopted this thing.

Why more and more companies going for temping or outsourcing? The advantages of outsourcing are: • Single window contact • Minimizing long term liabilities • Implementation of minimum wages • Easy control through dealing with the service provider and not with a number of workmen. • Scope for quality improvement • Better commitment towards the job • Manpower availability at all times • Helps organizations to concentrate on core areas • Converts fixed employee costs to variable costs • Nil / minimum union involvement • Administrative comfort Easily get the employee according to the requirement How is Kolkata temp market compared to the rest of India? Kolkata temp market is growing but less than the Bombay, Bangalore, Hyderabad, Delhi etc [pic] Adecco Youth Connect CEOs or executives, CTOs or software programmers – they all began as students in an educational set-up before progressing into what they are today. Today’s youth are like young saplings that need the right nutrition and nourishment to grow up to be healthy, well-grown trees. We, at Adecco India, think that there is no bigger challenge than to chisel the young lives of millions of youth across India.

In order to take this challenge forward, Adecco India is proud to announce the launch of Adecco Youth Connect – a nation-wide marketing initiative to kick start careers of students across any field. The objective of this programme is to become official career partners to colleges across India. Further, we deem this an opportunity as well as a responsibility to provide Indias youth the right platform to showcase their talents in a competitive corporate world. Adecco Youth Connect was launched on a national level covering all major zones and regions that have been identified as lucrative for this initiative.

Workshops, interactive job counseling sessions, on-the-campus recruitment etc. are just few of the activities planned during this initiative. ACHIEVEMENTS Our personal learning includes primarily the awsome experience we gathered during the project on the entire core HR activities like RECRUITMENT, ON-BOARDING, PAYROLL etc and other various concepts. The market survey in the form of questionnaire helped us s a lot from the point of view of research and developing a fair idea on a particular topic and sector as well as interaction with the related parties.

The gaining also involves the learning of corporate ethics , a very important aspect of discipline in both practical and professional aspect of life. All types of support, friendliness, attitude , atmosphere, cooperation i. e the overall ambience is worth mentioning in this regard since it was all round and came from all category staffs. LIMITATIONS The Summer Internship Project was undertaken for a period of 45 days only and there is hardly any scope to gather elaborate knowledge pertaining to HRD.

The collection of data submitted by the individual are reflected in the Project Report is presumed to be substantially more or less valid inclusive invalid one as there was no opportunity to verify the records in the short tenure. The training provided during the project was inadequate it was mostly on- job training beneficial to the experienced rather than the complete freshers. Another point is that this project should actually held during the 3rd sem rather than 2nd sem since the specialization starts from this sem only, so that the concepts are more clear to us and we are in a better position to learn.

The whole project mainly encircles round TEMPORARY STAFFING so there was very little scope of getting knowledge on PERMANENT STAFFING. Apart from these there were no limitations as such as we have been variably benefitted from this particular project. QUESTIONNAIRE(Effectiveness survey of INSURANCE employees) NAME:…………………………………. DESIGNATION:………………… Address:………………………………………… Contact No:………………………. Total Experience:…………………… Organisation:…………………….. 1. How long have you been working in this Sector ? (a) 0 – 1 year (b) 1 – 5 years (c) 3 – 5 years (d) More than 5 years 2.

The target set up is very difficult to achieve. (a) Yes (b) No (c) Sometimes 3. Which one is prevalent in your office ? (a) Cooperation (b) Conflict. 4. What do you miss in your office environment in this industry ? (a) Team work (b) Individual decision (c) Prospect (d) Encouragement. 5. Do you think dominant work culture affect your affect your works and you ? (a) Yes (b) No (c) Cannot say 6. Is continuous bad performance makes an employee imbalance ? (a) Yes (b) No (c) Sometimes. 7. To what extent, you get the skill support in terms of Training & Development. a) Maximum support (b) Average support (c) No support. 8. Will you recommend your near and dear one to join this Sector? (a) Yes (b) No. 9. Sir/ Madam If you have any suggestions then kindly suggest. ………………………………………………………………………………………………… QUESTIONNAIRE( Career in BPO-long term & short term prospect) NAME:…………………………………. DESIGNATION:………………… Address:………………………………………… Contact No:………………………. Total Experience:…………………… Organisation:…………………….. Age group-: a. 18-25 b. 25-30 c. Above 30 Marital Status: a. Married b. Unmarried 1. Is this your first job? a) Yes (b) No 2. Your Qualification? (a) UG (b) PG (c) Professinal (d) Both 3. Your Career aspiration in near future? (a) Professional (b) Academics 4. What lures you to come to this sector? (a) Good Salary (b) Growth Prospect (c) Exposure (d) Experience 5. Will you prefer others in the family to join the sector? (a) Yes (b) No 6. What do you like most of the industry? (a) Ambience (b) Remuneration (c) Overall 7. Do you see your growth in this booming sector? (a) Yes (b) No . What do you dislike most in this sector? (a) Work Pressure (b) Job-insecurity (c) Shifts 9. In comparison with other industries where will you place this sector? (a) Better (b) At per (c) Worse (d) Can’t say 10. Sir/Madam, If you have any suggestions then kindly suggest: ………………………………………………………………………………………………… COMPANIES VISITED STANDARD CHARTERED BANK MAX NEW YORK LIFE BIRLA SUNLIFE BAJAJ CAPITAL ICICI PRUDENTIAL BAJAJ ALLIANZE WIPRO IBM DAKSH FIRSTSOURCE SPARSH HSBC ALEX DATATECH OCTAGON SOFTWARE DIGITAL DOMAIN DATABASE N A M E S |A G E |Married/Unmarried |Organization |Designation | | | | | | | | | |Mr. Robert Rao |18 – 25 |UN |HSBC |CSR | | |Mr. Philip Krishnan |19 – 25 |UN |HSBC |CCE | | |Mr.

Sadaf Falema |25 – 30 |UN |HSBC |Level 8 | | |Mr. Sylvester Willium Lall |18 – 25 |UN |HSBC |CSE | | |Amrapali Podder |18 – 25 |UN | HSBC EDPI |CSE | | |Mr. Niloy Ranjan Pal |25 -30 |Married |HSBC |CSR | | |Mr.

Kalpsh Bhagat |18 – 25 |UN |HSBC |CSE | | |Mr. Shakil Ajam Mullik |25 – 30 |UN |HSBC |CSE | | |Mr. Neville Rusic |Above 30 |Married |HSBC |CSE | | |Aritra Dey |18 – 25 |UM |HSBC |CSE | | |Mr.

Swagat Goswami |18 – 25 |UM |HSBC |CSE | | |Mr. Amit Jiaswal |25 – 30 |UM |HSBC |CSE | | |Mrs. Neha Shabbir |30 | Married |HSBC |CSE | | |Mr. Biswarup Guha Biswas |18 -25 |UM |HSBC |CSE | | |Mr.

Indrajit Bhattacharya |25 – 30 |UM |Firstsource |CSA | | |Ms. Ashawi Verma |18 – 25 |UM |Firstsource |CSA | | |Mr. Argha Mallik |18 – 25 |UM |Firstsource |CSA | | |Mr. Kuntal Banerjee |25 – 30 |UM |Firstsource |CSA | | |Ms.

Mogodha Prabha |25 – 30 |UM |Firstsource |CSA | | |Mr. Muhammad Sajid |18 – 25 |UM |Firstsource |CSA | | |Mr. Chandan Majumder |18 – 25 |UM |Firstsource |CSA | | |Mr. Suresh Rana |18 – 25 |UM |Firstsource |CSA | | |Mr.

Pranabesh Ch. Roy |25 – 30 |UM |Firstsource |CSA | | |Mr . Sourav Roy |18 – 25 |UM |Firstsource |Coordinator | | |Mr. Soumajit Goswami |18 – 25 |UM |Firstsource |CSA | | |Mr. Supratim Dutta |18 – 25 |UM |Firstsource |CSA | | |Mr.

Siraj Roy Choowdhury |18 – 25 |UM |Firstsource |CSA | | |Mr. Mithun Chakraborty |18 – 25 |UM |Firstsource |CCE | | |Mr. Kausik Patra |18 – 25 |UM |Firstsource |CSA | | |Md. Imrran |18 – 25 |UM |Firstsource |CSA | | |Mr.

Debarshi Mukherjee |18 – 25 |UM |Firstsource |CSA | | |Mr . Amit Kumar Kundu |25 – 30 |UM |Firstsource |CSA | | |Mr. Debanjan Mitra |25 – 30 |UM |Firstsource |CSA | | |Mr. Gaurab Banerjee |18 – 25 |UM |Firstsource |CSA | | |Mr.

Dipak Digga |18 – 25 |Married |Firstsource |CSA | | |Mr. Abhisek Dutta |18 – 25 |Married |Firstsource |CSA | | |Mr. Meghen Nandi |18 – 25 |Married |Firstsource |CSA | | |Mr. Amit Kumar Ghosh |18 – 25 |Unmarried |Firstsource |CSA | | |Mr.

Jhantu Das |25 – 30 |Married |Firstsource |CSA | | |Ms. Yashomati Mukherjee |18 – 25 |Unmarried |Firstsource |Trainee | | |Ms. Priyanka Sen |18 – 25 |Unmarried |Firstsource |Trianee,Cordinator | | |Mr. John Elvis |25 – 30 |Unmarried | |Sr.

Trainor | | |Ms. Soma roy |25 – 30 |Unmarried | |Team Executive | | |Ms. Sudkshina Sen Gupta |25 – 30 |Unmarried | |Process Trainer | | |Mr. Soumya Barman |18 – 25 |Unmarried | |Process Trainer | | |Mr.

Bidyut Bikas Baglari |25 – 30 |Unmarried | |Trainee | | |Mr. Dipankar Bhattacharjee |35 – 30 |Married | |Team Executive | | |Mr. Abhisek Roy |Above 30 |UM | |Team Executive | | |Ms. Manali Banerjee |18 – 25 |UM | |Team Executive | | N a m e s |Age |Qalification/Desig |O r g a n i s a t i o n | | | | | | | | |Sri Subrata Dutta |31 |Graduate |Bajaj Capital | | |Sri Mithun Das |24 | |Bajaj Allianz | | |Sri Bikrmjit Sengupta |27 |Graduate |Bajaj Capital | | |M/s.

Tinku Saha |22 |Graduate |Bajaj Capital | | |Sri Amit Bhattacharjee |24 |Graduate |Bajaj Capital | | |Sri Samir Ranjan Chatterjee |48 |Graduate |Bajaj Capital | | |Sri Jiban Krishna Biswas |38 | |Bajaj Capital | | |Sri Binoy Shaw |25 |Graduate |Bajaj Capital | | |Md.

Sartat Alam |24 |Graduate |Bajaj Capital | | |Sri Saumitra Chatterjee |28 |BE(Electronics |Bajaj Capital | | | | |& Elecgtrical) | | | |Ms. Reeema Bhattacharjee |21 |Graduate |IBM Daksh | | |Ms. Somali Sathpathy |21 |Graduate |ICICI | | |Ms. Shrubabati Chatterjee |21 |MBA |Standard Chartered | | |Ms.

Ria Ghosh |22 |MBA |Standard Chartered | | |Sri Srikanta Podder |29

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Hiring an Intern: 6 Things to Know Before Saying You’re Hired

In life and in business, we’re faced with tough situations where there is no clear-cut answer. A week into my first high school relationship, I learned that the woman I had begun to date had withheld that she would soon be moving away. Her father took a job out of town and was left with a tough decision: Do I end things now and miss out on two potentially good months of a relationship, or give it a shot? As I learned through hiring my first intern this summer, internships are a lot like soon-to-end high school relationships: They can be rewarding, but also challenging, time consuming and a little awkward for both parties.

Because I’m a glutton for punishment and willing to make mistakes in order to learn from them, I jumped into an internship relationship before I was ready, just as I decided to date the woman who would soon move far away. I’ve learned from both of these mistakes, and while I’d love to give you relationship advice, I’ll stick to sharing lessons I learned first-hand and through peers and mentors on hiring an intern for your startup or small business.

Here are six things you should consider before saying “you’re hired.”

  1. Define why you need an intern. I knew I was too busy to handle all of my daily responsibilities when I started looking for an intern, but I didn’t consider all of my options or question my assumption that an intern would be the best short-term solution. It may seem obvious that you’re seeking an intern to get help with your business, but what help are you looking for, why is an intern the best fit to provide this help and what type of intern will fill this role (paid, unpaid, for-credit, etc.)? “The same position with a different why could attract very different people with different career goals,” says  CEO Michael Somers.
  2. Think about your primary motivation. Understanding why you need an intern will help you detail the position and properly vet candidates based on what their motivation for applying is. Knowing why a candidate wants to be a part of your team can be as important as their skillset and work ethic. Does he or she want to learn how to start their own business, learn more about your industry or just collect a paycheck? “Why are you interested in this internship?” should be your first or second question when interviewing an intern, but it’s something I failed to ever ask. I focused on my needs with the business instead of digging into their reasoning as to why they wanted the internship.
  3.  Dig into their skillsets. I took the optimistic views and passion for learning of my intern as a sign of a perfect fit. At the start of his internship I didn’t realize how talented he was, but his skills were in different areas than what I was searching for. Internships are short in nature, and it’s difficult for the intern to develop new skillsets to fill the needs of your company if they aren’t already well-versed in what they will be working on during their internship. Hiring full-time employees is different, as you have time to develop their skillset and give a driven and eager to learn employee proper training.
  4. Determine if there is the potential for a future relationship. The future prospects of an alliance should be considered when entering into an agreement for a fixed period of time. Just as I should’ve considered my long-term potential with the high school girlfriend that was soon to move away, I should have better gauged the future want and my need to work with the intern before hiring him. It’s perfectly okay to hire an intern for a short and specific period of time, but if the relationship is going to end permanently after a month or two, you’re going to invest in them and structure the internship much differently than you would if there’s the possibility of them transitioning into a full-time employee. Fortunately for me, I will need his help in the future and he’s interested in providing this help, but it shouldn’t have been left up to luck.
  5. Assess how the person will fit with your team. While my team consists of just a handful of contractors and clients, an intern has to fit the style and complement the skillset of the rest of the team. “Your team is everything in a startup, and a bad fit can be a big drain on your company. Be selective. It is better to have no fit than a bad fit,” says Somers, and he’s right. There’s no reason to spend money, waste time, and risk your team’s culture on an intern who you have yet to properly vet. Every hire, even an intern, will change the composition of your team.
  6. Measures and clearly define goals. “So how am I doing?” Hearing that question without a good answer doesn’t leave you with a warm and fuzzy feeling. It leaves you with the stark realization that you haven’t set goals and created ways to measure the work of your intern. It’s not fair to your intern or your business. Use several reasonable goals as the basis for your internship, which will help them define their accomplishments on their resume, guide their work, and make sure you can tell them how they’re doing.

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Cross Cultural Experience

Back in 2010 when I was still a student at Singapore Polytechnic, I was fortunate enough to be given the opportunity to serve my Internship at the Royal Bank of Scotland (IRS). I must emphasize, that the 6 months spent was one of the most memorable life experience I have had. Personally It opened my eyes to what I’ll call the ‘real’ working environment, as the previous jobs I held were mainly serving as an assistant in retail (part-time).

I termed it ‘real’ working experience because the internship also offers me the chance to work in Hong Kong. At the age of 18, the opportunities given were more than could ask for and certainly the experience and lessons learnt had an Impact on me until today. The Internship provided me the opportunity to work under two different supervisors. I can remember them vividly as they are both different in terms of their leadership and yes, culture-wise as well.

The first supervisor was Mr. Christopher Kim, head of Middle Office for Asia Pacific region. Mr. Christopher comes from Korea, and in my opinion Is someone who speaks his mind and puts his ideas across well. To put it bluntly, he expects subordinates to imply with his instructions unless there is a better alternate solution. He sets high expectations, even on work placement students like myself. One of the cultural etiquette that I noticed about Mr. Christopher Is that he was always punctual.

In fact, never once have I seen him report late for work. Came to understand from colleagues that he would be in office earlier by an hour every work day. One of the first few ground rules set for me as an intern is to be punctual, unless for valid reasons of course. As a head of department, Mr. Christopher certainly proved himself to be a good role model for others to look up to. In my pollen, he had on him the ‘strict and stern’ appearance, which inevitably makes me feel afraid to talk to him.

A month into the internship, I got a surprise when received an email from him complimenting me for Job well done on one of the task he had assigned. This humble demonstration of appreciation led me to see the good side of Asian culture ? treating people with sincerity. Looking back, culturally Mr. Christopher like most East Asian nations practices hierarchy within an organization where someone in a higher rank or post usually commands greater authority amongst his lower peers. Respect is meeting that Is valued highly and this can be seen evidently In Mr. Christopher.

As a leader of the department, he would organize group meeting fortnightly to check on the status of each individual in a bid to ensure everyone keeps up with the pace and to feel integrated within the team. Work aside, he encourages team bonding through simple dinner and drinks every once In a while. 2 months Into the Internship, I was transferred to a project team as additional manpower was needed meet deadlines. My new supervisor is an Australian by the name of Miss Us-Ling Regress, who takes on the role of Senior Business Analyst in the bank.

As a Singapore brought up in a Chinese family, I was taught since young to respect elders and to obey Instructions without questioning. Working under Miss Us-Long helped me to comprehend the meaning of cultural differences, as she had a very different approach compared to 1 OFF Mr. Christopher. The deterrence in approach probably stems trot near cultural upbringing, which encourages free thought and self-involvement at work; to be more independent in learning. Miss Us-Ling with her consultative style of management gives me the impression of being approachable and easy to talk to.

Unlike most Asians who adopt hierarchical structure, she brought about a direct style of communication which encourages an open debate of ideas. Anyone, no matter his/ her position is encouraged to contribute during discussions and Miss Us-Ling is receptive to all of them. Her good man-management skills rubbed off the whole team and even as an intern I can see and feel the strong team spirit fostered. For instance, most members have no qualms working additional hours on some days if deadlines are needs to be met urgently.

As opposed to Asians, she encourages freedom of beech’ where challenging of ideas in meetings are not seen as disrespectful as long as it leads to getting the Job done efficiently and effectively. More importantly, she does not see herself in any way superior to her subordinates. I got the biggest surprise 4 months into the internship when I was informed I have the opportunity to travel to Hong Kong for work. The time spent in Hong Kong enabled me to grow as an individual, since it was the first time I traveled alone. I used to think that Gingersnaps are always indulged in work; they hardly have time for themselves.

However, Hong Kong changed my perspective. Very much like Singapore, Hong Kong is a hustle and bustle city where everyone can hardly stop their pace for a moment. In the morning while going to the train station for work, I was amazed that the walking pace of the people in Hong Kong is even faster than in Singapore. I had an experience once whereby on a rainy day, a woman carrying an umbrella on the opposite direction almost walked her umbrella through’ my face because she was apparently shorter and only focus on the road ahead!

Otherwise, culturally people have Confucianism roots where decisions made by management are seldom contested as they are seen as rude and disrespectful. . 2. NATIONAL SERVICE In a multi-cultural Singapore, National Service is a period of unique experience for all Gingersnaps, as it bonds all of us together as one. I was enlisted to the Home Team Academy, Singapore Police Force. During this period of my life, I learnt to appreciate and respect the culture norms of the different races.

NSA not only opened my eyes to the different culture among races, it also taught me the culture of an order and regimental lifestyle, where teamwork is often highlighted as they key to solving problems. The 9 months of training taught me to adapt to changes and live together ruinously. Often, people are not receptive to change and are usually bonded by friends of similar culture, and NSA is there to help rectify the problem of social integration. Besides the Chinese, the Malay Muslims form the majority of the cohort in my training batch.

Of course the minority – the Indians and Eurasian are part of it as well. Living together for about 9 months taught me quite a fair bit on Malay culture I would never have come to know if not for NSA. For instance, the Malay Muslims have to pray 5 times a day, and that they have to go through a month of fasting before their new year. In adapting to one another, the rest would ensure there is quiet when they are conducting their prayers and the rest would also practice sensitivity during fasting month, such as not consuming food in their presence.

I have also come to understand the Malay language, although I am not able to speak it dulcetly. Currently, in order to gain some experience while studying, I applied to become a brand ambassador at the Duty-Free Shop in the airport selling tobacco and alcohol. This Job provides me with the opportunity to meet people from all over the world. Each work day opens my eyes to different culture as customers from different surrounds will walk into the shop and purchase duty free items. One of the most frequent visitors we have in Singapore is the Chinese (Pres).

My time in UDF enabled me to see that the Chinese has very big spending power and their purchase is often linked to face’. They often snap up the exclusive items that are not available in their domestic market as having them signifies their wealth and status. This is an opinion agreed upon by the Chinese colleagues as well! 2. 0. CONCLUSION From the humble experiences I have in life, I feel it is essential to appreciate other culture of the different people we meet along the way.

We should all respect and embrace the culture norms of each individual as this will not only enable us to grow as a person, but also allows us to understand that the way one behave or act could actually stem from an upbringing that are different from us. Amidst the online saga where people are posting rude/inflammatory remarks about other cultures, I feel that this is all a result of cultural misunderstanding. We should all take a step back and reflect upon ourselves, and seek first to understand the situation before pointing the finger at others. Only then can we achieve peace and live together harmoniously as

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Internship Argumentation

Faith Rivers Dr. Gul Celkan English 1101 October 22, 2012 Internship Argumentation Internships are opportunities that many students take before graduating from college. Whether paid or unpaid, they’re beneficial to students, nonetheless. They provide experience that can’t be learned elsewhere, and also gives them an edge in comparison to students that don’t take the opportunity. Of course, internships can have their downfalls in which they may not be taken as seriously as a ‘real world’ job but the pros that internships offer outweigh the cons.

As I’m naturally a clumsy person, I would feel much more content knowing that when I go to the hospital, skilled physicians are treating me. I wouldn’t feel too safe if I knew that the doctor treating me was straight out of college, and had no experience under his belt. I would question the care that I’m under. Internships are another way for students to gain priceless experience rather than learning only from a textbook. These students are able to work in the job market, and put their skills to use. In good timing of course! They also have the chance to watch and learn from experienced personnel.

Another advantage to internships is the contacts that they make while there. They’re able to branch out under these facilities, which provide them with a network of contacts to rely on. Having the note, ‘intern at ‘x’ company’ sticks out like a green checkmark on their resume as companies appreciate this when looking at a graduates resume. It immediately makes them more competitive in the job market, and has more significance to a company. Companies know that these graduates have had similar work, and experience that they can put to good use in the company’s facility as well.

Graduates are also generally prepared for the work force. These earlier interns know what they’re getting into when they’re applying for these jobs and they’re prepared. This is useful for the organizations that they’re applying to because the companies can be assured that they’ve had some sort of training in the field before. Confidence is key! This is a popular saying and needs to be applied in this scenario. Internships provide a safety net for graduates in multiple ways. The graduates can rest assured that they have an understanding of what they’re doing, and how to apply that knowledge in the job market.

It’s common that most companies hire back their interns, which is beneficial to both sides of the party. It’s beneficial to the companies because the employees have had the chance to meet the intern and work alongside them. In the same way, it’s favorable to the graduate because they’ve been able to put their knowledge to use, and have had the opportunity to work in that respected facility and get an idea of what it’s like. Despite all of the advantages that internships offer, the downside is that if a student takes an unpaid internship, then the student won’t find any motivation towards it.

In most jobs, people work hard to keep their jobs in order to receive the reward: their paycheck. With an internship, students will just look at it as a volunteer activity and not fully appreciate it or the knowledge that it provides. The internship would just be another thing to check off of the list. Also, interns won’t receive the regular training in that job. Since companies know that the student is only interning for a select amount of time, companies won’t train as thoroughly.

Additionally, the students won’t get the same work as that of a regular employee. The companies will figure that since the students are still in school and only interning, then the students won’t grasp the process of everything or won’t do it correctly. There are many opinions on the advantages and disadvantages of internships, but looking at the facts, it’s evident that internships are extremely beneficial to students. Companies realize this as well when looking at graduates’ resumes, because these past interns are eye-catching to companies.

Internships also show companies that these grads have potential working in their facility. The past interns know what they’re getting into and are knowledgeable and prepared. Comparing a student’s resume with one that did an internship compared to that of one that didn’t, the company would have more interest in the student that was an intern before. Internships provide students experience that can’t be learned from a textbook or elsewhere! Dent, Ashley. “Internship Argumentation Essay. “ Macon State College. Warner Robins, GA. 2012

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Internship Experience

Health Care Management Internship Experience Labovitz School of Business and Economics University of Minnesota Duluth Description of the Program The purpose of the internship program is to provide juniors and seniors with an opportunity to enhance and apply what they learn in their academic program while working in a health service organization. Students are pursuing a degree in business administration and are majoring in health care management.

Those that enroll in the Labovitz School of Business and Economics (LSBE) Health Care Management Internship Program will need to accumulate a minimum of 200 hours of work experience over the course of an academic semester or during the summer. The intent of the program is to provide relevant organizational experience to students who otherwise would not have the opportunity to work before completing a degree. Employers are encouraged to participate in the cooperative education internship program.

The basic requirements include a clear agreement regarding program requirements, the type of experience being provided, and a line of communication between the student’s mentor/supervisor and the faculty advisor. Internship Objectives The Health Care Management Internship Program enables students to gain added knowledge and skills through structured work experience. Opportunities are available to the student through an internship that cannot be achieved in the classroom. The primary goal of this endeavor is student learning.

The specific objectives are to enable students to learn more about health care management; inform the health care community of student abilities and career preparation; give students the opportunity to develop a sense of responsibility for their continued learning by working independently and collaboratively within the parameters of an internship experience; familiarize students with the experiences related to the process of seeking employment; and strengthen ties between LSBE and the health care community by seeking advice from health care leaders concerning curriculum planning, tudent recruitment, and graduate placement. The internship should be designed to provide the student a hands-on experience in a health service organization. It should provide a first hand look at day-to-day operations of a facility and provide the student an opportunity to observe and assist employees in various departments, if possible. It should provide the student an opportunity to observe and be actively involved in management activities using basic management skills of communication, problem solving, management of relationships, and analysis of information. Roles and Responsibilities of the Parties

Employers of student interns are an integral part of the work experience program. It is important that employers understand that the internship is an educational program integrated with practical work experience. This requires the employer to give careful thought to the utilization of students who will be employed. During the internship the student is not a volunteer or an additional staff member but a trainee working to fulfill his/her learning needs in as active a manner as possible with the capability to make positive contributions to the achievement of organizational goals.

The following items are basic responsibilities of the employer, mentor, faculty advisor, and student. Employer: 1. Interview students who apply for an internship with your organization to provide them with the added benefit of going through an interview and to help you decide which student best meets your employment needs. 2. Review and discuss student learning objectives during the interview or at the start of the internship, in order to identify means by which they will be accomplished during the employment period. 3.

Plan work assignments progressively so that the student will advance from routine activities at the beginning of the internship to more job variety and complexity as needed knowledge and skills are gained. 4. Evaluate student work performance. As a role model and supervisor of students, employers are in a position to provide interns a thorough performance evaluation. The LSBE Internship Office will provide evaluation forms; or you may want to use your organization’s standard appraisal form to assess the intern’s performance and provide feedback. . Provide liability coverage for student intern. The University of Minnesota Duluth Worker’s Compensation and Liability coverage does not extend to student interns. Employers may be concerned about injuries to students on-the-job or problems that could arise due to student inexperience. We recommend that concerns of this nature be addressed to your legal counsel. Your existing worker’s compensation covers paid employees and could possibly be extended to volunteers for a nominal fee if this work arrangement is established. 6.

Abide by the University of Minnesota employment policies regarding the treatment of employees, including prevention of sexual harassment in the work place. Detailed descriptions of these policies can be found in the UMD Employer Handbook. 7. Contact Jennifer Schultz, Director of the Health Care Management Program, at 218-726-6695 should problems arise. Mentor/Supervisor: 1. Serve as a model, coach, mentor, and tutor to the student. 2. Assist the student in identification of learning outcomes and activities to achieve them. 3.

Assign the student specific and significant duties and projects that contribute to the student’s education but are also beneficial to the operations of the organization. 4. Ensure that opportunity is provided to permit the student to achieve agreed upon learning outcomes within the allotted time. 5. Observe and/or obtain observations of the student’s interactions and work within the organization and provide feedback. 6. Share information and thought processes with the student to provide as much insight as possible into successful approaches to management responsibilities. 7.

Provide the student orientation concerning policies, rules and regulations. 8. Provide a concluding evaluation of the student’s performance during the internship upon completion in a manner which will encourage the student to grow in his/her administrative skills. 9. Report misconduct on the part of the student immediately to the faculty advisor and work with the faculty advisor to determine appropriate action to rectify problems or conclude the internship experience at the organization. Faculty advisor: 1. Provide the student and mentor information concerning institutional policies governing internship experiences. . Provide the mentor with written guidelines concerning the content and conduct of the internship and such additional advice and consultation as may be necessary or requested to ensure a satisfactory learning experience for the student. 3. Provide instruction to the mentor concerning learning objectives for a successful internship and procedures to follow to structure and supervise a successful internship. 4. Take action to withdraw a student whose conduct violates organizational rules or who proves not to benefit from the learning experiences provided by the organization. 5.

Maintain contact with the student and mentor during the internship to ensure that objectives are being met and that problems are dealt with in a timely manner. At least one on-site visit will be performed. 6. Ensure that all internships are initiated with a signed learning agreement approved by the student, mentor and faculty advisor. 7. Review student’s journal, final written report, and performance evaluations. Student: 1. Apply for academic credit through college registration and work with a faculty advisor for placement with a mentor. 2. Learn and abide by organizational standards as applied to personnel, e. . follow facility hours and dress code policies, etc. 3. Take as active a role as possible in the operations of the organization, performing actual duties within the department as permitted by staff to learn first-hand the activities and their contribution to the overall effectiveness of the organization. 4. Prepare a list of learning outcomes expected from the internship and obtain approval for it from the mentor and faculty advisor, then identify and pursue specific experiences which will achieve those outcomes, again in consultation with the faculty advisor and mentor. 5.

Identify and agree with the mentor upon a special project to be completed to satisfy course requirements while providing a learning experience which assists in meeting the student’s learning outcomes. 6. Meet course requirements for completion of assignments including preparation of two reports and weekly journal entries. 7. Taking into consideration course requirements and the student’s personal work and volunteer experience, prepare a schedule of the amount of time to be spent at the organization, obtain approval of the proposed schedule from the mentor and faculty advisor and ensure that it is implemented.

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Teacher Internship Paper

My Public Policy and Administration Program Internship took place at California Common Cause. I began as a volunteer in February of 2006, which quickly turned into an internship, followed by a fellowship. I have now been working at California Common Cause as its Northern California Organizer since January 2007. California Common Cause is a non-profit, […]

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