12-07-2013, 12:36 PM
MAJOR PROJECT ON A STUDY ON THE HUMAN RESOURCE MANAGEMENT SYSTEM IN NETAMBIT INFOSOURCE AND E-SERVICES PVT. LTD.
STUDY ON THE HUMAN RESOURCE.docx (Size: 354.4 KB / Downloads: 29)
EXECUTIVE SUMMARY
The basic objective of this project was to know the position of NetAmbit Infosource & e-Services by analyzing Human Resource Management and Manpower in the financial services distribution industry. The project underwent a study of NetAmbit Infosource & e-Services in relation to its manpower in the organisation. Demographics of the employees were also studied. Through this project job satisfaction of the existing NetAmbit’s employees was also studies and employers and the employee planning to switch over to and from NetAmbit to other companies. After completion of this project we found that still it have to work out continues innovative strategies frequently in order to compete other potential players in this overcrowded industry. We even analyze the various printed advertisements of NetAmbit along with the public relation exercise done by them in the recent years. NetAmbit still have to restructure and redesign their printed advertisements to have an added advantage and competitive edge and over the major player in the industry. NetAmbit also has to focus on new employees’ recruitment and the working conditions provided to the employees.
INTRODUCTION OF THE STUDY
The project report “An Empirical Study on the Human Resource Management System in NetAmbit Infosource & e-Services Pvt. Ltd.” is a part of the curriculum of my course. It is related to the study of the Human Resource Management System of the NetAmbit Infosource & e-Services Pvt. Ltd., Janakpuri. This project will be helpful for the managers to make required changes in their management operations.
This project will include the study of NetAmbit Infosource and its HR department.
Observation and historical trends will be understood to give accurate and required conclusions and recommendations to the study.
Scope of the Study
The study will have a very wide scope to all the parties engaged.
1. This project will be helpful to me for my degree completion. Being a part of my curriculum it is important for me to make this project.
2. This project will help me to study the Human Resource Management System in a real organizational environment.
3. This project will also help the Industry to improve on its Human Resource Management. Better Policies can be formulated in the Human Resource Department.
4. The construction of this project will also give me industry exposure which will be helpful for me in my corporate future.
CONCEPT OF HUMAN RESOURCE MANAGEMENT
Organisations are made up of people and function through people. Without people organizations cannot exist. The resources of men, money, materials and machinery are collected, coordinated and utilized through people. Therefore, people are the most significant resource of any organization.
Human Resource Management (HRM) may be defined as a set of policies, practices and programmes designed to maximize both personal and organizational goals. It is the process of binding people and organizations together so that the objectives of each are achieved. According to Flippo, human resources management is “the planning, organizing, directing and controlling of the procurement, development, compensation, integration, maintenance and reproduction of human resources to the end that individual, organizational and societal objectives are accomplishes.”
According to National Institute of Personnel management of India, “Human Resource Management is that part of management concerned with people at work and their relationships within the organization. It seeks to bring together men and women who make up an enterprise, enabling each to make his/her own best contribution to its success both as an individual and as a member of a working group.
NETAMBIT INFOSOURCE & E-SERVICES
NetAmbit is India's most respected Financial Services Distribution Company. It has a highly profitable business model with several strong distribution channels retailing a range of different products. With over 3500 workstations, 800 field agents, 34 branches and hundreds of business associates, NetAmbit caters to the largest section of population in India as compared to any other Financial Services Distribution company.
The history of the company, however, takes it back to a very different beginning. Founded in the year 2000, NetAmbit began operations at the height of the dotcom bubble. It started its services as a provider of web capabilities to several internet portals. The genesis of the name 'NetAmbit' is from these early roots.
The company soon modified its business goals along with the changing times to initiate its entrance to the 'Direct Marketing' model of operations which has remained its mainstay to date. This model is now generically referred to as the 'NetAmbit Model' in the financial industry. Through this method, NetAmbit became a successful agent for telecom giant 'Bharti' selling mobile connections, internet cards and other products.
GLOBAL BUSINESS PARTNERS
Bessemer Venture Partners (BVP) is one of the oldest & biggest private equity firms in the United States. It recently closed a $1 billion global fund with $350 million earmarked for investments in India. Based on NetAmbit's strong performance over the past years and its unique business model, Bessemer Venture Partners, invested in the company in the year 2007.
In 1911, Henry Phipps founded Bessemer Securities to reinvest the proceeds of his sale of Carnegie Steel for the benefit of his descendents. The start-up investment operations were spun out into Bessemer Venture Partners.
HISTORY OF BVP
In 1872, Henry Phipps, Jr. and Andrew Carnegie co-founded Carnegie Steel, an innovative steel producer that commercialized an industrial process licensed from Lord Henry Bessemer. When they sold their startup 29 years later, Henry formed a family office to re-invest his proceeds into other entrepreneurial ventures like his own. He adopted the Bessemer name to honor the inventor behind his startup's success.
A century later, Bessemer Venture Partners (BVP) continues one of the longest-running records of success in the venture capital industry. Over the course of its history, investors at the firm formed or funded over 100 startups that grew into independent public companies. They provided seed funding for early industrial companies like WR Grace, Ingersoll Rand and International Paper, retail innovators like Staples, The Sports Authority and Blue Nile, new drug developers like Isis and Perseptive Biosystems, service pioneers like Gartner Group, Bright Horizons and Celtel, and high-tech innovators like Ciena, Parametric, VMX, DSP Group (now Intel), Maxim, Flarion (now Qualcomm), Skype, and LinkedIn.
Conclusion
NetAmbit Infosource e-Services Pvt. Ltd. is working very well under the guidance of very good & skilled leaders. No malpractices or wrong practices were found in the analysis. Human Resource Department is given due importance in the organisation by involving large no. of employees in the operations. It is found that NetAmbit is having a very sound Human Resource Department which works very clinically. The senior executives in the organisation are satisfied with the increased productivity in the recent years. Superiors do not give importance to the subordinates’ involvement in the decision making.
NetAmbit follows the principles of centralisation. They have belief and faith in specialisation in the work and only the allotted person performs the respective task. In short decentralisation is missing. The communication cycle in the organisation is very good. But even after having good communication, delegation of authority is missing. It can be understood that the superiors are less confidence in their subordinates. HR practices in the organisation are very effective as employee absenteeism has reduced. Due to target-based & outsourcing nature of business of NetAmbit, the company is more focused on team building. Team building also increased the formation of informal groups in the organisation hence improving employees’ relations.