RBSE Class 11 Business Studies Notes Chapter 10 Employment Opportunities in Commerce

Rajasthan Board RBSE Class 11 Business Studies Notes Chapter 10 Employment Opportunities in Commerce

Salaried Employment

Under this, a person performs his economic activity and earns salary.
In salaried employment, the employee accepts a job from an organization according to his abilities.
Workers receive a salary in return.

Self- Employed

Under this, a person performs his economic activity and earns profit.
Self employment is an entrepreneurship in which the person does his own business and performs economic activity.
The person invests the necessary capital in it, performs economic activity and earns profit.

Elements Influencing Employment Opportunities

Population of the country.
Status of literacy.
Standard of living of the people.
Availability of educational and health services.
Infrastructure of the country.
Capital creation in the country.
Capital investment in the country.
Industrial policy of the country.
Taxation policy.
Availability of natural resources.
Commercial and industrial laws.
Government policy.

Employment Opportunities In Insurance Sector

Life Insurance

→ In London, in the year 1583, the first life insurance was done for William Gibbons.

→ The first life insurance institution in India “Bombay Mutual Life Insurance Society” was established in 1871.

→ The business of Life Insurance was nationalized in 1956 and the Life Insurance Corporation of India was established to operate its insurance business.

→ Life Insurance Corporation of India is providing employment in different categories through its 1 corporate office, 8 regional offices, 105 divisional offices and 3250 branch offices.
After 1991, the life insurance sector was reopened to private and foreign companies. Apart from Life Insurance

→ Corporation of India, 24 major companies including HDFC. Birla Sun life, ICICI, Kotak Mahindra, Max New York, TATA LIG. SBI life, Bajaj Allianz, Bharti Axa, Reliance etc are functioning in the insurance sector at present. At present, employment opportunities are available through 8768 offices in the private sector.

→ About 2 lac 85 thousand personnel are currently employed in Life Insurance sector and employment is also provided to 29 lac 10 thousand personal agents.

General Insurance

General insurance was nationalized in India on May 13, 1971.
General insurance is divided into 3 main categories- Fire insurance, Maritime insurance, Miscellaneous insurance.
The work of general insurance is done by General insurance Corporation of India and its four associate companies in the private sector. These include National Insurance Company Limited, New India Insurance Company Limited. United India Insurance Company Limited and The Oriental Insurance Company Limited.
In the private sector, Bajaj Allianz General Insurance Company Limited. ICICI Lombard General Insurance Company Limited, TATA AIG General Insurance Company Limited, Star Health And Allied General Insurance Company Limited are mainly included.

Employment Opportunities in General Insurance Business

Clerk
Marketing officer
Actuary
Insurance agent
Development officer
Administrative officer
Surveyor

Employment Opportunities in Banking Sector

Banks are considered to be the foundation of trade, industry and economy.
After the nationalization of banks in 1969, banking services were extended to distant areas by public sector banks.
Under the economic liberalization in 1991, the process of banking was started in private sector.
The banking business is growing rapidly through debit card and tally banking. Net banking, ATM machines and credit cards under 24×7 working system in banks.
The major banks in public sector includes State Bank Of India, Bank Of Baroda. Punjab National Bank, United Commercial Bank, Dena Bank, Indian Bank. Syndicate Bank. At present, about 70421 branches of these banks are functioning and 6.48 lakh personnel are employed in them.

The private sector banks include HDFC, ICICI, Axis Bank, Yes Bank, etc. About 14584 bank branches in the private sector are operational at present.
Personnel are mainly recruited on the post of clerk-cum-cashier, and probationary officers in the management cadre. Other than this, computer network in-charge, marketing officer, vehicle loan officer, home loan sales officer, legal advisor and credit card sales representative are also appointed.
Banking Selection Institute (www.ibps.in) is handling this function.

Employment Opportunities in Capital Market

Two main areas in capital market are-
1. Stock Market

The place where the listed shares and credit notes of companies are bought and sold is called a Stock Market.
The functions of clearance and transfer of company shares, credit notes, distribution of clearance, bonus shares clearance, etc.
Deals are made online in stock market.
Only the member brokers of the stock exchange are authorized to execute selling- buying transactions.

Employment Opportunities in Stock Market

Broker
Lead manager or Registrar
Employment opportunity as a bolt operator
Employment opportunity as an accountant
Employment opportunity as a commission house
Employment opportunity as a trainer under the investor education program
Self trading as an employment opportunity

Mutual Fund Company

Mutual Fund means doing business in the capital market by using large fund collected from small investments of investors and distributing the earned profit among them.
Mutual Funds invest the fund according to their discretion and tact and buy and sell debentures to earn profit. Expenses are deducted from profits and the net profit is distributed among all the members of the fund.

Employment Opportunities in Mutual Fund Company

Investment Analyst
Portfolio Manager
Agent
Employment opportunity as a advisor
Employment opportunity as a taxation advisor
Employment opportunity as an evaluator
Employment opportunity in clerical and managerial functions in office, as computer operator, accountant, information collector, etc.
The full form of BPO in context to commerce is “Business Processing Outsourcing”.
It is a combination of two words, “out” means external and “source” implies source or place of obtaining something.
Business processing outsourcing is such methodology in which those products or services are obtained from external sources which are needed for business activities or processes.
In this outsourcing business, countries like USA began to get all their office functions like storage, filing, classification, serialization, presentation, etc. done by other companies.
Today, many call centers in India are operating in Delhi, Gurgaon, Bangalore and Hyderabad, which perform these functions. Not only this, but the task of “medical transcription” is also being done in India extensively.

Employment Opportunities in Business Processing Outsourcing

Consumer assistance officer.
Female telephone operator.
Technical assistance officer
Collection and storage officer
Telephone-based recruiters.

Retailing

India’s consumer market is worth about 8 lac crore rupees anually. In comparison to this, India’s largest retail business is only worth 1300 crore rupees.
Among the largest retail business group, four companies operate in departmental store format. These are- Shoppers Stop, Westside, Lifestyle and Pantaloon. The contribution of all these in annual retail sale is not more than 2700 crore rupees, whereas the emerging hypermarkets and joints, Food World and Big Bazaar which are food and grocery supermarkets, contribute up to 2500 Crore rupees annually.
Among food services, top players like Haldiram, Cafe Coffee Day, Yum, McDonalds, Nirulas and Barista exceed revenue of 600 crore.

Employment Opportunities in Market Segments of Products

Products related to pregnant women, infants and children.
Jewellery and Fashion ornaments
Saris and traditional Indian apparels
Footwear(shoes)
Gifts and artistic products
Healthcare and nutrition-related products
Sports and innerwear products

Food service retailing

Fast food
Salad and sandwich parlour
Bread and bakery products
Food courts
Ice cream and juice parlours
Snacks, Indian sweets and savories

Employment Opportunities in Administrative sector

→ Skilled persons are appointed at high level positions in various undertakings of public and ‘private sector and in government departments for managerial and administrative control.

→ They are gazetted officers in government sector and executive officers in private sector.

→ Functions of Government sector- tax, revenue, statistics, digitization, finance related departments give priority to commerce graduates and professionals.

→ For employment in central government departments, applications for filling up vacancies are invited by Union Public Service Commission and the candidates are selected on the basis of competitive exams and their list is sent to the government for final appointment.

→ Rajasthan Public Service Commission organizes the process for providing employment opportunities in administrative field in state departments in Rajasthan. This is the recruitment and selection agency of the state government.

→ Many employment opportunities exist in the administrative and finance & accounting departments of various public sector enterprises, public sector undertakings of the central and state governments, like- NTPC, SAIL, GAIL, RTDC, RFC, RIICO, RMMDC. etc.

Employment Opportunities in Civil Services

Indian Administrative Service
Indian Police Service
Indian Foreign Service
Indian Railway Service

Employment Opportunities in Rajasthan Administrative Services

Rajasthan Administrative Services
Rajasthan Police Services
Rajasthan Accounts Services
Rajasthan Insurance Services
Rajasthan Co-operative Services
Rajasthan Development Services
Rajasthan Sales Tax Services

Employment Opportunities in Public Enterprises

Managing Director
Financial Advisor
Taxation Advisor
Auditor and Accountant
Cost Accountant
Company Secretary

Employment Opportunities in Commerce Class 11 RBSE Notes Important Terms

• Self Employed— Self employment is an entrepreneurship type, in which a person does his own business, performs economic activity and earns profit.

• Salaried employment— In salaried employment, the employee accepts a job from an organization according to his abilities and receives a salary in return.

• Life Insurance- It is a contract between an insurance policy holder and an insurer or assurer, in which the insurer promises to pay a sum of money in exchange for a premium upon an incident.

• General Insurance – General Insurance like fire insurance, water insurance and miscellaneous insurance includes accidental medical, crop, and animal insurance.

• Actuarial- Due to extended term of Life Insurance policy, the calculation of insurance liability risk as a percentage of received premium amount becomes even more important. The persons who calculate such liability are called actuarial.

• Surveyor – Insurance companies need surveyors to scrutinize an incident, inspect it and give an assessment report in order to determine the damages for compensation of claims.

• Managerial class – This class includes development officers, marketing officers, and administrative officers.

• Insurance Agent – Insurance agents are the fundamental basis of insurance business. They sell the various products of the company. The insurance company gives a fixed percentage of the received premium to the agents as commission.

• Stock market- The place where the listed shares and credit notes of companies are bought and sold is called the stock market. Stock market performs the functions of clearance and transfer of company shares, credit notes, distribution of clearance, bonus shares clearance, etc.

• Broker – One who performs the business of selling buying by becoming a member of the stock exchange or an agent of such a member.

• Computer Programmer— To conduct a difficult activity with the means of computer, requires a software to do so. The one who makes such software is called a computer programmer.

• Entrepreneurship— Entrepreneurship is an art of self managing a business, setting up new enterprises that equally contains risk.

• Entrepreneurship Program— Introducing the youth to trade and industry sector, motivating and training them for this purpose is called Entrepreneurship program.

• Large-Scale Industry— A type of business that requires capital in a large amount, big machines are used, also labour is used in an equally large amount. In this, the people employed for tasks are highly skilled and qualified.

• Small-Scale Industry— A type of business that requires capital in a small amount and people of a single family, with the help of outside labour work in it. Production is done on the basis of the requirement of local markets or regional markets.

• Integrated Rural Development Program— In March 1976, in order to raise up rural families living under the poverty line, provision was made under this to provide training and financial assistance. This is the country’s most extensively-operated scheme.

• Mahatma Gandhi Employment Plan- This is the scheme to provide employment to at least one member of every rural poor family.

• Nehru Employment plan- This scheme was started in 1989 to create employment in urban areas and was implemented through municipalities. 10 lakh employment opportunities are created every year under this scheme.

• Prime Minister Employment Scheme- The main objective of this scheme is to motivate the educated unemployed to establish and operate an industry or business by providing them financial assistance. This scheme was launched in all districts of the country having a population of less than 10 lakh. It was started in 1993 by merging the formerly implemented “Self Employment Scheme for Educated Unemployed, 1983”.