15. Abbott

Contact Info

100 Abbott Park
Dept. 383 Bldg. AP6D

Abbott Park, Illinois 60064

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Undergrad Internships

No. of undergrad internships in:

2005: 228

2006: 216

2007: 275

2006 interns from the following classes:

6% Freshman

6% Sophomores

60% Juniors

7% Seniors

21% Graduates

2006 interns from the following majors:

30% Business

10% Computer Science

0% Economics

28% Engineering

0% Liberal Arts

0% Math

15% Science

0% Undeclared

0% Other

100% of internships paid

0% of internships unpaid

Is there an offical summer internship program? Yes

Average length of summer program: 12 weeks

Minimum: 12 weeks

Maximum: 24 weeks

Average hourly wage: $15.67

Are interns paid on lump sum basis? No

Average total intern compensation: $7,521

47% of eligible 2006 interns received full-time job offers

44% of interns with offers accepted

NOTE: The internship program also offers several additional extracurricular activities, including a sports league and volunteer program. Interns have direct access to senior Abbott staff, including the CEO. Housing is provided and weekly barbecues are held once a week with interns and managers.

Applicants & New Hires

30 undergrad campuses where employer recruited 2006-07

30 undergrad campuses where employer made job offers

Applicants for entry-level jobs

2005: 12,295

2006: 17,004

2007: 14,372

Entry-level hires

2005: 817

2006: 980

2007: 682

Entry-level hires who were undergrad interns

2005: 30%

2006: 33%

2007: 44%

Most important characteristics for new hires:

3-Communication skills*

1-Leadership Skills

2-Work Experience

2006 new hires majored in:

30% Business

10% Computer Science

0% Economics

40% Engineering

0% Liberal Arts

0% Math

15% Science

0% Undeclared

5% Other

...and are:

8% African American

3% Hispanic American

12% Asian American

0% Other

23% Total minorities

53% Female

NOTE: When ranking the above characteristics, it is a given that the appropriate major and GPA are already in place. Depending on job function, the desired skills and characteristics may change. Abbott builds core recruiting teams with recent grads and alumni, involves senior leaders in "closing the deal" on candidates, and involves interns and alumni in recruiting.

Salary & Benefits

Entry-level hires since Jan. 1

Average base salary: $50,000 to $54,999

6% earn less than $35,000

6% earn $35,000 to $39,999

2% earn $40,000 to $44,999

3% earn $45,000 to $49,999

20% earn $50,000 to $54,999

14% earn $55,000 to $59,999

4% earn $60,000 to $64,999

14% earn $65,000 to $69,999

31% earn $70,000 and above

Bonuses, Overtime & Perks

21% received signing bonuses

Average signing bonus: $6,500

100% received performance bonus first year on job

Average performance bonus, 2006: $3,700

35% of 2006 entry-level hires eligible for OT

65% of 2006 entry-level hires not eligible for OT

Reimburse employees for ed expenses?: Yes

Do employees become eligible immediately?: Yes

Maximum annual education reimbursement: $7,000

Full grad school sponsorship for jr. level employees? Yes

Partial grad school sponsorship for jr. level employees? No

Time Off

Is there a Paid Time Off (PTO) Bank? Yes

If no, total paid vacation days:

During first year: NA

After 1 year: NA

After 3 years: NA

After 5 years: NA

After 10 years: NA

Total paid holidays: NA

Time off for religious observances: NA

If yes, max PTO days:

During first year: 18

After 1 year: 18

After 3 years: 18

After 5 years: 18

After 10 years: 18

Total days off for religious observances: NA

Is flex time available? Yes*

Sick, personal days, first year: NA

Health Benefits

Do entry-level hires have access to health plan? Yes

Employees pay part of the cost? Yes

Does health plan provide dental coverage? Yes

Extra charge for dental coverage? Yes

Does health plan provide vision coverage? Yes

Extra charge for vision coverage? Yes

Are same sex partners permitted as dependents? Yes

Pension and Profit-sharing

Do entry-level hires have access to 401(k)? Yes

24 months to full vesting in 401(k)

Max. company match as a percentage of salary: 5%

Min. employee set-aside as a percentage of salary to receive max. co. match: 2%

If 401(k) match not calculated as percentage of salary, explain:

Are entry-level hires eligible for co-funded pension? Yes

Months to full vesting in co-funded pension: 60

Are entry-level hires eligible for profit-sharing program? Yes

Months to full vesting in profit-sharing program: 0*

Maternity/Paternity Leave

Maximum Maternity Leave

8 days during first year

8 days after 1 year

8 days after 3 years

8 days after 5 years

Maximum Paternity Leave

2 days during first year

2 days after 1 year

2 days after 3 years

2 days after 5 years

Other Benefits

Does company match employee charitable gifts? Yes

Max. annual company match for employee charitable gifts: $5,000

Does company pay relocation expenses? Yes

Max. annual relocation expenses? $35,000

Employee Discounts

Car rentals*

Gym memberships

Cell phone/service

Cultural events

NOTE: Employees are fully vested in the profit-sharing plan anywhere from 0-12 months after hire depending on date of hire.

Almost 90 percent of Abbott's U.S. workforce utilizes some type of flexible work option, including part-time schedules, job shares, flex hours or telecommuting.

There are additional discounts and special offerings through the Extra Special Perks program including automobiles, entertainment, food, real estate, retail outlets, security systems, travel and medical products, and others.

Work Environment

45 hours worked weekly by entry-level hires on average

Does average vary by business unit, department? Yes

Entry-level hire work locations...

20% in open work stations

70% in cubicles

0% in shared offices

0% in private offices

10% have no company-supplied work space

Does organization monitor e-mail?: No

Does organization monitor Web usage? No

Typical dress code

Business Casual

Does organization sponsor employee volunteer opportunities? Yes

Does organization offer employee daycare? All locations

Does organization have fitness facilities on site? Most locations*

NOTE: Abbott has an on-site fitness center at its corporate headquarters site that offers a wide variety of classes, including step aerobics, yoga and kickboxing; a wide variety of sports and activities clubs, ranging from canoeing to volleyball; and fitness contests hosted throughout the year, which include "Exercise Across Abbott" and the Body for Life Challenge.

Training Programs

Does your organization have a formal orientation program? Yes

If yes, how many days is it? NA*

Orientation includes:

Computer Training

Guest Speakers

Diversity Exercises

Team Building Activities

Tour of Facilities

Abbott offers an extensive new internet-based program with 30/60/90 day plans that employees must follow.

$1,250* average spent on training, per new hire, in 2006

Is there a formal leadership program for entry-level hires of a year or less? Yes

The Abbott New Leader Program

Do candidates apply directly? No

If not, how is eligibility determined? Must be managing people

When are new hires first eligible? NA

Is program rotational? No

If yes, number of locations or business units: NA

Minimum rotations: NA

Maximum rotations: NA

Length of program, in weeks: 1

Minimum: NA weeks

Maximum: NA weeks

After program, employees offered permanent positions: 100%

After program, do employees offered permanent position receive raise? No

If yes, amount of typical raise: NA

Is there a formal leadership program for entry-level hires of a year or more? Yes

The Professional Development Program

Do candidates apply directly? Yes

If not, how is eligibility determined?

NA

When are new hires first eligible? Immediately

Is program rotational? Yes

If yes, number of locations or business units NA

Minimum rotations: 4

Maximum rotations: 6

Length of program, in weeks: NA

Minimum: 104 weeks

Maximum: 156 weeks

After program, employees offered permanent positions: 100%

After program, do employees offered permanent position receive raise? Yes

If yes, amount of typical raise: 10-14.9%

Does company have formal mentorship program? Yes

100% of entry-level hires participate

7.5* days of additional training expected

NOTE: Annual training dollars for entry-level hires range from $1,000-$1,500.

Orientation program takes places online during regular working hours. Addiitional training for entry-level hires ranges from 1 to 2 weeks.

The cornerstone of Abbott's leadership development program is its Executive Compass Program, where the company's senior management team, including the CEO and the presidents of the company's divisions, serve as the "coaching staff," leading discussions in business strategy, branding and customer segmentation.

Getting Ahead

Three-year retention rate: 92%

Five-year retention rate: 83%

How are raises determined?

Performance

When are entry-level hires eligible for first raise? One-year anniversary

How are promotions determined?

Performance

When are entry-level hires eligible for first promotion? One-year anniversary

Evaluations

Frequency of evaluations

Twice a year

Important qualities

1-Productivity/Efficiency

2-Quality

3-Team Player

Min. tenure in years required for job change: 1

Describe any rules that apply: Employees must have a satisfactory performance rating in their current position to post for another position.

Long-Term Prospects

Does position of VP exist at this organization? Yes

If not, is there a comparable title? NA

No. of employees who hold VP or similar title: 281

No. of employees with VP or similar title with 20 years plus seniority: 105

Age of youngest employee with VP or similar title: 36

Seniority of youngest employee with VP or similar title in years: 9