33. Vanguard Group

Contact Info

PO Box 2600

Valley Forge, Pennsylvania 19482

Web site

More info

E-mail

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Undergrad Internships

No. of undergrad internships in:

2005: 58

2006: 67

2007: 68

2006 interns from the following classes:

0% Freshman

0% Sophomores

15% Juniors

85% Seniors

0% Graduates

2006 interns from the following majors:

14% Business

7% Computer Science

8% Economics

7% Engineering

40% Liberal Arts

1% Math

0% Science

0% Undeclared

59*% Other

100% of internships paid

0% of internships unpaid

Is there an offical summer internship program? Yes

Average length of summer program: 10 weeks

Minimum: NA weeks

Maximum: NA weeks

Average hourly wage: $NA

Are interns paid on lump sum basis? NA

Average total intern compensation: $NA

85% of eligible 2006 interns received full-time job offers

57% of interns with offers accepted

NOTE: The Other category for college majors includes mainly Finance and Information Systems Technology majors.

Applicants & New Hires

45* undergrad campuses where employer recruited 2006-07

40 undergrad campuses where employer made job offers

Applicants for entry-level jobs

2005: 36,000

2006: 32,000

2007: NA

Entry-level hires

2005: 1,220

2006: 1,250

2007: 370

Entry-level hires who were undergrad interns

2005: 3%

2006: 6%

2007: NA%

Most important characteristics for new hires:

1-Communication Skills

3-Work Experience

2-College GPA

2006 new hires majored in:

14% Business

7% Computer Science

8% Economics

2% Engineering

40% Liberal Arts

1% Math

0% Science

0% Undeclared

28*% Other

...and are:

15% African American

7% Hispanic American

6% Asian American

4% Other

32% Total minorities

45% Female

NOTE: All recruiting, applicant, and new hire data based on recent college hiring only; other entry-level applicants/hires excluded. Recent college hires are defined as: entry-level associates and specialty hires entering rotational programs with graduation dates within the past year.

NOTE: The Other category for college majors includes mainly Finance and Information Systems Technology majors.

Salary & Benefits

Entry-level hires since Jan. 1

Average base salary: NA

NA% earn less than $35,000

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

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

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

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

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

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

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

NA% earn $70,000 and above

Bonuses, Overtime & Perks

NA*% received signing bonuses

Average signing bonus: $NA

0% received performance bonus first year on job

Average performance bonus, 2006: $NA*

100% of 2006 entry-level hires eligible for OT

0% 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: $9,000

Full grad school sponsorship for jr. level employees? Yes

Partial grad school sponsorship for jr. level employees? Yes

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: 16

After 1 year: 16

After 3 years: 19

After 5 years: 21

After 10 years: 26

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

0 months to full vesting in 401(k)

Max. company match as a percentage of salary: 4%

Min. employee set-aside as a percentage of salary to receive max. co. match: 4%

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

Are entry-level hires eligible for co-funded pension? No

Months to full vesting in co-funded pension: NA

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

Months to full vesting in profit-sharing program: 72

Maternity/Paternity Leave

Maximum Maternity Leave

NA days during first year

NA days after 1 year

NA days after 3 years

NA days after 5 years

Maximum Paternity Leave

NA days during first year

NA days after 1 year

NA days after 3 years

NA days after 5 years

Other Benefits

Does company match employee charitable gifts? Yes

Max. annual company match for employee charitable gifts: $7,500

Does company pay relocation expenses? No

Max. annual relocation expenses? $NA*

Employee Discounts

Car rentals

Gym memberships

Cell phone/service

Insurance

Cultural events

Publications

NOTE: Hiring bonus may be used to help with relocation expenses.

Employees who provide exemplary service may earn a $250 Spot Bonus Award. Hundreds of these spot bonuses are distributed each year.

Work Environment

38* hours worked weekly by entry-level hires on average

Does average vary by business unit, department? Yes

Entry-level hire work locations...

0% in open work stations

100% in cubicles

0% in shared offices

0% in private offices

0% have no company-supplied work space

Does organization monitor e-mail?: Yes

Does organization monitor Web usage? Yes

Typical dress code

Business Casual

Formal/Business

Does organization sponsor employee volunteer opportunities? Yes

Does organization offer employee daycare? Not offered*

Does organization have fitness facilities on site? All locations

NOTE: Vanguard’s standard full-time work week is 37.5 hours. Overtime opportunities vary depending on job function and business needs.

Free resources and discounts are available to employees on a broad range of child care alternatives.

Training Programs

Does your organization have a formal orientation program? Yes

If yes, how many days is it? 2

Orientation includes:

Computer Training

Guest Speakers

Diversity Exercises

Team Building Activities

Tour of Facilities

A video on Vanguard Unmatchable Excellence, organization's six sigma program; guest speakers on benefits and retirement; lunch with department managers

$2,000 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*

Acceleration Into Management (AIM)

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: 4

Minimum rotations: NA

Maximum rotations: NA

Length of program, in weeks: 48

Minimum: NA weeks

Maximum: NA weeks

After program, employees offered permanent positions: 75% to 99%

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

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

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

Vanguard?s Technology Leadership 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 3

Minimum rotations: NA

Maximum rotations: NA

Length of program, in weeks: 96

Minimum: NA weeks

Maximum: NA weeks

After program, employees offered permanent positions: 75% to 99%

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

NA% of entry-level hires participate

55 days of additional training expected

NOTE: Vanguard’s Specialty Programs, designed to help recent college graduates begin building their careers with the organization, include Acceleration Into Management, Analyst & Client Engagement, Acceleration into Financial Professional, and Technology Leadership Program.

Getting Ahead

Three-year retention rate: 93%

Five-year retention rate: 96%

How are raises determined?

Performance

Client services hires are required to pass a series of licensing exams

When are entry-level hires eligible for first raise? Formal reviews are given at year-end company-wide; some eligible sooner

How are promotions determined?

Performance

Client service hires passing their exams are promoted

When are entry-level hires eligible for first promotion? OtherMost employees are eligible after 1 year, but client services hires are eligible sooner

Evaluations

Frequency of evaluations

Twice a year

Important qualities

3-Learning Ability

1-Productivity/Efficiency

2-Profitability/Margin

Other- Enthusiasm and being a team player

Min. tenure in years required for job change: 1*

Describe any rules that apply: To be eligible for promotions, candidates can't have a negative performance record.

Long-Term Prospects

Does position of VP exist at this organization? No

If not, is there a comparable title? Principal

No. of employees who hold VP or similar title: 214

No. of employees with VP or similar title with 20 years plus seniority: 48

Age of youngest employee with VP or similar title: 32

Seniority of youngest employee with VP or similar title in years: 8

NOTE: Vanguard utilizes a lateral move incentive program in which employees are eligible for a $1,000 bonus if they make a lateral move to a different job (meaning a job at the same level but with significantly different job duties than their current position).