15. Abbott Labs

Undergrad Internships

Internships are filled for 2008

Undergrad internships (paid and unpaid)

2008: 330 (to date)

2007: 294

2006: 216

100% of internships are paid, 0% are unpaid.

2007 interns came from the following classes...

6% Freshman

21% Sophomores

67% Juniors

6% Seniors

...and from the following majors:

23% Business

10% Computer Science

0% Economics

43% Engineering

1% Liberal Arts

0% Math

23% Science

0% Undeclared

0%

There is an official summer internship program

Average summer program: NA weeks

Minimum: 12 weeks

Maximum: 24 weeks

Average hourly wage: $16.50

Average total intern compensation: $14,000*

61% of eligible 2007 interns received full-time job offers

79% of interns with offers accepted

Notes: Total internship compensation figure includes reimbursement for housing and transportation.

Applicants & New Hires

Recruited on 30 undergrad campuses in 2007-08.
Made job offers on 30 undergrad campuses.

Applicants for entry-level jobs

2008: 25,946 (to date)

2007: 27,574

2006: 17,004

Entry-level hiring

Entry-level hiring is not complete for 2008.

New hires in:

2008: 368 (to date)

2007: 1,474

2006: 980

Entry-level hires who were undergrad interns

2008: 48% (to date)

2007: 44%

2006: 33%

Most important characteristics for new hires:

3 Communication Skills

1 Leadership Skills*

2 Work Experience

The ranking of characteristics is based on the candidate having the appropriate major and GPA. Depending on the job function, the skills and characteristics may change. In addition, there are five core competencies that the company looks for in employees hired at all levels, including adaptability, initiative, integrity, teamwork and innovation.

2007 entry-level hires came from the following majors:

43% Business

11% Computer Science

0% Economics

19% Engineering

0% Liberal Arts

0% Math

26% Science

0% Undeclared

% Other

...and are:

10% African American

8% Hispanic American

11% Asian American

0% Other

29% Total minorities

56% Female

Salary & Benefits

Entry-level hires since Jan. 1, 2008 (to date)

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

3% earn less than $35,000

15% earn $35,000 to $39,999

9% earn $40,000 to $44,999

9% earn $45,000 to $49,999

32% earn $50,000 to $54,999

17% earn $55,000 to $59,999

9% earn $60,000 to $64,999

3% earn $65,000 to $69,999

3% earn $70,000 to $74,999

0% earn $75,000 and above

Bonuses, Overtime & Perks

24% received signing bonuses

Average signing bonus: $5,000

100% received performance bonuses in their first year on job

Average performance bonus, 2007: $3,700

38% of 2007 entry-level hires eligible for overtime

62% of 2007 entry-level hires not eligible for overtime

Reimburse employees for education 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? Yes

Time Off

Total paid vacation days

Vacation days during first year: 15

Vacation days after one year: 15

Vacation days after three years: 15

Vacation days after five years: 15

Vacation days after 10 years: 15

Total paid holidays: 8

Paid time off for religious observances and/or floating holidays:

Floating holidays/religious observance days off per year: 3*

Paid sick/personal days allowed in first year: unlimited*

Flextime is an option for entry-level employees*

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)? Entry-level hires are given access to a 401(K) savings plan

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

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

401(k) Details:

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

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

Other Benefits

Does company match employee charitable gifts? Yes

Does company pay relocation expenses? Yes

Max. annual relocation expenses? NA

There is no maximum.

Employee Discounts on the following:

Car rentals

Gym memberships

Cell phone service

Insurance

Cultural events

Publications

Access to 401(k) after 1,000 hrs. of service and age 21.

Work Environment

Average entry-level work week: 45 hours

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

Typical dress code

Business Casual

Organization sponsors employee volunteer opportunities*

Does organization have fitness facilities on site? Some locations*

Notes: Many new hires are active volunteers in their local communities.

Abbott has on-site fitness centers at locations that serve the majority of Abbott employees. Abbott also has a wide variety of sports and activities clubs and fitness contests.

Training Programs

The organization has a formal orientation program for new hires

Program length: 1* days

Orientation includes the following:

Computer training

Guest speakers

Diversity exercises

Team building activities

Facilities tour

Benefits overview

Overview of company/division, organizational structure, expectations for employees/leaders, company values, ethics/compliance expectations.

$1,600 average spent on training, per new hire, in 2007

How do new employees enter the program?

If not hired directly into program, when are most new hires first considered eligible?

After completion of program, what percentage of employees receive a raise?

How much is the typical raise:

There is a formal leadership program for entry-level hires that lasts a year or more.

Program Name: The Abbott Professional Development Program (PDP)*

How do new employees enter the program? Hired into the program

If not hired directly into the program, when are most new hires first considered eligible?

Is program rotational? Yes

If so, how many locations or business units does the employee spend time at? NA

Minimum rotations: 3

Maximum rotations: 6

Length of program, in weeks: NA

Minimum: 104 weeks

Maximum: 156 weeks

After completion, what percentage of employees receive a raise?: 100%

How much is the typical raise: 15-19.9%

Does company have formal mentorship program? Yes

100% of entry-level hires participate

14 days of additional training expected

Notes: In addition to one day of formal orientation, new hires at Abbott spend significant time in orientation and training during their first year. Managers and employees participate in an onboarding process that includes online resources to help them create 30/60/90 day development plans in the first year.

Abbott offers Professional Development Programs (PDPs) in the areas of finance, IT, engineering, manufacturing, quality, environment, management, HR and for physicians. Participants develop key functional and leadership skills through rotations on a wide range of projects throughout Abbott's global business.

Getting Ahead

Three-year retention rate: 87%

Five-year retention rate: 72%

How are raises determined?

Performance

When are most entry-level hires eligible for their 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

Annually

Most important characteristics for entry-level hires:

1 Productivity/Efficiency

2 Quality

3 Teamwork

Min. tenure in years required for job change: 1

Transfer rules: Employees must have a satisfactory performance rating in their current position.

Long-Term Prospects

Does position of vice president exist at this organization? Yes

If not, is there a comparable title?

No. of employees who hold VP or similar title: 277

No. of employees with VP or similar title with 20 years plus seniority: 93

Age of youngest employee with VP or similar title: 34

Seniority of youngest employee with VP or similar title in years: 11