41. Liberty Mutual

Undergrad Internships

Internship hiring for 2008 is not complete

Undergrad internships (paid and unpaid)

2008: 480 (to date)

2007: 473

2006: 408

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

2007 interns came from the following classes...

5% Freshman

15% Sophomores

45% Juniors

35% Seniors

...and from the following majors:

39% Business

15% Computer Science

8% Economics

4% Engineering

19% Liberal Arts

4% Math

2% Science

0% Undeclared

9% Actuarial

There is an official summer internship program

Average summer program: 10 weeks

Minimum: 4 weeks

Maximum: 12 weeks

Average hourly wage: $16.25

Average total intern compensation: $7,300

60% of eligible 2007 interns received full-time job offers

65% of interns with offers accepted

Applicants & New Hires

Recruited on 130 undergrad campuses in 2007-08.
Made job offers on 130 undergrad campuses.

Applicants for entry-level jobs

2008: NA (to date)

2007: NA

2006: NA

Entry-level hiring

Entry-level hiring is not complete for 2008.

New hires in:

2008: 569 (to date)

2007: 761

2006: 586

Entry-level hires who were undergrad interns

2008: 14% (to date)

2007: 10%

2006: 10%

Most important characteristics for new hires:

1 Analytical Skills

2 Communication Skills

3 College GPA

2007 entry-level hires came from the following majors:

45% Business

12% Computer Science

8% Economics

2% Engineering

23% Liberal Arts

2% Math

6% Science

0% Undeclared

2 Actuarial% Other

...and are:

NA% African American

NA% Hispanic American

NA% Asian American

NA% Other

20% Total minorities

NA% Female

Salary & Benefits

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

Average base salary:
$40,000 to $44,999

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 to $74,999

NA% earn $75,000 and above

Bonuses, Overtime & Perks

NA% received signing bonuses

Average signing bonus: $1,050

98% received performance bonuses in their first year on job

Average performance bonus, 2007: $1,050

100% of 2007 entry-level hires eligible for overtime

0% 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: $6,000

Full grad school sponsorship for jr. level employees? Yes

Partial grad school sponsorship for jr. level employees? Yes

Time Off

The organization has a Paid Time Off (PTO) Bank

Maximum PTO days during first year: 26

Maximum PTO days after one year: 26

Maximum PTO days after three years: 26

Maximum PTO days after five years: 31

Maximum PTO days after 10 years:36

Flextime is not 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: 7%

Min. employee set-aside as a percentage of salary to receive max. co. match: 7%

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? $3,000

Employee Discounts on the following:

Gym memberships

Insurance

Cultural events

Work Environment

Average entry-level work week: 40 hours

Does average vary by business unit, department? Yes

Entry-level hire work locations...

NA% in open work stations

NA% in cubicles

NA% in shared offices

NA% in private offices

NA% have no company-supplied work space

Typical dress code

Business Casual

Business

Organization sponsors employee volunteer opportunities

Does organization have fitness facilities on site? Facilities not available

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

$3,500 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: Fellowship in Finance and Accounting

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? 3

Minimum rotations: NA

Maximum rotations: NA

Length of program, in weeks: 104

Minimum: NA weeks

Maximum: NA weeks

After completion, what percentage of employees receive a raise?: 75% to 99%

How much is the typical raise: 10-14.9%

Does company have formal mentorship program? Yes

NA% of entry-level hires participate

35 days of additional training expected

Getting Ahead

Three-year retention rate: NA%

Five-year retention rate: NA%

How are raises determined?

Performance

When are most entry-level hires eligible for their first raise?

6 months to 1 year

How are promotions determined?

Performance

When are entry-level hires eligible for first promotion?

6 months to 1 year

Evaluations

Frequency of evaluations

Annually

Most important characteristics for entry-level hires:

3 Analytical Skills

2 Customer Satisfaction

1 Quality

Min. tenure in years required for job change: 1

Long-Term Prospects

Does position of vice president exist at this organization? NA

If not, is there a comparable title?

No. of employees who hold VP or similar title: 317

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

Age of youngest employee with VP or similar title: 32

Seniority of youngest employee with VP or similar title in years: 1