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Company Insight: AET
151 Farmington Ave
Hartford, Connecticut 06156
Internship hiring for 2008 is not complete
Undergrad internships (paid and unpaid)
2008: 122 (to date)
100% of internships are paid, 0% are unpaid.
2007 interns came from the following classes...
...and from the following majors:
12% Computer Science
24% Liberal Arts
There is an official summer internship program
Average summer program: 12 weeks
Minimum: NA weeks
Maximum: NA weeks
Average hourly wage: $14.50
Average total intern compensation: $7,000*
22% of eligible 2007 interns received full-time job offers
90% of interns with offers accepted
Notes: Average total compensation is based on 12 week internship program
Recruited on 52 undergrad campuses in 2007-08.
Made job offers on NA undergrad campuses.
Applicants for entry-level jobs
2008: NA (to date)
Entry-level hiring is not complete for 2008.
New hires in:
2008: 113 (to date)
Entry-level hires who were undergrad interns
2008: NA% (to date)
Most important characteristics for new hires:
2 Communication Skills
1 Leadership Skills
3 College Major
2007 entry-level hires came from the following majors:
7% Computer Science
23% Liberal Arts
17% African American
8% Hispanic American
5% Asian American
30% Total minorities
Entry-level hires since Jan. 1, 2008 (to date)
Average base salary:
$45,000 to $49,999
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
1% received signing bonuses
Average signing bonus: $4,000
90% received performance bonuses in their first year on job
Average performance bonus, 2007: $1,400
NA% of 2007 entry-level hires eligible for overtime
NA% 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: $3,000
Full grad school sponsorship for jr. level employees? No
Partial grad school sponsorship for jr. level employees? Yes
The organization has a Paid Time Off (PTO) Bank
Maximum PTO days during first year: 18
Maximum PTO days after one year: 18
Maximum PTO days after three years: 23
Maximum PTO days after five years: 23
Maximum PTO days after 10 years:28
Flextime is an option for entry-level employees
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? No
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: 3%
Min. employee set-aside as a percentage of salary to receive max. co. match: 6%
Are entry-level hires eligible for company funded pension? Yes
Are entry-level hires eligible for profit-sharing program? No
Does company match employee charitable gifts? Yes
Does company pay relocation expenses? Yes
Max. annual relocation expenses? NA
Reimbursements based on postion and department's ability to pay; eligible actuarial and underwriting interns receive a $4,000 lump sum.
Employee Discounts on the following:
Cell phone service
Computers, airport parking
Notes: In addition to PTO, Aetna employees receive eight paid holidays, maternity leave through short-term disability, and participation in Aetna Wellness programs and tools.
Average entry-level work week: 40 hours
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
Typical dress code
Organization sponsors employee volunteer opportunities
Does organization have fitness facilities on site? Some locations
The organization has a formal orientation program for new hires
Program length: 1 days
Orientation includes the following:
Business code of conduct and integrity training; Aetna Values training; online set up of payroll, tax, arbitration, and other documents
$5,000 average spent on training, per new hire, in 2007
There is a formal leadership or management training program that lasts less than a year:
Program Name: Group School
How do new employees enter the program? Hired into the program
If not hired directly into program, when are most new hires first considered eligible?
12-week training program
After completion of program, what percentage of employees receive a raise? NA
How much is the typical raise: NA
There is a formal leadership program for entry-level hires that lasts a year or more.
Program Name: Actuarial Program*
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: 156 weeks
Maximum: 312 weeks
After completion, what percentage of employees receive a raise?: 100%
How much is the typical raise: Up to 5%
Does company have formal mentorship program? No*
NA% of entry-level hires participate
3 days of additional training expected
Notes: Other formal leadership and management development programs which last more than one year include the IT Leadership and Underwriting Intern Program.
Many departments offer informal mentorship programs.
Three-year retention rate: NA%
Five-year retention rate: NA%
How are raises determined?
When are most entry-level hires eligible for their first raise?
How are promotions determined?
When are entry-level hires eligible for first promotion?
Frequency of evaluations
Twice a year
Most important characteristics for entry-level hires:
2 Analytical Skills
1 Leadership Ability
Min. tenure in years required for job change: 1
Transfer rules: Success in current position; must notify current manager
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: 26*
No. of employees with VP or similar title with 20 years plus seniority: 8
Age of youngest employee with VP or similar title: NA
Seniority of youngest employee with VP or similar title in years: NA
Notes: The 26 individuals are within the top 3 tiers of the company only.