8. Lockheed Martin

Undergrad Internships

Internship hiring for 2008 is not complete

Undergrad internships (paid and unpaid)

2008: 1,737 (to date)

2007: 2,223

2006: 2,097

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

2007 interns came from the following classes...

4% Freshman

25% Sophomores

63% Juniors

8% Seniors

...and from the following majors:

13% Business

14% Computer Science

1% Economics

46% Engineering

4% Liberal Arts

3% Math

3% Science

0% Undeclared

16%

There is an official summer internship program

Average summer program: 12 weeks

Minimum: NA weeks

Maximum: NA weeks

Average hourly wage: $17.30

Average total intern compensation: $10,000

65% of eligible 2007 interns received full-time job offers

81% of interns with offers accepted

Applicants & New Hires

Recruited on 87 undergrad campuses in 2007-08.
Made job offers on 87 undergrad campuses.

Applicants for entry-level jobs

2008: 18,616 (to date)

2007: 37,967

2006: 49,325

Entry-level hiring

Entry-level hiring is not complete for 2008.

New hires in:

2008: 1,038* (to date)

2007: 3,894

2006: 3,625

Entry-level hires who were undergrad interns

2008: 10% (to date)

2007: 12%

2006: 12%

Most important characteristics for new hires:

1 College Major*

2 Work Experience

3 College GPA

Lockheed Martin anticipates hiring approximately 4,000 entry-level employees in 2008.

Other important characteristics for entry level hires include teamwork and diversity.

2007 entry-level hires came from the following majors:

16% Business

18% Computer Science

1% Economics

46% Engineering

3% Liberal Arts

1% Math

3% Science

0% Undeclared

% Other

...and are:

13% African American

6% Hispanic American

9% Asian American

3% Other

31% Total minorities

29% Female

Salary & Benefits

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

Average base salary:
$55,000 to $59,999

0% earn less than $35,000

4% earn $35,000 to $39,999

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

16% earn $45,000 to $49,999

22% earn $50,000 to $54,999

25% earn $55,000 to $59,999

13% earn $60,000 to $64,999

5% earn $65,000 to $69,999

4% earn $70,000 to $74,999

2% earn $75,000 and above

Bonuses, Overtime & Perks

19% received signing bonuses

Average signing bonus: $4,000

19% received performance bonuses in their first year on job

Average performance bonus, 2007: $420

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: $15,000

Full grad school sponsorship for jr. level employees? Yes

Partial grad school sponsorship for jr. level employees? No

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: 6

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

Floating holidays/religious observance days off per year: 6

Paid sick/personal days allowed in first year: NA

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: 4%

Min. employee set-aside as a percentage of salary to receive max. co. match: 8%

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

Are entry-level hires eligible for profit-sharing program? No

Other Benefits

Does company match employee charitable gifts? Yes

Does company pay relocation expenses? Yes

Max. annual relocation expenses? $3,000

For new college hires only; at executive levels relocation packages may exceed $200,000.

Employee Discounts on the following:

Car rentals

Gym memberships

Cell phone service

Insurance

Cultural events

Publications

Hotels, jewelry, electronics

Notes: New hires are vested in Lockheed's pension plan after 3 years; not offered at several of company's specialty businesses.

Work Environment

Average entry-level work week: 42 hours

Does average vary by business unit, department? Yes

Entry-level hire work locations...

10% in open work stations

85% in cubicles

2% in shared offices

1% in private offices

2% have no company-supplied work space

Typical dress code

Business Casual

Casual Friday

Casual

NA*

Organization sponsors employee volunteer opportunities

Does organization have fitness facilities on site? Some locations

Notes: Formal business dress code applies for a very small number of hires at corporate headquarters and are not included, as this is an exception rather than the typical dress code.

Training Programs

The organization has a formal orientation program for new hires

Program length: 3 days

Orientation includes the following:

Guest speakers

Diversity exercises

Team building activities

Facilities tour

Benefits overview

Business overview (history, facts and financials), cultural foundation and principles (including ethics), business strategy, total value of a Lockheed Martin career, career growth and development, performance attributes and expectations, communication channels, networking and communication training, and volunteerism.

$1,000 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: New Hire Entry-Level Rotation Orientation Program (NEROP)*

How do new employees enter the program? Automatic

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

The program is rotational.

A minimum rotation of 11 and a maximum of 3

52-week training program

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

How much is the typical raise: 5-9.9%

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

Program Name: Leadership Development 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? 3

Minimum rotations: 1

Maximum rotations: 3

Length of program, in weeks: 104

Minimum: 104 weeks

Maximum: 156 weeks

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

How much is the typical raise: 5-9.9%

Does company have formal mentorship program? Yes

40% of entry-level hires participate

10 days of additional training expected

Notes: The NEROP program exists in Lockheed's Space Systems business. There is also a New Hire Community Exchange program that most new hires are invited to attend. It is a 1.5-day program that includes executive speakers, break out sessions, interactive activities and networking opportunities designed to enhance understanding of Lockheed Martin?s history, values and culture. Key topics include workforce strategy, full spectrum leadership, performance attributes, mentoring, career development and community service.

It is also possible for some entry-level employees to be considered for the Leadership Development Program post-employment.

Getting Ahead

Three-year retention rate: 65%

Five-year retention rate: 58%

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?

More than 1 year

Evaluations

Frequency of evaluations

Annually

Most important characteristics for entry-level hires:

1 Analytical Skills

2 Effort

3 Learning Ability

Min. tenure in years required for job change: 1

Transfer rules: Exceptions to the 1-year rule are granted on a case-by-case basis by the employee's current manager

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: 475

No. of employees with VP or similar title with 20 years plus seniority: 253

Age of youngest employee with VP or similar title: 37

Seniority of youngest employee with VP or similar title in years: 16