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Company Insight: LMT
6801 Rockledge Drive
Bethesda, Maryland 20817
Internship hiring for 2008 is not complete
Undergrad internships (paid and unpaid)
2008: 1,737 (to date)
100% of internships are paid, 0% are unpaid.
2007 interns came from the following classes...
...and from the following majors:
14% Computer Science
4% Liberal Arts
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
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)
Entry-level hiring is not complete for 2008.
New hires in:
2008: 1,038* (to date)
Entry-level hires who were undergrad interns
2008: 10% (to date)
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:
18% Computer Science
3% Liberal Arts
13% African American
6% Hispanic American
9% Asian American
31% Total minorities
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
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
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
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:
Cell phone service
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.
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
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.
The organization has a formal orientation program for new hires
Program length: 3 days
Orientation includes the following:
Team building activities
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.
Three-year retention rate: 65%
Five-year retention rate: 58%
How are raises determined?
When are most entry-level hires eligible for their first raise?
6 months to 1 year
How are promotions determined?
When are entry-level hires eligible for first promotion?
More than 1 year
Frequency of evaluations
Most important characteristics for entry-level hires:
1 Analytical Skills
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
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