24. Raytheon

Applicants & New Hires

Recruited on 136 undergrad campuses in 2008-09.
Made job offers on 115 undergrad campuses.

Applicants for entry-level jobs

2009: 13,720 (to date)

2008: 14,705

2007: 15,200

Entry-level hiring

Is your entry-level hiring complete for 2009? No

New hires in:

2009: 877 (to date)

2008: 1,061

2007: 903

Entry-level hires who were undergrad interns

2009: 19% (to date)

2008: 20%

2007: 19%

Most important characteristics for new hires:

1 College Major

2 College GPA/Academic Achievement

3 Analytical Skills

The number of campuses where Raytheon actively recruits excludes all Leadership Development Program events where hiring requirements include a master's level degree.

2008 entry-level hires came from the following majors:

21% Business and Economics

21% Computer Science

50% Engineering

3% Liberal Arts

2% Math

3% Science

0% Pre-Law/Criminal Justice

0% Hospitality/Hotel & Restaurant Management

0% Design

0% Undeclared

0% Other

...and are:

31% Female

34% Minorities

8% African American

10% Hispanic American

14% Asian American

2% Other

Salary & Benefits

Entry-level hires since Jan. 1, 2009 (to date)

Average base salary:
$60,000 to $64,999

Average base salary includes some non entry-level employees? No

Base Salary Detail:

0% earn less than $35,000

1% earn $35,000 to $39,999

4% earn $40,000 to $44,999

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

12% earn $50,000 to $54,999

12% earn $55,000 to $59,999

36% earn $60,000 to $64,999

9% earn $65,000 to $69,999

8% earn $70,000 to $74,999

9% earn $75,000 and above

Bonuses, Overtime & Perks

15% received signing bonuses

Average signing bonus: $3,700

87% received performance bonuses in their first year

Average performance bonus, 2008: $1,108

Overtime Eligibility:

0% of 2008 entry-level hires eligible for overtime

100% of 2008 entry-level hires not eligible for overtime

Educational Benefits:

Reimburse employees for education expenses? Yes

Do employees become eligible immediately? Yes

Maximum annual education reimbursement: $10,000

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: Yes

Maximum PTO days after one year: 15

Maximum PTO days after five years: 20

Maximum PTO days after 10 years: 22

Maximum annual vacation days after one year:

Maximum annual vacation days after five years:

Maximum annual vacation days after 10 years:

Annual paid holidays:

Annual paid floating holidays/religious observances:

Annual paid sick/personal days:

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? No

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)? Yes

Max. employer match as a percentage of salary: 4.0%

Min. percentage of salary employee must set aside to receive max. employer match: 4.0%

Are entry-level hires eligible for employer-funded pension? No

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

Other Benefits

Is flex time an option for entry-level hires? Yes

Does company match employee charitable gifts? Yes

Does company pay relocation expenses? Yes

Relocation expense limits? Typically includes shipment of up to 5,000 pounds of personal goods, airfare to final destination, and lump sum payment of $2,000.

Other benefits include:

Employee Discounts

Financial Planning/Tax Prep

Low-Cost Mortgages

Other

Raytheon allows for flexible work arrangements such as 9/80 schedule, alternative start times, telecommuting, and part-time employment at manager's discretion.

Work Environment

Average entry-level work week: 45 hours

Does average vary by business unit, department? Yes

20% work in open work stations

72% work in cubicles

1% work in shared offices

5% work in private offices

2% have no employer-supplied work space

Dress code includes:

Business Casual

Casual Fridays

Casual

Does the organization sponsor employee volunteer opportunities? Yes

Does organization have fitness facilities on site? Most locations

Training Programs

Formal orientation program: Yes

Program length: 1 days

Orientation includes the following:

Guest Speakers

Diversity Exercises

Team Building Activities

Tour of Facilities

Benefits Overview

Company Overview

Ethics, mission, culture, and values

Policies And Procedures

Other

Average spent on training, per new hire, in 2008: $3,275

Formal management development program for entry-level employees that is rotational and at least one year in length:
Yes - Leadership Development Program - Finance

Average length of this program: 104 weeks

Typical raise after completion: 5-9.9%

Formal management development program for entry-level employees that is rotational and less than one year in length:
No -

Average length of this program: NA weeks

Typical raise after completion:

Formal mentorship programs for entry-level hires? Yes

Mentorship participation rate is 75%

Required training days (excl. formal leadership programs): 6

Raytheon's Leadership Development Program encompasses 8 functions (Business Development, Communications, Contracts, Engineering, Finance, Human Resources, Information Technology, Supply Chain.) It is a two-year program offering as many as 4 rotations, 3 weeks of cross-functional training, at least 2 weeks of functional training, plus executive mentoring, peer mentoring, eLearning courses, etc.

Getting Ahead

Three-year retention rate: 71%

Five-year retention rate: 54%

How are raises determined?

Individual Performance

Are most entry-level hires eligible for their first raise in less than a year? No

How are promotions determined?

Individual Performance

Are most entry-level hires eligible for their first promotion in less than a year? No

Evaluations

Is the frequency of evaluations more than once per year? No

Most important performance measures for entry-level hires:

1 Analytical Skills

2 Team Player

3 Productivity/Efficiency

Min. tenure required for job change/transfer: 12 months

Long-Term Prospects

Does position of vice president exist at this organization? Yes

If not, is there a comparable title?

Employees who hold VP or similar title: 162

Employees with VP or similar title who have 20+ years seniority: 75

Age of youngest employee with VP or similar title: 37

Seniority of youngest employee with VP or similar title: 2 years

Promotions are also determined based on competencies and qualifications for the position. Most employees also complete an informal mid-year performance review. The 12 month requirement for internal transfers can be waived through an approval process.