29. Northwestern Mutual

Applicants & New Hires

Recruited on 650 undergrad campuses in 2008-09.
Made job offers on 450 undergrad campuses.

Applicants for entry-level jobs

2009: 21,120 (to date)

2008: 60,643

2007: 53,064

Entry-level hiring

Is your entry-level hiring complete for 2009? No

New hires in:

2009: 834 (to date)

2008: 2,448

2007: 2,165

Entry-level hires who were undergrad interns

2009: 14% (to date)

2008: 18%

2007: 16%

Most important characteristics for new hires:

1 Cultural Fit

2 Leadership Skills

3 Communication Skills

These statistics represent full-time, entry-level employees at the company's corporate headquarters and individuals in its sales force.

2008 entry-level hires came from the following majors:

50% Business and Economics

5% Computer Science

2% Engineering

11% Liberal Arts

10% Math

6% Science

2% Pre-Law/Criminal Justice

0% Hospitality/Hotel & Restaurant Management

1% Design

0% Undeclared

13% Other

...and are:

17% Female

14% Minorities

NA African American

NA Hispanic American

NA Asian American

NA Other

These statistics represent full-time, entry level employees at the company's corporate headquarters and individuals in its sales force.

Salary & Benefits

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

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

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

Base Salary Detail:

0% earn less than $35,000

0% earn $35,000 to $39,999

22% earn $40,000 to $44,999

50% earn $45,000 to $49,999

27% earn $50,000 to $54,999

1% earn $55,000 to $59,999

0% earn $60,000 to $64,999

0% earn $65,000 to $69,999

0% earn $70,000 to $74,999

0% earn $75,000 and above

Bonuses, Overtime & Perks

1% received signing bonuses

Average signing bonus: $2,000

20% received performance bonuses in their first year

Average performance bonus, 2008: NA

Overtime Eligibility:

1% of 2008 entry-level hires eligible for overtime

99% 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: $5,250

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: 19

Maximum PTO days after five years: 21

Maximum PTO days after 10 years: 25

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? 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)? Yes

Max. employer match as a percentage of salary: 3.0%

Min. percentage of salary employee must set aside to receive max. employer match: 6.0%

Are entry-level hires eligible for employer-funded pension? Yes

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

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?

Other benefits include:

Employee Discounts

Transportation Benefits

Free Meals

Other

Company can contribute up to $5,250 for qualified corporate employees seeking business-related higher education. For the sales force, the company subsidizes costs related to obtaining financial designations. Sales force is enrolled in two fully funded pension programs and receives a discount on life insurance and disability insurance.

Work Environment

Average entry-level work week: 50 hours

Does average vary by business unit, department? Yes

10% work in open work stations

50% work in cubicles

10% work in shared offices

30% work in private offices

0% have no employer-supplied work space

Dress code includes:

Business Casual

Formal/Business

Does the organization sponsor employee volunteer opportunities? Yes

Does organization have fitness facilities on site? Some locations

The fitness facilities are available for all corporate headquarters employees.

Training Programs

Formal orientation program: Yes

Program length: 15 days

Orientation includes the following:

Computer Training

Guest Speakers

Diversity Exercises

Team Building Activities

Tour of Facilities

Benefits Overview

Company Overview

Ethics, mission, culture, and values

Job-Specific Training

Policies And Procedures

Average spent on training, per new hire, in 2008: NA

Formal management development program for entry-level employees that is rotational and at least one year in length:
Yes - Leadership through Education, Achievement and Development (LEAD)

Average length of this program: 104 weeks

Typical raise after completion: No raise

Formal management development program for entry-level employees that is rotational and less than one year in length:
Yes - Coaching to Conversion

Average length of this program: 14 weeks

Typical raise after completion: No raise

Formal mentorship programs for entry-level hires? Yes

Mentorship participation rate is 99%

Required training days (excl. formal leadership programs): 45

Sales force representatives are not guaranteed an automatic raise in pay after participating in the programs. Their compensation is based upon their sales. However, most sales force representatives increased their level of sales after participating in the programs.

Getting Ahead

Three-year retention rate: 25%

Five-year retention rate: 18%

How are raises determined?

Individual Performance

Company Performance

Are most entry-level hires eligible for their first raise in less than a year? Yes

How are promotions determined?

Individual Performance

Business Needs

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? Yes

Most important performance measures for entry-level hires:

1 Productivity/Efficiency

2 Sales/Revenue Generation

3 Effort

Min. tenure required for job change/transfer: NA 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: 76

Employees with VP or similar title who have 20+ years seniority: 42

Age of youngest employee with VP or similar title: 37

Seniority of youngest employee with VP or similar title: 3 years