31. Liberty Mutual

Applicants & New Hires

Recruited on 100 undergrad campuses in 2008-09.
Made job offers on 90 undergrad campuses.

Applicants for entry-level jobs

2009: 29,806 (to date)

2008: 36,100

2007: NA

Entry-level hiring

Is your entry-level hiring complete for 2009? No

New hires in:

2009: 302 (to date)

2008: 925

2007: 856

Entry-level hires who were undergrad interns

2009: 20% (to date)

2008: 11%

2007: 10%

Most important characteristics for new hires:

1 College GPA/Academic Achievement

2 Analytical Skills

3 Communication Skills

2008 entry-level hires came from the following majors:

62% Business and Economics

3% Computer Science

1% Engineering

24% Liberal Arts

4% Math

0% Science

2% Pre-Law/Criminal Justice

0% Hospitality/Hotel & Restaurant Management

0% Design

0% Undeclared

4% Other

...and are:

46% Female

20% Minorities

7% African American

3% Hispanic American

8% Asian American

2% Other

Salary & Benefits

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

Average base salary:
$45,000 to $49,999

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

8% earn $40,000 to $44,999

65% earn $45,000 to $49,999

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

0% 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

0% received signing bonuses

Average signing bonus: NA

99% received performance bonuses in their first year

Average performance bonus, 2008: $2,500

Overtime Eligibility:

100% of 2008 entry-level hires eligible for overtime

0% 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: $6,000

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: 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: 7.0%

Min. percentage of salary employee must set aside to receive max. employer match: 7.0%

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

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

Other Benefits

Is flex time an option for entry-level hires? No

Does company match employee charitable gifts? Yes

Does company pay relocation expenses? Yes

Relocation expense limits?

Other benefits include:

Employee Discounts

Work Environment

Average entry-level work week: 38 hours

Does average vary by business unit, department? Yes

0% work in open work stations

100% work in cubicles

0% work in shared offices

0% 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? Facilities not available

Training Programs

Formal orientation program: Yes

Program length: NA days

Orientation includes the following:

Computer Training

Tour of Facilities

Benefits Overview

Company Overview

Ethics, mission, culture, and values

Job-Specific Training

Policies And Procedures

Other

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 - Actuarial Program

Average length of this program: 104 weeks

Typical raise after completion: NA

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 NA

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

The organization is largely decentralized and variations exist among our different business lines for all of the above. The number of days that new entry-level hires spend in the formal orientation program varies by role.

Getting Ahead

Three-year retention rate: 60%

Five-year retention rate: 34%

How are raises determined?

Individual 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? Yes

Evaluations

Is the frequency of evaluations more than once per year? Yes

Most important performance measures for entry-level hires:

1 Customer Satisfaction

3 Productivity/Efficiency

2 Quality

Min. tenure required for job change/transfer: 6 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: 266

Employees with VP or similar title who have 20+ years seniority: 101

Age of youngest employee with VP or similar title: 42

Seniority of youngest employee with VP or similar title: 9 years