Your total rewards package includes your pay, benefits, work environment and much more.
LM Commit is Lockheed Martin’s performance management program that focuses on accountability, differentiation, meaningful feedback and transparency. The process also sets the framework for pay for performance.
Employees set commitments early in the year, select stakeholders and receive meaningful feedback on what they should start doing, stop doing, and what they should continue doing to improve their performance. Self-assessments, stakeholder and leader feedback are documented in the LM Commit tool and are used during the calibration process to differentiate levels of performance, which is then used to determine pay. In February, leaders will meet with employees to discuss their performance and compensation – an open dialogue to improve transparency and accountability.
Employees enter their self-assessments into the system Oct. 15-Oct. 26. Stakeholders provide their feedback to leaders by Oct. 31. Employees and leaders will have a pay discussion and discuss 2012 performance in February 2013.
Pay for Performance
Lockheed Martin’s compensation philosophy is to "Pay for Performance in Relation to Market." This means an individual's salary is aligned with his or her contribution level to the enterprise's objectives. Typically, higher performing employees should be paid higher in the rate range and lower performing employees paid lower in the rate range.
Lockheed Martin conducts market assessments every year to ensure we are competitive in serving customers and attracting and retaining talented employees. Leaders review employee salaries in February during the annual merit increase cycle.
Awards and Recognition
We take pride in our employees – they do great things every day! That is why we acknowledge individuals and teams for their achievements and their service. In addition to business area recognition programs, we have programs to acknowledge the service of our employees.