Compensation Philosophy
The current compensation philosophy of Lockheed Martin is based on a pay for performance ideal (Hartung, 2010). However, there is more to the issue than just paying for a person's performance. That performance (and pay) is based on the market, and how well the individual's performance contributed to the overall objectives of the company. Its goals are generally very clear, and those employees who work hard enough to help the company showcase and reach those goals are the ones who are going to be compensated at the highest level (Hartung, 2010). While a lower level of performance may not be enough to have an employee fired or laid off, it can be enough to ensure that the person does not receive as much compensation as other employees who work at higher levels on a consistent basis. Despite the high quality of the compensation plan, there is one flaw in it that can and should be considered and addressed.
This flaw is the time that must elapse before another salary evaluation is conducted for an employee. Evaluations are held once per year, in February (Hartung, 2010). For those employees who have improved their performance in March or April, nearly a year must pass before they are rewarded for this choice to be a bigger, better part of the Lockheed Martin family. While it would not be possible to adjust the employees' salaries up and down with their work level on a rapid basis, it would be possible -- and potentially preferable -- to move to...
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