The Compensation Package in Lockheed Martin Corporation - Free Paper Sample

Introduction

Lockheed Martin is an American defense, aerospace, advanced technology, arms, and Security Company that offers its services worldwide. The Lockheed Corporation merger developed the organization by Martin Marietta in 1995 (Lockheed Martin. n.d.). The headquarters of this company is in Maryland at the North Bethesda around the Washington DC area. The company has hired over 110,000 workers worldwide. Lockheed is also one of the largest in technology, security, military support, and aerospace industries (Lockheed Martin. n.d.). The only way to contact the company is through its website (https://www.lockheedmartin.com/en-us/who-we-are.html).

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Benefits and Compensations

Lockheed Corporation has many options for welfare benefits and pension plans to promote the wellbeing of employees. For instance, many of their workers in the United States are offered the employer-sponsored group health plans accessible through the health insurance premiums provided (Lockheed Martin. n.d.). Through their systems, the employees can locate their tax deductions from their contributions through the worker’s tax-free coverage. Lockheed Martin also provides vision, dental, and health coverage (Lockheed Martin. n.d.). The company also provides long-term disability insurance, death benefits, and short-term insurance for illness or accidents to cover for specific causes of death.

The most valuable benefit offered in Lockheed Corporation is the pension plan, which helps secure the employee a consistent stream of finances in their later life (Lockheed Martin. n.d.). The package includes defined contribution pension plans and benefited pension plans. The employers also offer a benefited pension plan determined to pay the retirees a certain amount of money when they retire.

Three Valuable Benefits That Will Attract Potential Employees

One benefit will be the wellness program because it concentrates on employers’ wellbeing (Berber et al., 2012). Many companies have included the wellness program in their benefits package to ensure that the employees who work for them are healthy and make them perform better.

The second benefit is the vision, dental, and medical insurance to help the employees feel secure because of the offered health insurance to attract better and more candidates (Berber et al., 2012). Offering such packages makes the employees feel as if they are part of the family.

The last benefit should be flexible working hours. Work-life balance and flexible working hours are essential for both parents and millennials. As known, unlimited vacation time does not work for every employee (Berber et al., 2012). This is why most employees avoid taking vacations because of the lack of formal time. However, when there is time flexibility, such as allowing employees to work from home, they can balance their home life and work life.

Additional Benefits

Despite the form, the benefits package takes; the health insurance benefit is usually the best because it contemplates the cover for children, spouse, parent-in-law, and insured parents (Berber et al., 2012). The health insurance policy also offers financial protection during tough times.

HR can change or add the company’s benefits package. In this case, the three benefit packages that can be added to Lockheed Martin Company include:

• Company Deferrals
  The package includes a long-term incentive award issued at the end of the performance period set by the company (Lockheed Martin. n.d.). The benefit of this package to the company is that an account will be established under the stock investment options through the deferral plan.
• Multiple Awards
  The reward is given by eligible employees with more than one Long-term incentive reward during the same performance period.
• Investment Options
  The package is given after the deferral agreement. The employee should be given the right to modify or reject the options through elections (Lockheed Martin. n.d.). The benefit of this is that the company will get the chance to invest through the employee’s funds.

Conclusion

It’s the little things that matter. Various ways can be used to make employees feel valued and recognized. One way is that the employer must be intentional with the everyday tasks done every day. Another way is through recognition. The evident and straightforward first answer will make the workers feel recognized. The last option is consistent feedback. As known, feedback is part of the credit, mainly if it is constructive.

References

Berber, N., Pasula, M., Radoševic, M., Ikonov, D., & Kocic Vugdelija, V. (2012). An internal audit of compensations and benefits: Tasks and risks in production systems. Engineering Economics, 23(4).
https://doi.org/10.5755/j01.ee.23.4.1143

Lockheed Martin. (n.d.). About us.
https://www.lockheedmartin.com/en-us/who-we-are.html