Lockheed Martin benefits

2018 health plan is horrible. LM claims that all companies are doing it but that is not true. As a young, single, healthy person, I pay more out of each paycheck and also have to pay 100% of all medical expenses until I reach my high deductible.

Sadly, for a highly profitable company, current healthcare benefits are sub-par and on the decline.

Just went to a High Deductible Health insurance plan. Far more expensive than the previous offering. I'm paying at least 4x more for every service.

High deductible, with health savings account (HSA). The company managing the benefits never give the same answer to the same question.

It used to be amazing, but the last 2-3 years they have really cut the benefits bigtime and lost much of their talent. Their turnover for new hires out of college is very high now. They used to be the salary/benefit leader but now simply can't compete anymore. Most of our new hires left and almost always it was for much higher salaries and better benefits. They do a very poor job of onboarding new employees and providing them training/mentorship now. Another big reason many new hires would leave after a year or two was that they didn't feel they were getting any professional development or mentorship. They have gone to only high deductible health insurance plans now, so you are on the hook for the first few thousand dollars of your medical expenses before they start paying anything, and the premiums are still not great. They do offer an HSA now, so it's probably fine if you are right out of college and can bank a lot of HSA $ while you are healthy and single. If you have a family, it's MUCH more expensive. There is no pension anymore, but that's most places now. While the company is having record financial years, it has not translated into anything for the employees but reduced benefits. Medical is one area, also the raises have been poor at best. I was given an "exceeded" review rating three years in a row, yet my average annual raise over those 3 years was 2.5%, not even enough to keep up with inflation. I'd hear similar reports from people in other departments. There were rumors of annual bonuses for higher level employees but at least as of the time I left it was only a rumor. Also be aware of the different benefit ledgers, some have much better benefits, for example one ledger only gives you 4% 401k matching and 2 weeks vacation, but the other ledger gave you 10% 401k, and 3 weeks vacation. It seemed that it was who you knew etc. on which you got so people on the same program even if they were hired into the same positions might have different ledgers. They were very reluctant to talk about the different benefits people get and it created a lot of morale problems as people found out. No one wants to be the person working the same job as someone else sitting next to them that gets 6% more 401k and an extra week vacation every year. They used to allow some paid overtime, but for the most part that has been completely eliminated needing executive level approval. Even comp time was not allowed. They used to be very flexible on schedule but they had started pushing core hours pretty hard.

vacation, 401k, time off is the best benefit.

Best was the flexible work schedule. Worst was the lack of bonuses.

Good benefits while employed. Low pension at retirement

Went to high deductible plan in 2018. The family deductible is over 6k and then it’s 80/20. Premium is 70-80 per week for family coverage.

Industry average. Of course they will not give more than the need to, but the don't give less than you are worth.