Discipline

We are in the process of reviewing our discipline program and are interested in learning what other companies have in place. What are the goals and 'steps' of your program and are you satisfied with it? What feedback do you receive from your managers regarding their view of the program? If you don't have any formal process/program, how are performance and conduct issues handled? Thank you.
Comments
I have added a useful tool which is our Corrective Action Plan (CAP). It is simply a form which clearly delineates the misconduct, the expected correction, resources to assist correction, when correction is required and follow-up. I may use this in lieu of a suspension, by notifying the employee that this is a "last chance" if performance does not improve or repeated misconduct occurs the employee will be terminated.
It works well on both sides; correcting poor behavior and when not corrected as documentation of the employer's clear efforts.
Does the employee know that if they don't change their behavior, they can/will lose their job? The answer should be "yes" and the documentation helps prove it.