Cognex Benefits & Rewards

The following is a summary of Cognex's benefit and reward programs available to U.S. based employees.

Financial Benefits

401(k) Savings Plan

Employee Stock Purchase Plan

529 College Savings Plan

Credit Union

Personal Property Insurance (auto, homeowners, rental, etc.)

Health & Welfare Benefits

Health insurance (medical, dental and vision)

Disability insurance (long term and short term)

Group Term Life Insurance and Accidental Death & Dismemberment Insurance

Supplemental Term Life Insurance for employees, spouses and dependents

Flexible Spending Accounts (health & dependent care reimbursement)

Work/Life Programs

Holidays

Paid Time Off

Tuition Assistance

Employee Discounts

Employee Assistance Program

Reward & Recognition Programs

Company Bonus

President’s Award Bonus (given to employees who surpass the company’s high expectations and who demonstrate a commitment to excellence and to our customers)

President’s Club (given to employees for outstanding sales performance)

Stock Options

Patent Awards

Perseverance Awards (commemorating each employee’s service anniversary with gifts and/or trips after 5, 10, 15, 20 and 25 years).

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III. Retailing

Retail Salesperson

Whether selling shoes, computer equipment, or automobiles, retail salespersons assist customers in finding what they are looking for and try to interest them in buying the merchandise. They describe a product's features, demonstrate its use, or show various models and colors. For some sales jobs, particularly those involving expensive and complex items, retail salespersons need special knowledge or skills. For example, salespersons who sell automobiles must be able to explain to customers the features of various models, warranty information, the meaning of manufacturers' specifications, and the types of options and financing available.

Consumers spend millions of dollars every day on merchandise and often form their impressions of a store by evaluating its sales force. Therefore, retailers stress the importance of providing courteous and efficient service in order to remain competitive. When a customer wants an item that is not on the sales floor, for example, the salesperson may check the stockroom, place a special order, or call another store to locate the item.

In addition to selling, most retail salespersons, especially those who work in department and apparel stores, make out sales checks; receive cash, check, and charge payments; bag or package purchases; and give out change and receipts. Depending on the hours they work, retail salespersons may have to open or close cash registers. This may include counting the money; separating charge slips, coupons, and exchange vouchers; and making deposits at the cash office. Salespersons often are held responsible for the contents of their registers, and repeated shortages are cause for dismissal in many organizations.

Most salespersons in retail trade work in clean, comfortable, well-lighted stores. However, they often stand for long periods and may need supervisory approval to leave the sales floor.

The Monday-through-Friday, 9-to-5 workweek is the exception rather than the rule in retail trade. Most salespersons work evenings and weekends, particularly during sales and other peak retail periods. Because the holiday season is the busiest time for most retailers, many employers restrict the use of vacation time from Thanksgiving through the beginning of January.

This job can be rewarding for those who enjoy working with people. Patience and courtesy are required, especially when the work is repetitious and the customers are demanding. Retail salespersons held about 4.1 million jobs in 2000. They worked in stores ranging from small specialty shops employing a few workers, to giant department stores with hundreds of salespersons. In addition, some were self-employed representatives of direct sales companies and mail-order houses. The largest employers of retail salespersons are department stores, clothing and accessories stores, furniture and home furnishing stores, and motor vehicle dealers.

This occupation offers many opportunities for part-time work and is especially appealing to students, retirees, and others looking to supplement their income. However, most of those selling "big-ticket" items, such as cars, jewelry, furniture, and electronic equipment, work full time and have substantial experience.

Because retail stores are found in every city and town, employment is distributed geographically in much the same way as the population. There usually are no formal education requirements for this type of work, although a high school diploma or equivalent is preferred. Employers look for people who enjoy working with others and have the tact and patience to deal with difficult customers. Among other desirable characteristics are an interest in sales work, a neat appearance, and the ability to communicate clearly and effectively. The ability to speak more than one language may be helpful for employment in communities where people from various cultures tend to live and shop. Before hiring a salesperson, some employers may conduct a background check, especially for a job selling high-priced items.

In most small stores, an experienced employee, or the proprietor, instructs newly hired sales personnel in making out sales checks and operating cash registers. In large stores, training programs are more formal and usually conducted over several days. Topics usually discussed are customer service, security, the store's policies and procedures, and how to work a cash register. Depending on the type of product they are selling, they may be given additional specialized training by manufacturers' representatives. For example, those working in cosmetics receive instruction on the types of products available and for whom the cosmetics would be most beneficial.

As in the past, employment opportunities for retail salespersons are expected to be good because of the needto replace the large number of workers who transfer to other occupations or leave the labor force each year. In addition, many new jobs will be created for retail salespersons. Employment is expected to grow about as fast as the average for all occupations through the year 2010, reflecting rising retail sales stemming from a growing population. Opportunities for part-time work should be abundant, and demand will be strong for temporary workers during peak selling periods, such as the end-of-year holiday season.

During economic downturns, sales volumes and the resulting demand for sales workers usually decline. Purchases of costly items, such as cars, appliances, and furniture, tend to be postponed during difficult economic times. In areas of high unemployment, sales of many types of goods decline. However, because turnover of sales workers usually is very high, employers often can adjust employment levels by simply not replacing all those who leave. The starting wage for many retail sales positions is the Federal minimum wage, which was $5.15 an hour in 2001. In areas where employers have difficulty attracting and retaining workers, wages tend to be higher than the legislated minimum.

Median hourly earnings of retail salespersons, including commission, were $8.02 in 2000. The middle 50 percent earned between $6.63 and $10.54 an hour. The lowest 10 percent earned less than $5.86, and the highest 10 percent earned more than $15.86 an hour. Compensation systems vary by type of establishment and merchandise sold. Salespersons receive hourly wages, commissions, or a combination of wages and commissions. Under a commission system, salespersons receive a percentage of the sales that they make. This system offers sales workers the opportunity to significantly increase their earnings, but they may find that their earnings strongly depend on their ability to sell their product and on the ups and downs of the economy. Employers may use incentive programs such as awards, banquets, bonuses, and profit-sharing plans to promote teamwork among the sales staff.

Benefits may be limited in smaller stores, but benefits in large establishments usually are comparable to those offered by other employers. In addition, nearly all salespersons are able to buy their store's merchandise at a discount, with the savings depending upon the type of merchandise Salespersons use sales techniques, coupled with their knowledge of merchandise, to assist customers and encourage purchases.

Date: 2015-12-18; view: 806