SanDisk Corporation (NASDAQ: SNDK) is an American multinational corporation that designs, develops and manufactures data storage solutions in a range of form factors using the flash memory, controller and firmware technologies. It was founded in 1988 by Dr. Eli Harari and Sanjay Mehrotra, non-volatile memory technology experts. SanDisk became a publicly traded company on NASDAQ in November 1995. In October 2010 its market capitalization was US$8.9 billion. SanDisk produces many different types of flash memory, including various memory cards and a series of USB removable drives. SanDisk markets to both the high-end and low-end sector demand for premium quality flash memory, and markets to other equipment makers as well as direct to consumers.
The company is headquartered in Milpitas, California, with offices or manufacturing facilities in 10 locations in Asia (including Taiwan, China and Japan), 6 locations in Europe (including the UK, Ireland and Spain), and 3 locations in Israel (Kfar Sava, Tefen and Omer).
SanDisk is the global leader in flash memory cards, from research, manufacturing and product design to consumer branding and retail distribution. SanDisk's product portfolio includes flash memory cards for mobile phones, digital cameras and camcorders; digital audio/video players; USB flash drives for consumers and the enterprise; embedded memory for mobile devices; and solid state drives for computers. SanDisk is a Silicon Valley-based S&P 500 company, with more than half its sales outside the United States
Retention
Philosophy
SanDisk recognizes that benefits are an important part of your total compensation. They play a key role in providing you with a great place to work, and can have a significant, positive impact on both you and your family. Our goal is to provide comprehensive programs that allow you the freedom to choose, enable you to save for the future, and provide you with the ability to achieve a healthy balance between work and family.
Health Benefits
Medical Benefits
SanDisk provides comprehensive medical insurance plans for eligible employees and their dependents, as well as domestic partners. Employees who meet the eligibility criteria enjoy coverage from their first day of employment. There are plans available to meet the needs of both you and your family, including PPO, EPO and HMO options.
Dental Benefits
To ensure that dental needs for both employees and their dependents are met, SanDisk offers a comprehensive and flexible dental plan. Members can choose from a large network of providers including specialists. Preventive care is paid for at 100%. SanDisk also provides orthodontic benefits.
Vision Benefits
Vision benefits are offered through one of the leading providers of vision care programs. The plan is designed to provide you with periodic exams, glasses and contact lenses. There is also a discount program available for alternative services such as laser correction surgery.
Employee Assistance Program (EAP)
Sometimes life can become complicated, affecting your work, health, family and emotions. To help employees through challenging times, SanDisk offers an employee assistance program to all employees and their dependents. Assistance is provided 24 hours a day, seven days a week.
Income Protection
Income protection benefits are designed to provide for you and your family when you are unable to work, and to help you get the most from your paycheck.
Short-Term Disability
When illness or injury may prevent you from being able to work SanDisk provides supplemental short-term disability coverage at no cost to employees, in conjunction with any state benefits that may be available. If you become injured or ill, this coverage provides you with a portion of your salary. Employees also have the option of utilizing time-off benefits.
Long-Term Disability
If your illness or injury becomes long-term, SanDisk provides an income protection program to help replace a portion of lost compensation. This program is provided to employees at no cost.
Life Insurance
SanDisk provides life insurance to all eligible employees to support the financial well being of their survivors. This group term life insurance coverage pays a benefit to the beneficiary(ies) in the event an employee dies while covered by the plan. SanDisk provides life insurance at two times the employee's annual salary up to a plan maximum, at no cost to eligible employees.
Accidental Death/Dismemberment (AD&D)
AD&D insurance pays a benefit if an employee loses their life, limbs and/or vision due to an accident. It covers the employee both on and off the job, 24 hours a day, anywhere in the world. SanDisk provides AD&D coverage at two times the annual salary up to a plan maximum, at no cost to eligible employees.
Business Travelers Insurance
Any employee, traveling on company business, is insured for additional life insurance under the Travel Accident Policy and for emergency medical treatment. Both are at no contribution cost to the employee.
International SOS
This international travel assistance program can cover you whether youre traveling for business or pleasure. Some examples of the types of things this valuable program can help you and your family with: assistance with lost documents or a personal cash advance if your wallet is lost or stolen, help with coordinating medical treatment for you or a family member, including making referrals, if necessary, and travel security updates for any country. This is at no cost to the employee.
Flexible Spending Accounts (FSAs)
Health Care Spending Account
Although the SanDisk benefits program covers many health related expenses, some items may not be covered in full. For instance, you may be responsible for certain deductibles, co-payments or over-the-counter medical items. Through the FSA, employees can set aside money on a pre-tax basis to help pay for these items, allowing you to reduce your taxable income.
Dependent Care Spending Account
This program lets you set aside dollars on a pre-tax basis for the payment of eligible dependent care expenses.
Planning for the Future
SanDisk offers plans to help you with your financial and retirement goals as well as to enable employee ownership
Stock Option Plan
Eligible employees hired by SanDisk receive stock options. Additional stock options may be given as annual rewards to employees who make significant contributions to the company.
Employee Stock Purchase Plan (ESPP)
SanDisk offers eligible employees the opportunity to purchase SanDisk common stock every 6 months at a price of at least 15% off its fair market value. Through payroll deductions of up to 10% of salary you can share in the growth, and ownership, of the company.
401(k) Savings Plan
The SanDisk 401(k) plan enables employees to defer up to 50% of their annual compensation on a pretax basis, up to the annual statutory maximum. SanDisk will also match 50 cents per dollar on the first 6% of eligible compensation that is contributed on a regular pretax basis.
SanDisk Work/Life Programs
We know you have a life! SanDisk has programs designed to help you make the most of your time, and to say thank you for being a member of the SanDisk team.
Tuition Reimbursement
SanDisk offers educational assistance so employees can increase their knowledge and skills, and prepare for potential opportunities for development within the company.
PTO (Paid Time Off)
When it comes to needing time off, each of us has different needs needs that are a reflection of individual lifestyles and situations. With SanDisks PTO program, youll have the flexibility to time off for vacation, personal days and sick days to use as you choose. PTO benefits increase the longer you are with the company. SanDisk also offers paid holidays.
Celebrations and Events
At SanDisk we work hard, and we play hard! Celebrations are important. That's why employees and their families are rewarded with celebrations throughout the year: an international festival celebrating our diverse workforce, sporting events, book fairs, and an employee appreciation program just to name a few.
Health Club Membership
SanDisk provides employees the use of an on-site, company health club at no cost to the employee. Eligible employees have the full use of facilities, including fitness classes, a variety of exercise equipment, and full locker room amenities.
Commuter Checks
Employees in the Bay Area can purchase commuter vouchers on a pre-tax basis. Vouchers can be used to purchase passes for local transit authorities.
Discount Coupons/Tickets
Discount coupons for many local and national amusement parks are available to SanDisk employees. SanDisk also partners with local businesses to offer discounts on services and merchandise.
SanDisk Merchandise
SanDisk employees enjoy both the convenience of online purchasing, and a discount on great SanDisk products and other items, so you can express your pride in the company you are helping to build, by actually using the quality products we build.
Work/Life Balance Program
SanDisk offers a work/life balance program that includes comprehensive referral services to help employees handle life events such as: child care, elder care, school selection, college assistance, adoption assistance and other programs to help you achieve balance in your life.
E-Concierge Membership
This program allows you to obtain personal assistance in a wide variety of products and services! It is like having your own personal assistant. You can access these services 24 hours a day, 7 days a week via the web.
Community Sharing
SanDisk is committed to being an asset in the communities where our employees live and work. Developed and managed by a team of SanDisk employees, the Community Sharing Committee acts as a facilitator to enable SanDisk to carry out this mission by both providing grants, and encouraging employee participation in the sponsorship of local non-profit, 501C organizations that focus on family and individual support needs, education and youth development, and community enrichment through the arts.
International Benefits
As a global company we offer competitive health and welfare, pension, income protection, and employee recognition programs in our larger locations.
The analyst, Bob Gujavarty, told investors in a note that SanDisk's plans to reduce 2009 capital expenditures to below $900 million from a previous projection of $1.3 billion may still leave excess inventory.
"The cuts come relatively late in the cycle and may not offset softening demand," Gujavarty said. He added that he expects high inventory levels through the first half of 2009. Gujavarty reiterated a "Hold" rating on shares and lowered his price target to $12 from $15.
SanDisk's cost-cutting comes in response to falling prices for NAND memory chips, which are used in consumer electronics such as music players and digital cameras. The Milpitas, Calif.-based company said Tuesday that it will halt production for two weeks of some types of flash memory wafers that it makes in a joint venture with Toshiba Corp. in Yokkaichi, Japan.
Gujavarty said the average sale price for NAND chips seems to be stabilizing, with the average price down about 13 percent from the previous quarter, less severe than the roughly 15 percent decline he estimates for the previous period.
But he said, "We suspect unit growth will disappoint due to slower retail sales of mobile phones and digital still cameras, the principle markets for removable flash cards."
The company is headquartered in Milpitas, California, with offices or manufacturing facilities in 10 locations in Asia (including Taiwan, China and Japan), 6 locations in Europe (including the UK, Ireland and Spain), and 3 locations in Israel (Kfar Sava, Tefen and Omer).
SanDisk is the global leader in flash memory cards, from research, manufacturing and product design to consumer branding and retail distribution. SanDisk's product portfolio includes flash memory cards for mobile phones, digital cameras and camcorders; digital audio/video players; USB flash drives for consumers and the enterprise; embedded memory for mobile devices; and solid state drives for computers. SanDisk is a Silicon Valley-based S&P 500 company, with more than half its sales outside the United States
Retention
Philosophy
SanDisk recognizes that benefits are an important part of your total compensation. They play a key role in providing you with a great place to work, and can have a significant, positive impact on both you and your family. Our goal is to provide comprehensive programs that allow you the freedom to choose, enable you to save for the future, and provide you with the ability to achieve a healthy balance between work and family.
Health Benefits
Medical Benefits
SanDisk provides comprehensive medical insurance plans for eligible employees and their dependents, as well as domestic partners. Employees who meet the eligibility criteria enjoy coverage from their first day of employment. There are plans available to meet the needs of both you and your family, including PPO, EPO and HMO options.
Dental Benefits
To ensure that dental needs for both employees and their dependents are met, SanDisk offers a comprehensive and flexible dental plan. Members can choose from a large network of providers including specialists. Preventive care is paid for at 100%. SanDisk also provides orthodontic benefits.
Vision Benefits
Vision benefits are offered through one of the leading providers of vision care programs. The plan is designed to provide you with periodic exams, glasses and contact lenses. There is also a discount program available for alternative services such as laser correction surgery.
Employee Assistance Program (EAP)
Sometimes life can become complicated, affecting your work, health, family and emotions. To help employees through challenging times, SanDisk offers an employee assistance program to all employees and their dependents. Assistance is provided 24 hours a day, seven days a week.
Income Protection
Income protection benefits are designed to provide for you and your family when you are unable to work, and to help you get the most from your paycheck.
Short-Term Disability
When illness or injury may prevent you from being able to work SanDisk provides supplemental short-term disability coverage at no cost to employees, in conjunction with any state benefits that may be available. If you become injured or ill, this coverage provides you with a portion of your salary. Employees also have the option of utilizing time-off benefits.
Long-Term Disability
If your illness or injury becomes long-term, SanDisk provides an income protection program to help replace a portion of lost compensation. This program is provided to employees at no cost.
Life Insurance
SanDisk provides life insurance to all eligible employees to support the financial well being of their survivors. This group term life insurance coverage pays a benefit to the beneficiary(ies) in the event an employee dies while covered by the plan. SanDisk provides life insurance at two times the employee's annual salary up to a plan maximum, at no cost to eligible employees.
Accidental Death/Dismemberment (AD&D)
AD&D insurance pays a benefit if an employee loses their life, limbs and/or vision due to an accident. It covers the employee both on and off the job, 24 hours a day, anywhere in the world. SanDisk provides AD&D coverage at two times the annual salary up to a plan maximum, at no cost to eligible employees.
Business Travelers Insurance
Any employee, traveling on company business, is insured for additional life insurance under the Travel Accident Policy and for emergency medical treatment. Both are at no contribution cost to the employee.
International SOS
This international travel assistance program can cover you whether youre traveling for business or pleasure. Some examples of the types of things this valuable program can help you and your family with: assistance with lost documents or a personal cash advance if your wallet is lost or stolen, help with coordinating medical treatment for you or a family member, including making referrals, if necessary, and travel security updates for any country. This is at no cost to the employee.
Flexible Spending Accounts (FSAs)
Health Care Spending Account
Although the SanDisk benefits program covers many health related expenses, some items may not be covered in full. For instance, you may be responsible for certain deductibles, co-payments or over-the-counter medical items. Through the FSA, employees can set aside money on a pre-tax basis to help pay for these items, allowing you to reduce your taxable income.
Dependent Care Spending Account
This program lets you set aside dollars on a pre-tax basis for the payment of eligible dependent care expenses.
Planning for the Future
SanDisk offers plans to help you with your financial and retirement goals as well as to enable employee ownership
Stock Option Plan
Eligible employees hired by SanDisk receive stock options. Additional stock options may be given as annual rewards to employees who make significant contributions to the company.
Employee Stock Purchase Plan (ESPP)
SanDisk offers eligible employees the opportunity to purchase SanDisk common stock every 6 months at a price of at least 15% off its fair market value. Through payroll deductions of up to 10% of salary you can share in the growth, and ownership, of the company.
401(k) Savings Plan
The SanDisk 401(k) plan enables employees to defer up to 50% of their annual compensation on a pretax basis, up to the annual statutory maximum. SanDisk will also match 50 cents per dollar on the first 6% of eligible compensation that is contributed on a regular pretax basis.
SanDisk Work/Life Programs
We know you have a life! SanDisk has programs designed to help you make the most of your time, and to say thank you for being a member of the SanDisk team.
Tuition Reimbursement
SanDisk offers educational assistance so employees can increase their knowledge and skills, and prepare for potential opportunities for development within the company.
PTO (Paid Time Off)
When it comes to needing time off, each of us has different needs needs that are a reflection of individual lifestyles and situations. With SanDisks PTO program, youll have the flexibility to time off for vacation, personal days and sick days to use as you choose. PTO benefits increase the longer you are with the company. SanDisk also offers paid holidays.
Celebrations and Events
At SanDisk we work hard, and we play hard! Celebrations are important. That's why employees and their families are rewarded with celebrations throughout the year: an international festival celebrating our diverse workforce, sporting events, book fairs, and an employee appreciation program just to name a few.
Health Club Membership
SanDisk provides employees the use of an on-site, company health club at no cost to the employee. Eligible employees have the full use of facilities, including fitness classes, a variety of exercise equipment, and full locker room amenities.
Commuter Checks
Employees in the Bay Area can purchase commuter vouchers on a pre-tax basis. Vouchers can be used to purchase passes for local transit authorities.
Discount Coupons/Tickets
Discount coupons for many local and national amusement parks are available to SanDisk employees. SanDisk also partners with local businesses to offer discounts on services and merchandise.
SanDisk Merchandise
SanDisk employees enjoy both the convenience of online purchasing, and a discount on great SanDisk products and other items, so you can express your pride in the company you are helping to build, by actually using the quality products we build.
Work/Life Balance Program
SanDisk offers a work/life balance program that includes comprehensive referral services to help employees handle life events such as: child care, elder care, school selection, college assistance, adoption assistance and other programs to help you achieve balance in your life.
E-Concierge Membership
This program allows you to obtain personal assistance in a wide variety of products and services! It is like having your own personal assistant. You can access these services 24 hours a day, 7 days a week via the web.
Community Sharing
SanDisk is committed to being an asset in the communities where our employees live and work. Developed and managed by a team of SanDisk employees, the Community Sharing Committee acts as a facilitator to enable SanDisk to carry out this mission by both providing grants, and encouraging employee participation in the sponsorship of local non-profit, 501C organizations that focus on family and individual support needs, education and youth development, and community enrichment through the arts.
International Benefits
As a global company we offer competitive health and welfare, pension, income protection, and employee recognition programs in our larger locations.
The analyst, Bob Gujavarty, told investors in a note that SanDisk's plans to reduce 2009 capital expenditures to below $900 million from a previous projection of $1.3 billion may still leave excess inventory.
"The cuts come relatively late in the cycle and may not offset softening demand," Gujavarty said. He added that he expects high inventory levels through the first half of 2009. Gujavarty reiterated a "Hold" rating on shares and lowered his price target to $12 from $15.
SanDisk's cost-cutting comes in response to falling prices for NAND memory chips, which are used in consumer electronics such as music players and digital cameras. The Milpitas, Calif.-based company said Tuesday that it will halt production for two weeks of some types of flash memory wafers that it makes in a joint venture with Toshiba Corp. in Yokkaichi, Japan.
Gujavarty said the average sale price for NAND chips seems to be stabilizing, with the average price down about 13 percent from the previous quarter, less severe than the roughly 15 percent decline he estimates for the previous period.
But he said, "We suspect unit growth will disappoint due to slower retail sales of mobile phones and digital still cameras, the principle markets for removable flash cards."
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