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Cyberonics is committed to creating an environment that addresses the real-world concerns of its workforce. That commitment includes a network of benefits and support systems that help employees manage personal issues such as health care, retirement planning, life insurance protection and continuing education.
Compensation: Exceptional Performance and Exceptional Pay
At Cyberonics, our most valuable resource is our people. Our employees bring passion and commitment to a challenging environment where they are rewarded with the ability to realize their potential. Our benefits plans and resources are designed to keep our employees healthy, happy and moving ahead at optimal speed.
When it comes to compensation, Cyberonics believes the "keep it simple" philosophy is best. Simply put: we reward exceptional performance with exceptional pay.
Health & Income Protection
Medical Insurance – Employees have a choice of two medical plans with a large network of doctors and hospitals to choose from.
Dental Insurance – Employees have a choice of either a DPO (indemnity) or DHMO (where geographically available).
Optional Supplemental Income Protection – Employees have the option of electing supplemental income protection to assist in the event of hospitalization, illness or injury.
Vision Insurance – the company offers an affordable, high-quality vision service plan..
Basic Life and Accidental Death and Dismemberment (AD&D) Insurance -- Cyberonics provides basic life and accidental death and dismemberment insurance equal to the employee’s annual salary plus $15,000 at no cost to the employee.
Supplemental Life Insurance – Employees may purchase optional supplemental Life Insurance in increments of $25,000 up to $300,000. Life Insurance is also available for employees’ dependents.
Short-Term Disability – Cyberonics offers short term disability insurance at no cost to the employee. In the event an employee becomes disabled (non-job related); the employee receives 60 percent of salary up to a maximum of $1,500 per week.
Long-Term Disability - For disabilities of more than 13 weeks, Cyberonics offers long-term disability insurance at no cost to employees. The employee will receive 60 percent of salary up to a maximum of $10,000 per month.
Flexible Spending Accounts – Cyberonics’ flexible spending accounts allow employees to set aside a portion of income, tax free, to help pay certain health care and dependent care expenses.
Workers’ Compensation – Workers’ compensation Insurance provides coverage for employees who are injured on the job. This is an automatic benefit provided by Cyberonics at no cost to the employee. If an employee is injured on the job, Workers’ Compensation provides payment for medical treatment as well as partial wage-replacement benefits.
Capital Accumulation
401(k) Retirement Savings Plan – Cyberonics’ Employee Retirement Savings Plan allows employees to contribute 1 percent to 100 percent of eligible compensation on a tax-deferred basis through payroll deduction. The company offers a 50 percent match up to a maximum of 6 percent of base pay. The plan offers 18 investment options and rollovers may be completed at any time.
Employee Stock Purchase Plan – The Employee Stock Purchase Plan allows employees to become a part owner of Cyberonics at a discount.
Savings Bonds – U.S. Savings Bonds are a way to save for a major purchase, such as a house or college education, or to set up an emergency fund. Savings Bonds may be purchased through payroll deduction.
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Continuing Education
Education Assistance – The Cyberonics Education Assistance Program is designed to aid employees in the pursuit of company related education. The company has a graduated tier system that pays $3,000 to $5,000 annually for eligible employees.
Training Programs – Cyberonics offers a broad range of job specific training programs to meet key business strategies.
Paid Time Off
Personal Time- Time off for full-time employees is awarded based on years of service.
Parental Leave - Eligible full-time employees can receive 40 hours of parental leave as a planned absence in connection with the care of a dependent child following the birth or adoption of a child.
Holidays – Cyberonics recognizes designated holidays throughout the year.
Jury duty/bereavement – Employees are eligible for jury duty and bereavement leave.
Other Benefits
Employee Assistance Program – the Employee Assistance Program helps employees resolve personal problems that may adversely impact their work performance, conduct, health and well being.
Adoption Assistance – Financial assistance is offered to full-time eligible employees who are building families through adoption.
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