Corporate social responsibility
We have long believed conducting business in a responsible and sustainable manner is critical to our own sustained success and that of all our stakeholders: our employees, customers, supply chain partners, and the communities in which we operate. We believe the definition of success in our rapidly changing world goes far beyond our financial performance and the price of a share of our common stock. Primary elements of success that define Vicor Corporation’s corporate social responsibility (“CSR”) include: the health, safety, and wellbeing of our employees; productive engagement with the communities in which we operate; and effective stewardship of natural resources and the environment.
Our Code of Business Conduct describes our corporate values as accountability, commitment, respect, reward, and safety. These values inform all of our policies and procedures and are the foundation upon which all business decisions should be made.
In 2016, Vicor Corporation established a Corporate Social Responsibility Committee, comprised of corporate officers across relevant functions and disciplines. This committee, overseen by an independent member of our Board of Directors, is tasked with development, implementation, and oversight of initiatives intended to sustain the three primary elements of our CSR stated above. Foremost among ongoing initiatives is the formal adoption of the Electronic Industry Citizenship Coalition (“EICC”) Code of Conduct. To date, we have endorsed the EICC Code of Conduct, using it to frame our commitment to initiatives such as those associated with conflict mineral usage and the use of underage or captive labor. However, until recently, we had not pursued membership in the coalition.
Health, safety and wellbeing of our employees
Vicor Corporation is committed to provide the services necessary to recruit, develop, reward, and retain employees to enable the company to sustain its competitive advantages and leadership position in the markets we serve. Recognizing achievement of our business goals requires dedicated and capable employees, we are committed to providing safe workplaces and the appropriate resources to allow employees to perform to their full potential, while expanding their skills, knowledge, and experience.We provide equal employment opportunities for all applicants and employees without regard to prohibited considerations of race, color, religion, gender, gender identity, gender expression, sexual orientation, age, physical disability, mental disability, marital status, or any other classification protected by applicable local, state or federal laws.
Employee benefits and engagement initiatives
Based on our assessment of peer group data, we believe we enjoy an employee turnover rate far lower than our domestic industry peers and manufacturers of similar size. We attribute this low turnover to the quality of the employment opportunities we offer.
- Vicor Corporation offers generous employee benefits including medical, dental, and vision insurance for employees and their dependents, the cost of which we share with employees. To further contribute to funding the cost of health care for our employees, we offer flexible spending accounts for health care and dependent care. Our benefits package includes a range of subsidized life and disability policies in which employees may elect to participate
- We offer eligibility for four weeks of paid time off to all full time employees upon hire
- We sponsor a traditional 401(k) plan for employees, to which we make matching contributions, subject to limitations.
We are committed to providing a safe and healthy working environment for our employees. Vicor Corporation is subject to a broad range of employee health and safety laws and regulations in each of the jurisdictions in which we operate.
All of our Vicor and VI Chip modules, as well as all of our configurable products, are manufactured by us in our 240,000 sq. ft. facility in Andover, MA. Our other Andover facility is a 90,000 sq. ft. office building, housing Executive/Administrative, Research & Development, and Sales & Marketing personnel. Our Picor subsidiary occupies a 19,000 sq. ft. mixed use facility in Lincoln, RI, housing Executive/Administrative, Engineering, Sales & Marketing, and Warehousing personnel. Approximately 80% of our employees work in these three facilities. All remaining personnel worldwide occupy commercial office space in which no industrial processes occur.