Vantaggi
One reason and one reason only...to build your resume and move on to a better company.
Svantaggi
Fastenal's sales commission compensation program is borderline criminal...literally. It is a program that drastically penalizes sales employees for generating profit margins below 50%, yet it does not provide the employee access to see "true" cost of goods floor from which to sell on. We are only provided with a POS (point of sale) cost which is far from accurate. In addition, we are docked 1/2 of our commissions for sales not collected within 90 days and docked the other half once the customer's unpaid balance reaches 120 days old. This subtraction is simply shown on our monthly compensation calculator as an "uncollected sales adjustment" and absolutely no visible detail is provided to the employee showing the specific unpaid sales. At this point, we currently have to "take their word for it," in regards to what was collected and exactly when it was collected without any specific documentation. That is where I believe the major injustice exists. There is strong evidence that Fastenal A/R is holding customer payments until these commissions are docked from the employees, and then allowing them to post to the customer's account days after. I routinely see sizable numbers of past due payments post to customer's accounts on the first or second day of the month, after the commission subtraction has taken place on the last day of the previous month. It would seem a company would stand to gain more by posting payments to customer accounts before a months' end, but I believe they're gaining more by wrongfully taking back commisions from branch sales employees. Fastenal recently settled a $10 million class action lawsuit with employees that were wrongfully classified as exempt from overtime pay. It won't be long before a second lawsuit is filed against the company for the above mentioned wrong doings. Hard work, loyalty, and tenure are not considered whatsoever when applying for promotion. Only "Yes Men" are considered for any such opportunity, especially when you reach Branch Manager level and your next step is becoming a District Manager. It is common place for inexperienced "suck-ups" to be promoted before successful proven performers. Most don't stay with Fastenal longer than a year or two, and frequent turnover is exactly what they want as part of their business model. Low pay, below average benefits, and 52+ hour routine work weeks are all they have to offer as part of their grand scheme.