Views: 0 Author: Columbus, Indiana Publish Time: 2023-08-09 Origin: https://www.cummins.com/news/releases/2023/07/19/cummins-releases-second-human-capital-management-report-detailing-strategy
Cummins Inc. (NYSE: CMI) today released its new 2023 Human Capital Management Report detailing the company' s approach to talent management and the critical role employees play in the global power technology leader' s overall success and sustainability.
President and CEO Jennifer Rumsey says in the report it's an exciting time to work at Cummins.
"As an industry leader, Cummins has an incredible responsibility and opportunity to be part of the solution to addressing climate change,” Rumsey said in her essay leading off the report. “Our business and environmental strategies are aligned to capture the growth opportunity decarbonization presents for both our company and Cummins’ stakeholders.”
The 2023 report includes the latest data on the company's efforts on diversity, equity and inclusion, one of five corporate values and a key pillar in Cummins' human capital management strategy.
INCLUSION EFFORTS PROGRESS
The number of women employed globally at the company, for example, increased from 27.8% in 2021 to 28.3% in 2022 as Cummins continued to make steady progress on efforts to bring more women into the company.
Cummins also reported that 40.7% of the company' s Vice Presidents and above in 2022 were women, and 46.7% of the Cummins Leadership Team, the CEO' s top leadership committee, are currently women. Three of the company' s five business segments are presently also led by women (60%) and in 2022 Cummins appointed its first female Chief Executive Officer.
The 2022 data for the company' s global workforce does not include employees joining Cummins through the acquisition of Meritor Inc. in August of 2022. The company was still entering demographic data for these employees into its information systems in early 2023. The acquisition will be reflected in Cummins’ global workforce reporting next year.
ADDRESSING RACIAL EQUITY
As the company works to address racial equity in the United States, Cummins reported that more than a third of its U.S. workforce was non-white as of Dec. 31, 2022, and 25% of the company' s U.S.-based Vice Presidents and above were Black or Latino.
Cummins strongly believes that diversity, equity and inclusion creates a more dynamic workplace. Teams of employees with different backgrounds, approaches and skillsets are more likely to arrive at creative solutions to customers most difficult challenges. It also creates a more interesting place to work, aiding recruitment and retention.
Other key pillars in Cummins' human capital management strategy detailed in the company’s second annual Human Capital Management Report include:
Developing self-aware and effective leaders who inspire employees to reach their full potential.
Extending talent processes to every level and job type, so every employee has access to the training and development afforded by a global company like Cummins.
Engaging employees in all aspects of wellness – financial, physical and mental – through competitive compensation and benefits.“The best companies have strong values, an outstanding leadership culture and a rich history of acting with integrity,” said Marvin Boakye, Vice President – Chief Human Resources Officer in a separate essay in the report. “All three exist at Cummins and make this company an outstanding place to work and pursue a career.”
The report is available in the company' s Sustainability Document Archive. Earlier this year, Cummins also posted its report to the framework established by the Taskforce for Climate-related Financial Disclosures and is currently putting the final touches on its 2022-2023 Sustainability Progress Report.