Cummins releases second Human Capital Management Report detailing strategy to create a great place to work

Columbus, Indiana
Cummins Corporate Office Building lobby

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.
 

Forward-looking disclosure statement

Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues, EBITDA and agreement in principle to settle regulatory proceedings regarding our emissions certification and compliance process for pick-up truck applications. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse consequences resulting from entering into the Agreement in Principle, including required additional mitigation projects, adverse reputational impacts and potential resulting legal actions; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; evolving environmental and climate change legislation and regulatory initiatives; changes in international, national and regional trade laws, regulations and policies; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; failure to successfully integrate and / or failure to fully realize all of the anticipated benefits of the acquisition of Meritor, Inc. (Meritor); raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; uncertainties and risks related to timing and potential value to both Atmus Filtration Technologies Inc. (Atmus) and Cummins of the planned separation of Atmus, including business, industry and market risks, as well as the risks involving the anticipated favorable tax treatment if there is a significant delay in the completion of the envisioned separation; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; exposure to potential security breaches or other disruptions to our information technology environment and data security; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet environmental, social and governance (ESG) expectations or standards, or achieve our ESG goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2023 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.

About Cummins Inc.

Cummins Inc., a global power solutions leader, comprises five business segments - Components, Engine, Distribution, Power Systems and Accelera by Cummins - supported by our global manufacturing and extensive service and support network, skilled workforce and vast technological expertise. Cummins is committed to its Destination Zero strategy, which is grounded in the company's commitment to sustainability and helping its customers successfully navigate the energy transition with its broad portfolio of products. The products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, hydrogen production technologies and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 75,500 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $735 million on sales of $34.1 billion in 2023. 

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