Cummins Inc. (NYSE: CMI) today released its first Human Capital Management Report, a comprehensive look at the company's approach to creating a dynamic work environment to attract, develop and retain the skilled workforce necessary to succeed in a complex and competitive world.
The 2022 report explores the company's strategy, key workforce metrics and employee insights on the work culture at Cummins. The report also examines the global power leader's response to the unprecedented issues around talent management and compensation emerging since 2020, including calls for racial equity and social justice in the United States and the movement toward more flexible and remote work arrangements globally since the pandemic.
Cummins joins a small but growing number of companies producing human capital reports. They recognize stakeholders want to know more about human capital management because of the essential role employees play in the sustainability of any business.
'Creating and maintaining a dynamic work environment has never been more important,' Cummins Chairman and CEO Tom Linebarger said in a message introducing the report. 'We are entering an unprecedented period in Cummins' history. Climate change is the existential challenge of our time, and the companies that succeed in the future will deploy their diverse talent to solving complex problems while using fewer of the world's resources.'
Cummins wants to play a leadership role on climate and other environmental challenges. As a provider of power technologies in a wide variety of markets, from agriculture and construction to marine, rail, on-highway freight transportation and more, the company is uniquely positioned to make a difference. But Cummins can't lead on the energy transformation without the best people, from its manufacturing employees and technicians to the company's Board of Directors.
The new report addresses everything from Cummins' approach to compensation and benefits to the company's wellness initiatives, Cummins' community engagement efforts and the company's commitment to diversity, equity, and inclusion.
LEADERSHIP IS CRITICAL
Developing outstanding leaders is integral to Cummins' workforce strategy because leaders play such a pivotal role in shaping employees' work experience. Great leaders provide the encouragement, instruction, and the feedback essential to employees reaching their full potential.
Cummins has consistently invested in leadership development to help leaders learn to inspire and motivate the employees they supervise in addition to imparting guidance to master a particular function or discipline. Linebarger and his senior leadership team regularly participate in training to help leaders develop these vital skills.
Leaders learn the importance of increasing their personal self-awareness and making time for teaching and coaching. Authentic leaders, Cummins maintains, create safe and caring environments by being vulnerable and admitting mistakes.
THE IMPORTANCE OF DE&I
Leaders must also recognize the importance of diversity, equity and inclusion and the possibility that diversity can create conflict within teams. If conflict can be harnessed in a productive way, however, it can fuel the innovation necessary to solve customers' biggest challenges.
'Diversity, equity and inclusion (DE&I) is our competitive advantage,' Linebarger said in his message. 'We have a history of bringing people together with different talents to solve complex problems and drive innovation for our customers. We can do this better and faster by creating an environment for everyone to reach their full potential.'
The report breaks down key diversity metrics for the Board of Directors, top leadership teams, the global workforce overall and the U.S. workforce, in keeping with the company's commitment to take a leadership role in addressing race and equity issues in the United States.
In addition, the report includes data on Cummins' global workforce by age, union representation and the percentage of employees based inside and outside the United States.
The company plans to update its Human Capital Management Report annually.
View the Human Capital Management Report
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company's products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,800 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 $1.8 billion on sales of $19.8 billion in 2020
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