Cummins releases 2024 Human Capital Management Report
Today, global power technology leader Cummins Inc. (NYSE: CMI) released its 2024 Human Capital Management Report detailing the company’s approach to attracting and developing a talented and diverse workforce that propels the company’s success.
In her opening letter, Chair and CEO, Jennifer Rumsey celebrates the pivotal role employees play in positioning the company as an industry leader.
“I’m proud to say our success is driven by our people, and Cummins has a long history of putting people at the center, leveraging the capability of our leaders and the diverse perspectives of our teams to deliver superior solutions to our customers and communities around the world,” said Rumsey. “I am incredibly proud of what our employees continue to accomplish for our stakeholders and how their contributions position us to guide our industry into the next era of smarter, cleaner power.”
Inclusion remains priority at Cummins
In 2023, Cummins announced a new worldwide aspirational goal of 7% for people with disabilities and a regional-specific aspirational goal of 5% representation for veterans. Cummins’ worldwide gender aspirational goal is 50%. In the U.S., the company is striving for 12% and 18% Black and Latino representation, respectively.
“We remain committed to tracking our aspirational representation goals along various dimensions of diversity. These goals hold us accountable for building a workforce that closely resembles the world around us and serves as a strategic competitive differentiator for us as a company,” said Marvin Boakye, Vice President – Chief Human Resources Officer, in a separate essay in the report.
Four of the company’s five business segments are presently led by women. In 2023, Cummins also appointed its first female Board Chair.
Advancing equity
As the company continues 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, 2023, and 30.2% of the company’s U.S.-based Vice Presidents and above were Black or Latino.
The company also reports that Cummins Advocating for Racial Equity (CARE) has expanded with the launch of CARE Latino, which will initially focus on predominantly Latino communities where the company operates — Dallas and El Paso, Texas; Nashville, Tennessee; and central Indiana.
The 2024 Human Capital Management Report also includes, but is not limited to, content on:
- Developing authentic and capable leaders who inspire employees to reach their full potential.
- Providing opportunities for employee training and development.
- Promoting all aspects of employee wellness – financial, physical and mental.
“Cummins stands out as an employer of choice due to our focused commitment to offering development opportunities that align with our core values and empower every team member to thrive both personally and professionally,” added Boakye. “We have set an ambitious goal with Destination Zero, and I know we have the best people for the job.”
Keep reading the full report to learn more about the company's progress.
About Cummins Inc.
Cummins Inc., a global power leader, is committed to powering a more prosperous world. Since 1919, we have delivered innovative solutions that move people, goods and economies forward. Our five business segments—Engine, Components, Distribution, Power Systems and Accelera™ by Cummins—offer a broad portfolio, including advanced diesel, electric and hybrid powertrains; integrated power generation systems; critical components such as aftertreatment, turbochargers, fuel systems, controls, transmissions, axles and brakes; and zero-emissions technologies like battery and electric powertrain systems. With a global footprint, deep technical expertise and an extensive service network, we deliver dependable, cutting-edge solutions tailored to our customers’ needs, supporting them through the energy transition with our Destination Zero strategy. We create value for customers, investors and employees and strengthen communities through our corporate responsibility global priorities: education, equity and environment. Headquartered in Columbus, Indiana, Cummins employs approximately 67,400 people worldwide and earned $2.8 billion on $33.7 billion in sales in 2025. Learn more at www.cummins.com.
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 and EBITDA. 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 agreements with the U.S. Environmental Protection Agency, California Air Resources Board, the Environmental and Natural Resources Division of the U.S. Department of Justice and the California Attorney General's Office to resolve certain regulatory civil claims regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the U.S., which became final and effective in April 2024, 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; any adverse consequences from changes in tariffs and other trade disruptions; changes in international, national and regional trade laws, regulations and policies; emissions deregulation; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; 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 or not successfully developing new technologies and products to effectively address the energy transition; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; 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, divestitures or exiting the production of certain product lines or product categories and related uncertainties of such decisions; 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; the use of artificial intelligence in our business and in our products, services and features, and challenges with properly managing its use; political, economic and other risks from operations among, between and within 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 sustainability expectations or standards, or achieve our sustainability 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 2025 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 https://www.sec.gov or at https://www.cummins.com in the Investor Relations section of our website.
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