Valuing Our People | AGCO 2020 Annual Report

Purpose-Driven Culture

Our purpose is to create “Farmer-focused solutions to sustainably feed our world”.

To achieve AGCO’s strategic vision, our people are rallying around the following farmer-focused imperatives:

Place farmers at the center of everything we do.
Unite as one AGCO team with a shared purpose.
Build a diverse and inclusive team.
Lead with a dedication to safety and quality.
Adopt digital solutions to improve the way we work.
Deliver results through disciplined execution.

Our People Priorities

AGCO benefits from the perspectives, experiences and ideas that come from our naturally highly diverse teams in approximately 33 countries. From experience, we know diversity of thought promotes creativity and innovation, and that fostering an inclusive environment leverages that creativity to drive greater business success. Our people priorities focus on enhancing employee engagement and fostering a diverse and inclusive workplace that attracts and retains exceptional talent. Everywhere we operate, we strive to reflect the communities where our people work and live.

Actively Engage Our Employees

In 2020, we ran a global organizational survey, involving more than 10,000 employees. We achieved an overall response rate of 73% and received over 17,000 individual comments. This data was used as a foundation for the development of a refreshed corporate strategy, including our new purpose and vision as well as a clear way forward regarding our company culture. As part of our current transformation, we are seeking to ensure that our people fully understand and are excited about our strategy and how they contribute to its success.

We also launched global pulse surveys in 2020 to receive input from employees on their experience of working from home as a result of COVID-19. The results informed AGCO's evolving philosophy on flexible working and actions to keep employees connected, healthy and safe.

In 2021, we will launch a global listening strategy that will leverage a variety of data capture tools, including a global employee engagement survey. These inputs will provide us with robust feedback regarding the overall employee experience. This first survey will be key in establishing our baseline overall engagement score for future reporting.

100%

Goal:
Engage 100% of global workforce in employee engagement survey and establish an engagement baseline in 2021

Diversity and Inclusion

AGCO fosters a culture of inclusion where employees feel valued and empowered to contribute to our organizations success regardless of their gender, race, age, sexual orientation, or ethnicity. In 2020, society faced numerous challenges that brought into stark relief issues of equality and social justice. At AGCO, we acknowledge our responsibility to be a leader and encourage our employees to provide their input on how we at AGCO can make a difference.

Our core values of transparency, respect, accountability, integrity, and team spirit are foundational to who we are as an organization. AGCO takes its role as an advocate of diversity, equity and inclusion seriously, as evidenced by our official and public support for the state assembly where we are headquartered, to pass Hate Crime legislation. As we look to do more to identify and eliminate systemic racism and discrimination in our global communities, we realize that public words and intentions are only a start, however it is our commitment and actions that will matter in helping to secure a better future for everyone.

Increasing Women in Leadership Roles

Gender equality continues to be a key focus at AGCO. Through robust global processes and initiatives, we have increased the number of female successors for leadership roles, provided development opportunities like our recent ‘Ignite your Impact’ program targeted specifically at developing high-potential female talent in our manufacturing, engineering and supply chain organizations. While we are continually striving to improve every day, our recent efforts are paying off as AGCO has achieved an average of 13.2 % increase of women in leadership year over year since 2017.

We also actively partner with external organizations, such as The Manufacturing Institute, Women in Manufacturing (WIM), Women in Agribusiness and Women in Engineering, all who share our commitment to improving business results through inclusive leadership. At the end of 2020, female representation in Leadership was 16.4% up from 14.1% the previous year. We are committed to building upon the successes of each year to continually advance female representation across all areas of the busness at AGCO.

18%

Goal:
Increase the number of women in leadership positions to a minimum of 18% by 2021

Nurture an Inclusive Company Culture

While we hold many values in common, AGCO employees appreciate different perspectives and embrace the opportunity to work with those of diverse backgrounds. AGCO has established two employee resource groups (AGCO Global Women’s Network, first established in 2011 and AGCO Black Employee Network, established in 2020) to support the recruitment, development and retention of these under-represented groups. Through our global diversity and inclusion initiative TRAIT, AGCO people managers as well as more than 6,000 employees have received formal training to combat unconscious bias and promote behaviors that create an inclusive environment. To support this, we have also implemented processes to ensure diverse candidate interview slates, enhanced onboarding procedures to facilitate inclusion and drive retention, diverse interview panels to improve candidate experience and equity in selection and modified our university relations strategy to cultivate diverse candidate talent pipelines for internships and entry-level employment opportunities.

Goal:
Extend mandatory unconscious bias training to all employees in 2021