I was shocked also, I heard two numbers 400 and 600 people took the early retirement from the company. And from a reliable source it may be 400. Now take 400 times it by 100,000 dollars (the average of exempt salary) and you get 40 million. Then do the same for the now 2,000 more and you get 200 million dollars. Adding both together that is 240 million which is over the 200 million but 60 million from the 300 million. My bet is that they are going to want another 600 around this time next year.
Also your right, Cummins doesn't do enough in innovation and it's because yes they have a conservative management style. But really it's 3 things. One, the rating system makes it impossible for anyone wanting to stick out to much aka put their neck on the line. Because they may get a 3 and/or get fired/laid off. Two, alot of the employees that are hired from southern Indiana (even if they went to school) aren't really able to work with or around higher technology. They got hired because their dad or mom or cousin was working in there and they got the job. Hell there are some that have a hard time reading let alone having to work with more and more advanced technology.
And three, it goes back to number 2 in way. Once a person from engineer or hourly that is responsible for something leaves or gets promoted or goes to another area what project they where working on usually falls to the side and/or gets forgotten because everyone else have to worry about their own issues. There is no person or persons that is able to put the fire to their feet if something isn't done or half done and whatever move they are moving to another part of cummins can and will be delayed until your project is finished or done.