West Pharmaceutical(US:WST)2023-02-21 21:18Workforce and Employment - The company employed approximately 10,700 people as of December 31, 2022, with an attrition rate of approximately 22%[46] - The company hired approximately 2,850 new team members in 2022, reflecting ongoing growth in its workforce[46] - The company has a global workforce gender demographic of 64% men and 36% women as of December 31, 2022[47] - The company actively fosters an inclusive culture, with four out of ten members of its Leadership Team being women as of December 31, 2022[48] - The company offers approximately 42,000 courses through its Learning Management System to support continuous learning and development[49] - The company is committed to fair and competitive compensation, providing a comprehensive total rewards program for its employees[52] Customer and Sales - The company's ten largest customers accounted for 45.6% of consolidated net sales in 2022, with no individual customer exceeding 10%[34] Innovation and Intellectual Property - In 2022, more than 150 patents were issued to the company globally, highlighting its focus on intellectual property[27] - In 2022, the company was issued more than 150 patents globally, highlighting its commitment to innovation and intellectual property[27] - The company continues to pursue strategic initiatives in drug containment components and novel drug delivery devices[42] Health and Safety - The company's Recordable Injury Rate in 2022 was 0.67 per 100 employees, indicating a commitment to health and safety[53] - The Recordable Injury Rate for the company in 2022 was 0.67 per 100 employees, reflecting its focus on health and safety[53] Supply Chain Management - The company has maintained adequate supplies of raw materials through agreements with suppliers, managing inventory levels to mitigate supply chain risks[24] - The company has a supply chain management strategy that relies on single-source suppliers for many critical raw materials, increasing supply chain risk[25] Environmental, Social, and Governance (ESG) - West has been committed to ESG topics for many years, focusing on talent attraction, retention, and engagement, including diversity and inclusivity efforts[55] - The company has implemented a climate and greenhouse gas reduction strategy that incorporates renewable energy and aims to reduce absolute and intensity emissions[55] - West is developing a more sustainable supply chain and focusing on research and development related to sustainability, including secondary packaging and recyclability[55] - Philanthropic programs are essential to corporate citizenship, with a focus on children's health, access to healthcare, and STEM education, while expanding to include sustainability initiatives[55] - The company solicits employee input on improving ESG areas, viewing progress as critical for maintaining an engaged workforce[55] Regulatory Compliance - The company has not required material capital expenditures for compliance with government regulations in 2022 and does not expect significant expenditures in 2023[29]