Our mission is to make our fiber laser technology the tool of choice in manufacturing, transforming the way businesses operate. To accomplish this mission, we attract and retain the brightest talent in our industry. Our people are empowered to build rewarding careers as a member of the IPG family in a safe and welcoming workplace where diversity is embraced.
We are committed to conducting our business with integrity and in compliance with all laws and regulations for the locations where we operate. In all interactions, we are accountable to our employees, customers, suppliers and other key stakeholders. IPG provides ongoing training to employees and methods for individuals to confidentially report violations to help ensure compliance with our policies and laws.
We believe we have a unique opportunity to provide an inclusive and rich company culture that celebrates the varied backgrounds and cultures of our employees throughout the world. We strive to create an environment where differences are respected and employees can freely contribute and thrive. We are focused on attracting and retaining top talent from diverse backgrounds and experiences. Further, we conduct audits to monitor the consistency and fairness of our pay equity philosophy and practices.
In 2021, our Board formally adopted procedures to ensure that diverse candidates are part of any director search. We are pleased that the composition of the Board has evolved from having just one female director in 2020 to four directors, constituting 40% of the Board, by 2023, thereby more accurately reflecting demographic representation. In 2023, in furtherance of transparency and our commitment to inclusion and equal opportunity, we reported our progress in meeting goals with respect to representation of women and minorities in our organization.
Please refer to our most recent Sustainability Report for additional details on our progress in fostering equal opportunities for all employees to thrive and advance within the organization.
We are focused on providing a safe and healthy working environment. IPG actively avoids any adverse impact to the environment and communities in which we operate. Environmental, health and safety (EHS) concerns are the responsibility of our executive leadership and all employees, regardless of function. We concentrate our EHS efforts in the areas with the greatest risks and invest in programs and technologies that keep our people safe.
Our manufacturing employees undergo comprehensive training to reduce workplace hazards and accidents. The result is evident, as our compounded global incidence rates for recorded injuries were continuously less than the industry average since 2017.
Over the past three decades, we have partnered with leading scientific and educational institutions to advance the study of photonics and to allow for the optical laser industry to be a viable career path for students studying the technical sciences. We invest in and promote the education of our future leadership in order to foster continuous improvements in technology and talent development for our industry. We have targeted investments toward education, scholarships and fellowships in our industries and communities.
We call many countries our home and invest in the communities where we operate. We have a long history of supporting local non-profit organizations through a variety of in-kind, corporate and personal giving. Our charitable contributions target education, community welfare, civic and social service programs, and arts and culture.
IPG Photonics and its employees are proud to champion local and global projects that are personally meaningful and that develop long-lasting relationships with these organizations. Donations are made through global initiatives, and the company's charitable contributions program, which includes disaster and humanitarian relief efforts.
Our people actively volunteer their time and talent for causes that create positive impacts in the local communities where we work. IPG leadership encourages employees to participate in team volunteer initiatives that empower teamwork and engage with their communities.
Imperial College London
IPG sponsors Master degree programs and Ph.D. physicists at Imperial College in London and are involved in Project Photon, a laser-use training program for local teachers.
Optica
IPG is a co-founder of the Siegman International School on Lasers, created by the Optical Society of America, which exposes students to in-depth learning of lasers and their applications.
Worcester Polytechnic Institute
We established the IPG Photonics Laboratory at Worcester Polytechnic Institute, supporting engineering opportunities for students by donating photonics equipment and resources.
Society of Women Engineers
IPG sponsors the Society of Women Engineers, which promotes the advancement of women in the engineering field and gives them a voice within the industry.
We also invest in both professional and academic programs that develop and empower these significant contributors to grow both personally and professionally. Key partnerships include the Society of Hispanic Professional Engineers, the Society of Women Engineers, National Society of Black Engineers, the Southeast Asian Coalition, and major universities that include a large population of women and minorities in STEM related curriculum.
