# Workforce Investment Disclosure Act of 2023

This bill would require large publicly traded companies to publicly report detailed information about how they treat and invest in their employees. Right now, companies don't have to disclose most of this information, so investors and the public have little way of knowing whether a company is investing in worker training, paying fair wages, maintaining safe working conditions, or promoting diversity.

The bill would force companies to report eight major categories of workforce information in their annual filings with the Securities and Exchange Commission. Companies would have to disclose their workforce makeup broken down by race, gender, and ethnicity, including how many full-time, part-time, and temporary workers they employ. They'd also have to report on worker turnover rates, how many employees get promoted internally, and whether they're hiring from within or constantly bringing in new people. On training, companies would need to show how much they spend on employee development, how many hours of training workers receive, and whether that training actually leads to better pay or promotions. Companies would also have to report on workplace safety, including injury rates and any OSHA fines they've received, as well as information about harassment and discrimination complaints from the past five years.

The bill also requires disclosure of compensation data, including total wages, benefits like health insurance and paid leave, and whether part-time or temporary workers get the same benefits as full-time employees. Additionally, companies would need to report on employee health and well-being programs, mental health support, workplace flexibility, and whether workers have ways to raise concerns or file complaints. All of this information would need to be broken down by wage level and employment type so investors can see whether benefits and opportunities are distributed fairly across the workforce.

The underlying idea is that investors need this information to make smart decisions about which companies to support, since research suggests that companies treating workers well tend to perform better financially over time. The bill gives the Securities and Exchange Commission two years to write the specific rules about what companies must report, though if they don't finish in time, companies can comply by following international workforce reporting standards instead. Smaller, newer companies might get some exemptions from the most detailed reporting requirements.

Workforce Investment Disclosure Act of 2023

Garcia, Sylvia R.

Workforce Investment Disclosure Act of 2023 This bill requires publicly traded companies to disclose information annually regarding workforce management policies, practices, and performance. This includes <ul> <li>demographic information; </li> <li>data on temporary and contract workers; </li> <li>employee turnover rate; </li> <li>employee skills and capabilities; </li> <li>workforce health, safety, and well-being, including findings of harassment or discrimination; and </li> <li>employee compensation, benefits, and incentives. </li> </ul> The Securities and Exchange Commission may exempt emerging growth companies from certain disclosures.