SPRINGFIELD — State Senator Omar Aquino, alongside State Representative Mary Beth Canty, introduced the Workforce Investment and Sustainable Employment Reporting Act to increase transparency in workforce investment practices of companies doing business in Illinois.
“Our workforce drives innovation and long-term economic growth, yet limited data is available on the core strategies companies use to invest in their employees,” said Aquino (D-Chicago). “By integrating existing reporting requirements into a comprehensive disclosure system, the WISER Act delivers actionable information investors can utilize to make socially responsible investments and mitigate risk while minimizing unnecessary reporting burdens on businesses.”
Senate Bill 3975, along with corresponding House Bill 5147, would require qualifying companies to disclose standardized metrics related to workforce demographics, compensation and benefits, training and development, workforce stability and workplace quality policies, including diversity, equity, inclusion initiatives and health and safety practices. The legislation would apply to businesses with more than 100 employees and $100 million in global revenue.
"Major employers investing in equitable hiring and workforce support policies are a vital piece of the puzzle as we work for a stronger economic future for Illinois," said Canty (D-Arlington Heights). "The WISER Act will take steps to ensure we have the data at our disposal to promote equal opportunities and help a wide-range of talented people develop and thrive."
Companies are already required to report certain workforce data elements to federal agencies such as the Occupational Safety and Health Administration and the U.S. Equal Employment Opportunity Commission, but investors and the public are still left without access to clear, comparable data on these issues that are necessary to make prudent decisions. The WISER Act would establish the first standardized state-level workforce reporting requirement in the nation and bring better transparency to how businesses operate in Illinois.
"The WISER Act acknowledges two fundamental truths hand in hand: a company’s success depends on its investment in its people, and healthy capital markets rely on clear, comparable data,” said Fran Seegull, President of the U.S. Impact Investing Alliance. “We are proud to partner with Representative Canty and Senator Aquino to champion transparency on workforce data. We thank them for their efforts in Illinois, which will help pave the way toward building a more resilient, thriving economy."
"B Local Illinois represents 34 certified B Corps across the state, bringing in more than $7 billion in revenue and employing 2,000 Illinoisans. B Corps are for-profit businesses that certifiably meet the highest standards of community and environmental impact, workforce treatment, and corporate governance," said Avi Mayerhoff, Chair of B Local Illinois. “B Local Illinois supports the WISER Act because transparency leads to better decision-making for all stakeholders and stronger, more sustainable businesses in Illinois; we know this because B Corps across Illinois are already doing it."
"Investors understand that having a stable, productive and skilled workforce is key for a company’s long-term profitability. That’s why meaningful disclosure of a company’s policies and practices related to its employees is essential," said Josh Zinner, CEO of the Interfaith Center on Corporate Responsibility. "In fact, hundreds of investors, large and small, appealed to the SEC to have companies report on workforce data citing its importance in making informed investment decisions. The WISER Act is an exciting development, which will lead to greater transparency for large companies doing business in Illinois.”
Senate Bill 3975 and House Bill 5147 await committee assignment.
###
