The Corporate Guide to Human Capital Disclosure

Unfortunately, despite sustained calls for greater transparency from investors and the public, our ongoing corporate analysis signals that disclosure is lagging. According to the JUST Jobs Scorecard released in March 2023, which assessed job quality performance on 28 key data points that track wages, hiring, training, and more, 12 of those 28 data points had a disclosure rate of less than 20%.

There are myriad reasons for this lack of transparency, including the clear absence of standardized practices in this relatively new area of expected disclosure, along with the fact that companies can be reluctant to share information on areas they’re working to improve. However, our survey research shows that the public is overwhelmingly in support of corporate disclosure, with 80% saying they would support a company that is transparent about its environmental or human capital data.

The Business and Investor Case for JUST Jobs

Stronger human capital reporting – which provides meaningful, quantitative information – is associated with a return on invested talent (ROIT) that is nearly three times higher than the ROIT of companies that more heavily rely on narrative, or predominantly non-quantitative, disclosure, not to mention better operating margins and less carried debt.

A growing body of research shows that companies with effective human capital management perform better than those that manage their human capital poorly, with investments in workers associated with higher risk-adjusted returns, return on assets, return on capital, profitability, and Tobin’s Q, along with overall outperformance vs. benchmarks. In fact, investing in companies based on the efficacy of their human capital investments leads to annual abnormal returns of between 4.0% and 9.3%, signaling to investors a clear investment case for strong human capital management.

Research has also shown that a lack of investment is additionally impactful, and in particular that high turnover is costly for companies, associated with lower return on equity, profitability, and sales growth. High turnover can cost firms, on average, up to two-times an employee’s annual salary to replace them, with Gallup estimating that U.S. businesses spend $1 trillion on replacement costs annually. Higher turnover rates also have been linked to lower product reliability (higher product failure), demonstrating that high turnover impacts a company’s bottom line well beyond the costs of recruiting and training replacement employees. MIT Professor Zeynep Ton’s years of company analysis show that it’s cost effective to invest in workers beyond the minimum required, further proving that these investments ultimately benefit workers, customers, and shareholders alike.

JUST Capital’s data reinforce this consensus in aggregate, showing that the companies that prioritize worker issues consistently outperform their Russell 1000 peers. Similarly, S&P 500 firms disclosing total human capital costs are disproportionately represented among the highest-performing firms, measured by risk-adjusted or mean excess returns.

Insights on the State of Human Capital and Worker Issues Disclosure

JUST Capital’s robust data collection and analysis on key worker and workforce issues provide rich insight into the current state of disclosure among Russell 1000 companies. Here are a few key takeaways, alongside links to the more robust reports from which they arise.

Disclosure is low across the board for most human capital metrics and data used to assess job quality. Whether a prospective employee is curious about the quality of jobs at a company or an investor is seeking further information to guide capital allocation decisions, meaningful metrics are lacking. For example, 20 of the 28 data points we tracked for the initial launch of the JUST Jobs Scorecard are at 40% disclosure or less.

Low disclosure is an opportunity: each topic area includes at least one data point that fewer than 20% of companies disclose. Among these infrequently disclosed data points are those that matter most to the American public – for example, while JUST Capital’s polling shows that all Americans, regardless of demographic group or political affiliation, prioritize the importance of paying a fair, living wage, America’s largest corporations largely fail to provide transparent information on wages and compensation. Both data points assessing wage fairness (ratio-based disclosure of pay equity analysis results by race/ethnicity and gender) and living wages (disclosure of minimum wage or salary rate at the company) have disclosure rates below 20%.

Among the metrics we tracked in the first iteration of the Scorecard, some of the highest disclosure rates are clustered within Workforce Composition; specifically, workforce diversity data points (which include EEO-1 data or similarly detailed demographic data) are the most commonly disclosed. They are followed by Tuition Reimbursement policy disclosure (71% of Russell 1000 companies), disclosure of a Paid Parental Leave Policy for primary caregivers (43%) and secondary caregivers (41%), and disclosure of a Health and Safety Management System (41%).
- It is notable that public disclosure of EEO-1 data – something companies are already required to collect and report to the federal government but are not required to disclose publicly – has skyrocketed over the past few years. That companies are already tracking this data certainly lowers barriers to disclosure, but a sustained push for its disclosure by investors – alongside consensus on what to disclose, how to disclose it, and the investor case behind why it’s important to do so – have together led to real progress.

In our research, we’ve found that job quality and human capital data points are disclosed across a wide range of sources, including ESG and CSR Reports, 10-K filings, and Employment pages on company websites. Our research shows that, while the largest quantity of relevant disclosure is found in CSR, Sustainability, and other Impact-focused reports (56% of disclosures across all collected metrics), the metrics with the highest rates of disclosure were typically found in Annual Reports (10-K filings). The disparate sources and lack of standardization across companies further complicate stakeholders’ ability to understand job quality at a given organization – as well as companies’ ability to convey their employee value proposition (EVP) publicly. As companies seek to meet the growing demands of stakeholders for workforce data within the current absence of robust disclosure guidelines from the SEC, we recommend that they determine what, where, and how to disclose based on reaching their intended audience, making information accessible to that audience, and meeting stakeholders’ increasing expectations for transparency.

The Corporate Guide to Human Capital Disclosure

Building on these insights developed in our years of research, this guide will:

Provide a primer on the current state of disclosure.
Help identify ways to reduce barriers to greater transparency.
Build a clear case for leaders looking to drive change.
Offer a starting point for what to prioritize.

As a primer on the current state disclosure, this guide features current rates of human capital disclosure across the largest public U.S. companies (Russell 1000), standard and best practices, and examples from leading companies. For human resource leaders tasked with fulfilling the promise of their employee value proposition (EVP), this guide offers clear steps for building transparency and improved performance on key job quality metrics to drive hiring, retention, advancement, and more.

In addition, this guide aims to help determine ways to reduce barriers to greater transparency by identifying current or emerging consensus on human capital disclosure where it does exist. We aim to help companies identify what they need to disclose in order to adequately convey their unique EVP and approach to workforce management, as well as how to disclose it so that it can be most useful to core stakeholders, including workers, customers, and investors.

Using our years of survey research and corporate analysis as a guide – along with input from corporate, academic, and expert practitioners – we assessed 14 existing multi-sector job quality frameworks to help identify key topic areas that are foundational for assessing job quality disclosure.

Because of low disclosure across the board when it comes to these issues, there is tremendous white space for corporate leaders to shape future standards of practice. For corporate leaders looking to move work forward, this guide builds a clear case for driving change by helping to identify distinct starting points for improvement based on benchmarks and examples of leading practices.

With clearly delineated topics and data points, the guide helps corporate leaders choose what to prioritize, based on internal workforce priorities and their company’s unique EVP. While some priority areas for investment may require simply disclosing a policy that already exists, elsewhere companies will need to create or enhance a policy, or take action toward improving performance.

The right first step won’t be the same across companies. And in fact, disclosure on all data points included in this guide won’t make sense for every company. What is true for all companies, however, is the necessity of approaching job quality reporting systematically, making explicit decisions about what – and what not – to disclose or improve, and being clear and honest about what’s driving those decisions.

Ultimately, these opportunities for greater disclosure and improved practice enable companies to demonstrate leadership and meet rising expectations from key stakeholders, including their workers, customers, and investors. When that leadership translates into additional workforce investment and job quality improvements, companies deepen their ability to attract and retain the right employees and drive key business outcomes.

How to Use This Guide

The sections that follow include the data points, organized by topic area, featured in the forthcoming 2023-2024 JUST Jobs Scorecard. Each section lists the data points companies can disclose to demonstrate their commitment to that job quality topic, and each data point entry includes the following information:

Data point name
Rationale for disclosure
What companies can disclose on this data point
Current leading practice for disclosure
Rate of disclosure in the Russell 1000 (where available)
An example of what leadership looks like for this data point, sourced from a Russell 1000 company’s disclosure (where available)

Many of these data points are also included in the 2023 and upcoming 2024 Rankings of America’s JUST Companies, and we have indicated where disclosure could impact a company’s Ranking and therefore inclusion in related indexes and other offerings.

Data points that support disclosure on company diversity, equity, and inclusion (DEI) efforts are denoted throughout the Guide with an asterisk. These DEI-supporting data points intentionally are included across topic areas rather than being set apart as a DEI-specific topic to reflect the reality that diversity, equity, and inclusion must be meaningfully applied across all aspects of a job rather than siloed.

Transparency on these core worker metrics can help companies communicate their EVP to key stakeholders, and the guide below provides tools for next steps for corporate leaders looking to drive change through disclosure.

Read on to learn more, and please reach out to our team at corpengage@justcapital.com to discuss the Guide and how your company can integrate these disclosure practices into your business.

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WAGES & COMPENSATION

*Pay Equity Analyses

Pay equity analyses help companies understand the state of wage inequality within their workforce.

Disclosure Practice: Companies should disclose whether they conduct pay equity analyses that evaluate the pay of all their workers.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing whether they conduct pay gap analyses based on gender, race, ethnicity, or other factors. Note: To lead holistically on pay equity disclosure, companies should publish the results of pay equity analyses in the form of adjusted pay ratios, as outlined in the data points below.
Rate of Disclosure in Russell 1000: 32% of companies disclosed conducting a gender pay equity analysis; 24% disclosed conducting a race/ethnicity pay equity analysis; 8% disclosed conducting a general pay equity analysis; 24% disclosed conducting both a gender and race/ethnicity pay equity analysis.
Example Disclosure: NVIDIA; Synchrony Financial
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

*Gender Pay Equity Ratio

Gender pay equity ratios can help identify if a company needs to address any issues with wage discrimination based on gender.

Disclosure Practice: Companies should disclose the adjusted women-to-men pay ratio based on their most recent gender pay equity analysis.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing the results of their gender pay equity analysis in the form of an adjusted women-to-men pay ratio.
Rate of Disclosure in Russell 1000: 14% of companies disclosed the results of their gender pay equity analysis.
Example Disclosure: Medtronic; IBM
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

*Race/Ethnicity Pay Equity Ratio

Race/ethnicity pay equity ratios can help identify if a company needs to address any issues with wage discrimination based on race/ethnicity.

Disclosure Practice: Companies should disclose the adjusted people of color-to-white pay ratio based on their most recent race/ethnicity pay equity analysis.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing the results of their race/ethnicity pay equity analysis in the form of an adjusted people of color-to-white pay ratio.
Rate of Disclosure in Russell 1000: 9% of companies disclose the results of their race/ethnicity pay equity analysis.
Example Disclosure: Adobe; Accenture
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

Minimum Wage & Salary Disclosure

Minimum wage and salary disclosures communicate a company’s employee value proposition externally and can help attract and retain talent.

Disclosure Practice: Companies should disclose information on their minimum hourly wage or salary.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing the minimum hourly wage or salary for their U.S. workforces.
Rate of Disclosure in Russell 1000: 9% of companies disclose their minimum hourly wage or salary.
Example Disclosure: Starbucks; Amazon
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

Minimum Wage & Salary

Offering a living wage – a minimum wage or salary that meets basic needs – contributes to employees’ financial well-being and helps companies attract and retain talent.

Disclosure Practice: Companies should disclose their lowest entry-level wage or salary.
Current Leading Practice: Companies demonstrate leading practice by disclosing a minimum wage at or above $25.02, the MIT Living Wage Calculator’s national population-weighted average wage for one worker in a family of two full-time working adults and two children, or the equivalent annual salary of $52,038.85. Companies can take an important step toward leading practice by disclosing a minimum wage at or above $17.23, the MIT Living Wage Calculator’s national population-weighted average hourly wage for a single working individual, or the equivalent annual salary of $$35,837.59.
Rate of Disclosure in Russell 1000: 0.1% of companies disclose that they offer a family-sustaining minimum wage or salary; 3% of companies disclose that they offer a minimum wage or salary that sustains an individual worker.
Example Disclosure: Family-Sustaining Wage or Salary: CoStar Group; Individual Worker-Sustaining Wage or Salary: Ally Financial; Peloton
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

*Employee Ownership Disclosure

Employee ownership policies provide opportunities for employees to build long term wealth.

Disclosure Practice: Companies should disclose whether they offer employee ownership plans.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing employee ownership plans, including (but not limited to) employee stock purchase plans (ESPPs), employee stock ownership plans (ESOPS), stock options, or stock awards.
Rate of Disclosure in Russell 1000: This is a newly introduced data point. Performance statistics are forthcoming.
Example Disclosure: Starbucks; IBM
Included in Scoring of: JUST Jobs Scorecard

Living Wage Commitments

Living wage commitments demonstrate companies’ prioritization of paying wages that cover employees’ basic needs, which contribute to their financial well-being.

Disclosure Practice: Companies should disclose a public commitment to paying their employees a living wage.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing a commitment to paying their employees a living wage. This excludes fair, market, minimum, or legally compliant wage.
Rate of Disclosure in Russell 1000: This is a newly introduced data point. Performance statistics are forthcoming.
Example Disclosure: RLI; Mondelez International
Included in Scoring of: JUST Jobs Scorecard

TRAINING & DEVELOPMENT

*Apprenticeship Programs

Apprenticeship programs create opportunities for mobility in the American workforce.

Disclosure Practice: Companies should disclose whether they offer U.S.-based paid apprenticeship programs.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing paid apprenticeship programs, distinct from internship opportunities, which are accessible to current/past students and not limited to people with degrees.
Rate of Disclosure in Russell 1000: 18% of companies disclose that they offer U.S.-based paid apprenticeship programs.
Example Disclosure: Occidental Petroleum; CVS Health
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

Average Hours of Training or Career Development per Employee

Disclosing the average hours of training or career development demonstrates an organization’s investment in workforce training and talent development.

Disclosure Practice: Companies should disclose the annual average hours of professional training or career development per U.S. (preferred) or global employee. This excludes onboarding and mandatory job-related training.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing that they offer above 30 hours of training per employee on average.
Rate of Disclosure in Russell 1000: 33% of companies disclose the average annual hours of training; 9% offer more than 30 hours of training per employee.
Example Disclosure: Dow; Aon
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

Tuition Reimbursement

Tuition reimbursement programs create professional development opportunities for employees and can help companies retain talent.

Disclosure Practice: Companies should disclose whether they offer tuition reimbursement and/or education assistance programs for employees.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing tuition reimbursement and/or education assistance programs.
Rate of Disclosure in Russell 1000: 71% of companies disclose offering tuition reimbursement and/or education assistance programs.
Example Disclosure: Dollar General; Moderna
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

BENEFITS

Days of Paid Time Off or Vacation

Paid time off and vacation days allow employees to recharge and attend to personal matters without the risk of forfeiting wages or losing their job.

Disclosure Practice: Companies should disclose the minimum days of Paid Time Off (PTO) or paid vacation provided to their exempt U.S. employees.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing a policy that offers at or above 20 days of PTO per year. Unlimited PTO is discouraged because research shows that it may lead to fewer PTO days taken by employees and unused days do not need to be paid out when the employee leaves the company.
Rate of Disclosure in Russell 1000: 10% of companies offer at or above 20 days of PTO; 24% of companies disclose the number of PTO days they offer their employees.
Example Disclosure: Discover Financial; Palo Alto Networks
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

Days of Sick Leave

Paid sick leave days allow employees to take time off for personal health reasons or for caring for a sick dependent or family member without the risk of forfeiting wages or losing their job.

Disclosure Practice: Companies should disclose the minimum days of paid sick leave provided to their exempt U.S. employees.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing a policy that offers at or above seven days of paid sick leave per year, with the exception of COVID-based temporary sick leave policies.
Rate of Disclosure in Russell 1000: 6% of companies offer at or above 7 days of paid sick leave; 9% of companies disclose the number of paid sick leave days they offer their employees.
Example Disclosure: Truist Financial Corporation; Biogen
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

Subsidized Dependent Care

Subsidies for routine dependent care help families manage daily caregiving responsibilities for children, adults, or elders and the costs associated with them.

Disclosure Practice: Companies should disclose whether they offer child care subsidies for their employees with young children.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing the subsidization of the full cost or a portion of routine day care services.
Rate of Disclosure in Russell 1000: 13% of companies disclose offering dependent care subsidies.
Example Disclosure: Cirrus Logic; Qualcomm
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

Backup Dependent Care

Backup dependent care policies can assist employees who experience last-minute changes or disruptions to routine care arrangements.

Disclosure Practice: Companies should disclose whether they offer backup dependent care benefits (including child and elder care) for employees facing disruptions to their typical care arrangements.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing services or support for employees experiencing disruptions in routine care arrangements.
Rate of Disclosure in Russell 1000: 24% of companies disclose offering backup dependent care benefits.
Example Disclosure: Target; Fifth Third Bancorp
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

*Paid Parental Leave (Primary Caregivers, Secondary Caregivers, and Parity)

Paid parental leave policies provide parents with paid time off around the time of childbirth or adoption in order to care for or bond with new children.

Disclosure Practice: Companies should disclose the length of paid parental leave for both primary (or maternal) caregivers and secondary (or paternal) caregivers.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing paid parental leave of at least 24 weeks, as well as by disclosing the same amount of paid parental leave for both primary caregivers and secondary caregivers.
Rate of Disclosure in Russell 1000: 43% disclose primary caregiver leave; 41% disclose secondary caregiver leave; 41% disclose both primary and secondary caregiver leave, with or without parity; 9% of companies achieved parity for primary and secondary caregivers at or above 12 weeks of leave; 25% of companies disclose parity in parental leave for primary and secondary caregivers, irrespective of length of leave provided; and 0.6% disclose parity at or above the leading practice of 24 weeks.
Example Disclosure: General Motors; Lululemon Athletica
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

HIRING & STABILITY

Internal Hiring Rate

Internal hiring rates demonstrate how well companies support their employees’ career progression and whether there are opportunities for growth within the organization.

Disclosure Practice: Companies should disclose the proportion of vacancies at a company filled by current employees.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing their internal hiring rates.
Rate of Disclosure in Russell 1000: 7% of companies disclose their internal hiring rates.
Example Disclosure: ONEOK; Illumina
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

Retention/Turnover Rate

Retention and turnover rates demonstrate workforce stability and churn, including a company’s ability to create an environment in which employees want to continue working.

Disclosure Practice: Companies should disclose the total percent of their U.S. (preferred) or global employees who remain employed by the company over a specific period of time, or the rate at which employees move in and out of the company.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing their retention and/or turnover rates.
Rate of Disclosure in Russell 1000: 4% of companies disclose their retention rates (note: Does not include Turnover Rate disclosure, which was not a part of JUST Capital’s 2022-2023 data collection. Performance stats on turnover are forthcoming).
Example Disclosure: Phillips 66; Tyson Foods
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

*Flexible Working Hours Policy

Flexible working hours policies support the work-life balance of non-hourly, salaried workers.

Disclosure Practice: Companies should disclose whether they provide any flexible working hours policies, such as employee-created schedules and condensed work weeks.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing at least one flexible scheduling policy.
Rate of Disclosure in Russell 1000: 39% of companies disclose providing flexible working hours policies.
Example Disclosure: Ulta Beauty; Emerson Electric
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

*Stable Scheduling Policy

Stable scheduling policies can help mitigate some of the unstable scheduling practices that negatively impact the work-life balance of many hourly workers.

Disclosure Practice: Companies should disclose whether they offer stable scheduling policies intended to improve the predictability and adequacy of work hours for hourly employees, such as standard times for shifts and elimination of on-calls.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing a stable scheduling policy.
Rate of Disclosure in Russell 1000: 1% of companies disclose that they provide a stable scheduling policy.
Example Disclosure: Aramark Holdings; McKesson Corp
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

*Fair Chance Policy

Fair chance policies provide access to opportunities for the more than 70 million Americans with a criminal record by asking employers not to weigh arrest or conviction records in hiring decisions. (People of color – especially Black and Native Americans – are most disproportionately impacted by the U.S. criminal justice system. The NAACP reports, for example, that while 5% of illicit drug users are Black, they make up 29% of people arrested and 33% of people incarcerated for drug offenses.)

Disclosure Practice: Companies should disclose whether they have a fair chance program or policy focused on hiring or eliminating barriers for people with criminal records.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing any fair chance programs or policies.
Rate of Disclosure in Russell 1000: 4% of companies disclose that they have fair chance hiring policies or programs.
Example Disclosure: Scotts Miracle-Gro Company; Verizon Communications
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

*Veteran Hiring Policy

Veteran hiring policies provide access to opportunities for veterans by translating skills gained during military service to professional skills, and by considering the impacts of deployments and service (e.g., relocation, gaps in resume, civilian re-entry) in hiring decisions.

Disclosure Practice: Companies should disclose whether they have a policy to actively recruit veterans.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing a proactive veteran hiring policy/program, distinct from employee resource groups and/or non-discrimination policies.
Rate of Disclosure in Russell 1000: 29% of companies disclose that they have a policy to actively recruit veterans.
Example Disclosure: CarMax; Johnson & Johnson
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

WORKFORCE COMPOSITION

*Diversity and Opportunity Targets

Diversity and opportunity targets help companies to be more intentional about increasing representation and to quantify their progress toward improvement.

Disclosure Practice: Companies should disclose whether they have measurable targets to increase diversity and equal opportunity through hiring, workforce composition, promotion, or retention.
Current Leading Practice: Companies demonstrate leading practice through public disclosure of quantitative, time-bound diversity and opportunity targets.
Rate of Disclosure in Russell 1000: 26% of companies disclose measurable diversity and opportunity targets.
Example Disclosure: Sherwin-Williams Company; Salesforce
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

*Gender Diversity Targets

Gender diversity targets help increase gender representation at all levels of a company, and recruiting diverse talent can lead to increased business productivity and performance, due to the inclusion of varied skill sets and ideas.

Disclosure Practice: Companies should disclose whether they have quantitative, time-bound targets to increase gender representation through hiring, workforce composition, promotion, or retention.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing workforce and management gender diversity targets.
Rate of Disclosure in Russell 1000: 4% of companies disclose targets for both workforce and management.
Example Disclosure: Moody’s; Meta Platforms
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

*Race/Ethnicity Diversity Targets

Race/ethnicity diversity targets help increase race/ethnicity representation at all levels of a company, and recruiting diverse talent can lead to increased business productivity and performance, due to the inclusion of varied skill sets and ideas.

Disclosure Practice: Companies should disclose whether they have quantitative, time-bound targets to increase representation by race/ethnicity through hiring, workforce composition, promotion, or retention.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing workforce and management race and ethnicity diversity targets.
Rate of Disclosure in Russell 1000: 5% of companies disclose targets for both workforce and management.
Example Disclosure: Hyatt Hotels; The Estee Lauder
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

*Workforce Gender Diversity Data

Workforce gender diversity data makes it possible to track how companies address issues of gender representation and helps to keep companies accountable to their commitments to diversity, equity, and inclusion.

Disclosure Practice: Companies should disclose their workforce demographics by gender.
Current Leading Practice: Companies demonstrate leading practice through public disclosure of workforce gender diversity data.
Rate of Disclosure in Russell 1000: 38% of companies disclose the number/percentage of both male and female employees; 78% of companies disclose the number/percentage of either male or female employees (typically disclosed as the share of female employees).
Example Disclosure: Restoration Hardware; Nike
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

*Workforce Race/Ethnicity Diversity Data

Workforce race/ethnicity diversity data makes it possible to track how companies address issues of race/ethnicity representation and helps to keep companies accountable to their commitments to diversity, equity, and inclusion.

Disclosure Practice: Companies should disclose their workforce demographics by race/ethnicity.
Current Leading Practice: Companies demonstrate leading practice through public disclosure of a consolidated Employer Information Report (EEO-1 Report), or alternative disclosure of workforce demographic data that includes intersectional race/ethnicity and gender representation across standardized job categories.
Rate of Disclosure in Russell 1000: 34% of companies disclose the number/percentage of employees by EEO-1 race/ethnicity, gender, and standardized job category; 72% of companies disclose some race/ethnicity workforce demographic data, ranging from the number/percentage of overall minority in the workforce to highly disaggregated intersectional data, such as that reported in an EEO-1 Component 1.
Example Disclosure: Tractor Supply; KBR
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

EMPLOYEE WELLNESS

*Anti-Harassment Training

Anti-harassment training educates employees about workplace harassment and contributes to creating a safe and inclusive workplace environment.

Disclosure Practice: Companies should disclose whether they provide mandatory training to educate employees about harassment.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing that they provide mandatory anti-harassment training to all their employees.
Rate of Disclosure in Russell 1000: This is a newly introduced data point. Performance statistics forthcoming.
Example Disclosure: Jefferies Financial Group; Ralph Lauren
Included in Scoring of: JUST Jobs Scorecard

*Discrimination and Harassment Grievance Mechanism

Discrimination and harassment grievance mechanisms help to foster a safe workplace environment free from all forms of harassment and discrimination.

Disclosure Practice: Companies should disclose whether they have a grievance mechanism in place for employees to safely report concerns or issues relating to harassment and discrimination.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing a formal discrimination and harassment grievance mechanism.
Rate of Disclosure in Russell 1000: This is a newly introduced data point. Performance statistics forthcoming.
Example Disclosure: Tyson Foods; Otis Worldwide Corporation
Included in Scoring of: JUST Jobs Scorecard

Employee Satisfaction Survey Disclosure

Employee satisfaction surveys show that companies are committed to a culture of feedback and can improve trust and transparency while also engaging employees.

Disclosure Practice: Companies should disclose whether they conduct an employee satisfaction survey to measure job, work environment, and management quality.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing that they conduct frequent employee satisfaction surveys.
Rate of Disclosure in Russell 1000: This is a newly introduced data point. Performance statistics forthcoming.
Example Disclosure: MKS Instruments; Genuine Parts
Included in Scoring of: JUST Jobs Scorecard

Health & Safety Management Systems

Health and safety management systems make employee well-being a focal point, as they help to integrate all health and safety practices into a company’s broader business operations.

Disclosure Practice: Companies should disclose whether they have health and safety management systems in place, which proactively enhance the safety and health of workplaces beyond what is required by law.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing health and safety management systems, such as the ISO 45001 or OSHAS 18001.
Rate of Disclosure in Russell 1000: 41% of companies disclose having health and safety management systems.
Example Disclosure: Steris; Bristol-Myers Squibb
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

Total Recordable Incident Rate (TRIR)

TRIR helps benchmark a company’s safety performance against its industry peers and monitor high-risk industries, keeping companies accountable for their working conditions.

Disclosure Practice: Companies should disclose information about worker safety via their Total Recordable Incident Rate (TRIR), the rate of recordable incidents per 200,000 hours worked.
Current Leading Practice: Companies demonstrate leading practice by publicly disclosing a TRIR below 2.9, indicating a safe working environment.
Rate of Disclosure in Russell 1000: 40% of companies disclose their TRIR; 36% have a TRIR below 2.9.
Example Disclosure: Merck & Co; United Therapeutics
Included in Scoring of: Rankings of America’s Most JUST Companies; JUST Jobs Scorecard

On the road to building a more just economy that serves all Americans, transparency on worker issues is crucial. These disclosures communicate key information about how companies show up for their workers, impacting recruitment and retention in the workforce, instilling confidence and good faith among customers, and driving competitive advantage in the market.

Corporate leaders can use the Corporate Guide to Human Capital Disclosure to more deeply understand the current state of disclosure on core worker issues, reduce barriers to transparency, and build the case for targeted internal investments.

For questions on how to use this Guide and how your company can integrate these disclosure practices into your business, please contact impact@justcapital.com.

For more information on the methodologies underpinning this Guide, please review our JUST Jobs Scorecard Methodology and Annual Rankings Methodology.

The Corporate Guide to Human Capital Disclosure

The Current State of Human Capital Disclosure

The Business and Investor Case for JUST Jobs

Insights on the State of Human Capital and Worker Issues Disclosure

The Corporate Guide to Human Capital Disclosure

How to Use This Guide

WAGES & COMPENSATION

TRAINING & DEVELOPMENT

BENEFITS

HIRING & STABILITY

WORKFORCE COMPOSITION

EMPLOYEE WELLNESS