Transforming Workforce Reporting Together
Make each workforce count
Workforce Reporting Consortium (WorRC) seeks to accelerate strategic investment in people by improving the quality of workforce measures and promoting the use of these measures.
Operating on an objective nonprofit basis
WorRC provides participants with no- cost standards that focus on the quality of an employer’s reporting of its people data without assessing the quality of its people practices and without advocating a particular point of view on investing based on people data reporting.
With complex and rapidly improving HR technology, moving workforce reporting forward requires dynamic guidance that balances the need for consistency with the need for evolution.
High quality workforce reporting incentivizes employers to develop longer-term people strategies and encourages profitable and effective investment in people
What?
Workforce reporting is distinct from financial reporting. It builds on a wide range of non-financial data sources to provide insights that can inform a broad spectrum of people-related investment decisions.
Why?
Financial reporting only provides information on people costs (and limited at that) and is not sufficient for making sound workforce decisions.
Non-financial workforce reporting provides a foundation for expanding our understanding of people costs and people benefits
Workforce reporting is essential to providing a more complete picture of investment opportunities, as well as improving insight into the employee impact of business decisions.
Creating rigorous and robust workforce reporting is not as simple as it may seem…
Workforce reporting lacks guiding principles:
Unlike financial reporting, workforce reporting is only a few decades old and is not yet a mature discipline.
Workforce reporting has no generally accepted guiding principles, and only a few basic concepts like headcount and turnover that lack a clear consensus definition.
Inconsistency across and even within employers can result in inaccurate benchmarking and, potentially, reporting that paints an overly optimistic picture.
Guiding principles are difficult to develop across an evolving and decentralized landscape:
Workforce reporting principles must accommodate a wide variety of employer information systems, as well as variation in employer practices and business context.
Workforce reporting must adapt to keep up with rapidly changing HR technology.
For information on engaging with WorRC please get in touch. We welcome inquiries from employers, investors, sponsors, and press.
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