See what a company tells investors about its workforce
The human capital disclosure is where a 10-K describes the company's workforce: how many people it employs and which people-related measures or goals management treats as material. Because the rule is principles-based, one company gives turnover and pay data while another offers two paragraphs of narrative. Ask Search+ what the filing says about headcount, retention or training, and open each citation to see exactly how much the company chose to disclose.
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Last updated October 2026
How to find workforce information in a 10-K
- Upload the annual report, plus the proxy if you have it
Add the 10-K PDF. If you also care about executive pay or board composition, add the proxy statement, since those topics are covered there rather than in the human capital section.
- Ask for each workforce topic by name
Ask separately about headcount, turnover, compensation and benefits, training, health and safety, and labor relations. Each is optional territory, so separate questions make it clear which ones the company actually addresses.
- Check the date and scope of every figure
When an answer quotes a headcount, open the citation to see the date it is measured at and whether it covers full-time staff only, part-time workers or contractors. Those qualifiers change what the number means.
Questions to ask about human capital disclosures
How many employees does the company report, as of what date, and how are they split by region or function?
Does the filing say any employees are covered by collective bargaining agreements or represented by works councils?
Does the company report turnover or retention, and how does it define the measure?
What training, development or internal promotion programs does the human capital section describe?
Compared with last year's 10-K, did the company add or drop any workforce measures?
What to look for in a human capital section
Most companies place it inside Item 1 Business, under a heading such as Human Capital, Employees or Our People. It is often a page or two long, sometimes less.
Companies must give the number of employees and describe the human capital measures or objectives they focus on, to the extent material. Beyond that, what appears is a choice, which makes the section uneven between companies.
Headcount, turnover, compensation and benefits, training, workplace safety, employee engagement, inclusion programs and union representation all appear in some filings. Few companies cover every one.
Some disclosures give rates and counts; others describe programs without measures. Asking for a specific metric, and reading the cited text, shows which you have.
Dependence on key staff and hiring pressure usually show up in the risk factors, labor costs in the MD&A, and executive compensation in the proxy statement, not here.
Ask across every 10-K in the workspace to see how peers handle the topic, or narrow a question to a single filing. Answers come with inline citations to the supporting excerpt.
Human capital wording and the next question to ask
| Wording you may see | What it usually signals | A follow-up question |
|---|---|---|
| "As of [date], we employed approximately" | The headcount and the date it is measured at | Does that figure include part-time staff or contractors? |
| "voluntary turnover" | A retention measure the company tracks | How is the rate defined, and is a prior-year figure given? |
| "collective bargaining agreements" | Some employees are represented by unions | Which groups are covered, and when do the agreements expire? |
| "engagement survey" | The company measures employee sentiment | What does the filing say about the results or response? |
| "we believe our relations with our employees are good" | A standard statement with no supporting data | Does the filing give any measure that supports it? |
| "total rewards" | Pay and benefits described as a package | Which benefits does the section list specifically? |
What is a human capital disclosure?
A human capital disclosure is the part of a 10-K, usually in Item 1, where a company reports its number of employees and describes the workforce measures and objectives it considers material to running the business.
Questions about human capital in a 10-K
Where do I find employee numbers in a 10-K?
Why does one company disclose turnover and another does not?
Can I compare workforce disclosures across competitors?
Will Search+ find people risks that are outside this section?
Can I use these answers to judge the company as an employer or an investment?
What should I do if a cited headcount looks off?
Find out how much the company says about its people
Start a workspace, upload the 10-K, and ask which workforce measures it reports.
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