📋 Tender Overview
U.S. Senators Sherrod Brown D-OH chairman of the of the Senate Committee on Banking Housing and Urban Affairs and Mark R. Warner D-VA a member of the committee today called on the Securities and Exchange Commission SEC to require companies to report on how many workers they employ who are not classified as full-time employees including independent and subcontracted workers. In recent decades companies have replaced in-house operations with contracting on-demand work or other forms of independent and contracted work that lower short-term costs for the business but come at the expense of workers who receive fewer benefits lower wages and have less upward mobility within the organization. This is one of the defining tensions that has emerged as companies have prioritized short-term profits at the expense of investments in their workforce and long-term productivity. As you know these decisions have material effects on a business financial performance wrote the senators in a letter to SEC Chairman Gary Gensler. Examples of subcontracted out workers considered part of the material workforce include security personnel janitors food service workers housekeepers for hotels and lodging real estate investment trusts REIT and custodial workers.
