Using a sample of 225,719 earnings call transcripts from 2008 to 2024, we systematically study the reasons for managers to bring up human capital issues in earnings conference call, an event centered on firms financial performance, and the consequence of such disclosure. For determinants, we find that the likelihood of human capital disclosures in earnings calls increases as firms receive less favorable employee evaluations and peer firm disclosures in one month prior to the earnings call. For consequences, we first document market reaction on both the tone and length of human capital disclosure in earnings calls. Second, we find decreased employees' review scores and increased turnover rate in the subsequent month. Third, firms' future ESG ratings related to human capital issues improve with human capital disclosure. Collectively, our findings suggest that human capital disclosures attract attention from both investors and other stakeholders, such as employees and ESG rating agencies. This indicates that managers strategically incorporate human capital information in earnings calls and recognize employees as an important audience alongside investors.