NC S538

Renames the "North Carolina Commission on Workforce Development" to the "NCWorks Commission" and expands its membership from 25 to 29 members, including the Governor and President of The University of North Carolina as ex-officio members.

Increases Governor-appointed members from 19 to 22, requiring 16 members from business and industry and 6 members from labor and workforce sectors to align with federal Workforce Innovation and Opportunity Act requirements.

Grants the NCWorks Commission authority to develop performance accountability measures and fiscal control procedures for local workforce development boards, with ability to recommend sanctions for non-compliance.

Updates all statutory references from the federal "Workforce Investment Act of 1998" to the "Workforce Innovation and Opportunity Act of 2014" throughout workforce development statutes.

Establishes the NCWorks Innovation Program to award competitive grants to schools and school districts partnering with universities, community colleges, and businesses to improve workforce readiness, with grants spanning five-year periods and requiring 50% matching funds.