When it comes to conducting compliance training in your workplace, it’s essential that a reliable and consistent approach be implemented across the company. Ensuring that employees are up to speed with all of your industry’s rules and regulations is crucial when it comes to minimising any potential side effects from non-compliance. Moreover, an informed team will be better able to work efficiently and with confidence.
In this article, we will demonstrate how you can optimise your company’s compliance training process, transforming it from a somewhat tedious task into an activity that boosts your bottom line, maintains compliance, and engages employees.
The need for compliance training
Though some employees might see it as a dreary necessity, there’s no denying that compliance training brings benefits not just for the company, but for individuals as well.
Certain industries like aged care, law, education and construction are heavily regulated for a myriad of reasons and, as such, compliance training is undertaken with high frequency. Regulatory compliance doesn’t just only limit potential legal threats and complications; it can also help employees to better grasp the requirements and limits of their own roles and responsibilities within a company.
If your company does not place an emphasis on compliance training, you may be left open to a range of possible negative consequences including:
- Loss of productivity and revenue
- Penalties, financially-speaking and otherwise, for breaches of regulations and/or relevant laws
- Operating license suspension
- Potential lawsuits and other legal action due to an unregulated working environment
Though compliance training can be costly to implement, the potential financial burden of non-compliance is far greater. In fact,a recent reportfrom the Ponemon Institute and the security company GlobalScape found that the annual cost of non-compliance for businesses is estimated to be $14.8 million, considerably more than the $5.5 million average price tag of compliance.
Forms of compliance training
Broadly speaking, there are two different forms of compliance training: that which is mandated by the state or an external regulatory body, and training that provides an overview of internal guidelines within your company.
The first training form involves educating your company’s employees about applicable domestic and international laws, regulations and any other industry standards that they must adhere to. This is a crucial part of compliance training, as its benefits to a company’s economic and legal capabilities are quite tangible.
The second compliance training form, while perhaps less commonly implemented, is a great way to make your employees aware of any internal yardsticks against which they should measure their own conduct. This training is great for cultivating a positive employee experience by empowering them to perform to the best of their abilities.
So how, exactly, can an LMS optimise your company’s compliance training process?
Benefits of an LMS
There are many ways in which an LMS can assist with managing the processes of your company’s compliance needs. These include:
Providing a secure and measurable form of compliance training
Integrating an LMS with strong security protocols means that you’ll be able to provide corporate compliance training to employees and other business partners no matter where they’re located.As a recent Deloitte survey outlined,managing third-party risk is the greatest compliance-related challenge for 47% of organisations. By providing a trusted platform for compliance training, you will significantly reduce the complexity of this task.
Furthermore, incorporating an LMS allows for easy measuring of the training’s effectiveness, since it is able to deliver easy tracking and analysis of who has completed the compliance training, how long it has taken them, and more. Of course, if there are employees who are struggling with certain aspects of the training modules, you’ll also be able to notice them quickly and provide assistance in real-time where necessary.
Better employee engagement
For employees who see compliance training as perhaps too passive, utilising eLearning resources through an LMS can come in very handy. This is due to its active nature – since engagement with an LMS is user-directed, employees will navigate their way through the training themselves, ideally leading to better information retention, more positive workplace experiences, and higher regulatory compliance.
Easier management of compliance certification
The administration required for providing and monitoring compliance training can be cumbersome and a drain on company resources. In addition, making sure that all parts of the company are on the same page regarding regulations is difficult if you are relying on spreadsheets and manual labour. Using an LMS for this process immediately reduces these issues by providing a centralised, digital compliance training system with a common shared interface.
A properly-integrated LMS should be able to help your company simplify such tasks as compliance certification, skills assessments, and the updating of legal and regulatory frameworks applicable at a company-wide level. By doing so, your company will be able to maintain a better view of its overall strategy towards compliance, preventing the silo-ing of different departments and approaches to this type of training.
Making learning a part of the workplace culture
If it’s conducted in the form of day-long seminars or lectures, compliance training may not prove to be particularly effective due to reduced employee interest and a perception that it is a special activity and not part of everyday work. In addition, the cost of approaching regulation in this manner can sometimes seem to be higher – if it’s mandatory for all employees to attend the training on the same day, the lost productivity becomes more obvious.
Integrating an LMS is perfect for making compliance training an ongoing process and something that is seen as part of your employees’ regular tasks. Providing them with clear examples of how compliance is relevant to their daily employee experiences should help them to recognise how costly failing to comply can be, and how such issues can be avoided.
Diversifying your training approach
Of course, it’s important to remember that not everyone learns in the same way – asHoward Gardner’s seminal bookFrames of Mind outlines, there are multiple types of intelligence that can be considered, each of which may require different methods of educating and training.
To this end, an LMS can allow for your company to provide compliance training information in a variety of manners. Different kinds of engaging multimedia can easily be included, making the ultimate goal – the retention of information specific to compliance – much more achievable. Whether it’s through entertaining videos, informative audio tracks, or interactive infographics, compliance training can be customised with ease through the use of an LMS.
It’s clear from these that no matter what your company’s strategic mix is in regards to compliance training, an LMS needs to be part of the approach.