And why not? Our modern working culture is driven by efficiencies and performances which translates into boundless work and opportunities. It is only human to want to achieve more, even if it becomes a little stressful. But if you think about it, is working under such overwhelming conditions, not a compliance issue?
Sure, we need our workforce to be hard-working, productive and even over-achieving but we also want them to work within the rules of compliance.
Compliance training is meant to educate your workforce to work within the laws and regulations to prevent any kind of misconduct and ensure proper governance of your organisation. It is put in place to help people to work ethically.
So now that it is clear that compliance and compliance training is important for the progress of an organisation, read on to find out why is it important.
The high cost of Non-compliance
If you run an internet search for “non-compliance news”, you will be hit by hundreds of stories of breach, fraud and fines. Big enterprises paying massive penalties or straight-away being shut down. From the banking sector to pharma companies, everyone is obligated and mandated to abide by the regulations of the law.
And this charged cost for non-compliance issue not only affects your finance but also gives a big blow to the global market reputation of your company, which is a far greater cost in the long run.
And even if you do not own a company which would make global headlines, non-compliance issues can cause a major fall out of your maximum workforce and greatly affect your sales and reputation.
Challenges with compliance training
Traditional compliance training methods have been proven ineffective in most situations and overall more expensive for the company because it often involves temporary disengagement with work for long durations.
Moreover, employees often find this kind of training as tedious and even irrelevant. However, the main problem with these training methods is that they fail to convey their importance and value to the company.
Apart from everything, compliance training is only done for the sake of it. Ironically enough, for compliance.
The traditional approach to compliance training has shown minimal retention and impact on employees and that is why it is crucial to find another way to go about it.
The modern approach to compliance training
Every 21st-century employee has the perks of being surrounded by information of all kinds, at all times. And this employee is used to an interactive and intuitive form of technology like a smartphone, a learning management system, a POS software, etc. Clearly, traditional ways of presenting a strict structure of raw information to this employee are not going to engage their senses and make an impact.
So instead of giving them a list of items to simply go through in order to complete their training, you need to provide them with an interactive platform which allows them to think and work. For instance,
- Gamification techniques and personalisation to make the user’s experience more fun and focused on their niche of working.
- Adding virtual app assistants for support and urgent queries at any time.
- Making the course more accessible through technology and functionality (Dividing the course into smaller chunks of subjects).
The good news is that all these features can be easily found in an LMS for compliance training. The final outcome is to create an intuitive platform for compliance training which not only delivers the value but also helps the employees in retain the knowledge.