Organizations give due importance to general training or the skill training of their employees. However, it is important to realize that compliance training is also of equal importance. The ultimate aim of any organization is not only setting it up rather running it smoothly and this is ensured by compliance. Even the most skilled workforce can not assure stability if they are not disciplined.
Before going into how critical it is to have compliance training, let us briefly try to understand what it is and what and all it includes.
- Compliance training is the training that focuses on making the employees aware of all the rules and regulations, internal hierarchy, and policies that are an inherent part of the organization.
- It also enlightens the employees by making them understand how and why it is important for them to adhere to these rules and regulations.
- Ethics, morals, and compliance work as a guide to the employees to channelize themselves at the workplace and help in dealing with the issues involving dilemmas. This makes them arrive at the right decision.
- It serves as the predetermined functional role that is expected from the workforce and gives the employee an understanding of how they are expected to be in the organization.
As said compliance training is not something that includes general corporate training rather it is those specific set of rules which an organization determines for them exclusively. Broadly the sections covered can be the same but the particulars are different. It can have both inter and intra organizational differences based on the area involved. However a few common can be the following:
- Code of conduct
- Business ethics
- Sexual harassment
- Workplace safety
- Frauds and data security, etc.
Having known what compliance training now lets us try to understand what critical role it has in any organization.
- Noncompliance to the regulations would make you bear huge losses, both in monetary as well as non-monetary terms. With this on one hand you would face revenue loss and on the other hand, it would deteriorate your company’s reputation. In longer terms, if you get involved in litigations then it further increases the cost to the company.
- As discussed, compliance training includes a lot of important sections. Sometimes complex as well. It is not viable to just compile it in a document. Even if done so the material would become lengthy and it can not be assured that each and every employee would go through it and even if they somehow read the document, the chances of misinterpretations exist. But then how do you make sure that your company is fully compliant and for this, you do not bear any extra cost. Here comes the role of a Learning Management System (LMS). LMS will ensure that you engrave these compliances in your organization to the deepest root.
- With LMS you can create as many compliance courses as you want, modify and update the material as and when required, give login to all the concerned, flexibility to cover the courses in a suitable time and place. In this way, you would become fully compliant with a minimum cost bearing.
- Once your staff is fully compliant you would not have to keep continuous supervision over them. They themselves would be aware of it and would follow in day-to-day business. It would enhance their efficiency and overall productivity as well. The saved time can be utilized elsewhere.
- This not only saves your organization from external litigations but also protects the organization internally. For example, if there arises any issue between the organization and the employee then the burden would lie on the employee and not on the organization as the employee would be at fault for noncompliance. Thus it provides the organization with stability.
- A compliant organization would be protected with almost all types of imbalances arising legally or regulatorily. This decreases the risk involved and increases the overall capacity of the organization to perform and achieve.
With this now when you are all set to innovate your organization with compliance training, to be smarter you can prefer LMS. A few things that can be kept on the checklist for finalizing your LMS can be, customization, content curation, personalized courses, inbuilt reports, tracking, etc. to enrich the training. Comply with these for a compliant organization!!