When it comes to keeping on top of the training you provide to your employees, there’s no room for complacency. The idea may bring dread into the hearts of both your trainers and trainees, but when it comes to remaining compliant with business laws and regulations, there’s really no easy way around it. In fact, there’s no way around it whatsoever.
You and your business have a reputation to build and maintain and training is part of the repertoire of tools that will help you to do that. When the time arrives for you to organise and coordinate training sessions, the idea may feel overwhelming at first so you will be glad to know there are many resources out there to help you manage It all.
If you’re considering the many topics that need to be covered in training, besides the unique and bespoke information your employees need to know about your business and protocols, compliance training should rank rather high on the list of priorities. In this article, we will consider why this is the case and what tools you can use to make your life a lot easier when it comes to monitoring training.
What is Compliance Training?
So, what is covered within the umbrella term “compliance training”? Basically, compliance training is the process involved in educating employees on the regulations and company policies that apply to them in the completion of their everyday responsibilities. There are several important goals that companies endeavour to reach by establishing a complete and consistent training program on the topic of compliance:
- Detect and therefore avoid violations of compliance laws by unknowing employees which would go on to result in legal issues for the whole business.
- A workplace is created that’s generally more welcoming and respectful to those who operate in it.
- The groundwork is laid for a defence if an employee were to commit wrongdoing despite the fact they participated in the training provided for the company.
- Value is added to the business and an advantage is gained against any competitors.
There is a wide range of topics that can be covered under compliance training, including subjects such as discrimination in the workplace, harassment, how to deal with competitors, protecting secrets of the trade, management of records and what to do in the event of bribery or kickbacks. So that all employees fully understand their responsibility to adhere to these policies and perform their job in a confidently compliant way, it is essential to train them. Your employees will feel more self-assured in how to handle different situations and you’re going to bring big benefits to your business as a whole.
The Consequences of Non-Compliance
Is compliance really that important? When you consider the penalties of noncompliance, it becomes obvious just how important training is. Even though the discretion may be done by one individual, the consequences are sure to reach throughout the whole company. Assets can be seized, and executives could even end up having to spend time in jail. The consequences are not just financial – imagine what such a scandal could do to your reputation! Damage to reputation and the loss of trust that follows is even hard to recover from than the loss of revenue.
The Benefits That Come When Compliance Training is Successful
You’ve seen just how serious the consequences of non-compliance are and therefore how essential compliance training is. Besides avoiding the penalties, what benefits come when you put in the time and energy to promote compliance?
Knowledge is power and, in this instance, the power to avoid problems before they develop. When employees fully understand what is expected of them, and how to report issues before they grow, all of the problems that result from negligence are eradicated. This means your staff will stay safe and happy in the workplace and you’re going to save yourself a lot of stress too. In a perfect world, things would always go well. The reality however is that mistakes will happen so it’s going to be impossible to prevent that. However, when you keep accurate records of compliance training, it will prove to the relevant bodies that you did all you could to remain compliant. This is where compliance training software can really help you out.
A reliable compliance training software platform is the foundation of a successful compliance strategy. With this powerful tool, you can plan and design training that is both efficient and enjoyable and that ultimately helps your team to understand all of the laws, regulations and policies that they need to know within their role.
Adapting to Changing Times
Recent world events are causing issues in regard to compliance for all. The fact is that compliance laws change regularly anyway, but the instability of the current world’s scene is causing changes to occur more and more frequently. The news coverage of world events only proves the unprecedented times in which we are now living and working.
Since the start of the Ukraine-Russia war in 2014, and after recent developments in March 2022, the US has become one of the biggest imposers of sanctions. This has brought a new and unknown compliance task for all businesses to wrap their heads around. It is essential for businesses and their employees to keep up to date with the details of these sanctions to ensure they never break the rules and regulations of the compliance standards currently in place. Again, training software can help with this as you can monitor the training progress of your employees and identify gaps in their knowledge that need to be filled.
Compliance Training is Non-Negotiable
With all of the factors we’ve considered, it’s clear to see why compliance is important and therefore why training in the area is so essential to the success of the business. You will help your employees, maintain your reputation, and save yourself a lot of paperwork and stress in the future if you can ensure a compliant work environment with the help of compliance training software!