Compliance training may seem like an extra formality as it doesn’t really serve much to the business and profit parts of an organization in the short term. But, the right kind of compliance training really helps in minimizing the various kinds of inhibiting factors, thus maximizing profits in the long run.
Compliance training may come with the extra cost but the ROI is far more than you imagined.
However, now it is even easier to cut down the expenses of this important training with the help of a learning management system to deliver the training, especially if the budget is too big of an issue for your business. LMSs like Articulate 360 can provide you with all the tools and features to carry out compliance training in more cost-effective ways without compromising on the quality of the training.
So what is compliance training actually?
When it comes to corporations, startups, and all forms of businesses, there are some laws and regulations that need to be followed. But obviously, knowing, remembering, and perfectly following all those regulations without any help is humanly impossible for individuals.
So, there is always some legal and social risk lingering in the daily business operations that you will always have to handle.
Compliance training programs however make sure that your business goes through minimal law violations, thus minimizing the damage that you have to see otherwise. Compliance training generally refers to the training provided to the employees to better understand the laws and regulations that need to be followed while working.
Types of Compliance training
Compliance training is further divided into two different types of training; corporate compliance training and regulatory compliance training. Corporate compliance basically deals with educating the employees on the industry standards and regulations, regional and federal laws, and company policies.
Regulatory compliance on the other hand helps the employees understand how the company follows these rules and what is expected of them in terms of compliance.
What topics does the training cover?
Compliance training covers a bunch of topics. These topics can have different purposes and effects on different aspects and elements of the company and its operational processes.
Most of these topics contribute to making a safe, sound, and harmonious workplace when everyone feels safe and confident enough to be their best professional self, along with maintaining the reputation of the organization for its values, work culture, and legal compliance.
Workplace harassment is a big concern in the corporate world. Be it sexual harassment or any kind of bullying, harassment can be one of the biggest reasons why even the most talented and creative employees of your company are not performing well in their job.
Thus anti-harassment training is important so that the workplace is a safe space with 0 tolerance to harassment, where employees can thrive and grow.
Diversity in the workplace is always a very beneficial thing. People of different backgrounds, ethnicities, sexual orientations, gender identities, mental, and physical abilities have different kinds of life experiences and thus have different perspectives. Diversity training ensures that the employees of an organization understand the benefits of diversity in a company and avoid discriminating against anyone for who they are as an individual.
Workplace accidents are a pretty frequent thing and it is pretty damaging. Thus, empowering your employees with the knowledge of the right safety measures and equipment is important to minimize these accidents.
Compliance training related to cyber security is pretty important given that there is an increasing need for better handling of sensitive data concerning the business and even the customers.
After the laws and regulations, ethics are important to run a business smoothly. Even though ethics are by definition more flexible than laws and regulations, they are still important for the image and integrity of a business.
Business ethics are important because they evaluate the businesses on the basis of their core values which creates a reputation in the industry.