7 Reasons to Invest in Compliance Training

Why is compliance training important?

Compliance training is all about education for behavior change. Compliance is important because it keeps your company and employees current and in line with the mandated policies. The reasons to make compliance an integral part of your training strategy can both be described in a legal and business case.

The Legal Case

Training on compliance is focused often on the laws and policies that regulate safe and ethical work practices. Companies could face fines and even legal action if employees don’t know the laws. Companies could be facing criminal charges or losing the license to practice.

The Business Case

It is perhaps the easiest thing to see the financial consequences of not complying. The penalties can be severe. Research shows that companies lose an average of $4.005,116 each year if they don’t comply with data protection. Failure to follow the correct procedures can also lead to downtime and unsafe work environments.

Businesses can also benefit from compliance training. When everyone understands what is expected, operations run more smoothly.

Top Reasons to Invest in Compliance Training

These two cases are compelling reasons to increase compliance training. Let’s talk about seven benefits that you can get by doing this.

1. Encourage your employees to succeed

Ethical or policy violations are not usually intentional. Training in compliance helps people to understand the rules. If done correctly, compliance training can help people understand why rules are important and why they exist. Employees learn how to spot violations and what to do if they find them. Education is preventative. It can stop problems from even starting.

2. Avoid Penalties

Compliance training is often used to address legal rules and regulations. Violations can result in severe and clear penalties. Companies could face legal prosecution or removal of their licenses. Even after training, violations can still happen. However, if employees can prove that they attended training courses, any liability for infractions is not transferred to the company.

3. Make Your Workplace Safe

It is important for employees to feel safe at work. Your organization must take compliance seriously by ensuring that it teaches and adheres to any workplace hazards. Employees will feel valued and protected, regardless of whether they are receiving industry-specific training in dangerous machinery and chemicals or general first aid .

4. Create a Healthy Culture

Safety at work also involves creating an environment where everyone feels included and is treated fairly. Employees can learn what they value by taking part in compliance training on ethics, fair treatment, anti-harassment, and other topics. The training also gives employees the opportunity to have difficult conversations. Healthy culture ensures that everyone feels secure and is able to contribute their best.

5. Keep up-to-date

Regular compliance training is essential to ensure that everyone within your organization stays current with changes in regulations and policies. Regular training is a reminder to employees of the requirements. You can also share the most recent developments with your employees to ensure compliance.

6. Protect your bottom line

Compliance is more than just avoiding penalties. Research shows that safety and health training can reduce injury and illness rates by up to 40%, which will save you money and prevent downtime. You can increase engagement and productivity by teaching people how to do their jobs safely and correctly. This will lead to higher profitability.

7. Strengthen Your Brand

Your brand’s reputation can be damaged by security and ethics violations. Positively, it can help boost your brand’s reputation by making public your commitment to ethics. Customers are more likely to support companies that place ethics first, according to research. People want to associate with brands who stand for what they believe in.

Companies that incorporate ethics into their code of conduct, or publicly affirm ethical behavior, have higher profits and greater customer loyalty.

Conclusion

Compliance should be a key focus of your training strategy for many reasons. Employees who are familiar with mandated policies and procedures will benefit both from a legal and business perspective. You can avoid fines, strengthen your brand, increase your bottom line, and improve your culture.

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