What Can You Gain From A Compliance Training LMS Tool?
When most organizations think about LMSs, they focus on the investment—and on convincing the stakeholders it’s a wise one. LMS solutions also give your organization a measure of control, both in access and quality. They allow you to tailor your online training materials and fully represent your brand. Plus, they give you full ownership and copyright, protecting sensitive company information. But are there any less obvious advantages to compliance training via an LMS?
6 Overlooked Benefits An LMS Can Bring To Your Bottom Line
1. Customer Guidance
Compliance challenges don’t always arise from within your team. Just as the compliance LMS isn’t strictly for your in-house staffers. Sometimes, your customers and clients make mistakes in the way they use your products or services. For example, a car owner may go to a garage or install a part that voids their warranty. Then when the faulty part spoils the car, they come back to you. As you explain that their warranty is no longer valid, they dash to social media. They may even bad-mouth your brand and by the time you jump in to explain, the damage is done.
All this could have been avoided just by keeping the consumer well-informed. Using a compliance training LMS tool lets you reach individual customers. While generic car care software will offer your team training basics, they won’t necessarily reach drivers. Your LMS can drill down to the car model, brand, and year. Plus, because it gives your "customer trainees" direct access to you, they feel satisfied and served.
2. Uniformity
Some organizations have multiple branches or office spaces. It can be tricky to ensure all your employees get the same experience. Again, while pre-built training programs can be endorsed by regulatory bodies, their content is still generic. It follows industry guidelines but doesn’t cover issues that are important within your organization. For example, your manufacturing board may require 0.1% emissions, while your company ethos puts it closer to 0.01%. An in-house compliance LMS allows you to insert some of these specifics. It promotes the USP of your product or service while still keeping you aligned with the rules of your sector.
3. Team Cohesion
The COVID-19 crisis has had a significant impact on the team dynamic. Many employees work remotely these days, which makes them feel isolated and disconnected from their peers. However, a compliance training LMS tool centralizes all your L&D resources and gives staffers a platform to discuss work-related challenges. Online training feeds, discussion forums and learner-generated content are just a few ways to fuel collaboration.
For example, your new compliance training software features immersive simulations and branching scenarios to build real-world experience. Then employees chat about their performance and highlight areas for improvement in the community message boards. Another option is to host live events, especially if you invest in an LMS with built-in video conferencing—or one that supports integrations. In short, staffers feel connected, even if they're scattered across the globe since the compliance online training platform opens the lines of communication and facilitates social learning.
4. In-Depth Options
Say, for example, it’s someone’s birthday. You could program that into simulations. Rebuild the virtual office task so it includes cake, and maybe the candles trigger the smoke alarm. It can be a contextual way to teach safety drills and identify fire hazards while making the employee feel validated. Or you could give the birthday person a chance to double their badges as a special birthday treat. And since everyone has a birthday—recorded by HR—everyone will get their turn. With a compliance training LMS tool, you can also observe your team and sneak in relevant digital team-building via group work or intranet social media. As a result, you reduce resource-draining compliance risks while making online training more relevant and meaningful.
5. Retain Top Talent
Organizations often consider the direct monetary rewards of compliance training, such as preventing costly fees or saving yourself the expense of lawsuits. However, it also gives you the opportunity to retain your top talent. Employees are more satisfied and confident on the job because they have the compliance knowledge they need. Thus, they’re more likely to stay with your organization, as they know you value their safety and well-being. And that you take pride in playing by the rules and following regulatory guidelines. As a result, you don’t have to foot the bill for new hire recruiting and training. Not to mention, your staff is more productive in the workplace.
6. Improves Your Brand Image
A company that values compliance remains in good standing within their industry. Customers appreciate—and respect—the fact that you’re going that extra mile to follow regulations and keep your employees up-to-date. As such, you improve your brand image and credibility. This keeps customers/clients coming back and referring you to their network, bringing in new business.
The average compliance training program simply skims the surface. It will spell out violations and list detailed penalties. The assumption is once you know the—financial—cost of infringement, you’ll toe the line. In reality though, many cases of non-compliance are driven by ignorance, even though under the law, that’s no excuse. (You’re better off pleading insanity or positioning your non-compliance as a crime of passion.) So how exactly does an LMS boost compliance? It lets you train your clients, not just your staff. It ensures uniform online training experience and knowledge. And it brings your team together, broadening your scope and personalizing your training. Yes, it’s a worthy investment. Just be sure to buy the right one.
Get your eBook Mitigating Risks In The Modern Corporate World: Your Guide To Investing In A Compliance Training LMS to tackle risks in the modern corporate world. It features tips to choose the ideal compliance training LMS for your organization, as well as the negative repercussions you can expect by underestimating the importance of an effective compliance program.
