7 Repercussions Of Underestimating The Importance Of Compliance Online Training

The Importance Of Compliance Online Training
Summary: What can companies expect if they put compliance on the back burner instead of making it a top priority? Let’s take a closer look at why you should never overlook the importance of compliance training in your organization.

Why You Need Compliance

Most employees would rather do just about anything than participate in another mandatory online training course. That includes sitting in traffic, dealing with difficult customers, and root canals. But it’s part of the job and for good reason. Organizations that fail to launch a successful compliance program must contend with a variety of budget-breaking obstacles, from costly fees to on-the-job accidents, which makes compliance training LMS solutions a viable investment for every organization.

eBook Release: Mitigating Risks In The Modern Corporate World: Your Guide To Investing In A Compliance Training LMS
eBook Release
Mitigating Risks In The Modern Corporate World: Your Guide To Investing In A Compliance Training LMS
Revamp your compliance training strategy by implementing a compliance training LMS.

7 Reasons Not To Underestimate The Importance Of Compliance Online Training

1. Costly Penalties And Fines

Of course, the most obvious repercussion of non-compliance ties into fees and penalties you might incur. Especially if you’re being audited or run into any legal issues. For example, a customer sues you for injuring themselves in your store because you didn’t adhere to federal regulations. These fines can pile up if there are multiple incidents every year and you can spare yourself the expense by investing now in a compliance training LMS that always keeps your employees in the know.

2. Diminished Brand Credibility

Even if you overlook the monetary implications, underestimating the importance of compliance can damage your brand credibility. Other industry professionals typically don’t want to work with a company that’s known for breaking every rule in the book. Likewise, consumers frown upon organizations that fail to meet the requirements. You don’t want your brand to be known as the "rebel without a cause" that undervalues the safety of their customers and employees.

3. Lack Of Corporate Community

A compliance online training LMS gives your employees a sense of community. They know what your brand stands for, and how they fit into the grand picture. Employees are also aware that everything about your company is becoming successful and that you respect their well-being on the job. You want to give them every opportunity to follow the rules and avoid costly errors that could result in violations at the individual level. Bear in mind that the importance of compliance doesn’t just pertain to federal regulations but company policies. Thus, employees need clear guidelines they can rally behind to be more productive in the workplace and adhere to company standards.

4. Loss Of Top Talent

Training is one of the perks of the job. Sure, most employees look at the salary and benefits package. But being able to develop their skills and knowledge base is a significant factor. However, not providing your top talent with the compliance training tools they need might force them to walk away. They’ll have second thoughts about working for an organization that overlooks the importance of compliance in the futile attempt to cut costs.

5. Increase In On-The-Job Injuries

Another key aspect of compliance training is teaching your employees how to stay safe on the job. How to wear the proper gear, what to do in an emergency, and how to prevent customer accidents, such as cleaning up a spill as soon as possible and putting up the proper signs. Failing to provide a sufficient amount of compliance training can lead to an increase in on-the-job injuries and even put the lives of your customers at risk. For example, employees don’t know how to evacuate the building or carry out proper protocols if a fire breaks out. There’s also the matter of safe handling procedures. An employee doesn’t store the products in the right environment, which leads to contamination.

6. Decrease In Consumer Confidence

Consumers should feel safe when they invest in your products. They should know that you’ve gone beyond the call of duty to ensure that the item is sellable and that they’re not in any imminent danger when they’re in your facility. Thus, non-compliance has the power to decrease consumer confidence and loyalty. They’re not likely to return to your store or enlist your services if they dealt with negative consequences the last time. For example, they slipped and fell in your shop because an employee didn’t place a "wet floor" sign. Even the quality of service is at risk when compliance training is overlooked. Employees don’t know what your policies are, and they don’t know what image to stand behind. Thus, the customer gets a different experience every time and isn’t clear about your messaging. They’re never sure what to expect when they call into your center or visit your physical location.

7. Putting Your Industry Standing At Risk

Every organization in your industry has to follow certain rules and regulations. Even if they don’t completely agree with them. When your company fails to recognize the importance of compliance, your standing and reputation in the industry are both at risk. You’re the brand that doesn’t operate within the guidelines, despite the fact that everyone else has to. This has a domino effect. Customers start to notice that your company operates outside the laws and think twice about investing in your products/services. Even vendors or suppliers may avoid working with you because they don’t want to be associated with an "industry outsider." After all, if your organization doesn’t play by the rules when it comes to governmental regulations, will you honor your agreement with them?

No matter how many staff members you employ or which industry you’re in, never underestimate the importance of compliance online training. These repercussions are just the tip of the reputation-breaking iceberg. Implementing a compliance training LMS may require an investment. It may take time to find the right platform. However, you can’t put a price on employee safety, your brand’s credibility, or consumer confidence.

Is it time to invest in a new Learning Management System to prevent costly violations and keep your company’s reputation untarnished? Download our eBook Mitigating Risks In The Modern Corporate World: Your Guide To Investing In A Compliance Training LMS for tips on how to find the ideal compliance training LMS and avoid employee training pitfalls regarding compliance.