Compliance training, often considered boring and at times unnecessary, is actually quite important. After all, how will employees know how to properly act in a corporate setting without some level of compliance? You can't wholly rely on common sense to ensure all employees consistently act in a proper, safe, and efficient manner for the ultimate good of the organization.
This leads to the question, what is compliance training, and why does it matter?
What Is Compliance Training?
Compliance training involves providing employees with the corporation's knowledge, rules, and policies. This could consist of rules established by the corporation itself and laws established by federal, state, and local governments.
Compliance training matters because without proper training, employees could unknowingly (or knowingly) violate not just corporate policies but also regulatory policies and existing laws, which could result in penalties to the corporation, fines, and lawsuits. Severe compliance violations could also damage the company's reputation. Overlooking compliance training could be very problematic for your company.
Understanding why compliance training matters also means being committed to developing a workforce that understands and adheres to corporate policy, which, in turn, creates a stronger organization overall. A report from The Association of Corporate Counsel states that organizations that invest more in compliance training typically return an average of 45% more than the S&P 500 index. Additionally, the return further states that compliance training matters because it has proven to reduce fines.
Compliance Training and Video
As you better understand what compliance training is and why it matters, you'll also realize that you need a competent platform to provide it to your employees. Many corporations rely simply on passing out a corporate handbook, however without a reliable way of knowing whether the employee read the document, this approprate is not effective.
Having a speaker or a training session is a bit better. However, these approaches introduce the problem of attempting to get everyone together simultaneously. In the world of hybrid offices and remote work, this isn't very cost-effective, and it interrupts productivity.
A much stronger and more effective option is to use video. Why a compliance training video program? Because you can develop a strong visuals-based compliance training program that ensures employees in your company are aware of the laws that must be followed. This, in turn, reduces liability risks and helps your entire organization operate more effectively. Employees that respond well to compliance training helps to reduce the risk of various legal, regulatory, and corporate violations.
Videos are ideally suited to providing employees, both in-office and working remotely, with subject matter that is more engaging, interesting, and proven to increase information retention. Videos can also be easily updated as compliance laws change and quickly distributed to employees at any time, no matter where they might be working.
And, with a professional video hosting and management platform such as Viostream, you can also gauge the effectiveness of your video content with advanced analytics and comprehensive reports. Knowing how well your compliance training videos perform can help you better understand why compliance training matters to your employees. To learn more, start a free trial of Viostream today.
What Is Compliance Training Used For?
If you aren't quite sure what compliance training is and why it matters, it's likely because you don't know how many topics compliance training covers.
The topics covered in compliance training range from understanding relevant federal laws to ethics and safety training. While the actual subject matter may vary from organization to organization and even from department to department, common topics typically include:
- Federal and state laws
- Business ethics (gift policy, conflicts of interest)
- OSHA regulations and workplace safety
- Company procedures and policies
- Workplace discrimination
- Diversity and inclusiveness in the workplace
- Workplace substance abuse
- Workplace violence
- Sexual harassment
- Data privacy and security
Employers know that most employees are not intentionally seeking to break any laws. But compliance training matters because, without it, employees may not realize that they are in violation because they aren't entirely aware of the rules. Compliance training helps employees maintain an awareness of laws and regulations and provides them with the knowledge they need to report any violations they see.
In Conclusion
Hopefully, the above information has given you a strong understanding of compliance training and why it matters. You should have also realized that you can better develop an effective compliance training program with video and a video hosting and management platform than with written documents.
Viostream offers organizations a cloud-based video library where you can store all your organizational videos, and team members can access these videos anywhere they have an internet connection. This easy-to-use platform puts everything under your control with a dashboard interface and features the ability to live stream video in real-time. Viostream can also be integrated with a virtual learning management system (LMS) with most plan levels.
Want to see if Viostream is the right tool to help you develop your compliance training program? Start your free trial today to understand what the platform offers you and how it can benefit your employees and your organization's growth.
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