By Norm Ford
According to Statistic Brain (a research provider to Wikipedia, Forbes, CNN and The New York Times), only 58% of people make it past the first month with their resolutions intact. I was surprised by the high number – I would have said something a lot lower. Guess that just says more about me and my history with New Year’s resolutions.
Just like our own personal goals, many organizations take on new initiatives to transform their business. Whether that is pushing sales growth, reorganizing leadership, or developing internal talent, almost all new initiatives require training in one form or another. Compliance, however, is often overlooked when it comes to developing new initiatives.
Compliance training is seldom seen as a driver in changing business culture, but we see time and time again from our customers that compliance can enable success in training across the organization – see this webinar from Newalta to learn more.
Here are the most common challenges we hear when it comes to implementing a new compliance training program and how to address them.
1. We’ve always done our compliance training this way
The fact that you’re reading an article on business transformation should dispel the notion that the “way it has always been done” is the best way. The world of training and eLearning continues to evolve and providers are now leading the way in innovation and expertise.
There is also no harm in considering another provider. If you’d like to compare your current training against Skillsoft Compliance Solutions, check out this checklist.
2. Implementing a Compliance Training Program is too expensive
Consider the fact that one law suit can cost your organization $125,000 in settlement/defense costs alone. Additionally, the average suit takes 275 days to resolve – during this time, your organization will face increased scrutiny from investors, the public, and the various enforcement agencies. These all can wreak havoc on productivity and consumer confidence in the company.
Now consider the fact that the DOJ declined prosecuting a major bank because of their effective preexisting compliance program.
3. Training is better in the classroom than online
There are some organizations that have yet to embrace online training. When compared to one-time classroom sessions, much of what was taught is lost. In looking at the forgetting curve, we see that much is lost within a month.
Online training makes it easy to reiterate these key themes throughout the year. Repetition resets the “forgetting curve” and is shown to increase long-term retention. Additionally, online training is easy to track, manage, and report on which learners have taken which course, at what time.
4. Compliance training doesn’t really make a difference
There is still the perception by some that compliance training doesn’t really impact business effectiveness. However, we see time and time again that the best organizations keep compliance at their core. David Vance, executive director at the Center for Talent Reporting explains:
“Compliance Training done right can not only ensure that all mandates are met, but can make employees feel they are a valued and important part of an organization which really cares about them.”
5. We don’t have time for more training/getting started
Finding time for training can be a challenge, especially when rolling out a new training initiative. No one wants to sit in a classroom or in front of a computer for multiple hours trying to complete training. The best in eLearning are moving towards microlearning – these are courses that are short, actionable, and last no more than 10 minutes.
With these shorter courses, employees are less likely to get burned out during training and are better able to revisit content to find exactly what they are looking for when they need it.
Your compliance program does not have to be a limiting factor to business growth. We found that the best compliance programs have six key elements in common. To learn more, read our white paper here.
Norm Ford is Vice President of Product Management and Services for Skillsoft Compliance Solutions