Why Invest in Skillsoft Compliance Training? Customers saw 317% ROI
One of the challenges in the compliance industry is transparency.
As compliance professionals, we work tirelessly to improve the effectiveness of our legal compliance training and workplace safety programs. But, we tend to do the bulk of this work behind closed doors. We aren’t inclined to share the makings of our programs—whether good, bad, or ugly. Yet it is those learnings and sharing that help propel our programs and organizations forward and understand the investment needed to do so.
Our collective goal as compliance and safety professionals is to make the workplace a safer and more ethical place to be. Yet, it is difficult to raise our hands to talk about what’s working – or, maybe more importantly, what’s not working.
Reasons for this might include:
- Our compliance programs may be immature, so we don’t want to share our experience until we have more success under our belt
- We are considered a “cost center” and tired of being denied for additional investment or personnel
- We fear being judged on our incident rates if we share them publicly
- Compliance issues are sensitive, and we don’t want to invite legal scrutiny
No matter what the reason, science tells us that active learning driven by human interaction and collaboration leads to higher rates of achievement for learners which, in turn, empowers and protects people and, therefore, organizations. Not only do learners invest more of themselves, but they retain information more effectively.
So, keeping our compliance successes and opportunities quiet is a missed opportunity. If we want to improve compliance programs and processes, we need to be vulnerable; to share our learnings freely; and to develop industry-wide best practices that benefit all of us.
We’ll go first.
The Total Economic Impact™ of Skillsoft Compliance
Earlier this year, Skillsoft commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study to examine the potential return on investment (ROI) enterprises may realize by deploying our compliance training solution.
The following findings were the aggregate result of interviews that Forrester conducted with six individuals from four organizations with experience using Skillsoft’s compliance training. Their experiences were combined to represent a single composite organization.
The Forrester study determined that using Skillsoft compliance solutions provided the composite organization with significant benefits – including $3.37M over three years versus costs of $807K, adding up to a net present value (NPV) of $2.56M, and an ROI of 317 percent.
Here are some other insights we gleaned from the TEI study for the composite organization:
- Providing the right training to the right employees in a way that maximizes their learning saved $3.37 million in lowered risk of compliance failure.
- Consolidating training vendors reduced expenses by over $588,000.
- Skillsoft saved the composite organization over $317,000 worth of time and talent spent doing administrative tasks.
- Skillsoft allows for improved employee learning and retention of content.
- Reduced course creation effort freed up $178,000 worth of time for the training team.
Download the full study to learn about the benefits of Skillsoft’s compliance solutions.
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What’s Working in Compliance Training
Take a look at some of the other lessons that we’ve learned this year from our clients:
Gaps in your compliance program can be risky. Closing these gaps is essential to help minimize the possibility of costly investigations, fines, and reputational damage.
Shannon Wenger, director of talent development at Apex Systems, told us how her organization has been able to take its compliance program to the next level by proactively managing risk-related training gaps.
Lynn Ross, senior director global operations training and development at Equinix, shared how Equinix, as a global, decentralized organization, has approached its safety training program – from pinpointing which employee groups need specific training, to working with partners to grow the program, to training “in the know.”
More 65% of deskless workers in industries such as transportation, retail, healthcare, construction, and hospitality have not been provided with technology to complete their jobs. Around 91% of these workers want better training.
First Student and First Transit shared how to make compliance training more accessible to deskless workers.
How do you communicate an organization’s ethical beliefs and values to all team members, so everyone is aligned on the behaviors expected of them within their organization? How do you promote employee safety and well-being across the company? How do you make hard choices to do the right thing every day?
TikTok’s Catherine Razzano, head of global legal compliance, shared her insights with Skillsoft about empowering ethical leadership in your organization.
Canon Business Process Services talked to us about implementing a comprehensive compliance program to supplement live virtual training due to different time zones, availability of resources to deliver training, and reduction in live training classes due to the pandemic.
Janis Smith-Howard, Supervisor for e-Learning and Instructional Design, and Administrator for Skillsoft Percipio Compliance, created a newsletter for her managers called “Did You Know?” — a simple way to stay connected, share important links and updates, and concisely explain the capabilities of Skillsoft Percipio Compliance. Her efforts went a long way toward encouraging managers to explore and use the solution optimally.
Getting and maintaining executive buy-in and support for your organization’s EHS program is one of the most effective components in building a mature, scalable, and efficient compliance program. But while the C-suite has a vested interest in keeping employees healthy and injury-free, they also have a business to run.
Katy Schick, Corporate EHS Manager, The Scotts Miracle-Gro Company, and Brian Borguno, Sr. Training Specialist / Corporate Safety Specialist, Canon Business Process Services talked about how workplace safety professionals can balance the operational concerns of the C-suite with the fundamental objective of keeping employees safe.
Skillsoft works with a well-known global logistics company offering compliance training for hundreds of thousands of people in up to 22 different languages.
We recently worked with the company to introduce a language selector feature to support organizations with multi-language course needs. It allows users select a preferred language directly from their LMS. Skillsoft does heavy lifting, creating connections between different languages and lightening the load for both administrators and users.
Requirements of an Effective Compliance Solution
It has become clear that Skillsoft’s compliance customers gravitate toward our solutions to fit a variety of needs, including:
- Provide visibility and documentation of appropriate training across the organization
- Offer culturally relevant training, particularly for non-English speakers
- Use automation to monitor and ensure employee participation while reducing administrative burden
- Enable inclusion of custom course materials
- Flexible access models that allowed managers to assign relevant trainings for their risk
- Offer non-compliance curricula to allow for future expansion of their overall learning program
But that’s not all they can accomplish with our training programs. Learn more about Skillsoft compliance solutions by contacting an expert.