It’s easy to think of compliance training as an abstract and non-applicable practice, until we connect the dots and see our revenues suffer due to employee mistakes. Ineffective (or lack of) compliance training costs you more than you think! If employees are not up to date on respective legal regulations, company policies, and safety procedures you will certainly take a hit.
The sector dictates how regulators monitor companies, but not matter the field the regulators are always keeping eyes out. Being fined for lack of adherence to best practices or workplace policies not only hit company accounts, but also the media. Our world is vastly connected through the internet, and consumers will always share news about companies. By ensuring effective and up to date training you can avoid excessive fines and a ruined reputation.
While mistakes are inevitable, there is a direct connection to increased employee injury and poor knowledge of safety rules & regulations. Your compliance training should cover job specific safety regulations to eliminate employe injuries, which can also cost you. Employers pay almost $1 billion per week in workers’ compensations costs alone. You’ll also be on watch with regulators for excessive employee injury, so it’s a lose-lose. Making sure that your training is proactive will alleviate these costs tremendously. Your culture matters, too. How does your company view compliance training? Is it apart of your company’s overall environment?
This comes as no surprise: inefficient work costs money. Compliance encompasses regulations, safety, and best practices. Including ways to make the job the most efficient and safe will cut down on money being thrown away with wasted time. Reduced money spent on do-overs with less time spent on errors leaves your company with more time to focus on things like new customer acquisition, or reaching into a new market. Those tasks are almost impossible when you don’t have the time or funds. Consider this: greater efficiencies and compliance focus could ultimately save you more than $15,000 a year.
No one likes losing profit. If you’re ready to evaluate the cost effectiveness of your compliance training program, contact us today for a consultation.