Reducing the Costs of Compliance Training with LMS Systems
These days, most industries have a large set of rules and regulations governing them. Compliance training is essential to running a business, especially the ones operating in highly-regulated industries. It helps ensure that your employees follow the industry’s legal framework and minimize business risks that can lead to a negative public perception or legal action.
Compliance training programs also help managers and leaders ensure their staff is performing their best while maintaining the top industry standards. However, managing such courses and training programs is not an easy task. It’s an administrative burden, and the cost is not worth it if not conducted properly.
To efficiently conduct compliance training, companies need to make sure they are using their resources wisely. This doesn’t just save time but also reduces costs. If your last compliance training made you stretch your budget, it’s not an ideal situation.
Axis LMS is a top learning management system by Atrixware that is cloud-based and can help you reduce your compliance training costs without compromising on quality. This guide will examine how companies can reduce their training costs withlearning management system platforms.
Why Is Compliance Training Important?
Any type of employee training is often boring for employees. However, it’s an important aspect of your business. It helps employees understand the legal and regulatory framework of their industry, their responsibilities, and the limits of their roles.
The average employee retention ratio in the US across all industries in 2022 was 9.31%. If managers want to cultivate a responsible and positive employee experience, compliance training can help everyone take control of and responsibility for their duties. So it eventually leads to a higher employee retention ratio because employees will feel satisfied at their job.
Along with boosting employee morale, compliance training also benefits your company. It’s the backbone of limiting legal complications and threats. It was discovered that 29% of employees committed fraud because there was a lack of adequate internal controls.
Companies need to uphold their reputation in the industry. If an employee comprises that, it reflects badly on the entire organization. Compliance training becomes increasingly important when you want to prevent fraud and increase profits.
How To Reduce Costs?
Depending on the industry, your company may have seen increasing compliance training costs over the years. Companies in the US spend $10,000 per employee on regulatory training. According to Deloitte, corporate banks and retail compliance increased by 60% in the last decade.
Here’s how you can reduce costs.
Invest in Technology
In today’s digital world, it’s important to modernize all your tools. If you’re not already using a learning management system for compliance training, it’s time to reconsider. LMS systems are highly innovative platforms that can help you reduce your costs. Around 70% of compliance professionals use technology for all risk-management protocols.
If you’re already using an eLearning platform for compliance training, good job! Cutting costs by investing in the right technology is crucial for any modern company. Relying on digital technology helps you stay connected, disperse messages easily, make things accessible for remote employees, and track employee progress.
You can deliver compliance training through LMS platforms, create educational content, and track how much an employee has covered. This removes the need for in-person, well-organized sessions that cost a lot and are an administrative burden. It also allows remote employees to stay up-to-date with any changes.
Even after intense compliance training sessions and detailed courses, many employees don’t know how to implement what they learned. Around 33% of workers have reported that their company training doesn’t meet their expectations.
You need to ensure employees aren’t just learning the rules and regulations and integrating compliance into their everyday workflow. This happens when you provide a work environment that is legally secure and highly productive. Employees can then start to improve their compliance and mitigate risks.
Use Existing eLearning Tools & Resources
If your company has a digital library or data room, it’s filled with eLearning content. Make sure you use that content and find relevant material for compliance training. If it’s no longer applicable to the current requirements, you can reuse it for content creation.
Axis LMS by Atrixware
An eLearning management system provides an engaging user experience. It’s better and more effective than any seminar or training session you could host. eLearning, by nature, is more efficient and helps employees catch up with everything at their own pace.
Check out Atrixware’s Axis LMS today. It’s a top learning management system, and it can help you deliver quality compliance, and employee and customer training sessions while also tracking employee performance. You can make sure no one is left behind thanks to real-time reports.