10 Reasons Why U.S. Companies Prefer Online Compliance
Many companies in the United States continue to move systems online to stay profitable and competitive in an increasingly global marketplace. While some large organizations have a dedicated compliance department with full-time employees, most companies allow online compliance systems do the heavy lifting. Online compliance delivers dozens of benefits to a company, but below are ten of the biggest reasons why companies are modernizing.
1. Less paper and filing infrastructure
The amount of paper guides, paper tests, and paper spreadsheets for each employee over a year of compliance topics adds up quickly not to mention the infrastructure required to organize and store all of this paperwork. An online compliance system allows compliance managers to assign, deliver, and store all of the pieces of compliance training digitally, saving the company not just time but also money.
2. Less overhead to manually manage the program
Fewer papers to file means fewer hours to file them. The time an employee spends maintaining a paper-based compliance system can equal hundreds of hours a year, which can be spent on more impactful work after an online compliance system is implemented.
3. Reduction in travel costs and time related to on-site training
If a company has employees in more than one location, it costs time, money, and lost productivity to bring everyone in for live training. With online compliance training, the company can reinvest that money elsewhere and employees get more time for work more directly related to revenue.
4. More efficient training schedules
When the effort to hold a single training session is too great, it is easy for a company to limit the number of trainings it holds each year. If the implementation and organization of training sessions is online, the company can provide more trainings annually without actually adding any time or money.
5. Better systems to identify knowledge gaps in the workforce
Online compliance systems allow managers to see which requirements have yet to be reached and for how many employees in seconds.
6. Stronger compliance with industry regulations
Industries with increased risk, like construction and banking, have stricter compliance regulations and larger penalties for non-compliance. With an online compliance system, companies keep themselves, their employees, and their workplaces safer and more likely to meet any and all requirements.
7. Faster new employee on-boarding (research about cost and time to train new people)
On-boarding is not a one-time event. When an employee begins a new position, he or she often has several compliance trainings to complete. The process is made simpler and faster with an online platform.
8. Happier employees who feel safe at work
Research shows that most employees who leave a company do so within the first year. Compliance may not be the most fun topic at work, but an online system can make it less of a headache.
9. Higher employee retention rates
According to the North America Mercer Turnover Survey, Canadian companies lose about one-fifth of their staff annually. It’s estimated that the cost of each turnover is about 20% of that position’s salary, meaning the financial burden of workforce turnover equals thousands of dollars every year. Employees want to work in an environment where they feel safe and cared for at work.
10. A more talented applicant pool
A skilled and engaged workforce can be a company’s greatest competitive advantage. But that power cannot be unleashed if the company cannot continually attract top talent in its industry. Online compliance systems illustrate a company’s investment in health and safety as well as it’s dedication to following regulations.
Is your company ready to modernize its compliance system by going online?