The Tangible Benefits of an Online Compliance Program
Before I get into the number crunching, let’s revisit a few of the intangible benefits of a compliance program, because although they may not be producing direct profit for the organisation, these benefits are still helping to generate value and improve overall business performance.
Intangible benefits of compliance training include:
- Develop employee work role skills and knowledge;
- Increase employee confidence;
- Reduce directors’ liabilities;
- Drive improvements in business performance;
- Improve workplace productivity; and
- Help foster a culture of compliance.
But of course, running a successful business is a numbers game and those people making the big decisions will want some see clear proof of savings and value generation. While most of us in the compliance industry appreciate that compliance training is not simply about generating profits, it is important to get the full support of senior managers and directors by speaking their language and presenting them with information that is relevant to them.
So let’s have a look at some tangible benefits and direct savings of an online compliance program versus training staff face-to-face.
The ROI associated with an online compliance training program includes tangible savings in terms of time resources and materials needed to manage, administer and participate in training, when compared to face-to-face training. There are significant improvements to the ease at which an organisation can deliver and maintain a comprehensive annual compliance training regime, while reporting on training performance and building evidence of the efforts made to ensure staff are being adequately trained.
In terms of time and resource savings alone, ROI might be estimated accordingly:
Please note, this is purely hypothetical!!
Hypothetical Scenario / Example:
- 500 staff trained annually
- 4 compliance training topics per annum
- 3 hours spent in face-to-face training for each topic
- $75,000 average annual salary of those being trained ($38.46 per hour)
- Assumption: average time to complete online training course 30-60 mins, averaged to 45 mins for this example. Cost of online compliance training for this example would be $34,080 per annum.
This is just one scenario – can you think of any other tangible benefits? What do you use to demonstrate to your senior managers and directors the importance of your compliance training program?