{"id":7737,"date":"2019-01-04T14:50:12","date_gmt":"2019-01-04T22:50:12","guid":{"rendered":"https:\/\/www.knowledgecity.com\/blog\/?p=7737"},"modified":"2024-09-17T08:59:44","modified_gmt":"2024-09-17T15:59:44","slug":"compliance-training","status":"publish","type":"post","link":"https:\/\/www.knowledgecity.com\/blog\/compliance-training\/","title":{"rendered":"Why Does My Business Need Compliance Training?"},"content":{"rendered":"

A gap in your company\u2019s compliance training is a risk\u2014one with the potential to shrivel your organization\u2019s bottom line in a hurry. Here\u2019s one daunting example: the average Foreign Corrupt Practices Act penalty in 2017 was more than\u00a0$66 million<\/a>. And this year\u2019s average is set to double it at more than $180 million<\/a>.<\/p>\n

\"Team<\/a><\/p>\n

From penalties and lawsuits to missed profits from halted operations and even government sanctions, there\u2019s a long list of potential financial woes your business could endure if your team isn\u2019t up to snuff on compliance.<\/p>\n

In addition to saving you from costly legal consequences<\/a>, here are three more reasons your business needs to focus on training in compliance.<\/p>\n

3 More Reasons Your Business Needs Compliance Training<\/h3>\n

1. A good reputation is good for the bottom line<\/h4>\n

You might think a hefty non-compliance fine is a one-time strain on company finances, but the resulting damage to the organization\u2019s brand reputation could wind up costing you a lot more in the long run. Potential clients, investors and media all have their eye on you. And just one negative article can cost you 22 percent<\/a> of business.<\/p>\n

However, there is good news. Proactively investingin compliance training will not only help your business avoid public scandal<\/a> and embarrassment<\/a>. It can also help you draw in like-minded clients. How so? Be vocal about your commitment to compliance and compliance training. Post about it on your website and your blog, if you have one. Include it in your marketing materials. Let the world know you\u2019re proud to have standards, and you\u2019re more likely to achieve success<\/a>.<\/p>\n

2. Top training helps attract top talent<\/h4>\n

Keeping your company on the ball when it comes to being compliant will boost brand reputation not only with clients and investors but also with your employees\u2014and potential employees, too. In fact, a bad reputation can cost you at least\u00a010 percent<\/a> more per hire. And that\u2019s if you even get the talent you want in the door.<\/p>\n

With millennials now making up the majority<\/a> of the working population, more than ever both prospective and current employees size up an organization with regard to how its values match up with their own ethics<\/a>.<\/p>\n

Plus, millennials now make up the lion\u2019s share of the working population. And, as both prospective and current employees, this generation wants its employer\u2019s values to match up with their own ethics. According to a Gallup poll<\/a>, millennials value a work culture that seeks out diverse voices and ideas, and they help facilitate an inclusive culture by encouraging open and transparent dialogue.<\/p>\n

3. Safer workplaces save and make more money<\/h4>\n

In addition to saving you money on insurance premiums and legal fees, statistics show that companies with effective health and safety compliance training can cut their illness and injury rate up to 40 percent<\/a>.<\/p>\n

Studies also show that when everyone on the team simply understands how to do their jobs safely and well\u2014not just from a process standpoint but also from a values standpoint\u2014engagement, productivity<\/a> and profitability all rise.<\/p>\n

When businesses are compliant, thanks to strong compliance, they tend to run more smoothly and efficiently in general. Beyond the obvious benefit of avoiding physical peril, discrimination and harassment, being compliant can create a better working environment for your employees, which can lead to a boost in productivity<\/a> and bigger profits.<\/p>\n","protected":false},"excerpt":{"rendered":"

A gap in your company\u2019s compliance training is a risk\u2014one with the potential to shrivel your organization\u2019s bottom line in a hurry. Here\u2019s one daunting example:…<\/p>\n","protected":false},"author":5,"featured_media":8119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":""},"categories":[4001,120,126,35],"tags":[482,2765,474,2761,472,2607,2785,2769,2781,2783,2771,2775,2773,2779,264,2609,2777,2763,2505,2767],"acf":[],"yoast_head":"\nWhy Does My Business Need Compliance Training? - KnowledgeCity<\/title>\n<meta name=\"description\" content=\"Uncover the importance of compliance training for maintaining business integrity and legal adherence.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.knowledgecity.com\/blog\/compliance-training\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Does My Business Need Compliance Training? 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