Modern technology, especially data and analytics, is revolutionizing the way organizations are reviewing and monitoring employee compliance. And technology is great. But, to protect your business from fraud and improve workforce efficiency, you’ll need to strike the right balance between data, technology, human relationships and intuition.
For example, to improve your employee compliance, setting goals and consistently measuring activities and results is critical. However, when looking at the resulting data it’s hard to know what is valuable and should be measured and tracked for effectiveness. Making the most of data and analytics requires internal experts such as program managers (such as Human Resources), data analysts and executive sponsors from leadership that review and share vision, strategy, insight and experience.
In addition to internal data analysis, you need commitment from the board of directors and executive management to ensure everyone is sharing the same goals for employees’ compliance programs and initiatives. Your goal for the organization should be to create shared values and culture throughout the business, which creates a stronger and more effective organization where all departments complement and support the other’s goals.
The end goal is for your and other organizations to protect themselves from fraud and ensure employee compliance. Using your compliance program as the cornerstone for internal controls, policies, procedures, trainings and assessments creates a unified culture of compliance for your entire workforce. Communication is key – giving employees clear instructions then making it easy for them to complete enables your workforce’s and increases their willingness to engage. Likewise, while policies, training, and compliance tracking are an important part of managing employees, simply as just asking employees for feedback, rather than assuming all is well is equally significant.
When used effectively, side-by-side data analytics, human insight and intuition will make your organization stronger and your workplace a happier, more productive place.