In one question, how can you find out whether a company is exceptionally successful in its industry? Ask its leadership if their organization is prepared for litigation or a compliance audit.
That was one of the surprising correlations revealed in last week’s webinar, Is Your Technology Keeping You Out of Compliance? The presentation pointed out that the majority (59%) of high performers say their organizations are highly or very highly prepared for litigation or an audit, while only 25% of low performing organizations can say the same.
In other words: thriving companies invest in compliance.
But in an increasingly complex world, what does that truly mean? How do organizations manage and monitor their employees? Who or which department governs corporate compliance, and which training methods are the most effective?
An Empirical Look at Compliance Across Industries
Our hour-long presentation touched on all of these questions and more. Hosted by David Wentworth, Principal Learning Analyst with Brandon Hall Group, and Wendy Miller, Compli’s VP of Customer Success, the webinar offered up an eye-opening portrait of compliance activities across various industries. While David explored data BHG had gathered through a couple of workforce compliance and labor law studies, Wendy discussed several real-world challenges Compli customers have faced before they’ve adopted automated, comprehensive compliance solutions.
It turns out that statistics and experiences tell the same story. Compliance is complicated. Demonstrating it to regulatory agencies is critical, whether the negative consequences seem severe or not. And, perhaps most striking of all, there isn’t consensus about who’s in charge. Compliance budgets are fairly evenly split among organizational roles, and everyone—from finance and IT to the legal and HR departments—plays a part in reducing their company’s regulatory risk.
Take a look at a few more key statistics from Is Your Technology Keeping You Out of Compliance?:
Regardless of their differences, companies that use automated and centralized compliance systems see the same benefits: lower turnover rates, reduced legal expenses and fewer employee grievances and complaints. As Wendy remarked, “Keeping your workforce compliant isn’t a nice-to-have; it’s really a strategic imperative.”
Catch Up on What You May Have Missed
We at Compli would like to take this opportunity to thank David once again for his time and expertise. As the leading human management capital research and analytics firm, Brandon Hall Group empowers tens of thousands of organizations around the world with the data and insight to make intelligent decisions for their workforces. Do yourself a favor and check BHG out at brandonhall.com.