Are you concerned your employees aren’t getting the most utility from their compliance software, as a result making them less likely to use it and putting the firm at greater risk for regulatory infraction? Here's how to get the most from your compliance software training, and in turn get the most from your compliance software
Traditional employee training tends to have a clear-cut beginning and end. After companies onboard employees, they complete some courses and move along to the jobs they were hired to do. But in many circumstances, the most effective training actually has no end; it is ongoing, and helps employees learn new things as they go. Some professions embrace this methodology. Pilots, for example, don’t stop learning after their initial training. They must complete training regularly throughout their careers to keep their licenses valid.
Financial services employees can benefit from similarly designed training structures, especially when it comes to compliance software. Compliance officers may introduce software to help employees complete compliance tasks more efficiently, but without adequate and ongoing training on the platform, it’s likely to just be a frustrating addition to already busy workdays. If the goal is to make completing compliance tasks easier on employees, you need to train them on a regular basis. They’re not likely to remember the details of how to complete every necessary task from one big initial training session, especially if they don’t actually need to do those compliance tasks until weeks or even months later.
TAILOR COMPLIANCE TRAINING TO MEET EMPLOYEES WHERE THEY ARE
Ongoing training is key to software adoption, then, and when your employees actually use your compliance software correctly, they can help reduce your firm’s risk of overstepping regulatory boundaries. The STAR Platform builds ongoing training into its workflows, so each time employees begin a new task, they can view a walkthrough that will tell them how to complete it step-by-step. Beyond that, compliance officers can take a few steps to make sure ongoing compliance training is valuable for employees:
1. MAKE TRAINING RELATABLE
The best way to train employees in a way that will stay in their memories is to create a meaningful connection. Demonstrate how compliance platforms, new regulations, or any other compliance-related matters you’re training on apply to their everyday work. Use real-life examples to make the information you need them to know more memorable and meaningful. When employees understand how the information that they’re being trained on will actually benefit them in their roles, they’re more likely to listen more closely and better retain it.
2. TRAIN IN SMALL GROUPS AND SHORT BURSTS
Long training sessions with large groups of people can be tedious and boring. And if the group includes a mix of employees with different roles and responsibilities, everything in the presentation isn’t likely to be relevant to everyone in attendance. Attention will wane, and employees may not be able to retain the information that is actually important to them. With smaller groups divided up by work function, employees can learn in more focused and applicable ways. The training sessions can also be shorter, which is a better way to keep employees’ attention.
3. USE ENGAGING MEDIA TO MAKE TRAINING MEMORABLE
Compliance software training doesn’t have to feel like reading a legal manual. Training materials will be much more beneficial if employees can easily understand and engage with them. For example, short videos can make really great training prompts. They’re quick, visual, and a familiar format for employees. Tip sheets and interactive checklists are also helpful; they ensure employees feel ownership over their own training.
Training should be more than a box employees have to check before they can get their “real” work done. It should consist of ongoing educational opportunities that provide value and help them do their jobs more efficiently. And when it comes to compliance software, ongoing training can ensure employees are getting their compliance tasks done and therefore helping to keep your firm out of regulatory hot water.