When it comes to your online Compliance Training, you often face the dilemma of whether to outsource or not. The concern behind your dilemma is that you may not want to share sensitive information with a third party. If not all, you can outsource a part of the compliance training you think won’t cause much threat to your company privacy.
You can consider the following situations under which you can outsource your compliance training.
Keep your employees up-to-date on frequently changing and new regulations
As known, compliance regulations undergo frequent transformations and that demands organizations to keep their employees’ up-to-date as not being compliant may incur heavy losses to the organization such as monetary penalties, damaged reputation, etc. Since you need to train them periodically on the updated compliance rules and regulations, you may think of outsourcing to save your in-house course developers’time and efforts.
Inadequate support staff and in-house resources to address growing needs
Your in-house staff may be pre-occupied with other business chores, and hence may be unavailable for the development of your compliance training. You may even fall short of budgets and resources, hence outsourcing is an option you can look for. This not only saves your time but also your training dollars. According to a Bersin report by Deloitte, outsourcing to India reduces costs by 20 to 40%.
Need to train employees spread across the globe in a short time
Thanks to globalization,now you have staff all over the globe to be trained. Imagine you come across a change in the regulations of a Conflict of Interest compliance that needs to be conveyed to your global employees in a short span of time, how do you manage to train them? Here comes outsourcing into the picture! Instead of you designing the compliance programs and rolling out across the globe, you can outsource them to your local vendors who have a better understanding of the localizations. For example, a Mexican vendor can’t be familiar with the localizations of Japan, hence he can’t be the right choice for designing a compliance course for the Japanese branch.
Need to provide refresher training but do not have the budget
Training your employees on compliance serves no purpose, unless it is refreshed. But giving refresher training to your employees under one roof can be a daunting task. It robs you of your training dollar and that can’t be afforded when you don’t have adequate budgets. Hence, outsourcing proves to be effective in this scenario as it costs comparatively less than classroom refresher training.
So, the next time when you face situations such as limited in-house staff and resources to develop your online compliance training courses, inadequate budget for refresher training or need to train your global employees in a short time, you can think of outsourcing it. Because of the benefits such as time and cost-effectiveness, outsourcing offers, it can be a good option to go with. What do you say? We welcome your views.