Regulatory Training – Importance and Issues

If an industry is being regulated by an agency, which may be the government, the state, or a federal agency, it is referred to as a regulated industry. All of the processes involved in a regulated industry from production all the way to the profits are to be addressed in a certain manner which must be in compliance with the set guidelines. The healthcare industry, finance, and manufacturing of medical devices are a few of the prominent industries which are highly regulated. Considering that a failure to comply with the guidelines in such industries can cause heavy penalties for the organizations, it is of prime importance that all of the employees are well-accustomed to the principles.

Regulatory Training and Its Importance

The purpose of regulatory training, that all recruits must go through, is to brief them about the defined principles of the industry which are to be complied with under all circumstances. In the event that even a single employee fails to comply with the guidelines, the ramifications can be troublesome, not only for the department but for the entire organization. To begin with, regulatory agencies, including the government, usually apply huge fines on a regulated company if it fails to strictly follow the guidelines. In order to give you a better idea of how huge such penalties can be, it is to be highlighted here that entire organizations having to wrap up because of such fines is not a rare scenario.

What’s more is that due to non-compliance, legal issues can arise which can sometimes become so complicated that it can even lead to jail time for the person responsible. The repercussions in the case of the healthcare industry are even more severe since, more often than not, it is a human life that is at stake. Lastly, compliance with regulations is of extreme importance for building and maintaining the reputation and the public image of the brand. It goes without saying that your potential audience will lose trust in your brand if it fails to comply with the regulations.

Issues with Regulatory Training and How an LMS Can Help

The first issue withregulatory training is that it tends to be quite boring for the employees. Due to its dry and dull nature, employees are hardly ever motivated enough to actively participate in it. Considering the resistance and demotivating response of the employees, it becomes even harder for the employer to establish a system for imparting such information. Thanks to the modern LMS software, however, you can conveniently tackle this issue with gamification of the entire process. By gamifying the training for your employees, you increase their motivation and keep them entertained while ensuring maximum retention of the knowledge imparted to them.

Another major issue with this training is that it is entirely based on facts. Giving the employees the required information is not sufficient to ensure compliance with the regulations at an organizational level. It is to be realized that trainers need to place emphasis on a change in the behavior of the employees. As evident, behavior is not a phenomenon that can be changed easily. It always takes a significant amount of time and effort, and this extended time period is what makes this training even more burdensome for the employers, as well as the employees of the organization. Once again, establishing a reliable LMS software is the simple solution to this problem. Since it incorporates features of consistent monitoring and evaluation, you stay up-to-date with whether the training is bringing about a significant change in the behavior of your staff. You can also be informed regarding their capability to apply the knowledge that has been provided to them.

It is to be kept in mind that regulations hardly remain unchanged for an industry - they are always dynamic in nature. This is what signifies the importance of keeping all of your employees up-to-date with the latest guidelines and making sure they comply with them. Additionally, the training must not be confined to the new recruits only and should be imparted to all employees. Depending on the industry, even training that was created a mere few months ago can cause a major issue of non-compliance, leading to penalties that are way beyond what the organization can bear. However, since a learning management software makes it convenient and efficient for you to deliver the training courses across the organization, your dedicated team has sufficient time at its disposal to stay up-to-date with the regulations and consistently modify the courses as per the requirements.

Take-Home Message

As evident from the information elaborated above, regulatory training is not only a requirement but is absolutely essential for the proper functioning of an organization. The importance of imparting the training not just to the new hires but to the entire staff cannot be undermined. While the time and money one needs to invest upfront to deliver the training may make it seem like an inconvenience, considering the number of fines and legal repercussions that it can protect you from makes it worthwhile. If you have been ignoring the importance of such a training at your organization, now is the time to take corrective measures and ensure its delivery to avoid major issues in the future.

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