Irrespective of the size and industry, companies are always mandated to educate their people on applicable norms and rules. This sort of compliance training helps educate employees on the laws and regulations pertaining to their industry or specific job function. As a result of this, there has been staggering growth in adopting compliance eLearning platforms and solutions.
The eLearning market is projected to go from USD 9.2 billion to USD 24.4 billion by 2024. This growth corresponds to the way eLearning tools have helped in solving legacy problems of many industries in terms of learning and training.
While other things – like the tools required for the job – can be learned while on the job, compliance training is something that needs to be given upfront. Compliance eLearning is, therefore, the need of the hour for businesses of all shapes and sizes. Everybody needs to take regulatory compliance seriously, and it’s best to train your people properly in any legal or compliance-related issues.
Some industries or domains of operations tend to need more monitoring and compliance restrictions than others. This is mostly because of the various laws and regulations that govern the businesses running under those domains. The purpose of these regulations is to protect businesses, customers, and the environment and are generally more stringent for industries that deal with critical aspects of our day-to-day functioning. This generally includes Pharma, Aviation, BFSI, and more.
Compliance eLearning for Pharma, Aviation, and BFSI
Compliance is a serious issue for Pharma, Aviation, and BFSI industries, and compliance eLearning solutions are therefore the need of the hour for them. Let’s briefly look at why these three industries require an industry-specific compliance eLearning platform to comply with the norms.
Pharma constantly deals with an influx of new medicines and drugs to manage different conditions. This increases the pressure on health professionals and practitioners to stay up-to-date with all the latest offerings. Besides, there’s an increased number of rules and regulations for medical professionals to take care of. The Pharma industry requires compliance eLearning to train all the staff belonging to different job roles, various laws, regulations, and guidelines that cover their job duties. Since Pharma is a field that directly deals with human lives, it’s even more paramount to offer good compliance eLearning to the staff.
The tremendous growth in the aviation industry has led to an increase in demand for compliance training for different staffs available in the entire process. From technicians to pilots to quality control engineers – everybody has a different specialization and different rules they’re bound by. As a result, the Aviation industry needs to provide solid, comprehensive compliance eLearning to their entire staff.
Banking, Financial Services, Insurance – short for BFSI – has seen a serious transformation in the past decade or so. This has mostly been a result of the extremely pervasive technology that has seeped in and changed the way things operate and the various new BFSI systems emerging over the years. The transformation is also in parts due to economic reforms and changing demographics. As a result of this, compliance eLearning has become essential in BFSI industries to keep the workforce equipped with all the information regarding various legal and regulatory challenges.
Key Benefits of a Compliance eLearning Solution for Pharma, Aviation, and BFSI sectors
As mentioned earlier, whether for BFSI or Aviation or Pharma, or any other industry, the end goal of compliances and regulations is better service to the end-user. So, complying with them not only helps you as an organization but also keeps your customers happy. That said, let’s look at some more benefits of compliance eLearning for the three mentioned industries.
- Quickly updating the learning content whenever there’s a change in regulations, using a centralized eLearning repository.
- Generating reports, proofs, and visual aids to help you understand your people’s compliance eLearning progress.
- Assessing different staff members based on their eLearning progress and providing personalized help to people who need it.
- Increasing accountability, ability, and general work ethics of employees of all the organization’s job roles.
Compliance is a challenging aspect for many businesses, but one that must be dealt with. Your organization must be legally compliant, but the staff working for you must follow all the practices that fit under the guidelines that govern your domain of operations. Industry-specific compliance eLearning solutions are tailormade for your industry and tackle the problems you’re likely to phase – and as a result, they’re very much in demand across different organizations.
If you’re looking for compliance eLearning solutions, please reach out to us today – we’ll get you covered!