How a good compliance platform can actually drive business outcomes

Listen, we get it: it doesn’t always seem like the right time to invest in a good compliance platform, especially when it requires upgrading from an existing, cobbled-together solution. (Think: harassment training run over Zoom by your overworked outside counsel, or an endless parade of Google Docs meant to manage employee relations. 😣) Maybe you’re also experiencing internal politics, tense relationships within the leadership team, a tight budget, the fallout from a recent layoff, or any number of fraught situations. The fact is, it’s a weird time for the economy, and we understand that every decision folks are making right now is part of a larger ecosystem.

But even though it might not feel like the best moment to make the argument for a strong compliance platform (like the one we offer here at Ethena!), here’s why we think you still should.

The short version is that pushing for the best version of these tools is not just a nice-to-have, not just necessary, but actually a genuine part of your job. That’s because HR compliance software goes hand in hand with a healthy, functioning workplace with minimal turnover — and the costs that go with it. So before you put any more time and resources into the patchworked solution that’s working “well enough,” let’s talk about why a consolidated compliance solution like Ethena’s is actually a boon and not a drain on your bottom line. 

Why does this economic context increase the need for robust HR compliance software?

During tough economic times when your business isn’t growing, your highest risk is turnover. And that makes sense; if employees can’t get promoted within, there’s a not insignificant chance that they might start looking elsewhere. In fact, research suggests that a lack of career development opportunities is one of the top reasons people are leaving their jobs. (Alongside “uncaring and uninspiring leaders,” which we’ll talk more about in a second.)

Without the ability to change the broader economy, we need to think more creatively about two things: how to keep folks motivated and invested, and how to shore up the business long term. And since training is far cheaper than replacing your high performers, there’s never been a more crucial time to get everyone on the same page with a centralized compliance solution.

There’s an actual business need to invest in workplace compliance software that actually works

With the current economic context, it can be tempting to kick this issue down the road. But there are big reasons why you shouldn’t. With resources tighter than ever, this is the moment to make both an investment and a commitment to doing things that are actually going to be useful. Here’s why.

There are legal implications — and you can’t afford the downside

We’re sure you’re already well aware of the legal requirements in place in your area or industry. But since misconduct and other issues are typically more abundant in a downturn, this is not the moment to simply check the box with a little free training here, a Google Docs reporting form with no ability to document there, and a plethora of other Band-Aids. (The risk inherent in a patchwork “solution” like this one is legit making us sweat.)

Depending on your area, Harassment Prevention training may be mandated, with an employee hotline required in some cases as well. Additionally, Cybersecurity Awareness training is highly recommended for all organizations, to minimize the risk of breach caused by employee error.  

But if you’re putting in the bare minimum in terms of compliance, that’s what you’re likely to get out, as well. To comply with the spirit of the law and not just its letter, our customers typically choose to train on the following:

• If you’re a healthtech company:
  • HIPAA
  • Data Privacy
• If you’re in fintech:
  • Anti-Bribery & Corruption
  • Anti-Money Laundering
• If you’re a publicly-traded company:
  • Insider Trading
  • Stock Options

Employee growth needs to be about more than just promotions

We don’t need to tell you about the sky-high cost of replacing your team’s resident rockstar — you already know what’s at stake. But we could probably all do with a reminder that growing your employees isn’t only about handing out promotions and raises. 

Learning and development opportunities for employees aren’t always top-of-mind in tough times, but they’re an invaluable way to broaden skill sets, show appreciation, and improve psychological safety at work. For example, enrolling employees in Ethena’s Management Essentials course is a low-cost way to keep up-leveling managers without having to spend thousands on coaches, expensive live training, or dedicating time to creating an in-house program…that keeps getting deprioritized. It can help folks get re-invested in the organization and more likely to stick around long term.

It helps build a strong day-zero culture, which comes with serious benefits

Everyone wants to believe in a speak-up culture where people feel comfortable saying anything, but workplaces are diverse and feature folks with different levels of comfort. You want to make sure you’re always offering the broadest type of channel so you aren’t just hearing from the loudest people in the room. Even (and especially!) the most reluctant deserve an opportunity, venue, or medium to share their thoughts. So even if you train people and they feel really ready to share something important, you might be unintentionally leaving them without an outlet.

Turning to an all-in-one solution instead of multiple stop-gap tools makes sure that folks are not only supported from multiple angles, but have a hub to visit where multiple tools are at their fingertips. (And not only that, but that they’re from a trusted source with a demonstrated commitment to workplace health.)

Ethena’s all-in-one platform is an investment in long-term excellence

In short, everyone knows that compliance software is key. But good compliance software (and the platform to support it) is the real game changer, so it needs to be invested in accordingly. 

Ethena’s best-in-class content and platform has literally been designed to meet the needs of modern teams, so we’d love to partner with you to see where we can be a fit and what we can help you streamline to meet both your compliance and business goals. Talk to a member of our Sales team today, or take a look at our pricing page to see which combination of tools might work best for you.