Five ways to develop a budget-friendly compliance management program

In these times of rising inflation, businesses, corporations and nonprofits need to be budget conscious in how they deliver compliance training.

According to a recent study by Thomson Reuters (2023), 63% of organizations are strategically bringing compliance management in-house, primarily driven by a 79% surge in the overall pressure to insource, cost considerations have become paramount. Surprisingly, despite this substantial shift, a mere 23% or organizations report having a budget allocated for technology solutions. Learning leaders are facing a challenging scenario — trying to manage compliance internally without adequate technological support. As businesses, corporations, and nonprofits grapple with these dynamics, the demand for a budget-friendly LMS and compliance programs has never been more pressing.

Let’s explore five strategies to build a compliance program that not only aligns with these shifting trends but also optimizes financial resources.

1. Transparent Pricing

Ensure transparency with your Learning Management System (LMS) provider. Clearly understand user limits, potential overage costs, setup fees, implementation, training fees, and technical support expenses.

2. Automate Your LMS

Integrate your LMS with Human Resource Information Systems (HRIS) or other databases containing employee details. Implement automated pathways to assign users to appropriate training modules. Set up automated notifications, escalating if training is overdue. Utilize dynamic reports on dashboards for easy tracking.

3. Third-Party Compliance Training

Creating your own content can be costly and time-consuming. Embrace a content marketplace where diverse content can seamlessly integrate into learning pathways, streamlining your training materials in one accessible location.

4. Use AI to Generate Content

Simplify the conversion of manuals, Standard Operating Procedures (SOPs), and other documents into compliance training with AI tools. These tools can rapidly create interactive training and quizzes from existing materials.

5. Consolidate Platforms

Avoid the hassle of managing separate platforms with individual subscriptions and setup fees. Opt for integrated systems that deliver, track, and report on live, online, and blended learning. Platforms like Totara’s Talent Development Platform provide a holistic solution, combining Learning Management, collaboration with Totara Engage, and modern Performance Management with Totara Perform.

Totara’s Talent Development Platform provides a solution

Totara empowers budget-conscious organizations to deliver high-quality compliance training daily. Its transparent fixed-price model eliminates hidden fees. Automation is at the core of Totara, with the platform assigning and tracking users to learning pathways based on dynamic rules. The robust Content Marketplace features high-quality third-party compliance training in various industries.

Key Totara Features:

H5P AI Tool: Easily transform manuals, policies, SOPs, and documents into engaging online courses within minutes.

Beyond LMS: Totara goes beyond being a traditional LMS. It integrates Totara Engage, a collaboration platform, and Totara Perform, a modern Performance Management system into one comprehensive platform.

Request a demo of Totara today and revolutionize your compliance training.