Do you use LinkedIn? If so, you will have undoubtedly seen the myriad of posts about ‘great leaders’ vs. ‘bosses’. Those who can lead teams to great things – and will attend your child’s nativity play because they are so generous – and those who simply want ‘yes’ men.
These examples are, of course, two polarised extremes, and most people fall somewhere in the middle. And whilst LinkedIn is full of such content, most of which can be cringe-inducing, there is some substance to these ‘motivational’ posts. Great employees come from great teams, where they feel valued, motivated and trusted. Creating a dynamic team of compliance superheroes results in a cultural shift, something that moves compliance from beyond the tickbox exercise.
If you don't invest in your team, you will find that they are more likely to go elsewhere. Talented employees are hard to come by, and the recruitment process can be costly. In any organisation, ensuring that you have enough budget for employee development is a must.
Retain your talent pool (and attract new starters)
The pool of truly talented compliance officers is small. When you invest in employee development you are ensuring that you are motivating and engaging with your team. Yes, it may seem obvious, but retaining your talent and upskilling your internal team is significantly easier than recruiting new starters. Our work with Citi in Poland is demonstrative of this need for talent retention and acquisition. Competition for the best staff may be competitive, but to differentiate yourself as an employer of choice you need to go beyond the norm. If you are looking to expand your business and bring in fresh eyes and expertise, career enhancing incentives are particularly attractive for candidates.
Decrease recruitment costs
Your talent pool, and the attraction of quality talent is not the only driving force for wanting to invest in your teams. Decreasing recruitment costs from a high staff turnover is vital. While it may seem oxymoronic to say that you need to spend money to save money, it’s not. Investing in staff training – especially for a globally recognised qualification – means that you will have a lower staff turnover. Engaged employees are happy employees. The cost of recruitment is expensive, and a high staff turnover can have a serious impact on your bottom line. A loss of productivity, as well as low morale, overworked staff and the additional burden of training new starters can be costly.
Create a capable workforce
‘The only constant is change’ – is there a phrase more applicable in compliance? A capable workforce that can deftly deal with legislative changes is not a nice add-on – it’s a business necessity. A workforce that can perform well and adjust to change increases the probability of success. This is what we did when we worked with Lloyds Banking Group. The impact of financial crime socially and economically in trade finance is so huge it is almost beyond measure or quantification. When the 2013 Financial Conduct Authority Thematic Review on trade finance revealed that many firms could do far more to protect themselves from financial crime, Lloyds Banking Group decided to take action. Enhanced training and education were fundamental to their plans. We delivered a training programme that was robust and went beyond the norm. You can find out more here.
Keep up with trends
AI, FinTech, RegTech, sanctions: it is something of a never-ending process to keep up to date with the sheer amount of change that our industry witnesses. It therefore follows that studying best practice initiatives, learning how to cope and respond to these changes, as well as ensuring that regulatory needs are met, will put you head and shoulders above your competition. It’s not about meeting the demands of the regulator; it’s about setting the compliance standard. To raise the bar, you need to exceed industry standards and go beyond what is expected.
That is what sets your organisation apart.
What does in-house training mean to you? Call us, have a chat and find out more.