If you are a startup or small business that has just begun operations, you’re probably wondering if you need to conduct compliance training. Sure, you can use platforms like True Office Learning to increase your employees’ awareness of ethics and office policies, but is it absolutely necessary?
Short answer: Yes. Find out why here!
Should Small Businesses Have Compliance Training?
That question is like asking how many citizens should obey the law. Meaning, every business, no matter how small or big, must undergo compliance training!
Compliance is a must for all businesses and there should be an individual or team that trains employees about the different rules and regulations of the country’s laws and office policies. However, compliance training will differ across businesses, depending on the business size and the industry they work in.
Why is this needed?
Without compliance, your business may come into trouble with the law, whether in the industry or with your country’s government. All businesses are legally required to comply with the regulations specific to their country and industry.
Furthermore, compliance can guarantee better products and services, as well as satisfied employees. Compliance is made to ensure that all products and services entering markets are safe and that no one will be negatively affected in the workforce, whether employee or management, client or supplier.
If you’re a small business, here are the basics a small business must focus on:
- Employment Compliance: This includes racial and sexual discrimination, along with the business’ internal policies and how to behave in the workplace. You can find resources from The Small Business Administration website on employment and labor laws and one can avail online compliance training programs from True Office Learning.
- Employee Benefit Plan Compliance: Businesses must manage employee benefit plans, which means applying plan provisions, filing proper reports, conducting tests, and giving employees required documents and notices. Some businesses may have to submit audited financial statements, which is why many companies outsource third-party experts to take care of the benefit plans.
- Tax Compliance: This can be very difficult, with state legislatures changing every year. Fortunately, the IRS Small Business and Self-Employed Tax Center offer educational and online tools that help small businesses with their taxes.
- Corporate Compliance: If your small business is registered as a C or S-corporation, you must act like one to benefit from the protection of corporations. Businesses can check with their secretary of state for guidance on this.
While all these might sound expensive, there are resources business owners can utilize so management and employees are knowledgeable on the rules and regulations they must comply with. It might be costly at first, but proper compliance training will pay off in the long run.
Fortunately, there are affordable tools and platforms small business owners can take advantage of, which is a good start.
Wrapping It Up
Small businesses will need to undergo compliance training and also comply with the law and industry standards themselves. Though it has hefty initial costs, the benefits are immense.