One of the modern companies’ main questions is how to motivate employees to contribute while building a solid financial compliance culture. An open-minded atmosphere and the idea of an ideal compliance structure are not enough – various businesses must work on realising this goal. And to be honest, it might seem to be one of the toughest challenges. Read on to learn three financial lawyers’ tips on promoting employees’ engagement that’s important for consumers, companies, and markets.
Transparent Compliance Culture
You can state that company has clear values regarding financial compliance, but still, until it’s not defined formally – it’s not that effective. Management should clearly define and then discuss the compliance culture with each employee. Yes, you get it right – the attitude and culture start from the top of the organisation, but then it must spread to all departments. After all, each person (not necessarily directly related to financial operations) can have crucial insights on likely financial compliance gaps. Let alone the feeling of responsibility when employees know the boundaries not to cross.
Constant Competence Improvement
Awareness and competence are the keywords to reach higher engagement rates. Naturally, if employees lack knowledge, they lack interest and don’t take the initiative. Not to mention that constant skills improvement is essential to have real professionals on the team, no matter the department. Only when they fully understand compliance law aspects do they know their obligations to meet it. By the way, once employees know brand values, they can be proud to belong to a modern and transparent company.
The whole company’s structure should be built in a way that influences and motivates people to act according to the expectations. Thus, investing in highly experienced specialists and consulting with financial lawyers is crucial. They’ll help you build an efficient financial compliance culture, but first – structure. One of the factors that not many managers think of is a motivational system. Competencies in the compliance culture field could appear among the key performance indicators.
Need help building a solid financial compliance culture and raising employee engagement? Consult with specialists: https://motieka.com/industries-expertise/financial-services-compliance/. Experienced lawyers working in different business fields will share their insight and knowledge.