Ethics hotlines are proven methods for small and large companies to monitor and maintain ethics policies within their organizations. It’s how you can reduce the risks of ethics violations. And with its anonymity, an ethics hotline is available to your staff, vendors, partners, clients, and guests. But what you may not realize is there are other ethics hotline benefits you can be tapping into regularly. Ethics hotlines are incredible resources for data and metrics. Use these various insights to spot ethics-related trends, estimate costs, and improve ethics policies as you grow your business.
1. Compliance Metrics
Depending on your specific industry or business niche, you’ll likely have certain compliance guidelines to follow. From OSHA regulations outlining safety practices to fiscal responsibility requirements for those in finance, your company has to ensure and verify compliance in its operations. Missteps in compliance can lead to stiff fines and penalties. And safety compliance violations are downright dangerous. So, as you manage your ethics hotline and ethics policies, use your hotline metrics to tap into the data regarding compliance. Measure and project potential compliance concerns based on trending stats.
2. Ethics Hotline Report Volume
You can additionally review and measure the number of calls coming into your ethics hotline over time. You can look to spot emerging trends about the types of reports being made, specific departments where claims originate most, and any seasonal risks you might not otherwise recognize. Ethics hotline reporting can be instrumental in how you make decisions and improvements to your ethics provisions.
3. Actual Violations and Incident Reports
Your human resources teams and ethics managers can routinely review the actual instances of ethics violations and incidents to evaluate risks and make improvements. Reviewing ethics hotline metrics that outline the final determinations of those claimant investigations will help your company make more informed decisions. And these validated claims will help you stay on top of efforts to prevent future incidents and violations.
4. Safety Records and Near Misses
For many businesses, safety records are important for a number of reasons. And while you might already be tracking workers’ compensation claims, safety records, and near-miss reports, your ethics hotline can be an additional resource providing additional data about safety. Use the ethics hotline reports to help you identify safety risks and take necessary steps to implement improved safety measures accordingly.
5. Cost Savings
Another great ethics hotline report and series of analytics you can review involves cost savings. Ethics hotlines allow anyone to report any visible or perceived ethics concerns, bringing these missteps to your attention immediately and allowing you to pursue proper investigations. Taking immediate action means remedying situations before they lead to costly fines or litigation. And those dollars saved are important to know as you continue to implement ethical improvements.
Ethical Advocate Can Help with Hotline Reporting
As a business owner or human resources professional, you recognize the many benefits an ethics hotline can provide. But don’t overlook the value of the various metrics and data an ethics hotline can also make available to you. And when you need help with the hotline analytics, turn to the professional ethics team at Ethical Advocate!