When trying to convince top management that whistleblowing software is a worthy investment, it can be tricky justifying the cost both in terms of monetary and time investment. We are here to help you arm yourself with the best arguments to convince your bosses that the benefits outweigh the costs, particularly if the organisation has a front-runner mentality.
The easiest argument to begin with is that an effective whistleblower system is good for a company’s bottom line. Research has shown that the cost of whistleblowing cases comes out steep, while having a robust solution saves the organisation plenty of resources.
First off, companies can benefit from a 2.8% increase in return on assets by incorporating early risk management into their operations in the form of an effective whistleblower system. Organisations also experience 6.9% fewer lawsuits, a 20.4% reduction in settlements and 46% fewer negative news stories. Add this to what can be saved on sick days associated with whistleblowing scandals, on-boarding new personnel and the list goes on. For more numbers on the costs of workplace misconduct check out our article The cost of misconduct.
Specifically in the European Union (EU) employers may be hesitant to implement the Whistleblowing Directive (2019) ahead of time, since the official deadline for companies between 50-250 employees is 2023. However, waiting until the last minute can result in hasty decision-making regarding which software to incorporate. If your company sees themselves as front-runners, it is worth considering what the right solution would be ahead of time.
Walor offers plenty of resources for companies who have questions, are confused about or would simply like to find out more about the software we offer, as well as whistleblowing solutions in general. You can send an inquiry on our free advice page, which affords 30 minutes of consultation with an expert. Furthermore, you can download Walor’s Assessment template, which poses questions that can help companies decide on what is important to them in a whistleblowing solution.
Top management may be confident in their readiness to implement the EU Whistleblowing Directive (2019), but particularly for SMEs it can be difficult to assess exactly what the best solution can look like. Walor’s mission is therefore to offer organisations a complete, compliant and robust whistleblowing solution regardless of size. On-boarding takes all of 5 minutes and your business will be set. It really is that easy.
To sum up, convincing your boss that your company needs whistleblowing software is made easier when armed with the facts: companies can save money, reduce lawsuits, settlements and negative press when armed with a robust whistleblowing solution. What is more, front-runners will be well-prepared to meet the EU deadline and confident in the choices made. Finally, whistleblowing software is made easier by companies like Walor that offer instantly compliant and complete solutions.