The last two years have seen organisational pressures to reduce cost both at a corporate and individual level. For employers, one cost area for review is paying employees’ professional membership subs, or supporting CPD progression through events and training offered by professional Institutes. For individuals, the cost versus benefit equation of professional membersip has become rather starker. CPD is undoubtedly one of the most valuable assets in the Institutes’ locker today. But is it enough?
The Chartered Institute of Management Accountants’ Robert Jelly responded: “The banking crisis has shown how important ethics are in building sustainable businesses. Most professional qualifications, such as CIMA, require their members and students to subscribe to a standard of ethical behaviour and a commitment to continuing professional development in order to retain their relationship with the Institute. And there’s a significant financial benefit in Institute Membership. “According to research we commissioned with seven other professional Institutes, there’s measurable value for both individuals and employers of possessing a professional qualification. The analysis shows that qualifications providing transferable skills are likely to increase the labour market resilience of individuals during economic downturns.
“Additionally,individuals with professional qualifications and membership of a professional organisation are likely to earn more over the course of their career. In today’s money terms, the lifetime economic benefit from holding professional qualifications and membership has been calculated at £152,000.”
Clearly in areas like accountancy, the premium status of professional qualification can bring added earning power. But what about areas such as marketing, HR and general management?
“I believe we have a dual role to fulfil,” added The Chartered Institute of Marketing’s Mark Stuart. “We need to mix both leading the profession and supporting it. We have to be thought leaders, but also to provide benefits that make it worthwhile for members. I believe we get that blend right through a mix of training, education, advocacy and networking.”
The Institutes we spoke to were confident they had a strong future. “Our futures are threefold,” the CMI’s Ruth Spellman concluded. “As Institutes, we have to be more collaborative around areas such as research and networking – making the most of advances in the web and social networking. Then, we have to give employers confidence that we’re the best people to enable their key people to do their jobs better. This will reduce employer risk and add to their business success. Finally, we need to educate individuals that they’re in charge of their own career development – but then provide all the necessary routes to learning that will enable them to grow in their roles and have recognised, portable qualifications that will benefit their future careers.”
