Benefits of CPD for employees and employers

The benefits of CPD aren’t just for employees but for employers too.

Therefore, continual professional development is valuable to any business, and skill development should be a top priority for everyone.

However, with the demands of high-stakes roles ever increasing, how often do professionals in these industries get the chance to undertake CPD?

On top of that, is the CPD offered sufficient enough? For example, should there be more assessment involved to prove competence - especially with new technologies and best practices at stake?

In this article, our experts share the benefits of CPD for high-stakes industries and their thoughts about the future of CPD for modern ways of working.

What is continual professional development?

Before we begin, let’s make sure everyone understands what we mean by CPD.

Continual professional development is a way to continue learning within your career to improve skills, knowledge, and competency, as well as keep up to date with industry developments.

CPD can take many forms, such as:

• Taking a course
• Obtaining a professional qualification
• Attending an event.

However, in 2023, only 21% of HR professionals reported that their organisations were effective in upskilling their employees, meaning that many businesses could become outdated or less competitive due to a lack of employee competency.

With AI and other new technologies becoming a regular part of everyday tasks, prioritising skill development in the workplace has never been more important.

For example, what risks could your business be exposed to by not undertaking CPD for your professionals?

High-stakes industries especially need to understand the ramifications of not upskilling professionals to industry standards.

One of the main benefits of CPD is knowing your workforce has the skills and competency to remain relevant and competitive despite an evolving working landscape.

What are the benefits of CPD?

Continual professional development can have numerous benefits to both employees and employers alike.

The benefits of CPD for employees

Continual professional development can advance a workforce in numerous ways:

1. Remain relevant with skills

CPD ensures that businesses retain consistently high standards even with new methods and approaches. This high level of working can further help organisations to obtain more business. A win-win for everyone!

2. Helps with career progression

One of the benefits of CPD for employees is that they can maintain a strong career progression plan that opens numerous doors and provides them with access to opportunities that could come with a higher wage.

With 7 in 10 workers saying learning improves their sense of connection to their organisation, they are more likely to remain with the company if CPD is offered.

3. Increased self-confidence

80% of workers say learning adds purpose to their work, and by knowing they have the skills required to maintain a high standard of work, employees can begin to trust themselves when working on difficult tasks.

This increases employee confidence, happiness, and satisfaction, which could contribute to longer employee retention.

4. Stay agile despite change

AI is evolving rapidly, and CPD ensures that employees have the skills and competency to remain relevant and agile despite changes in everyday work.

With 15% of UK businesses using AI - with many more expected to utilise the technology in the next few years - it’s essential professionals have the understanding and proficiency to use it correctly and safely.

5. Increasing employee satisfaction

68% of employees say development is the most important benefit provided by a company. By providing CPD, you are increasing their happiness and productivity - which can also benefit the company.

The benefits of CPD for employers

It’s not just employees who see the advantages of CPD! It can also have a positive benefit on employers:

1. Prevent skills gaps

87% of companies either already have a skills gap or will have one within a few years.

Therefore, by providing continuous training for your workforce, you can ensure your professionals have the skills required to maintain a high standard of work that is relevant and up-to-date.

2. Company reputation remains high

One of the benefits of CPD for employers is that all staff have the relevant skills and knowledge for modern ways of working - improving consistency across the board.

Allowing your company’s reputation to speak for itself and attract new business opportunities.

3. Increased employee retention

94% of employees stay longer in companies that invest in their professional development. Therefore, by providing your workforce with the opportunity for CPD, you increase the likelihood of employees remaining at your business.

Saving you time, effort, and money in hiring and training new employees.

4. Higher productivity

Did you know that companies that provide relevant training can increase productivity by 50%?

This means your organisation could meet business goals sooner and increase opportunities to grow your business.

5. CPD can be used to benchmark progression opportunities

If employers have an understanding and awareness of people’s skills and abilities, progression pathways and opportunities are easier to distinguish.

Is continual professional development sufficient for high-stakes industries?

As you can see, CPD can have a positive impact on both professionals and employers. It ensures everyone has relevant skills and the competency to adapt to industry updates.

Yet saying that 47% of employees say the training they receive is not helpful for their job.

Therefore, we can imply that the CPD currently available isn’t to the standard required of modern workforces and industries.

Especially for high-stake sectors, professionals must be:

• Competent
• Agile
• Relevant.

Plus, it is essential that time is built into people’s capacities to ensure these skills are up-to-date.

But without relevant CPD, how many professionals are underskilled for their roles?

How to combat this? Tailored professional qualifications and assessments.

By including assessments within CPD, you can prove that professionals have the competency needed for high-stakes sectors to prevent any negative implications on the business.

Let’s hear from Nikki Bardsley, Head of Client Solutions and Quality, at Kaplan Assessments:

“CPD is essential - especially in high-stakes professions where the risk of your workforce lacking currency in their qualifications can have a detrimental impact.

“Why is this? Let’s take the example of an auditor who fails to identify a material misstatement with the subsequent impact of wrongly influencing important financial decisions.

“Although up-to-date CPD may not stop this from happening, an auditor with current skills will be more strongly equipped to accurately plan and execute an effective audit, ensuring the true financial position of an organisation is reported.

“Verified CPD (CPD that is assessed or examined) also forms an essential role in qualifying the effectiveness of the learning to ensure the relevant skills have been obtained.

“Ultimately, CPD in all professions is beneficial for both employees who wish to develop and employers who wish to have a workforce with the right skills and up-to-date knowledge.”

Experience the benefits of CPD with tailored solutions from Kaplan Assessments

We hope this article has shown you that continual professional development can benefit every member of an organisation and why CPD is important to businesses.

If you want to ensure your CPD is verified, Kaplan Assessments can provide tailored professional assessments to ensure your workforce has the skills required to meet your business goals and remain relevant despite changes.

To find out more about our CPD solutions, reach out to our expert team today.