Ninety per cent of business leaders say value of professional designations increasing
Investing in employees’ professional development (PD) can lead to impressive results for employers, according to a recent survey of Canadian business leaders.
When asked about the benefits of having a PD strategy, 98 per cent cited attraction and retention of “the best and brightest,” while 92 per cent cited lower employee turnover and 87 per cent cited greater company profits.
Succession planning, reduced employee turnover and making their organization a more attractive employer were also identified as important factors of an effective professional development strategy, found the Canadian HR Reporter survey of roughly 250 business leaders.
“A professional development strategy can help foster employee engagement and loyalty,” says Raj Kuchibhatla, global head of research and insights at Key Media, publisher of Canadian HR Reporter. “The research shows that professional development plays a significant role in addressing key business challenges.”
Increasing value but limited budget
Ninety per cent of business leaders say that the value of having a professional designation is increasing (46 per cent) or remaining constant (44 per cent), while only nine per cent believe it is declining.
However, only eight per cent of those surveyed spend their entire professional development budget each year while more than a third (38 per cent) spend less than 50 per cent.
“It’s important for organizations to make full use of their training budgets to support and improve their workplaces,” says Kuchibhatla. “These decisions can have a tangible impact on some of the biggest challenges that businesses face.”
More desirable job candidates
Survey participants overwhelmingly (95 per cent) view applicants with a designation as more desirable than those without, found the survey, funded by the Canadian Marketing Association, which introduced the Chartered Marketer (CM) designation in 2018.
Eighty per cent say that an applicant with a professional designation will command a higher salary and 87 per cent say such an applicant will have a breadth of skills and contribute to overarching business strategy.
Canadian HR Reporter and HRD, along with the Canadian Marketing Association, will be hosting a free webinar for HR professionals discussing “3 Ways Professional Development Improves Your People (& Your Bottom Line)” on March 12 at 12 p.m. (ET). For more information on this webinar, you can register here.