How Does CPD Accreditation Improve my Business Profitability?

Continuing Professional Development has become a valuable resource for organisations of all sizes. With increased competition, and rapid changes in technology and the business environment, CPD accreditation can play a crucial role in improving competitiveness and underpinning successful growth. The following article explains the benefits of CPD to businesses and how CPD accreditation can improve business profitability.

What is CPD?

CPD stands for Continuing Professional Development and is the term used to describe the learning activities professionals engage in to develop and enhance their abilities. At its core, CPD is about the individual and their commitment to ongoing lifelong learning. It encourages looking forward and identifying opportunities to learn something new, refresh existing knowledge, improve skills, or simply keep up-to-date with the latest developments within a particular profession or industry.

What is CPD accreditation?

Organisations become CPD providers to present their knowledge and expertise to delegates and attendees in the form of structured and accredited CPD. Accreditation can apply to a number of core learning activities, which includes training courses, workshops, seminars, eLearning, conferences, and educational events. The accreditation process takes an impartial and objective overview of the structure and value of training materials to ensure full conformity to Continuing Professional Development guidelines.

The benefits of CPD accreditation for businesses

A fundamental benefit of CPD is that it creates an opportunity for businesses to demonstrate their knowledge as an industry expert and distinguish themselves from competitors. Recognised CPD accreditation can help obtain new clients, as well as increase delegate bookings for events and courses, leading to growth in training and events revenue. In addition, although not exhaustive, the following lists the key benefits of CPD accreditation for businesses:

• Improves brand perception and shows a high level of professionalism.
• Ensures standards remain consistent in the workplace.
• Supports achieving business goals and objectives.
• CPD accreditation leads to better in-house training.
• Creates an internal culture of learning and improvement.
• Can lead to greater productivity and performance.

CPD accreditation is especially beneficial for businesses offering specific training, events and learning activities. When seeking to become CPD accredited, in-house learning and training will be independently assessed by our team of qualified Assessors to see where any improvements can be made. CPD accreditation gives more authority and provides peace of mind to those undertaking the learning that it meets the required standards and benchmarks.

An individual commitment to CPD is also valuable to both employer and employee. For employers, it helps to develop skills and knowledge within their field, ensuring they remain informed and can continue to provide a high standard of service to clients and customers. It can also be used to develop management skills which improve the culture and effectiveness of the workplace.

For employees, CPD enables the advancement of skills which enhances confidence and productivity within a given job role and instils a mind-set and desire for constant improvement. A commitment to CPD within a business encourages employees to stay with a company, as there is seen to be opportunity for progression and career development.

How does CPD accreditation improve business profitability?

All organisations that face competition need to find new ways to retain staff and differentiate themselves in an increasingly crowded market. CPD accreditation can lead to improved business profitability and help in driving training objectives forward. Here are some of the ways CPD accreditation can affect business profitability:

Sets a business apart from the competition - As mentioned earlier, accreditation gives greater credibility and a mark of quality and professionalism, making customers more likely to choose that businesses services over non-accredited competitors.

Access to a wider network, opening new opportunities - When a business becomes a CPD member, they gain access to a large network of other accredited providers. They’ll be able to share their own expertise, as well as receive input from a much broader community. Through networking, it can open up new business opportunities and potential customers.

As an expert in an industry, more can be charged for services – Through accreditation, a business will be seen as an authority in the industry. This will not only help to gain new customers, but the established expertise means they can also start charging more for their services.

Higher level of recruitment and employee retention - CPD accreditation will prove attractive to potential employees, making it easier to find the right individuals for job positions and attract a higher level of candidate. CPD opportunities and a commitment to ongoing development can increase job satisfaction and make staff more likely to stay and invest effort into progressing their careers within a business. Retaining staff has huge cost benefits, with some UK studies estimating that high staff turnover and re-hiring can cost a business £11,000 per person.

Reduces training expenditure and keeps costs low - CPD involves different forms of learning and does not necessarily require a huge financial investment. CPD accreditation will apply to both structured learning (training courses, seminars, conferences) and unstructured learning (relevant books, articles, podcasts, online materials), so can be an inexpensive option for businesses. This can be especially valuable to small business which do not have the resources to invest in expensive, bespoke internal training programmes. There is more on the benefits of CPD for small business in our previous article here.

Streamline management processes - CPD can often be a focal point for management reviews and annual appraisals. Employees can align their CPD with the organisation objectives, allowing a business as a whole to cohere around strategy and mission, improving growth and profitability.

Maintains industry knowledge and current market conditions - Active CPD for both employers and employees can ensure that a business is informed and up to date with the latest industry knowledge and market trends. This will help give an organisation a competitive edge and more opportunity for success and profitability.

Encourages flexible learning and a culture of learning - The principle and philosophy of CPD is lifelong learning, which encourages employees to constantly improve and develop. CPD helps create a culture of learning within a business, which leads to the constant search for improvement, and translates in to business growth and success.

Improves productivity and potential for business growth - The combination of increased competitive edge through the recognised expertise of accreditation, higher calibre staff and employee retention, and a well-trained workforce in a culture of learning, will ultimately make a business more productive overall. This forms the basis for increased growth and profitability.

Read Case Studies from our members

We have been asking our members for some feedback on the reasons why they became a recognised CPD provider, as well as how they have implemented CPD accreditation for their training courses and events. If you would like to find a range of helpful and informative examples for your industry, you can visit our member case studies page. The case studies are direct feedback from our current members and provide more insight into the value and benefits of gaining CPD accreditation.

How to become a CPD accredited training provider

Established in 1996, The CPD Certification Service has over 27 years’ experience providing CPD accreditation. With members in over 100 countries, our CPD providers benefit from the ability to promote themselves as part of an international community where quality is both recognised and assured. 

The CPD Certification Service provide accreditation for organisations ranging from small consultancy firms to large training providers, multi-national corporations, conference & events organisers, universities, further education colleges, local authorities, councils and Government departments. Along with the benefits of accreditation discussed above, there are also the following further benefits of gaining membership to support a fully holistic CPD provision:

• Review and advise on organisational CPD requirements.
• Licence to use CPD Member logo on company marketing materials.
• CPD Certified symbol on approved CPD course materials.
• Presence in CPD Providers Directory for user validation and searching.
• All certified training courses listed in the Course Catalogue.
• Ability to publicise certified events on CPD Event Calendar.
• Full administration of delegate CPD certificates post activity.
  

We hope this article was helpful. If you are considering becoming a CPD accredited provider, please contact our team to discuss in more detail. Alternatively, if you are looking for a free online record tool to help manage, track and log any Continuing Professional Development targets, store personal training records and CPD attendance certificates in one simple place, please visit the myCPD Portal page.