What has changed? The changes in ICAEW’s CPD regulations mean that now almost all accountants in business are required to complete a specified number of verifiable CPD hours each year. All ICAEW members, not just those in practice, are now required to complete between 5 and 40 hours of CPD each year, a significant proportion of which must be verifiable. So, if you haven’t already thought about what your CPD will be this year, it’s time to do so. For employers, it changes the landscape completely. Many employers have been comfortable with their finance team claiming back reasonable CPD expenses, dealing with it ad hoc. This works fine when only a sub-set of your team needed to be able to demonstrate compliance. Now that both ACCA members and ICAEW members need to demonstrate completion, the ad hoc approach is an expensive mistake, both in terms of the monetary cost, and in terms of the missed opportunity. A central purchase can significantly reduce the overall cost of all those individual expense claims and enable you to turn your unseen generosity into a key employee benefit, which can help you to attract and retain the best talent. According to Lian Parsons of the Harvard Division of Continuing Education, 94% of employees say that they would stay longer at a company if it invested in staff development 2 .
Central provision is cheaper than the ad hoc approach and will be welcomed by the whole team as a solution to a problem they would each have to address individually.
But there is even more to it than that…
2 https://professional.dce.harvard.edu/blog/why-is-professional-development-important/
Made with FlippingBook Digital Publishing Software