How HR Can Use CPD to Boost Employee Retention Rate

Continued professional development (CPD) can be important for getting the most from your employees, helping them to broaden their skillsets and add more value to the business. However, it can also be a key element in employee retention and reducing your turnover.

Why is CPD important?

There are many reasons why CPD should be a priority for any HR department, one of the most compelling of which is compliance. If you operate in an industry where keeping up with evolving rules and regulations is essential - financial services or healthcare, for example - you need to know that your people have the necessary knowledge to ensure the business is complying with the law.

Investing in CPD is a good way to give your workforce the time and resources they need to study and stay up to date with the latest legislation.

Furthermore, it's important to support your people in their efforts to grow and develop professionally if you want to keep up with the breakneck pace of technological advancement. The digital revolution has already transformed countless industries, and this will continue to be the case throughout the 2020s, as technologies like AI, blockchain and automation become more influential.

To stay relevant at this time of rapid change, you need to invest in your people and their capabilities.

The benefits of CPD (for employer and employee)

Businesses need the right knowledge and abilities in their workforce to succeed. Gartner research has highlighted the global talent shortage as the top emerging risk facing organizations, while Korn Ferry has warned that, by 2030, more than 85 million jobs could go unfilled because of skills gaps.

Committing to CPD will help you build a stronger talent pipeline so you're well-positioned to overcome current challenges and seize opportunities, but also prepared for what the future could hold for your industry.

Furthermore, showing that you're ready to support people's professional development will boost your employer brand and contribute to a stronger employee experience. This will fuel productivity and reduce staff turnover.

For employees, they’ll be more likely to gain a sense of satisfaction and fulfillment from their work if they feel like they're constantly developing and learning new things.

As well as making them a more valuable asset to their current organization (which puts them in a better position to negotiate higher pay), CPD will enhance workers' long-term employability and future career prospects.