With trust in business falling in the wake of high-profile scandals such as those in the banking sector, new research from the Chartered Management Institute (CMI) suggests that managers are seeking to demonstrate their professionalism by attaining Chartered status.
The research showed that 97 per cent of those who had become Chartered did so in order to build professional recognition, with 94 per cent seeking accreditation both to prove their commitment to ongoing professional development and their commitment to management as a profession. By contrast, just 24 per cent were motivated by the prospect of a pay increase.
With adherence to an ethical code of conduct at the heart of Chartered status, 90 per cent also agreed that becoming Chartered is a sign of higher levels of professional integrity.
The report, Professionalising Management: the impact of Chartered Manager, examines how Chartership has benefited managers as individuals and the impact on their employers. Ranked by managers as one of the top 3 most effective management development options, the report reveals that the most widespread benefits of becoming Chartered are increased self awareness (93 per cent) and self confidence (86 per cent). By making significant savings or performance improvements (68 per cent) or implementing product, service or market innovations (65 per cent), it is calculated that Chartered Managers deliver an average of £362,176 in added value to their organisations.
Ann Francke, CMI Chief Executive, said of the results:
“At a time when trust in business has been rocked by scandals in some of our biggest companies, firms need managers who are committed to the highest standards of integrity. Chartered Manager is a seal of approval for managers, showing that they are committed to the highest standards of integrity and have a proven ability to deliver business results.”
Although personal gain was not a key motivation for individuals to become Chartered, the research found that around one in three people enjoyed a promotion or career progression as a result, with an average salary increase (where received) of £7,190 a year.
The report’s case studies show how leading employers use Chartered Manager to support business wins, for example as a form of quality assurance for customers. Stuart Godden, Engineering and Commissioning Director of BAE Systems (Maritime – Submarines) is one employer who has benefitted from providing Chartered Manager to employees. He said:
“Chartered Manager raises the standard of our leadership and man-management, which enables our managers to motivate their teams to deliver products, to time and to cost – meaning that we are able to meet our customers’ high expectations. It also broadens the perspective of our managers, many of whom are highly skilled in a technical occupation. It helps us offer them career development across a range of roles and lets them know that the business values them and is investing in them.
“Providing these very technically skilled employees with independent recognition of their management skills gives them the confidence to act on what they see. That enables them to challenge traditional ways of doing things and rise to the challenge of leading projects at cost and on schedule.”
Ann Francke added:
“When we are all challenged to deliver more for less, there can hardly be a better time to look again at how professional managers can deliver better results. We all face a tough business environment but developing world-class managers is the key to growth. Chartered Managers have the confidence, the skills and the integrity that’s needed to help their employers succeed.”