CPD is a regulatory requirement. Under the Insurance Distribution Directive (IDD), staff involved in insurance distribution – including those responsible for supervising or managing such activities – need to complete a minimum of 15 hours of CPD each year. For members of a professional body, this may be more – for example, the CII requires 35 hours per year. If your CPD year runs from January to December, you may now be looking to record those remaining hours as there are now only two months left until the end of the year.
Though CPD is a requirement, and something to ‘tick off the list’ each year, it has many benefits to the individual and their development when approached with a positive mindset. Undertaking CPD allows individuals to better understand any changes in their industry and to maintain the necessary skills and knowledge to keep up to speed with their peers.
Reframing CPD as something aspirational and worthwhile may make it easier to dedicate the time to record those hours – rather than simply viewing it as a chore.
Remember that CPD:
- Helps maintain competency in a job role
- Keeps existing skills and subject knowledge up to date
- Develops new skills to enable career development
Some may find it hard to fit those hours in around an already busy schedule, but training and development has an important role to play in the workplace. To overlook it, means to miss out on new skills and new career opportunities, not to mention that out-of-date knowledge runs the risk of harm to consumers, which may have legal, financial and reputational consequences.
Going above and beyond when it comes to CPD demonstrates that an individual can:
- Identify and reflect on any gaps in their knowledge
- Adapt positively to change, by continually refreshing their skills
- Focus on training that is relevant to their career goals
- Become more productive by planning ahead to mitigate any shortcomings in their skills or knowledge
A commitment to learning and development has benefits both personally and professionally. It benefits not only the customer and the firm as a whole, but the individual too.