Professional managers add £391K of value, research says
Professional managers add an average of £391,443 in value to their employers, according to new research published today (20 May) by the Chartered Management Institute.
Findings of CMI’s Mapping Management Excellence 2015 report, which surveyed 535 professional managers who have attained Chartered Manager status, reveal that one in six (17%) estimate they add £250-500K in value and one in eight (12%) estimate they add more than £500K of value to their organisations every year.
Of those managers surveyed, 80% say they have added value through ‘developing new products or services’, 86% say they have done so through ‘improving operational efficiencies’ and three in five (64%) say they have made ‘significant cost savings’.
The report also examines the impact of a professional management accreditation on the skill sets of managers and their careers. Nearly all of those surveyed (96%) say that they have used their Chartered Manager accreditation as proof of their experience of leading people and managing change, with the same number also using it to showcase to employers their continual learning and growth. 95% use their Chartered status to show employers and peers their integrity as a manager and commitment to ethical behaviour.
More than nine in 10 (92%) claim that becoming a professional manager has given them greater self-awareness and 90% report increased self-confidence as a manager. Four in five (83%) say that they have become better managers as a result of attaining professional status through becoming a Chartered Manager. One in five (20%) of respondents link their professional management accreditation with increased pay and bonuses. On average, these Chartered Managers have seen their earnings increase by £8,845 and bonuses by £7,496.
Ann Francke, chief executive of CMI, says that individual managers and their employers gain from attaining a professional accreditation:
“This report should be a wake-up call for all managers and their employers. As the findings show, professional accreditation through Chartered Manager creates better managers and confident leaders who achieve results. We urgently need to elevate the many so-called ‘accidental managers’ at the opposite end of the spectrum into the ranks of professionals. All managers should now view Chartered status as being essential to their career development and progress. Employers should also look to professionalise their management to boost performance. The benefits to both are now too great to ignore.”
The report features a case study on how Serco, the international service provider to government organisations, has used Chartered Manager as part of its management development programme. The organisation is now the second highest employer of Chartered Managers after the Ministry of Defence.
Commenting, Serco’s Learning and Development Manager (Custodial Services) Garry Regan said:
“On an individual level, our Chartered Managers gain professional credibility and recognition from their peers and this raises their profile in the organisation. On a wider level, having Chartered Managers is a robust way of assessing management competency across the business. We know that if a job can be done, then it will be done – and done well.”
Chartered Manager is the highest professional status that can be achieved in management and leadership. Awarded only by CMI, it is recognised throughout all sectors.
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Notes to editors:
Case studies of the impact of professionalising management in Mapping Management Excellence 2015:
- Open University Business School
- CGL (geotech engineering)
- Acivico (building facilities and management)
- Beverly Landais, Marketing & Business Development Director - Saunderson House
- Stuart Webster, Engineering Manager Projects - Emirates Steel
- Michael Brearey, Managing Director - RDF Building Services