Paying for continuing education is a valuable benefit, but when it comes to companies offering this benefit, there is room for improvement. Forty-two per cent of chief financial officers (CFOs) interviewed for a Robert Half Finance & Accounting survey said their organizations do not reimburse staff for the continuing education units required to maintain their professional certifications.
The survey was developed by Robert Half Finance & Accounting, the world’s first and largest specialized financial recruitment service. It was conducted by an independent research firm and is based on interviews with more than 270 CFOs from a stratified random sample of Canadian companies with 20 or more employees.
CFOs were asked, “Does your company reimburse employees for the continuing education units needed to maintain their professional designations?” Their responses:
Yes, full reimbursement …….. 41%
Yes, partial reimbursement ….. 14%
No reimbursement provided …… 42%
Don’t know ………………… 4%
Total: 101% *Responses do not total 100 per cent due to rounding
“Organizations that support their employees’ continuing education demonstrate they are dedicated to helping staff members in their career development, which could give companies an edge in recruiting and retaining skilled staff,” said Kathryn Bolt, president of Robert Half Canada. “Although individuals rarely accept a job or stay with an employer solely based on its education benefits, it will become more important for firms to offer such perks as the market strengthens.”
Beyond retention and recruiting, supporting ongoing learning can help businesses develop a more skilled workforce. “Not only does continuing education enhance a professional’s expertise and skill set in their field, but it allows them to stay on top of current industry trends and present new solutions to business challenges within their organizations,” Bolt added.
The Canadian study was developed by Robert Half Finance & Accounting. It was conducted by an independent research firm and is based on more than 270 telephone interviews with CFOs from a random sample of Canadian companies with 20 or more employees. For the study to be statistically representative and ensure that companies from all segments are represented, the sample was stratified by industry and number of employees. The results were then weighted to reflect the proper proportion of employees within each industry.