The Productivity Institute signs MoU with Chartered Institute of Management Accountants
The Productivity Institute has signed a Memorandum of Understanding (MoU) with the Chartered Institute of Management Accountants (CIMA), part of the Association of International Certified Professional Accountants founded with the American Institute of CPAs (AICPA), to enable cooperation on generating new insights into the problem of low productivity growth and the role of accountants and finance professionals, UK businesses and government in addressing it.
The productivity slowdown is one of the most significant economic trends of the last two decades. Productivity growth leads to higher labour income, profits and capital gains of businesses, higher public sector revenue and an improved living standard evident by higher income and better work-life balance. Without productivity gains, these positive outcomes are almost impossible to achieve. That means finding a way to increase the productivity growth rate should be a primary goal for the government and private sector organisations.
Together, The Productivity Institute and AICPA & CIMA intend to develop, produce, and publish joint research, host joint events, and collaborate on the secure sharing and analysis of relevant data sets. They have committed to sharing and disseminating best practices and insight amongst the academic and management accounting communities, as well as other relevant stakeholders.
Since 2022, the two organisations have been engaged in a dialogue on productivity issues and improvement opportunities for businesses and the UK government. AICPA & CIMA’s recent report entitled The role of finance professionals in driving productivity is based on research and practical insights generated by the two organisations. These include the experiences CIMA members have in enhancing their productivity and how those efforts link with business partnering, agile transformations, collaboration, and hybrid work practices. It also draws on evidence gathered by The Productivity Institute concerning businesses and the public sector.
Andrew Harding, FCMA, CGMA, Chief Executive — Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants, commented:
“The U.K. is failing to solve its productivity problem, which has been holding the economy back for over a decade now. This is hampering real wage growth and preventing businesses from developing as they should. Having a clear strategic economic, commercial, and political focus to solve this issue has never been more important.
“I am delighted that we are working with The Productivity Institute. I believe this collaboration will generate the research and insights we need to address a decade of economic stagnation, and apply it to building the bright economic future we all want to see.”
Bart van Ark, Managing Director of The Productivity Institute and Professor of Productivity Studies at The University of Manchester, said:
“Businesses are the main drivers of productivity growth, yet it often remains unclear to leaders in key business functions like finance how they should be thinking about productivity and how to incorporate it into their everyday actions to add value. We look forward to working with AICPA & CIMA to ensure productivity-boosting measures are better understood and incorporated into an organisation’s broader strategy.”
About The Chartered Institute of Management Accountants
Founded in 1919, The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. As part of the Association of International Certified Professional Accountants, CIMA and its members and candidates operate in 196 countries and territories, working at the heart of business — in industry, commerce, the public sector and not-for-profit organisations. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.
About AICPA & CIMA, together as the Association of International Certified Professional Accountants
AICPA & CIMA, together as the Association of International Certified Professional Accountants (the Association), advance the global accounting and finance profession through work on behalf of 689,000 AICPA and CIMA members, candidates and engaged professionals in 196 countries and territories. Together, it is the worldwide leader on public and management accounting issues through advocacy, support for the CPA license, the CGMA designation and specialised credentials, professional development and thought leadership. They build trust by empowering members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.