No matter what is thrown at them, professional bodies need to continually adapt to stay relevant, support their members and remain current.
We all know what an important role professional bodies play in setting standards and promoting professionalism within their various industries, but how can they stay ahead of the game and continue to attract new members in an ever-changing political and economic environment?
Member engagement must be a top priority
Membership retention is higher up the agenda than ever before. For some, this is due to the ageing profile of their membership and for others, the key focus is remaining relevant. There is also the challenge of attracting new generations.
The sector is seeing more member engagement as it seeks to better understand member priorities and what future generations want from their industries. Fostering strong relationships with schools, apprenticeship schemes and universities can play a key role to identify where future members may come from.
It is also important to ensure any engagement is meaningful. Leveraging technology to enhance communication, provide value-added services, and foster a sense of community is a good start. But this requires understanding member needs and preferences, and tailoring offerings accordingly.
Other factors
Another area is digital transformation. Advancements in technology are both reshaping professional bodies themselves but also the sectors in which they belong. Professional bodies need to not only integrate new technologies into their own operations, but also support their members in adapting to technology changes. This may include developing and offering digital training and creating online communities.
The rapid pace of change can cause skills gaps but these may go beyond technology. More and more we are seeing collaborations to improve the general skills of members, identify new skill requirements and update training programmes to ensure their members remain employable.
Additionally, political changes across 2025 continue to cause challenges for professional bodies. Changes in government can lead to law and policy updates. Professional bodies must stay abreast of these changes and provide guidance to their members.
We have also seen increased volatility in the investment markets following government and policy changes. It is therefore essential that professional bodies have a clear understanding of their investment holdings and any upcoming drawdown requirements, to avoid taking a hit on the values if cash withdrawals are required.
There is also the change to national insurance rates that will impact every institute’s expenditure in 2025 and beyond. Financial sustainability remains critical. Economic downturns, funding cuts, or changes in membership fees can strain resources. The sector needs to continue to find innovative ways to generate revenue, manage budgets, and ensure long-term viability, while keeping hold of its members who provide the greatest source of income.
A new SORP
As if that weren’t enough, 2025 will also introduce additional changes to financial reporting regulations. Our last briefing touched on the changes to FRS 102 and the biggest changes coming for membership organisations in the form of revenue recognition and lease accounting. This year, we have also seen the publication of the new Charities SORP. While not all membership bodies are charities, those that aren’t look to charity reporting standards as a useful guide for what to include in their annual report.
In conclusion, while the sector continues to face numerous challenges, it has always shown resilience and adaptability. Looking ahead, it will need to remain agile in order to effectively support its members and uphold the highest professional standards. Through innovation, collaboration, and proactive strategies, professional bodies can navigate these challenges and thrive in an ever-changing environment.
Jackson Berry is a director at HaysMac
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