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Blog The Promotion Problem There has been a lot of talk in the media lately regarding the education system and the way that children are now focused on learning to pass an exam, as opposed to learning organically and with genuine interest in the subject matter. Arguably, this concept is highly relatable to the corporate environment. Climbing the career ‘ladder’ and focusing on that next vertical promotion has long been at the forefront of the minds of many ambitious accountants. Success has historically been regarded as achieving promotion after promotion as a result of late nights and early mornings. But from the viewpoint of companies and employees alike, a promotion is no longer the ultimate way to measure or determine career success. Organisational structures are flattening and employees are no longer seeking the next step up but the next opportunity to broaden their knowledge, attain new skills and fine tune their technical abilities. Horizontal moves to different teams or markets are becoming more popular in comparison to vertical promotions that do not provide the right experience or exposure. Research by CEB has revealed that many finance teams are still using outdated frameworks to design career paths and not taking into account that employees are often seeking diversification over promotion. A lack of career opportunity is reportedly the most common reason finance employees leave their jobs. At present, the main focus within finance departments is to prepare employees for specific, set in stone promotions according to CEB. Alternatively, many promotions only occur when a vacancy arises. In light of this, companies should address the changing needs of employees and focus efforts on training and developing their staff by providing new projects, rotations across different teams or investing in external training courses to keep staff motivated. Not only will this aid talent retention, but a fluid, collaborative organisation can improve productivity and support a business in reaching its own goals in the process. Sheridan Maine’s unmatched knowledge of Finance and Accountancy Recruitment is why they are the go-to specialists for permanent, contract, temporary and interim positions for a broad range of clients across Basingstoke, South Hampshire, Bournemouth, Bristol, London and Birmingham. 🐠
