Succession planning is a crucial process for any organization, but what happens when the identified individuals do not aspire to their boss’s position or higher leadership roles? What if they are content with their current managerial roles and have no desire to become partners? This is where progression planning comes into play, bridging the gap and ensuring continued growth and engagement among new generations of accountants.
Defining progression planning
Per the Talent Management Institute, “Progression planning is a systematic and proactive process that focuses on identifying and developing internal talent to meet the future leadership needs of an organization.”
Instead of an “elite” group, all employees have development plans based on core competencies of the ideal future leader, which can be further customized to align with their own aspirations.
By creating clear, yet flexible pathways for advancement within an organization, progression planning empowers accountants to envision their professional growth beyond the traditional hierarchical structure.
The importance of clear roadmaps and options
With a growing emphasis on work-life balance and personal development, organizations that provide well-defined paths to progress are better equipped to attract and retain top talent.
According to a 2023 Pew Research Survey, employees aged 29 and below face higher levels of job stress and overwhelm compared to other age groups.
This increased stress has a detrimental effect on individual and team resilience in the workplace. However, by implementing progression planning as part of onboarding and training programs, organizations can foster greater resilience within their teams.
First, progression planning provides clear career paths and growth opportunities, which in turn enhances job satisfaction and engagement. This helps individuals stay resilient during challenging times, rather than disengaging or seeking new opportunities elsewhere.
Second, progression planning promotes a growth mindset, encouraging continuous learning and viewing obstacles as opportunities for personal and professional development.
Lastly, by building a succession pipeline through progression planning, organizations ensure there are qualified individuals ready to step into key roles during unexpected events, fostering adaptability and resilience within the team.
Getting started today
To implement progression planning in finance and accounting leadership, start with a skill gap analysis. Compare the ideal skill set for future leaders with existing skills, and bridge the gap with tailored training curricula.
You can use a simple Now/Next/Later Career Roadmap in Excel to get started. The idea is to think about what is needed this year (now), in the next two years (next), and then in five years (later), and to plan it across the three dimensions of technical skills, soft skills and general knowledge.
The key is to be creative, so learning feels “fun.” You could host Lunch and Learn webinars, inviting people from other departments or companies, or have Ask Me Anything skip-level meetings so junior staff can interact with senior executives one on one, or something else along these lines.
Progression planning is a vital strategy for organizations to bridge the gap when succession planning falls short. By providing clear pathways for growth and development, companies can create an environment that resonates with the modern workforce’s desire for personal and professional fulfillment. As businesses navigate an ever-evolving landscape, embracing progression planning becomes crucial to enhance team resilience and guarantee sustainable organizational success.
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