3 Ways to Improve Progression For Your Finance Team

Finance professionals are increasingly prioritising roles that offer clear paths for growth. If their current positions lack opportunities for progression, they’re far more likely to seek opportunities elsewhere. Similarly, when candidates are exploring new roles, companies that don’t offer strong progression pathways are often passed over.

The progression in many finance careers is quite straightforward, and for employers that means there isn't necessarily anything that needs to be improved. Many will take the viewpoint that employees will progress when they're ready. However, those employers who are focusing on improving the relevant avenues for their finance team's career development are reaping the rewards of retaining top finance talent but also attracting them in the first place.

Investing in the progression of your finance team brings both immediate and long-term benefits. It boosts employee satisfaction, enhances loyalty, and ensures that your company remains competitive in attracting the best professionals in the field.

Here are three specific strategies that can help you improve progression opportunities for your finance team:

Offer Study Support

Study support is one of the most common and effective strategies, especially for attracting entry to mid-level finance employees.

More and more companies offer study support packages, which provide employees with the financial assistance and time off they need to pursue professional qualifications like ACCA, CIMA, or ACA. This not only gives employees the immediate relief of knowing they can earn while they learn, but it also sends a strong message that the company is invested in their long-term career development.

Study support is a tangible demonstration that their employer values them from day one. It creates a sense of loyalty, as employees are more likely to stay with a company that actively supports their educational and professional advancement. By offering study support, you’re not just helping employees gain new qualifications; you’re promoting a culture of continuous improvement and development that will be beneficial in both employee retention and productivity.

Create a Performance Management Strategy

A well-structured performance management strategy is key to helping finance employees understand where they currently stand and what they need to do to advance.

At its core, a performance management strategy involves regular one-on-one meetings, clear goal setting, and consistent feedback. This approach ensures that both employees and employers are on the same page when it comes to career progression.

Often, there’s a communication gap between finance professionals and their managers regarding promotions and career advancement. Without regular check-ins and progress tracking, employees may have no idea how close—or far—they are from achieving their next promotion.

Likewise, employers might not fully grasp an employee’s willingness for advancement if they aren’t conducting regular reviews. Or they may not fully grasp their skills if they're not developing them through necessary training. Implementing a performance management strategy:

• Boosts motivation, productivity, and overall performance

• Improves employee-manager relationships

• Ensures employees are constantly learning and improving their skills and knowledge

A win-win for all.

Invest in Different Ways for Employees to Develop

Investing in various development opportunities, such as training programs, advanced technology, and on-the-job learning, is crucial for long-term growth in your finance team. When employees see that there are constant efforts being made to help them improve and become more efficient at their jobs, they feel more secure in their future with the company.

This could mean offering specialised training in areas like financial modelling, risk management, or advanced Excel techniques. Additionally, investing in better payroll software, such as Sage or QuickBooks, and ensuring that your team is fully trained on these tools can greatly enhance their efficiency and effectiveness. On-the-job training is equally important, allowing employees to learn by doing, which often leads to better retention of skills and knowledge.

When finance employees know that there are continuous efforts to develop their skills and provide them with the tools they need to succeed, they are more likely to remain engaged and committed to their roles. This not only enhances their performance but also contributes to a more successful finance team overall.

- Written by Blaine Keane

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