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Late retirement creates promotion barrier

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20th Oct 2014
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One in four accountants say the late retirement of colleagues has obstructed their career plans, according to new research from Marks Sattin.

Around 28% of 145 accountants surveyed by the recruiter last month said their career progress had been put on hold by older colleagues delaying retirement.

Of those who said their career progression had been delayed, mainly professionals in their early 30s, 73% have made the decision to move firms.

Across all respondents, 85% said they would consider moving if career progress was hindered.

Dave Way, managing director of Marks Sattin, said firms could lose talent if they failed to ensure clear plans for career development.

“With the economy grinding back into gear, more firms are competing for a finite pool of highly quality accountants, many of whom would have little difficulty finding a well-paid position.

“In order to stay ahead of the competition and retain tomorrow’s leaders, businesses need to ensure that junior and mid-level accountants are aware of how their career development will be supported, what they need to do to achieve their next promotion and the benefit of learning from and working alongside more senior colleagues,” Way said.

Currently just 1% of the accountancy workforce is over the age of 60; however 43% of accountants now believe they will retire beyond the age of 65.

The research also found that more than 60% of accountants believed it was now harder to progress to director and partner level than it was for previous generations.

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Man of Kent
By Kent accountant
21st Oct 2014 11:21

Rubbish

"The research also found that more than 60% of accountants believed it was now harder to progress to director and partner level than it was for previous generations."

On what basis can current junior/mid level accountants reach this assumption?

Situation was the same 19 years ago when I was in practice.

Accountant's shouldn't assume they'll get promoted they need to create the reasons (and opportunities) for their employers to promote them.

After all, why should equity partners and directors/shareholders 'give up' what they have worked hard to create and benefit from?

 

 

 

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By GuestXXX
17th Mar 2015 17:41

.

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Accountants Northampton
By Shamrock
23rd Oct 2014 18:09

I agree
The skills I developed running my own practice make me far more valuable to clients. Knowledge of accountancy and tax can only take you so far, the real epiphany occurs when you've walked in your clients shoes and understand that managing the emotional ups and downs of being a business owner is the greatest challenge they face.

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