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Lack of career progression opportunities a challenge to talent retention in SMPs

Growth and professional development are the top attracting factors to the profession but it is seen as limited for young professionals working in SMPs, according to a global survey from the ACCA.

The survey, Generation Next – Managing Talent in Small and Medium Practices, found that 88% of the 1,300 young professionals surveyed are focused on achieving a more senior position even though 48% are satisfied with their current role. However, 63% expect they will have to leave their current organisation to obtain a senior role, as 47% see a lack of available roles as the largest barrier to career progression.

ACCA head of SME policy Ben Baruch said: “These trends clearly have implications and put pressures on SMPs to rethink how young talent is attracted, developed and retained.”

Additionally, 93% of respondents agreed that the availability of opportunities to learn and develop skills is key to remaining with an employer. However, 41% said that their employer doesn’t have enough roles available for career progression and 34% said that their employers offer insufficient opportunities to achieve career goals.

Yet the report found that the desire is there, as 83% believe that a finance career background will be valuable for business leaders in future and 78% see a long term future for themselves in the accounting and finance profession.

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