Retaining Key Talent with Succession Planning

In the competitive world of accountancy, retaining top performers is more than just good business, it is essential for future-proofing the success and continued growth of your firm. 

As partners begin to retire and leadership roles evolve, the question becomes not only who will step up, but will the leaders of the future stay, and do they feel connected enough to remain for the medium to long term?  Hence, good succession planning is not just about identifying future leaders, it is also about keeping your people engaged, supported, and invested in the business’s future.

Here are five effective strategies to help your firm retain key employees and build a robust leadership pipeline:

1. Continuous Development – Invest in Tomorrow’s Leaders

Accountancy professionals are more likely to stay with a firm that truly supports their career growth. From technical updates and specialist qualifications to soft skills and leadership training, development opportunities keep your team sharp and motivated.

According to a 2024 study by EY, employees who feel supported in their career development are 73% more likely to remain with their employer. It is a compelling statistic highlighting how continuous development can lead directly to improved retention.

2. The Power of Mentorship in Succession Planning

Mentorship is one of the most underutilised yet powerful tools in the succession planning toolkit. It fosters professional relationships, provides hands-on development and can promote internal mobility.

Establishing structured mentorship programmes allows experienced team members to pass on invaluable knowledge while helping emerging talent build confidence and clarity around their career trajectory. It is a win-win: your senior team reinforces their leadership whilst your future leaders feel supported and seen.

3. Flexibility is the New Normal

Flexible working is no longer a nice-to-have; it is an expectation. Firms which “embrace” hybrid models, flexible hours, and remote working options consistently report higher levels of job satisfaction and employee retention.

Offering flexibility shows that your firm understands modern working patterns and respects individual needs. This, in turn, fosters loyalty and can be a decisive factor when high performers consider their long-term future with your firm.

4. Recognition and Reward – Valuing Your People

Recognition is a powerful motivator. Employees who feel appreciated are more likely to stay engaged and committed to their roles. Whether it is a bonus for hitting targets, a promotion for consistent excellence or simply a public thank-you, showing appreciation strengthens your firm’s culture.

Incorporating recognition into your retention strategy can have a profound impact. Celebrating professional and personal achievements helps to build a sense of belonging and ensures your team knows they are valued.

5. Career Pathways – Clarity Breeds Commitment

People want to know where they are going. When employees understand how they can progress within your firm, they are more likely to remain focused and motivated.

Mapping out achievable career paths with regular review points gives your team direction and purpose. Tools such as individual development plans (IDPs) and transparent promotion criteria help employees see a future at your firm that includes leadership.

Building a Legacy with Retention at the Core

Effective succession planning is not just about anticipating who might fill a senior role, it is about creating the right environment to retain the talent who could. By investing in development, encouraging mentorship, offering flexibility, recognising contributions, and clarifying career progression, your firm will be better equipped to navigate change and grow from within.

The future of your firm depends on the leaders you nurture today. Are you doing enough to ensure they stay?

Darran Crellin, Director