As professionals, the goal of every worker is to strive for the next step in their career. One way to accomplish this is through getting a promotion. Getting a promotion normally comes with it’s perks such as higher pay, more responsibility, and of course, a new job title. Reaching the next step means that the employer is satisfied with one’s work and one’s contribution to the company. From a career standpoint, getting a promotion signifies personal career growth and serves as a milestone which affirms an individual’s success in their field.
In numerous cases, it is more difficult for individuals to progress in their career as there are several external factors that play in the mix of promotions such as the type of industry and job location. As individuals in certain states in the U.S. and specific industries have hurdles that slow their career progression. Not to mention, getting promotions have been more of a blur due to the pandemic; with businesses having to cut back on capital spending and implementing lay-offs.
What are the promotion hiring trends per city and industry? What are the in-demand skills for these industries in order to obtain promotion?
Product Management Industry
Product managers guide the success of a product and lead cross-functional teams in order to successfully launch a product in the market. Product managers are responsible for managing all aspects of a product from market conditions to product release to delivery. Their role varies depending on the company and the product.
Product managers have 149% above national average internal promotion rate where the top regions include Fayetteville, Arkansas, Austin, Texas and Richmond, Virginia. The top skills in-demand for product managers are product strategy and product road mapping. As product managers work closely with the product, it is important for product managers to expert these skills and have a deep understanding of the product they are managing.
Marketers all share a common goal of generating revenue for a company, brand, or organization. This is possible through the execution of marketing strategies in order to drive engagement, obtain qualified leads, and generate sales. There are several career paths within the marketing field such as specializing in product marketing, social media marketing, and market analysis.
Marketers have a 94% above national average internal promotion rate where the top regions include New York City, Boston and Austin, Texas. The top skills in demand in the field are digital marketing, email marketing, and content marketing. With the rise of more emphasis on marketing through social media, it is no surprise why the top skills involve social media based marketing skills.
Program and Project Development Industry
Program and project development managers oversee the more technical parts of a company in contrast to a product manager that works on specific projects. They are responsible for planning, prioritizing and coordinating project development endeavors based on customer requirements. For example, a program and project development manager in the tech industry is responsible for overseeing the launch of a feature in an app or a website.
Program and project development managers are 51% above the national average when it comes to internal promotion where the top regions include Wilmington, North Carolina, Fayetteville, Arkansas and Raleigh-Durham-Chapel Hill, North Carolina. The top skills for this role include cross-functional team leadership and agile project management. As program and project development managers manage a larger scale of a project, being an effective leader and being highly adaptable allows them to lead more efficiently which ensures a smoother program or project launch.
An accountant’s basic responsibility is to keep track of one’s personal finances or an organization’s finances. Some accountants may vary in specializations and serve different roles in a company’s or an individual’s finances such as being an auditor, a financial accountant or tax accountant. For example, an auditor would evaluate if a company’s financial statements comply with the generally recognised accounting principles. While tax accounts file an individual’s or company’s tax returns.
Accountants are 47% above the average national average internal promotion rate where the top regions for promotion include Boston, Denver and Chicago. The top skills being sought after are account reconciliation and generally accepted accounting principles. Especially when handling big clients and company finances, account reconciliation and having a comprehensive understanding of the accounting principles is a must in order to display credibility and reliability.
Human Resources Industry
Majority of businesses rely on human resource professionals in managing a company’s employees. From recruiting to employee training, human resource professionals are responsible for managing the employee’s lifecycle. Individuals in human resources may specialize in either recruiting, employee benefits, or conflict resolution.
Human resource professionals have an internal promotion rate 44% above the national average where the top regions for promotion include Fayetteville, Arkansas, Boston and Raleigh-Durham-Chapel Hill, North Carolina. The top skills in-demand in this industry include onboarding, applicant tracking systems, and recruiting. Especially with the great resignation and surplus in job openings, human resource personnel must excel in attaining top-fitted candidates for open roles and recruiting them for the company.
Business Development Industry
As a company continues to flourish, the key for a business’s success is their business development. Business development managers are focused on finding the right opportunities for a business to ensure sustained growth. May it be globalization or finding a new line that the business can benefit from, business development managers are crucial in the future of a company’s success in the market.
Business development managers have a 26% above national average internal promotion rate where the top regions include Fayetteville, Arkansas, Santa Barbara-Santa Maria, California and Chicago. The top skills in demand for business development managers are their ability to strategize and tableau.
Finance professionals range in different roles such as bank tellers, mortgage managers and investment managers. Due to the pandemic, the role of finance professionals has been substantially crucial for several individuals; as customers and clients sought banks and lending institutions for financial support during the declining economy. Employers in this industry are quick to promote existing employees with in-demand roles in order to ensure they are fully staffed during operations.
Finance professionals have an 18% above national average internal promotion rate where the top regions for promotion include Boston, Wilmington, North Carolina and Pittsburgh. The top skills in demand for finance professionals are financial analysis and finance modeling. Especially when handling an individual or company’s finances, finance professionals must be critical in their ability for financial analysis and financial modeling.
Sales serves as a key profitability driver for several businesses and establishments. The industry relies on sales professionals in order to sell their product or service in the market. With a variety of industries and a wide array of products and services, sales professionals may either directly sell to a customer (B2C) or sell from business to business (B2B).
Sales professionals have a 13% above national average internal promotion rate where the top regions for promotion include Austin, Texas, Santa Barbara-Santa Maria, California and Raleigh-Durham-Chapel Hill, North Carolina. The top skills for sales professionals include account management and cold calling. Sales professionals that work with larger corporations must drive sales and establish good connections with their clients. Being experienced in account management and cold calling are effective tools for sales professionals to do so.
Consultants provide businesses with advice and expertise in order for the business to improve their performance. They offer advice based on a business’s operations, profitability, management, structure, and strategy. Businesses tend to hire consultants if they lack in-house expertise, need a second opinion or need help with the company’s business model.
Consultants are 13% above the national average when it comes to internal promotions where the top regions for promotion include Chicago, Boston and New York City. The top skills in demand for consultants are their ability for business analysis and agile methodologies. As some businesses hire consultants during difficult periods, it is crucial for consultants to be experts in analyzing businesses and coming up with agile methodologies.
The purchaser’s role serves different functions depending on the business’s field and needs. Purchasers are responsible for the procurement process meaning they ensure the process of purchasing production materials, supply of goods and equipment runs smoothly. For example, a purchaser may order clothes from a direct supplier to be sold to customers. Another example would be a purchaser ordering raw materials from a manufacturer for a company’s product.
Purchasers have a 12% above national average internal promotion rate where the top regions for promotion are in Fayetteville, Arkansas, Columbus, Ohio and Atlanta. The top skills in-demand for purchasers are strategic sourcing and procurement. Specifically with a larger scale of production, purchasers must be proficient in strategic sourcing and procurement in order to ensure a business’s operations flows efficiently.