Career progression conversations are crucial for supporting individuals progressing towards senior stages, yet existing literature predominantly focuses on conversations for individuals entering the workforce for the first time. This paper explores the perspectives of institutional decision-makers of career progression (IDCP), who play a pivotal role in shaping career trajectories. Using constructivist grounded theory, the study draws on guided interviews with IDCP across 14 Australian universities to understand the nature and rationale of the conversations. The findings reveal that career progression conversations are more complex and dynamic than previously found, and IDCP are using them for two key purposes: feedback loops and strategic negotiations. These conversations are highly relational, requiring IDCP to balance institutional priorities with individual aspirations. Central to this process is experiential anchoring, relying on their personal, managerial, and context-specific experiences to navigate these interactions with individual staff. This reliance introduces a subjective dimension that shapes how staff opportunities are framed and decisions justified, contrary to the assumed objective processes and formal guidelines. The study advances Career Construction Theory, offering a framework for designing promotion processes that are both equitable and accountable, better balancing the interplay between institutional policies and individual influences.