If the only opportunities for advancement in your organisation beyond "senior developer" require a move into mgmt or team leadership, that will work against the stability of your teams. Seriously consider hands-on dev career paths with equivalent status and rewards.
@jasongorman Absolutley this. I’ve left a number of roles where there was no opportunity to advance within the organisation in a purely technical role. That was a loss to many of those orgs, but even when I handed in my notice they had no mechanisms that would have enabled me to stay.