Absolutely agree about having some sort of advancing pathway without having to go to management. If you don't you will lose those you can ill afford to lose.

As to moving back and forth between IT and Management, I've successfully done it. I started in IT, became manager of IT, then moved back to a programming position when they consolidated management of IT under another department. I really didn't like management. So I was pleased when I was told of my demotion. I didn't have to go to all those manager meetings, didn't have to do all those manager reports, didn't have to deal with all the nonsense of the IT staff, got to do what I love (programming), oh and did not have to take a drop in pay. It was great. Here I am a decade later working under someone else as manager and loving it.