This report provides insights into hiring trends for corporate tax departments based on a survey of tax hiring authorities. Key takeaways include:
- 68% of tax departments plan to hire in 2019, with 71% of those planning to add 1-3 new positions.
- There was a 33% decrease in hiring for tax technology positions compared to 2018, possibly due to increased outsourcing or focus on tax reform.
- 60% more companies expect hiring to be difficult to very difficult in 2019 compared to 2018.
- There was an 88% increase in companies utilizing Big 4 or other professional services firms over the past two years.
- About 1/3 of tax professionals believe their compensation is not at market standards, a consistent trend over the past five years.
- 79% of tax departments consider increasing diversity important, but progress has been limited, especially in ethnic diversity.
- There's a 46% increase in companies planning to offer full-time employment to interns.
- Many departments may be underestimating potential turnover, with 35% not expecting to lose any employees.
- More companies are using retained firms for recruitment, indicating a shift towards higher-quality candidate searches.
- There's a trend towards hiring for mid-manager and director level positions, with less focus on entry-level hiring.
The report emphasizes the need for tax departments to prepare for unexpected turnover, ensure competitive compensation, and consider alternative staffing solutions in a challenging hiring market.he report encourages tax leaders to use this data to educate their HR and financial leadership about current market conditions.
