This report provides insights into current hiring and retention trends in the tax industry based on a survey of tax hiring authorities. Key takeaways include:
- Hiring boom: 84% of companies plan to hire new employees in 2022, up from 65% in 2021.
- Compliance focus: Despite automation efforts, compliance remains the most critical area for hiring both permanent and interim staff.
- Compensation concerns: 83% believe salary and title inflation will significantly impact hiring and retention. 64% are not confident their teams are compensated at current market standards.
- Hybrid work model dominance: 87% of tax departments are leaning towards a hybrid work structure, with 84% already implementing it.
- Increased use of outside assistance: 92% of companies anticipate using external help, with a shift towards contract staffing and specialized interim workforce providers.
- Technology gap: Only 23% of departments have a dedicated tax technology leader, highlighting a skill gap in this area.
- Diversity initiatives: 75% of companies have diversity initiatives in place, with African American and Hispanic candidates being the most difficult to recruit.
We emphasize the importance of understanding these trends to make informed decisions about staffing and retention. The report encourages tax leaders to use this data to educate their HR and financial leadership about current market conditions.
