This report analyzes the global tax market from a recruitment and retention perspective. Key takeaways include:
- Uncertainty: 2023 is characterized by unprecedented uncertainty in the tax profession, with several factors contributing to this climate.
- OECD Pillars: The potential implementation of OECD Pillar 1/Pillar 2 could significantly impact the U.S. tax market, requiring new skills and strategies.
- EY Split: The probable split of EY's audit and consulting functions could lead to increased competition for tax talent and higher training costs.
- Economic Recession: A possible recession could affect recruitment and retention differently than in past downturns due to new market factors.
- Baby Boomer Exodus: Despite a slowdown in 2022, a significant "brain drain" is anticipated as baby boomers retire over the next several years.
- Supply and Demand: Ongoing supply and demand issues in tax are expected to continue, exacerbated by factors such as retirements and remote work preferences.
- Global Trends: In Europe, Asia-Pacific, and Latin America, key issues include preparing for BEPS 2.0, dealing with more aggressive tax authorities, and adapting to hybrid work models.
The report emphasizes the need for tax leaders to be attentive, agile, and prepared to navigate these uncertainties. It suggests that collaboration between tax, finance, and HR leadership will be crucial in addressing these challenges effectively.
This assessment provides valuable insights for tax leaders, finance executives, and HR professionals to understand and prepare for the evolving tax landscape in 2023 and beyond.
