Here are a few key takeaways from our 2024 Tax Hiring Outlook webinar:
Hiring outlook for 2024:
61% of tax departments plan to hire in 2024, which is lower than recent years but still positive.
The presenters believe actual hiring may end up being higher due to unexpected turnover and new regulations requiring additional resources.
Compensation trends:
55% of tax leaders are not confident their teams are compensated at market standards.
70% are still concerned about salary and title inflation, though this is down from previous years.
Top functional areas for hiring in 2024:
Tax Accounting
Tax Technology
Tax Planning
Budget impacts:
54% expect reductions in consulting budgets
41% anticipate potential hiring freezes
Retirements:
77% do not anticipate retirements affecting their tax function in 2024
However, 41% of head of tax roles are still held by Baby Boomers, with many nearing retirement age
The speakers believe retirements will have a bigger impact than many anticipate
Key challenges:
Finding tax professionals with both strong accounting and tax skills
Retaining top talent as more opportunities open up due to retirements
Managing workload with potential budget/headcount constraints
Addressing "blockers" in senior roles preventing advancement of younger talent
The speakers emphasized the need for tax leaders to be proactive in addressing these challenges through succession planning, development of younger talent, and creative approaches to resourcing and retention.
