This whitepaper explores the unique challenges facing the tax profession in the current candidate-driven market. Key points discussed include:
- The impact of remote work on hiring and retention, including increased competition for talent and pressure on compensation.
- Demographic shifts, particularly the exodus of Baby Boomers, leading to a significant loss of knowledge and experience.
- The creation of new tax departments due to spinoffs, IPOs, and SPACs, further increasing demand for skilled professionals.
- Frequent regulatory and statutory changes requiring highly skilled talent to navigate complex compliance landscapes.
We propose several solutions for tax leaders:
- Carefully evaluate the feasibility of remote/hybrid work models for their teams.
- Prioritize succession planning at all levels, not just for top positions.
- Ensure competitive compensation through regular market assessments.
- Leverage Baby Boomer knowledge through flexible work arrangements and mentoring programs.
The whitepaper emphasizes the need for tax departments to be flexible and adaptable in their approach to hiring and retention. We stress the importance of understanding team members' needs and career aspirations while aligning with organizational goals.
This resource provides valuable insights for tax leaders navigating the complex post-COVID hiring landscape, offering practical strategies to attract and retain top talent in a highly competitive market.
