This article highlights three major trends that will make attracting, retaining, and developing tax talent more challenging:
- Demographic Shifts:
- Over two-thirds of existing heads of tax are likely to retire in the next 8 years, with most in the next 4 years.
- 52% of current #2s are expected to follow suit in the same timeframe.
- This will lead to a significant leadership deficit in the tax profession.
- Managing four different generations in tax departments will be challenging.
- Technological Impacts:
- Automation of rudimentary tasks may discourage entry-level professionals from pursuing tax careers.
- Tax functions are struggling to integrate new technological solutions efficiently.
- Fears of skill obsolescence may deter new talent from entering the field.
- Tax Reforms and Regulatory Changes:
- Unprecedented rate of legislative tax reforms and regulatory pressures.
- Challenges in understanding and implementing new requirements.
- Young professionals may fear their skills will become obsolete as tax systems are streamlined globally.
The report emphasizes that these trends will complicate hiring and retention efforts beyond traditional factors like salary and advancement opportunities. It suggests that tax departments need to be aware of these influences when planning their workforce strategies.
