Executive Summary
For over a decade, TaxTalent has delivered this annual report to tax leadership with the goal of providing the information needed to educate Finance and HR about hiring and retention trends for corporate in-house tax departments. This is the only report giving the industry an inside scoop on nationwide hiring and retention data surrounding corporate in-house tax departments.
Staffing for in-house corporate tax departments is at an all-time high, and the sooner you understand this information, the sooner you can make educated decisions surrounding staffing and retention. We firmly believe some of this data to be dramatically understated as typically budgets for hiring are planned based on the previous year’s needs.
Below are the Most Critical Hiring and Retention Trends Tax, HR, and Financial Leadership MUST Be Aware of in 2022:
2. Despite all the time and effort put into automating the compliance function, Heads of Tax are finding it to be the most critical area to hire for permanent and interim staff. However, you will note in the study, we do believe some areas like Transfer Pricing to be understated due to the lag time of annual budgets being created and the current market.
3. A whopping 83% believe that salary and title inflation will have a major impact on hiring and retention in 2022 and this is reflected in 64% of respondents NOT being confident their team is compensated at current market standards.
4. The hybrid model is paving the way for the winning return-to-work policy. 87% of respondents anticipated this is the policy their tax department will lean towards and to back that up, 84% of departments are already working via that structure.
5. Only 8% of Heads of Tax do NOT believe they will use outside assistance this year, a reflection of the supply and demand tensions we are witnessing in tax and the increase in workload. Data is also showing a decrease in the use of Public Accounting firms and a significant increase in the contract staffing model, most likely due to the viability of remote work allowing companies access to more tax talent at a lower cost.
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