good for talent; tough for employers: retirements, turnover, and outsourcing.
by rick telberg
卡塔尔世界杯常规比赛时间
“change is coming to the tax profession potentially as a ‘perfect storm’ in 2017,” according to some leading executive recruiters, explaining the upcoming tax reform is still unknown but will likely result in tax professionals needing to quickly change and adapt to new rules and regulations.
more careers & hiring: accountants without borders: tight talent pool drives salary increases nationwide | how to create a talent management strategy | survey findings: talent wars, m&a frenzy continue | why job descriptions matter | how to develop home-grown future leaders | new staffing strategies for the next-generation accounting firm
exclusively for pro members. log in here or 2022世界杯足球排名 today.
“additionally,” they say, “u.s. corporate tax departments will potentially explore outsourcing arrangements. citing the arrangement between pwc and ge, they ask, “is this a one-off situation or a transformational trend?” in the pwc/ge deal, ge hived off its tax department to pwc, which then assumed the ge tax department’s activities as an outsourcing engagement.
the year 2017 will be a candidate-driven market, even more so than in 2016. this is due to a number of factors, including the large number of open positions as a result of baby boomers retiring and increased pressure on compensation causing unexpected turnover.
“the upcoming tax reform is still unknown but will likely result in tax professionals needing to quickly change and adapt to new rules and regulations,” say the authors of the “2017 global tax market assessment” from tax talent, a global search agency. (download global tax market assessment pdf)
non-technical skillsets continue to be in high demand in 2017 and it will now be essential for tax professionals to be able to effectively communicate within tax, cross-functional groups, business units, at the c-level, and with outside advisors.
transfer pricing candidates will be in high demand due to new beps rules and regulations, potential tax reform changes and non-us tax audit pressure revolving around transfer pricing globally. as a result, indirect tax roles will unlikely be a focus for us corporate tax departments.
predictions for the non-us tax market:
- europe: beps implementation and us tax reform will create a more transparent tax landscape. in these politically volatile times, tax professionals and tax departments will need to be adaptable.
- latam: this region will face a few challenges in 2017 including increased tax reviews and audits; modifications to the official tax audit process; and governments adapting to future changes in tax collection systems. additionally, the latam region relies on several trade agreements that are under review and any changes will affect economies, which in turn impacts taxes.
- apac: expect tax authority activity to step up in terms of aggressiveness and intensity. raising awareness of the importance of tax to c-suite will become increasingly important. recruiting tax professionals with the ability to understand the business, their issues and drivers, and to be able to devise tax strategy accordingly is now more important than ever.
- middle east: 2017 promises to be a very exciting time from a recruitment perspective for a few reasons, such as the implementation of vat in 2018, increased frequency
7 responses to “analysis: global tax talent shortage mounting into ‘perfect storm’”
buck
i would like to know if the shortage is theoretically supposed to lead to higher wages. if so, i haven’t seen it personally.
jennifer e finger
i think there’s a “talent shortage” because of the lack of work-life balance in the tax industry. when candidates have to work 50 or more hour weeks for months at a time every year, and time off is tightly restricted, they choose to work elsewhere rather than in the tax industry.
i’ve seen this demand on employee time described as “prison-like confinement” and it leads to employee burnout. unfortunately, if the tax industry continues to base its business model around “busy seasons” then the “talent shortage” is going to continue.
george w
everyone keeps saying that tax returns are becoming a commodity, that is just not the way i see it. the tax return is the end result of all of the creative ideas and tax planning that we do throughout the year(s) with and for our clients. we can provide the same (or better) level of service and strategies as large and regional firms with a much more personal touch. we can also command higher fees because we are not just providing a basic compliance service.
it is a great time to be a tax professional as long as you get up everyday still loving what you do!
keith schroeder
i agree with suzanna. there is plenty of work to do; finding qualified people to do the work is the issue. tax preparation is going global. over half my client don’t live in my state anymore and close to 20% are american ex-pats. the idustry is evolving as it always has.
erica harriman
small local firm that has been turning away new clients for the last two years. we just can’t keep up with the demand.
david p.
local firms may go extinct??? ….ridiculous headline, people in the accounting media have it all wrong…our local firm accounting and tax business is exploding and has never been better…we blow away the on-line outsourced accounting and on-line (no service) providers. you see there’s this thing in public accounting called “service” that you can never get in any fashion from cloud based systems. these headlines remind me how wrong the media was about the election…the public accounting world is doing fine without all the negative headlines these attention seeking marketing organization are seeking!!
suzanne weathers
interestingly, i offer outsource services in my local area because of the need for qualified preparer. i’m able to train and provide quality assurances.