Great Resignation and the race for tax talent

It’s being called the “Great Resignation,” and CFOs need their tax teams to find and hire or retain a new breed of tax professional. New tools and technologies are altering the daily tasks of tax professionals. Today’s Tax department requires talent that can handle more sophisticated, strategic, and value-added work.

The days of pure number crunchers are over. In addition to understanding tax codes and regulations, CFOs need tax professionals who can interpret and analyze tax data and apply strategic thinking to their work. Plus, rapid advances in technology – artificial intelligence and robotic process automation – are making additional demands. In fact, some tax departments are hiring specific technologists to work alongside traditional tax professionals.

The most desirable talent to retain or bring on board is a true hybrid who is part tax technician and equal part data scientist. Curiosity is a valuable soft skill in today’s tax environment. As regulations, data streams, and technology change, you want an adventurer who’s excited by the changes and searches for new solutions. Special consideration should be made to ensure that they are motivated, well-trained, and on a rewarding career path.

Clearly, no one knows when the labor market will stabilize, but you can be certain there will be significant competition for the best tax talent. Outsourcing is a quick fix to immediate needs and potentially could lead to a good hire. With the ability to work remotely, there are no geographic barriers to finding a consultant who is a great fit for your company and brings the right skill set, passion, and curiosity