The tax profession is at a pivotal moment of transformation – and C-suite leaders are working to keep the pace
KPMG’s Tax Reimagined 2022: Perspectives from the C-suite report underscores the sea change in expectations and needs under way in the tax profession. Our survey of 300 C-suite executives at large companies shows that tax departments over the past year have fallen short in taking greater advantage of emerging technology but have embraced new recruitment and retention policies to attract a more diverse and inclusive workforce that is more technologically savvy. While leaders continue to stress just how integral technology is to the future of the tax department, the survey results also indicate that more needs to be done to turn these words into action.
The tax and regulatory landscapes are fast evolving and increasingly complex. Chief Tax Officers and Chief Financial Officers, in particular, are faced with numerous pressures to remain up to speed on all the moving parts and to offer stability even during times of great uncertainty. For these reasons, it’s imperative that C-suite leaders continue to prioritize investments in talent, D&A and technology to ensure the modern tax department continues to add maximum business impact.”
Vice Chair - Tax
Tax departments are stepping out of the past by modernizing the skill sets of their talent, embracing DEI, and upgrading the technology they use to plan for the future. Those organizations that embrace this change will be the ones best positioned to compete and succeed.
National Managing Partner – Tax
Data is the next chapter for the modern tax department. But until organizations realize the predictive power that tax data can bring to the entire organization and deploy a tech-first, tax-second approach to hiring talent that supports certain aspects of the tax department, they’ll continue to leave tremendous value on the table.
Brad L. Brown
Global Technology Leader and CIO - Tax
Greater use of tax data will drive more actionable business insights. The ability to harness the power of D&A will depend on a variety of forces, including access to the right tools and people with the right skills.
If current trends continue and fewer students enter the profession, many organizations will need to take bold new approaches to recruit and retain professionals with the right skill set.
As the tax department transforms amid the shifting recruitment landscape, organizations seek tax talent with a broader skill set that includes technological know-how.
Until organizations can hire more talent with the skills to leverage data and technology, a skills gap will remain between the value tax departments want to deliver and the value they are able to deliver.
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