Managing tax talent to meet the challenges of the new reality

CFOs understand new talent retention, talent acquisition, and management challenges within their companies’ tax operations. A recent KPMG survey, Tax Reimagined 2021: Perspectives from the C-suite, found that a large majority of tax executives are having difficulty finding, hiring, and retaining qualified workers.

While the most prevalent problem appears to be the loss of experienced employees leaving for better compensation, benefits, or work-life balance, it is not the only challenge. Organizations have hiring goals to meet diversity, equity, and inclusion (DEI) goals.  Additionally, work expectations of Generation Z hires (professionals in their early twenties) are more than a paycheck and benefits. They want work flexibility, transparent work culture, learning and development opportunities, the latest technology, less bureaucracy, more freedom of thought, and support for social causes.

The good news is, they are likely to bring strong technology and data analytic skills. They are also just one element of a multigenerational workforce that includes older workers who want to continue their careers. Companies that offer remote or hybrid work arrangements will be able to attract more of the talent they need, including Gen Z workers.

CFOs are realizing that there are significant benefits to broaden the skillsets and knowledge of the existing tax staff. Retaining experienced professionals who are potential leaders, maintaining a core team to train and manage new hires, and stabilizing tax operations during turbulent times are just a few. Outsourcing can be used to fill in talent gaps and potentially could lead to additional good hires.