MT. PLEASANT, S.C., March 3, 2016 /PRNewswire/ -- TaxTalent, the career and leadership development portal for tax professionals, released its 2016 Global Tax Market Assessment. This annual report is produced in conjunction with TaxSearch, Inc. and British-based BPA and forecasts global tax market trends and their effect on staffing, retention and talent development within corporate tax departments.
According to Tony Santiago, president of U.S.-based TaxTalent and TaxSearch, domestic market trends are forcing an increase in demand with a limited supply of talent but there are silver linings that deserve consideration. "Tax professionals across all generations – Millennials, Gen Xers and Baby Boomers, have significant career advancement opportunities if they take the time to investigate their options and invest in their career development," says Santiago. "Tax employers, however, will have to align with the current and future market trends and tactically leverage the generation pools within their tax departments in order to be successful in what has become a strong candidate-driven market."
Other Key U.S. highlights from the 2016 Global Tax Market Assessment:
- Due to the impact of OECD & BEPS, there will be continued demand for both International Tax Planning and Transfer Pricing skillsets.
- As mentioned above, Demographics will continue to have an impact on staffing in 2016 as the increase in Baby Boomers' retiring will have a ripple effect and have a major impact on Gen Xers and Millennials.
- We are clearly in a candidate-driven market and so we expect to see the increased pressures on retention and both natural and surprise turnover. Additionally, there is expectation for upward pressure on compensation packages within the tax profession throughout 2016.
The 2016 Global Tax Market Assessment also covers trends in several other global market areas including Europe, Latin America, Asia-Pac and the Middle East. Additionally, there are recommendations provided in the report for tax and finance leaders to manage through the many staffing challenges within the tax market. The full assessment can be downloaded here.
TaxTalent is the online career and leadership development portal for tax professionals. Membership provides free access to expert coaches, mentors, resources, content and valuable tools for both career and leadership growth. For more information, visit www.TaxTalent.com.
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SOURCE TaxTalent.com, Inc.