MT. PLEASANT, S.C., June 20, 2017 /PRNewswire/ -- TaxTalent, the career and leadership development community for tax professionals, recently released their findings on hiring trends within corporate tax departments. The "2017 Tax Hiring Outlook" surveyed 500 corporate in-house tax staffing authorities on hiring strategies and projections for 2017. As the tax industry is a low supply, high demand vertical field, hiring and retaining skilled employees is vital to maintaining top-tier tax departments.
The survey data show a continued decrease in tax accounting and compliance positions compared to years prior. However, compared to last year's survey, there is a dramatic 230% increase in the projected demand for Tax Technology roles, and a 150% increase in anticipated demand for Audit roles.
"The dramatic increase in the demand for tax technology and audit roles does not surprise us. The pressure to reduce headcount in compliance and reporting areas is leading to the demand of growth in the tax technology area. The use of technology is allowing departments to complete more work with fewer people," says Tony Santiago, President & Founder of TaxSearch Inc. and TaxTalent.
The 2017 Tax Hiring Outlook indicates only 10% of the 500 respondents said they are planning to increase headcount which is a decrease compared to last year. The unpredictable implications of U.S. tax reform, combined with the pressure on tax department budgets are likely causing the projected decrease in departments adding headcount. 2017 has the potential to be a challenging year for tax practitioners as a number of tax changes go into effect, and a major tax reform is looming.
Compounding the uncertainty in the market, over a third of hiring authorities (41%) are not confident that their compensation levels are at current market standards. This is the highest reported percentage of respondents who lack confidence in compensation levels since starting the report in 2011.
This annual report provides insight into the latest hiring trends from the viewpoint of corporate tax hiring authorities. The data gives tax departments the ability to better prepare for the year ahead using projected demand for functional areas in relation to the number that other tax departments plan to hire.
TaxTalent is the online career and leadership development community 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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