MT. PLEASANT, S.C., June 13, 2019 /PRNewswire/ -- TaxTalent, the career and leadership development community for tax professionals, recently released their findings on hiring trends within corporate tax departments. The "2019 Tax Hiring Outlook" surveyed nearly 400 corporate in-house tax staffing authorities on hiring strategies and projections for 2019. 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 data indicates 60% of companies believe it will be difficult, to very difficult to hire in 2019. This can be correlated to the shift we've seen in how companies are staffing as there was an 8% relative decrease in the use of contingency firms and a 7% relative increase in the use of retained firms.
While 68% of companies plan to hire in 2019, we believe even more companies will be staffing than anticipated for the following reasons including, of the tax departments planning on increasing headcount in 2019, 71% will be adding 1-3 new positions. This could lead to unexpected turnover in other departments.
32% of tax departments state they will not be hiring in 2019 for new positions. If they follow this plan and unexpected turnover occurs, they will have to increase their consulting budget, utilize the newly introduced gig economy, place the work on current staff, or try staffing unprepared in a challenging market.
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 other tax departments that 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.