Tax Executive Search Firms
The global economy is shifting, and the need for specialized tax expertise has never been greater. Many companies, particularly larger ones, enlist executive search firms to recruit and retain top talent for key positions in their corporate tax departments.
In addition to the traditional practice of recruiting senior-level candidates, executive search firms can also provide a range of services including organizational mapping and culture assessment, leadership coaching and executive recruiting, and high-level strategic advice. They can serve a broad spectrum of industries and functions, or narrow their focus to specific categories such as finance, accounting, private equity, natural resources, energy/utilities, transportation/logistics, and more.
As we enter the new year, many of these firms are re-engaging with their clients to fill open roles. Whether they are working to expand the tax executive search firms to support growth and new business, or re-designing a tax structure to align with changing policy landscapes, they’re working to identify talented candidates who can deliver measurable value to their clients.
Trends in Tax Executive Search Firms
Across all sectors, the majority of tax leaders view data skills and technology process experience as “must-have” skills for their teams. However, there is still a significant need to develop the softer skills of interpersonal and communication as well as more traditional technical tax specialist knowledge, particularly at lower levels.
It’s also important for companies to understand the nuances of the tax workforce, especially when it comes to their cultural and generational differences. For example, younger workers tend to value flexibility in the workplace, which can help create a more positive work environment that is responsive to the needs of employees and clients. In turn, this can lead to higher job satisfaction and retention rates.
A healthy work-life balance is critical for tax professionals. While a good deal of work can be done remotely, long hours and a relentless workload make it hard to achieve a balanced life outside of the office. As a result, almost all of our respondents said they would like to see their firm invest in better technology that could reduce the amount of time they spend on repetitive and manual processes and give them more time to work with clients on complex issues.
While growth was a primary focus of tax leaders before the pandemic, in 2021 it has been overtaken by a desire to recruit and develop talent. And in fact, more than half of all firms with 30 or more tax professionals said that hiring additional tax specialists is one of their top priorities this year.
As more and more companies look to expand their global footprint, they will need their tax teams to have deeper advisory capabilities. For example, they will need to be able to provide advice around digital business models and supply chain restructuring as well as accelerate their sustainable transformation initiatives. The best tax professionals are those who can deliver a holistic approach to business, and this will require a new generation of leaders with the right skills.
