There is no doubt that 2022 was an interesting year. As we fully emerged from the restrictions of the pandemic we were faced with and experienced many national and international events that shaped and influenced the employment sector.
Here in a series of short blogs Barden’s tax experts Aideen Murphy and Aoibhín Byrne, share their insights on what tax professionals have been asking us in 2022, covering off tax talent, salaries and benefits, and whether tax professionals prefer to work remotely or on-site.
First up Aideen Murphy, Partner and expert in tax and practice careers, takes a closer look at the demand for tax talent, where the talent is based and the changes across a variety of sectors and areas.
Demand for Talent
Tax professionals are in high demand across all sectors and at all levels at present. In particular…
Where is the Talent?
Tax teams in advisory firms are growing fast, this growth combined with general attrition and additional leavers (as referred to below with people moving abroad) means that the firms are hiring at various levels on all teams.
With new specialist tax teams emerging, firms are hiring tax professionals who can relate more closely to clients. In order to grow these teams, firms are now also eager to hire tax professionals who have experience working in global in-house tax teams, and also more varied experience in areas like technology, data analytics, quantity surveying, R&D etc.
Smaller firms are attracting candidates who want to gain broad tax experience across multiple tax heads (where, in larger firms tax experts’ skillsets are becoming more and more niche) but in many cases they are struggling as the demands on the market increase.
The focus on global tax has meant many multinational organisations are growing their tax teams, from VAT, transfer pricing, tax accounting and compliance there is a huge variety of roles, particularly in Dublin. Newly qualified tax consultants with up to approximately 3 year’s PQE are most in demand. These teams generally do attract strong tax professionals who wish to expand on their practice experience.
Looking at the technology sector in particular, this area has experienced an amount of restructuring over the last number of months, while the impact of this on tax professionals doesn’t seem to be significant, it may have an effect on niche tax roles or strategic tax projects over the coming year.
The Move Abroad
We are seeing a surge in the number of tax professionals with up to 2-3 years post qualification experience relocating and working abroad or taking time out to travel. The numbers planning a move abroad have been more significant in 2022 as this was generally not an option for people for 2020 and into 2021. Tax professionals returning from abroad are generally at a more senior level and often have moved into more general accounting/commercially focused roles.
There has been an increase in contract positions across all levels in the tax industry during 2022. Maternity cover contracts have been the biggest driver of this, but some businesses needed short-term staffing solutions to assist with large scale projects. A contract role in industry is a great opportunity for tax professionals to gain exposure with no long-term commitment, perfect for those who aren’t sure where they’ll be in 12 months’ time or those who aren’t 100% sure on committing to a tax role in industry.
Keep an eye out for the next part of this series which will cover salaries and benefits.
Where do you see yourself in 2023?
If you’re asking yourself this question get in touch and we can help you figure it out…