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Kate Flanagan AITI CTA, Partner of Barden’s Tax, Treasury & Practice division, writes for the latest edition of Business Plus about the key trends in the tax talent market.
What trends have you observed this year in the recruitment of tax professionals?
The demand for tax professionals in Ireland has far surpassed the supply of experienced tax professionals. However, whilst this may be perceived to be an “employees’ market”, tax professionals are specialists – the breadth of knowledge amongst this cohort of professionals is exceptional, to say the least. Employers will not compromise on the right skill set for their specific tax needs and many positions remain unfilled for some time until the right skillset is found.
Despite high demand, recruitment of tax professionals across practice and industry has curtailed compared to previous years. A couple of factors contributed to this slowdown:
- The macroeconomic landscape faced challenges in 2024 due to rising interest rates, geopolitical tensions, and other pressures, which have dampened recruitment, reflected in the decreased number of new job opportunities emerging in the market.
- Confidence among the tax community has wavered due to redundancies, particularly in the technology sector. A prevailing sentiment that the economy is slowing down emerged, causing many professionals who considered changing roles to remain in their current positions.
- 2024 will be remembered as the year where a significant shift occurred regarding expectations of in-office presence. Hybrid policies were revised, with many employers making it mandatory for employees to return to the office. For tax professionals with flexible arrangements, the risk of losing this benefit deterred them from moving jobs, leading to a notable decrease in replacement roles.
- The first half of the year brought significant transformation in practices in Ireland, with private equity deals hitting record highs. Many firms underwent mergers or acquisitions and during this time, recruitment plans were temporarily paused. Now, post-merger, there is a noticeable surge in demand for tax professionals, especially at manager and senior manager levels across various specialist areas, such as corporate tax, VAT, private client, and transfer pricing
Despite the above trends, there were pockets of the tax market that continued to recruit particularly among practice firms and large multinationals (as below). It’s likely that when we review 2024 retrospectively, it will be a tale of two halves.
From a talent perspective, there has been a significant outflow of tax professionals with 3 – 5 years of experience, with Australia, Canada, and London remaining the most popular destinations.
Where are the best employment opportunities for tax professionals at the moment?
- There is a significant surge in demand for tax professionals at consultant and manager levels in the bigger practice firms (big 4 /top 20) across all specialisms – corporate tax, VAT, private client, international tax, and transfer pricing
- With the ever-changing international tax landscape, this year has seen increased demand for tax professionals with international tax expertise. Pillar Two represents a major change in the international tax environment and, as the rules are complex, many firms and industries are eager to recruit tax professionals keen to build their knowledge in this area.
- Within the Big 4 and top 10 firms, teams continue to deepen their specialisms. This year has brought a focus on controversy, tax audits, and disputes as Revenue and tax authorities globally ramp up investigations.
- Revenue has launched several recruitment campaigns this year for tax professionals with international tax expertise, the latest being for a Pillar Two implementation team.
- Wealth planning remains a focal point for private client tax advisors, particularly in light of notable budget changes to inheritance tax.
- Tax professionals with tax compliance and, more so, tax accounting experience are in high demand in many multinational organisations to keep up with the enhanced regulations across international jurisdictions, including Pillar Two.
Are there any particular aspects of specialising in tax that appeal to candidates? (compared to other specialisms)
Tax is unique. Not only is it a highly specialised and complex area to work in but it is constantly changing in accordance with legislative updates and changes to regulations. The ability to understand the technicalities of tax, keep up with the changes, AND then advise clients or a business on these complex tax issues make it a very appealing career choice. However, it can be too specialist for many to consider, hence a smaller talent pool.
Can you tell me about Barden, any interesting developments in the past year, and what differentiates you in terms of recruitment in this area?
Barden is a partner-led talent advisory and recruitment firm. Our tax team comprises recruitment specialists who are tax-qualified and spent a number of years working in tax before moving to recruitment. As a result, our tax team is where tax professionals go to, in Ireland, before they start looking for a job. And where leaders go before they start looking for tax talent. In Barden, we understand that each professional, team, role, and requirement is unique. Our approach is people first, supported by real-time data insights.
Anything else employers or candidates should be aware of in relation to talent development, career path, or recruitment of tax professionals?
By their nature, tax professionals are ambitious. When recruiting, employers must provide clarity on specific career paths with career development, support, and mentoring overriding rigid promotion structures. As mentioned above, tax is a highly technical and specialised area with continuous learning. Describing and demonstrating your organisation’s culture and approach to learning and development will be key to attracting top tax talent.
For talent, I advise not to be overly swayed or influenced by a job description. Tax roles often evolve and are individual-specific, allowing you to shape your own according to your experience and business needs. Focus on the company or firm itself and the people you will be working with and learning from – that will determine if it’s the right fit for you. Be brave and put yourself out there – tax is a small community, so having a coffee or informal chat with someone may open the door to future opportunities!
Read the shortened version in the latest edition of Business Plus here>>>
Looking for tailored tax career advice?
Connect with Kate on LinkedIn or at kateflanagan@barden.ie