Strategies to help minimize the corporate tax talent gap and position your team for long-term success
Is your tax team struggling to retain top talent? Is this affecting your departments’ ability to stay ahead of evolving tax requirements and keep pace with emerging technologies? If so, your organization is not alone. Our recent Corporate Tax Report survey revealed significant talent shortages within tax departments over the past year, expanding upon the rippling organizational effects.
This ongoing issue demands immediate attention, as the talent gap can lead to increased errors, reduced efficiency, and a greater risk of non-compliance, potentially resulting in costly penalties and audits. Furthermore, many businesses find it challenging to maintain a centralized data system for accurate forecasting and to keep up with the latest tax compliance updates.
Create a more resilient tax team
What if your business could create a more adaptable, sustainable, and high-performing tax team? To achieve this goal tax departments must take a proactive, strategic, and holistic approach to tackling current workforce challenges. Without a clear plan, organizations risk falling behind and losing key talent. Thus, costing tax leaders more time and money to hire and train new employees.
This is why businesses should take steps to reinvent their existing tax team, building a stronger, more efficient workforce.
6 steps to address the tax talent crisis
Discover the six steps detailed in our infographic below to help your business tackle the corporate tax talent crisis. By putting these steps into action, your tax department can set itself up for long-term success and improve its current tax processes.
- Develop a tax data management strategy
- Shift workload
- Adjust current tax processes
- Implement advanced technology
- Address talent gaps
- Budget for technology investment
Click the infographic link below to learn more:
