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  • Writer's picturePGAA Tax

Matter-of-Fact: what will make or break your hiring goals this summer

Is HR truly on your top candidate staffing side?

Here's the shift we are loving, from a model of "no because corporate policy says..." to a "for a trial period, yes."

HR managing your work/life balance is...well this is not what Gen Z and Millennials are talking about when they say work/life balance. Best practice HR is where they are checking and balancing staffing wellness, and not the singular architect of your individual wellness needs.

Successful tax departments have the agency to design their tax department to best suite their long-term needs. Without this, companies will continue to lose top talent because entry and mid-level tax pros need to see that they have the freedom to design their work/life balance. There's a difference there; work/life balance as decided not by only HR, but in concert with HR, tax leaders and the individual needs of the team.

Money: it still talks

Almost 3,000 remote tax professional roles have gone live on indeed alone in the last 21 days and upwards of 6,000 when you factor in the BIG 4 openings. In this candidate short market, you must be able to attract, train, and retain your staff. Make sure your compensation package is competitive and pacing with inflation, especially if you are requiring staff to be in-office 5 days a week.

The $tats:

5 year’s experience with Big 4 means a senior tax analyst for fortune 500 company is around $90-105k competitively speaking.

Managers are looking at $110-145k base with 6-10 years of experience (and this number is often VERY flexible now, so analysts should be open to management level roles earlier than expected because of the shortage of this pool).

Relocation packages are beefed up, bonuses are historically paid out and benefits are comprehensive. Retention is key right now and we are seeing clients offer sign on bonuses, with 40% paid out year one and 60% paid out year two. Gen Z's want it all and are willing to wait for it.

Lateral moves for long-term gains

There are leveraging reasons for making a lateral move and HR and your tax team need to be ready to highlight them. Here's a few we have seen.

An attractive runway: staying in one’s comfort zone works for some and it can drag others down. Find candidates who feel called to stretch their goals and reach for new projects and potential. Highlight your succession plans (make them clear if they aren’t) and let people know their long-term career goals can happen under your roof and your guidance.

Lower cost of living: Is it just me or is it still nuts out there?! If your company is not remote and in an affordable area, shine that star! Especially for new families that are ready for settling down near family and don't have so much disposable income-- this is a big motivator for leaving the spendy city and heading back to quieter roots. Here's an all-star move we've loved: offer relo for remote roles. Some tax professionals want to move for personal reasons and depending on where, the job isn't local. So, if you find someone who wants to move and your opening is remote, that is a win for everyone. Relocation is not just for the job, but for life and attracting top talent by giving them a chance to choose their location and not bear the financial burden is a top-notch nod.

Balancing work and life: I know, I know, we keep harping on this and there's a lot of companies touting they have this down to a T. But if your tax team and HR are not truly responsive to the individual needs of their staff, then there's room for growth here. Figure out how your current staff is doing and make clear changes to improve this and candidates interviewing will FEEL the balance and not have to read it in the benefits package.


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