What’s going on with the job market for tax professionals?
Other than quarter-end provision work, I hope most tax professionals are able to enjoy a bit of a lull between busy periods. As many of you may remember, I used to send out newsletters about whatâ€™s going on with hiring, layoffs, salaries, benefits, and changes in the employment market. As the post-covid, hiring frenzy took off; the newsletter fell by the wayside. Although the labor supply in tax is still very tight, hiring activity seems to be slowing down just enough that I feel itâ€™s a good time to get back to it. Stay tuned for shorter, monthly newsletters that should offer timely, relevant, and helpful information; whether youâ€™re looking to hire or considering a job change. Over the next few months, I will talk about compensation and salary ranges for tax professionals, in-office vs remote hiring trends, whoâ€™s hiring and whoâ€™s laying off, skills that are opening doors and what you can do to get hired or attract and retain the best talent.
Here is a short summary of whatâ€™s going on out there. We are beginning to see a slowdown in hiring activity, especially in industry (in-house tax). In some cases, open tax positions have been taken down or hiring has been paused. Companies are choosing not to backfill, and the hiring process has definitely seen a slowdown. In the Colorado job market, which has been one of the hottest markets since coming out of the pandemic, open tax positions in industry are down by 12% Y-o-Y. Public accounting hiring has slowed down but not quite as much. I sense that a lot of larger firms are preparing for a slower period and adjusting their hiring accordingly. Hiring for anticipated growth, the norm for many years, has slowed way down. To view the full newsletter, please click here.