Finance and accounting

Attracting and retaining tax talent

In some regions the demand for tax specialists remains buoyant - despite the challenging economic outlook. Tax candidates with a proven track record are in demand, so have you factored attraction and retention into your tax recruitment strategy?
Here are a few tips for attracting and retaining top tax talent - remember the four Es:

1. Engage

Don't assume that your top employees are engaged just because they're performing well.
True engagement will mean different things to different people, so it's important to understand the needs of your staff as individuals. Typically all employees, whatever level they're at, will want to have a strong vision of the future within their company and feel that the right opportunities are available to them. This is crucial in tax, as career progression is usually less defined and/or attainable. Make sure that details of training and development are presented at interview and communicated when new employees come on board.

2. Empower

Don't just delegate tasks; delegate the authority to make decisions. By empowering your top tax professionals to make key decisions without always going to board level, you enable them to be more confident and efficient in their roles. Trust and respect from above is essential for commitment and contentment in any workforce.

3. Energise

Strong leadership is needed to motivate, inspire and energise employees at every level of an organisation, and is a good way of attracting and retaining your tax talent. Not only do your top tax managers need inspiring leadership themselves, they need to be equipped with the right skills and training to lead and motivate their own teams with confidence.

4. Environment

Don't underestimate the importance of a good working environment, as it can directly impact on the morale of your staff. Comfort and collaboration should be the key features of any working space. A creative, inspirational setting is also helpful for boosting employee engagement (even if you don't work in a creative industry). The office/work environment should help all team members to feel positive in their working day. This is not just with regard to the physical nature of the office workstations, but also to the atmosphere created by its inhabitants. A social, friendly and open ambience is often an integral part of job satisfaction and should therefore be encouraged.
For more advice on motivating your team, please visit the Michael Page Employer Centre.