Six tax talent acquisition trends for 2024

With the tax talent market remaining tight as a drum for the foreseeable future, tax leaders are keeping a watchful eye on developments on the jobs market as a whole.  

If you’re wondering what’s in store for 2024, a report from Korn Ferry offers a useful outlook – including some especially interesting insights on the growing impact of artificial intelligence (AI) in recruitment. 

The report identifies six top trends for the coming year, with AI-related developments in the top two slots. Here’s a rundown: 

1. AI and recruiters will find hiring harmony. Recruiters are turning to AI to handle myriad time-consuming tasks, from writing job descriptions to managing candidate profiles to pre-screening video interviews. AI can come with some risks, however. While AI models can help companies improve their diversity, equity and inclusion (DEI) initiatives, they are not immune to bias. In addition, AI can be prone to cyberattacks or data breaches. 
2. AI will help candidates apply themselves. AI tools can help jobseekers improve the content and structure of their CVs, assess salary ranges and even hone their interview skills through platforms that analyse their responses and provide personalised feedback. Some caution is called for, however, as scammers sometimes use fake job postings to phish for job candidates’ personal information. 
3. It’s never too early: Businesses will double down on their early career hiring strategies, with larger organisations looking to attract the attention of candidates who are still at secondary school. (Note to tax professionals with teens – get those careers day presentations ready to go.) Companies are also turning to technical and non-traditional higher education institutions to attract new early-career candidates. 
4. It’s not where you’ve been; it’s what you know and what you can do: Skills-based hiring is expected to rise. Companies will increasingly define work in terms of responsibilities and capabilities instead of job titles and arbitrary degree requirements. 
5. Listen up or step aside: Empowering employees’ well-being helped businesses ride out the pandemic, but the back-to-the-office dynamic since then has diminished employee perceptions of empathy. Leaders will need to listen to their colleagues at every level of the business to build more positive team climates. 
6. Relocate or redesign: Many professionals seized remote-working opportunities to move to locations beyond commuting distance. With remote-only job postings falling, relocation is making a comeback, but it can be difficult and costly. Businesses may want to consider expanding relocation benefits for new hires – a strong relocation package can make all the difference in attracting top talent. 

Stay tuned as we continue to follow job-market developments that affect tax in the new year.