This week I spoke to a person who saved a company 14.5M with a tax refund;  and another who saved a company 4.5M on a tax refund. It is a good idea to also mention the tax executive who saved a company from a misstatement and another who won a significant IRS battle this month. These kinds of things occur
because tax people have worked very hard to do their homework for the company and did so ethically. We know there are all kinds of performers out there we meet with every day.  However, my years of private discussions have taught me people are not always treated with the respect they deserve for the contributions they make each day.

Whenever I discover a company “overlooking an employee who saved them millions of tax dollars” I often shake my head in disbelief. I will never forget the tax executive who saved a company 250 million dollars and when I asked him what kind of acknowledgement he received from management he sorrowfully told me “the CFO simply stated that is your job!” This lack of acknowledgement is precisely what motivates exceedingly talented tax professionals to move on to other organizations. What I want to remind you is to value every tax professional who saves a company millions of tax dollars because it could have gone the other way!

There are many ways you can reward an employee for their company efforts. The most important behavior is to acknowledge the tax contributor right away. Executive management  should always acknowledge the contributions the tax team makes for the organization. Backing up the praise with a good raise,  bonuses,  extra vacation days off, a nice luncheon and I mean a really nice one,  tickets to access the corporate box seats, will all go a long way to show a company’s genuine appreciation for a job exceedingly well done. Tax professionals who save your company tax dollars hold a treasure of great history on your company. They bring value beyond what most do and should always be recognized. Extraordinary executive management teams I have encountered over the years are the ones that know how to retain their best tax contributors and reward them.

THIS IS #11 OF A SPECIAL 12 WEEK BLOG SERIES: HOW TO DEVELOP A LEADING AND PRODUCTIVE TAX ORGANIZATION IN 2016. IF YOU WOULD LIKE TO RECEIVE A PDF OF ALL POSTS IN THIS 12 POST SERIES, PLEASE REGISTER HERE

 

—We Recommend You Read The Previous and Forthcoming Blogs In This Series—