When you spend years acquiring compensation data on corporate tax executives you learn a lot! TaxConnections conducts a compensation study every two years given the enormity of the project. This requires an extraordinary amount of effort to compile information, match up technical responsibilities for specialized tax roles, organize the information by geographical regions, and make sense of a wide range of equity programs. We conduct compensation studies in order to help corporate management teams attract the tax talent they need. These studies are not money-makers given the great deal of time it takes to prepare them. It is difficult to obtain salary information as people must trust you in order to get the real story! We must also organize it in a fashion that makes sense when you step out of the realm of base plus bonus and into the realm of equity and perks which are as vast as the sea. What you need to know is the real story behind corporate tax compensation if you want to successfully retain and keep the very best tax talent on the market..
Tax graduates work very hard to obtain a great education; they are then booted from the education nest only to struggle in finding a tax job. I was determined to find a solution to this problem and knew the only way to solve it was build it for tax graduates. What I learned consulting to multinational tax clients for thirty years was the challenge they faced finding and connecting with a fresh group of new tax graduates each year. Hundreds of times, tax executives of major corporations would ask me “Where are the tax graduates? Read More
TaxConnections is a tax media site promoting the authority and expertise of tax professionals worldwide. We are here to drive new business opportunities to our members and help them gain more visibility in the market. Due to demand, we now have an Executive Search Services division where our readers can go to view high-level tax jobs on https://www.taxconnections.com/current_searches our retained search division handles.
Recently, I read a quote that caught my attention and it was “The two things in life you are in control of is your attitude and your effort”. January is the perfect time for refreshing the minds of your tax organization that each of us is in control of our attitude and effort. This is the opportune time to help your team get on track with their goals for the year. The best strategy to employ for getting your team on track is to identify what will motivate every unique person in your tax organization.
People are extremely motivated to achieve if this means they can get what they want and need! After asking thousands of tax professionals what motivated them to stay and succeed with a tax organization or conversely leave a tax organization, I identified triggers for motivation. The most important thing to remember is people in your organization have different needs. In 1943, American psychologist Abraham Maslow was best known for creating a theory of psychological health predicated on fulfilling innate human needs: self-actualization needs; self-esteem needs; belonging needs; security needs; and physiological needs. I am going to break down the 5 needs people in a tax organization display according to Maslow’s theory and my experience. When you identify the individual needs of your tax team and work with them fulfilling their desires, the result is increased motivation and productivity in your tax organization.
In order to assist management in tax organizations who want to develop a leading and productive tax team, a special blog series starts January 2016 and runs through March 2016. This special series will consist of 12 articles that address the challenges tax management teams will likely face in running their tax organizations. The purpose of sharing this insightful and valuable information is to ensure you never feel alone in your journey managing a tax department. In fact, you will learn there are many challenges faced in managing a tax organization that you will be able to handle with the information provided in these posts.
Why will you want to read these posts? You will learn what 30 years of experience has taught me during more than 500,000+ private conversations with tax professionals around the world. I promise to share great stories with you during these posts.
The 12 week series on Developing A Leading Tax Team in 2016 will cover: