UK In-house
High inflation rates, the global cost of living and the energy crisis are putting increasing pressure on employees’ compensation levels.
As much as companies can, they are looking to ensure their salaries retain their current talent and continue to attract new ones.
The in-house tax market has continued to thrive throughout 2022, with an increase of 24% in roles registered than in 2021. Driven in some cases by attrition, we have witnessed a high volume of moves from candidates who did not settle into the role during the pandemic and have used 2022 as the year to find the role and culture that suits them. However, at large, the transformation of teams to meet the legislative demand from global tax authorities has controlled the narrative on why organisations require additional headcount.
Driven by the CFO, we have seen an increased requirement for Directors and Heads of Tax that can build a global tax team or transform an existing one that is no longer fit for purpose; these roles often require a director that is less ingrained in the technical detail than they are in leading and building successful teams and managing the messaging around tax risk to C-suite.
This year, the Head of Tax hire remains a critical component of the structure, where organisations have experienced significant PE investments or even a carve-out to a newly listed business.
Notably, the Assistant Manager and Manager levels are where the highest uplifts in salaries (20-25%) have taken place and, unsurprisingly, the most competitive part of the market that we have observed in a decade. This is also the area of the market that has moved the quickest, and those employers that can compete on both salary and pace of hiring are often able to secure the best candidates.
The Senior International Manager who can business partner and acts as a commercial lead whilst remaining the eyes and ears in identifying tax risk, has been particularly attractive to candidates who are 5-7 years post-qualified and ambitious in broadening their international exposure and leadership style. Building this core strength has been especially acute in the technology and consumer sectors.
Head of Tax
Commerce & Industry Direct Tax
Financial Services Direct Tax
Interim Direct Tax
Key expectations for
In the latter part of H2, more employers have set the tone around the future of their hybrid working policy, citing a minimum of 2-3 days in the office in the main.
There is a desire to have a commutable office location and regular connection with your team; those fully remote roles have become less attractive throughout the year.