Tax Notes Talk
Planning for the Future: Succession in Tax Leadership
Dec 13, 2024
Tony Santiago, founder and president of TaxSearch Inc., is an authority on tax leadership and succession planning. He discusses the urgency of preparing for leadership transitions in tax departments, especially as baby boomers retire. Santiago emphasizes the need for early succession planning and internal talent development. He also highlights the evolving expectations for tax leaders, blending technical skills with strong communication. Finally, he explores the challenges and strategies of adapting to hybrid work models in tax functions.
21:55
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Quick takeaways
- Succession planning is critical due to the retirement of baby boomers, necessitating early identification of potential internal candidates to ensure a smooth transition.
- Effective leadership transitions require proactive overlap for knowledge transfer and alignment among stakeholders to support internal promotion and team cohesion.
Deep dives
The Necessity of Succession Planning
Succession planning has become increasingly important due to the retirement of baby boomers and the challenge of attracting younger tax professionals. The current labor market presents a supply and demand disparity where senior leaders are exiting the workforce, creating a gap that needs to be filled with a solid internal pipeline. Companies must evaluate their talent pool early, not limiting their focus to immediate successors but considering deeper tiers within the department. By identifying potential candidates early, organizations can strategically prepare for unexpected retirements or voluntary severance, ensuring a smooth transition.
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