Tax Notes Talk Planning for the Future: Succession in Tax Leadership
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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.
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Succession Planning Importance
- Baby boomers are retiring, accelerated by COVID and increased workloads, creating a demand for succession planning.
- Recruiting younger professionals is challenging, and the specialized U.S. tax code limits the talent pool.
Succession Planning Timing
- Start succession planning early and consider multiple candidates, going beyond the immediate successors.
- Balance timing; don't lock in candidates too early or lose them due to unforeseen circumstances.
Candidate Sourcing and Selection
- Before external recruitment, ensure internal candidates aren't overlooked due to lack of exposure.
- Align candidate profiles with transition timelines, considering experience and compensation expectations.