There is no one-size fits all solution to career progression but identifying the right mix of tools and opportunities can help in achieving success, according to tax directors and advisors speaking at ITR’s East Coast Women in Tax Forum.
“All of us have to find the right fit for ourselves,” said one chief tax counsel at a US electronics company. “What worked for me is definitely not going to be the right fit for others.”
The chief tax counsel said that when she started her role at the electronics company as a mergers and acquisitions (M&A) tax lawyer, she worked on laying the foundations for her career because she knew this was important for the work-life balance she was seeking.
“I wanted them always to feel like they were getting the better end of the deal,” she told the audience at the March 4 event. “I wanted them to feel like they were getting more from me than they were paying for because I knew that if they felt that way, they would pretty much always be flexible with me.”
Her tactic involved actively embracing every project, even if it involved a task or law that she was unfamiliar with. This allowed her to be perceived as a team player and establish relationships across the company. In some cases, it allowed her to become a subject matter expert on topics and parts of the tax code she previously had no knowledge of.
“I learned how to communicate non-tax issues and tax issues to non-tax professionals. That made people from all over the company come to seek me out for explanations,” said the chief tax counsel.
“I know that a lot of people are probably thinking that doesn't sound like a work life balance… but I always had my goal in mind, which was to spend as much time as I could with my children, while still staying very involved in the tax community,” she said.
This effort meant that when her children became independent she continued to have a career she enjoyed.
Another tax lawyer from Washington DC said this approach has worked for her and others too.
“I can't tell you how many people have told me over the course of their career, that it's that thing they knew nothing about, but said they would do because they were going to be a team player that has wound up being hugely influential in their career,” said the tax advisor.
“If it's a new and developing area of law, that you get in on the ground floor because you have some free time and you wind up becoming the person in your office who's the expert on GILTI. That expertise is just going to continue to pay dividends for years down the road,” she explained.
“People should not be afraid to take on those projects and really immerse themselves because while it doesn't necessarily seem like it's going to be very important today, you may find it is very valuable down the road,” she added.
For one US head of tax, this is all about building an internal and external personal brand. “Internally it is about building trust. Letting your company know that you can do the job… and people will know who to come to,” she said.
However, the chief tax counsel noted that sometimes when a person gives a job their all, it does not always work out. Nevertheless, it is not a complete loss because most people gain unexpected skills making them more “marketable” for their next role.
“You have to put in a lot of effort to sort of make your own opportunities. And if you strive to consistently over-achieve and develop your skills, I do believe that the opportunities will open. I think it's never too late to consider future opportunities,” said the tax counsel.
To be ready for the next opportunity, tax professionals should not forget the importance of their CVs or resumes, as well as a strong LinkedIn profile.
Building a CV or LinkedIn profile should be a “continuous effort”, said the group tax director at a medical device company. She explained that building a personal brand is about creating a history over time.
“We're not advertisers, and most of us are not salespeople. I never approached the building of my resume and the building of my LinkedIn profile as a sales pitch but that's what we should do,” said the group tax director.
“Ultimately, we should be ready for that next experience,” she told the audience. “The only way you can be is by keeping your profiles updated so that recruiters and other people that look at your credentials can see you're building up your profile and they actually want to talk to you.”
Mentoring and networking should not be ignored
Regardless of how an individual chooses to progress in their career, mentoring and networking is important, according to the head of US tax at a financial services company.
Mentoring and networking go together, said the head of US tax, because networking allows a person to identify the right mentors. Although, mentoring requires both internal and external mentors and no one should restrict themselves to only internal mentors.
“I always do an external mentor and an internal mentor,” said the head of US tax.
She explained that an internal mentor who has been at the company can help a person understand the company’s culture and how to progress within the business. Meanwhile, an external mentor is best used for career advice.
The head of US tax uses the same approach with sponsors. “An outside sponsor, for me at least, helped me if I needed to move to another company,” said the head of US tax. “It helped me acquire that position.”
“A sponsor is that person who speaks on your behalf for that promotion,” she explained. “It is not the mentor, because that sponsor is that person inside that room helping make those decisions for your promotion for the next best job, providing you with that edge in order to be identified as a leader within the company… and everything that comes with career development.”
However, she pointed out that no single element offers success on its own. For example, networking helps a person be viewed as a leader, or promotable person, essentially helping an employee to stand out. In addition, speaking up during the first five minutes of a meeting, or helping a colleague to speak up, has its advantages.
Nevertheless, to find the right mentor, sponsor or individuals to network with, a person needs to take the time to identify the experts they seek.
“You go through LinkedIn and you identify that individual,” said the head of US tax. She explained that as someone who now wants to learn about cryptocurrencies, she is taking her own advice to seek out the subject matter experts through various sources.
“I am enthusiastic about cryptocurrencies, I want to know everything, not just the tax side. I want to understand fintech and I have actually gone through LinkedIn and got myself aligned with the organisations and identified colleagues who also are enthusiastic about the same subject matter,” the head of US tax said. “You start talking and you start exchanging ideas and exchanging contacts.”
“I would say if you wanted to start anywhere, start with LinkedIn. Start with the organisations that you think would add value to your knowledge base because that is the only way you're going to expand,” she continued. “For me, learning about cryptocurrencies is an expansion of my knowledge base.”
The advantage of using online platforms to seek out experts, mentors or sponsors is that it can be done while many people continue to work from home during the COVID-19 pandemic. While this offers a good starting point, tax professionals said a collective effort is continuously needed to ensure career opportunities are not missed.
