January 29, 2014

Financial salary outlook in 2014 is positive, homegrown talent is in demand

TORONTO--The salary outlook for finance and accounting professionals in Canada is more optimistic than it has been in years, as Canada's economic stability continues to improve after prolonged international uncertainty. Very few jobs in the financial profession in the Greater Toronto Area experienced a decline in salary in 2013 with certain roles enjoying significant pay increases, according to Lannick's 2014 Finance & Accounting Salary Report.

"Despite opportunities for outsourcing, we are seeing finance and accounting companies choosing to invest in Canadians," said Peter Jeewan, Lannick Group President & CEO. "From bookkeepers to auditors to VPs of Finance, salaries are increasing and businesses are recognizing the long-term benefits of hiring talent at home."

Key findings from the annually produced report for employers and candidates include:

• Banks seeking accounting talent - banks in Canada are looking for fresh talent as they boost compliance and increase staff in their internal auditing departments

• Senior management salary stability - some senior management and leadership roles, including VPs of Finance, experienced salary increases in the last year

• Companies growing talent in-house - more and more companies are choosing to hire and grow their talent in-house - from clerks to auditors and accounting managers

• Decrease in payroll job salaries - the ability to outsource Accounts Receivable and Payable is easier than other potentially outsourced tasks, resulting in the payroll position experiencing one of the few salary decreases this year

Not only are we seeing salaries across the board steadily increase as we move forward from the 2008 financial crisis, we are also seeing more finance and accounting jobs remain in Canada. The need for financial planning and analysis to be onsite, combined with popular outsourcing countries experiencing an increase in wages and high turnover, has resulted in a slow-down of outsourcing in the Canadian finance and accounting sectors.

"At the end of the day, top talent will always be in high demand," said Jeewan. "We consistently find that good people will be able to find work, at the competitive salaries they deserve."

Salaries were collected over a 12 month period (Nov 1, 2012 - Nov 1, 2013) throughout the Greater Toronto Area. Figures are based on the collection of 3,915 reported salary changes and job placements within the finance and accounting sector. Salaries forecasted for 2014 are assumptions based on economic factors and the Statistics Canada Labour Force Survey. Compensation varies widely as a function of industry sector, risk and reward factors, and company size. Professional designations are assumed at the intermediate and senior level positions. Figures do not include bonuses or benefits.

Founded in 1985, the Lannick Group of Companies has grown into the premier professional recruitment and staffing firm in the Greater Toronto Area. Lannick Group includes Lannick Finance & Accounting, which recruits finance & accounting professionals for mid-to senior-level permanent and contract roles; Pro Count Staffing, which places non-managerial to managerial-level finance & accounting professionals in temporary and permanent roles; and Lannick Technology, which specializes in providing technology professionals at all levels and roles on a contract, contract-to-hire and permanent basis.



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