January 29, 2015

Salaries on the rise as Finance, Accounting and IT employers face recruiting and retention challenges

Toronto, ON--"As the global economy continues to heal, Canadian Finance, Accounting and IT employers need robust recruiting and retention strategies to succeed in outperforming the competition in 2015 and beyond," says Peter Jeewan, President and CEO of Lannick Group, one of Canada's largest regional finance, accounting and IT recruitment specialists.

According to the 2015 report, the top seven Finance/Accounting/IT jobs for increased demand and salaries in 2015 are:

Other key 2015 report findings:

• The largest gains in salaries were in the Finance and Accounting sector where increases of 4.79% are predicted; IT salaries aren't too far behind at 3.45%.

• "Today, IT employers need people who can bolster their competitive edge by delivering strategic objectives and fostering innovation. In short, the best technology out there still needs an exceptionally competent human being to make it shine," adds Igor Abramovitch, Vice-President of Lannick Technology.

Twenty years ago, there was no way to predict how the "world wide web" would impact our lives. Today, Internet technology has not only revolutionized business; it has changed the world. As Canadians transition from desktop to mobile devices (tablets, smartphones) in growing numbers, the need for expanded mobile initiatives and applications continues to escalate. The demand for professionals with the skills and knowledge to create new tools and experiences — including front end and mobile developers, as well as user interface (UI/UX) professionals —will continue to grow exponentially as mobile device usage continues to skyrocket.

• The hiring environment also continues to ramp up in finance and accounting. There is heightened demand for expertise in regulatory compliance, taxation, auditing, financial analysis and business systems. To attract and retain top talent in today's market, employers must offer substantial pay increases and more incentives such as the ability to work remotely, flex hours, increased vacation time, tuition reimbursement, on-site parking, RRSP matching and stock options.

• Canadian finance, accounting and IT hiring managers still place a premium on strong leadership and analytics, but now also seek professionals who can translate numbers into solutions and strategies.

• Strong verbal, written and presentation capabilities have always been key. However, these skills are more important than ever before, because increasingly diverse workplaces, markets and mediums demand simple, clear, cogent communication. And while many professionals may possess the ideal combination of education, know-how and technical expertise, just as many fall short on the communications side of the equation. With respect to other attributes, employers want collaborative, self-motivated team players.

Jeewan continues, "The ever-evolving regulatory landscape means that highly specialized skills in risk, compliance, internal audit and system security continue to be in great demand. Another emerging trend we've seen is entry level hiring: rather than searching for the ideal candidate with all the right education, qualifications and prior work experience, many companies now hire new graduates with the right soft skills and personality to fit into the existing corporate culture—then train them to suit a custom need. "

Demand will be brisk across both sectors in 2015. In fact, there will be a shortage of mobile application designers, business systems analysts, corporate accountants and internal audit managers.  Jeewan concludes, "Many factors—skill shortages, retiring baby boomers, increased job hopping thanks to technology literally putting new opportunities at employees' fingertips—will ensure that finding top notch talent will continue to be a significant challenge in 2015."

About the 2015 Report

Salaries were collected from November 1, 2013 to November 1, 2014 throughout the GTA. Figures are based on 5,213 reported salary changes and job placements in the Finance, Accounting and IT sectors. Salaries forecasted for 2015 are assumptions based on economic factors and the Statistics Canada Labour Force Survey. Compensation varies widely as a function of seniority, industry sector, risk and reward factors and company size. Professional designations are assumed at the intermediate and senior level positions. Salaries do not include benefits or bonuses.