Accounting and finance professionals in Canada can expect to make more money in 2019. According to the 2019 Hays Canada Salary Guide, they can expect some of the highest salary increases compared to other sectors.
While many companies in other sectors are holding off, finance firms are positioned to offer salary increases.
“Bucking the trend are Canadian accountants, as Canada’s accounting and finance employers lead the pack when it comes to salary increases. Wage hikes are expected to be higher in this sector than in all others with 28 percent of employers expecting to increase salaries more than three percent (compared with 24 percent across all sectors),” says Colin Ellis on Canadian Accountant.
Why the Salary Increase for Canadian Finance Professionals?
There are a number of factors that are attributed to the salary increases:
- A low unemployment rate and a record number of jobs: With firms performing well and a strong economy, companies have the capital to increase compensation budgets.
- Finance and accounting firms are dealing with skill shortages: Many companies are experiencing a skill gap. They need to offer greater financial incentives to keep their current talent from leaving.
- Boost salary to attract new talent to the organization: Competition is fierce for talent. A talent shortage and high competition require companies to make more lucrative offers to candidates.
- Roles are shifting: Many firms are changing and creating new roles for their current talent. This is often at the price of higher compensation.
- Employees are willing to leave: Many accounting and finance professionals have shown they are willing to make a career change if a current employer is not willing to meet their salary expectations.
These factors have all contributed to the expected salary increases for accounting and finance talent in Canada in 2019. Employees have the upper hand and they know it.
More About Accounting and Finance Careers
Get more great information about accounting and finance careers by reading these blogs by our experienced finance and accounting recruiters:
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