Buoyed by growing confidence in their growth prospects, Canadian companies are hiring for full-time, temporary and interim accounting and finance positions. As business volume has steadily picked up, firms that cut staff during the recession continue to rehire; others are hiring in response to employee turnover now that the best professionals have expanding job opportunities.

With the uptick in hiring, the supply of skilled candidates has begun to diminish and competition for top talent is intensifying. Professionals with sought-after expertise are seeing multiple offers and counteroffers. In addition, companies are turning to interim professionals – often under temporary-to-permanent arrangements – to meet increased business demand.

Following are other trends shaping the hiring environment:

• Resumption of key initiatives – Companies are moving forward with systems implementations and upgrades, especially enterprise resource planning (ERP) initiatives to help manage diverse business functions. Projects related to International Financial Reporting Standards (IFRS) conversion also are ongoing at some firms. These initiatives are fueling demand for professionals with specialized expertise in areas such as large ERP systems and international accounting rules.
• Girding for growth – The hiring of financial analysts who can guide growth strategies is accelerating, reinforcing the view that companies are ready to pursue expansion plans. To directly support growth, firms also are adding accounting operations staff in areas such as payroll, accounts receivable, accounts payable and collections.
• Tightening talent market – The market for skilled professionals is more competitive than it has been in several years. Skills shortages are emerging in some specialties and at some levels. In this environment, employers are losing out on the best applicants by moving too slowly or failing to make a competitive offer. Top candidates for high-demand positions are starting to see multiple offers and counteroffers.
• Emphasis on bonuses and nonmonetary incentives – Although salaries are improving, many businesses are focusing more on rewarding employees with performance-based bonuses and nonmonetary incentives, such as additional vacation, opportunities for professional development, flexible scheduling and telecommuting options. With retention concerns rising and talent shortages developing, businesses may need to make an extra effort to ensure their compensation is competitive and that the perks they offer appeal to their employees.
• Improving market for entry-level professionals – Though opportunities for recent college and university graduates are still not plentiful, candidates who can boast internships and accounting certifications are starting to see more opportunities. Corporate efforts to enhance their accounting and finance infrastructure have been a positive development for entry-level professionals.