Considering training for a job in payroll? Wondering what it's really like to work in this field, and how strong your local job prospects are? You've come to the right place!
In this post, we're focussing on everything payroll-related, from training requirements to typical workplace pros and cons, to the latest job market stats for Manitoba and Winnipeg.
But before we begin, let's review what a payroll clerk does. Typical responsibilities in this role include:
- calculating, preparing, and distributing employee wages
- preparing statements of earnings for employees (showing gross and net salaries, and deductions for benefits, pension plans, garnishments, etc.)
- processing documents for leaves, medical insurance, pension plans, etc.
- preparing T4 statements
- preparing and balancing end-of-year reports, and reconciling payroll payments to bank statements
What to Expect from Payroll Training
At the college level, payroll training is usually coupled with general instruction in accounting. You can expect to learn a common accounting software package (like QuickBooks, Simply Accounting, or Fresh Books), the principles of managerial and cost accounting, as well as fundamental corporate accounting principles and practices.
On the payroll side, coursework covers everything students must know to secure entry-level positions as payroll clerks. You can expect to learn:
- how the entire payroll process works
- how to calculate deductions and benefits
- how to handle leaves, terminations, and Workers' Compensation
- how to process hours of work, EI premiums, income tax, and records of employment
- how pension plans work
- payroll accounting principles and processes
A diploma in payroll can usually be completed in under one year, and typically includes an internship so students can gain real-world experience before graduating. Many colleges offer online payroll training options for students who live far from campus, or have busy work/home commitments.
Typical Pros & Cons of Working in Payroll
It's always important to research both the benefits and drawbacks of the career path you're considering. No job is perfect all the time, and before committing to a training program, it's wise to get as complete a picture as possible—and see if your natural aptitudes and interests are a good match for the demands of the position.
We'll start with the typical "cons" of most payroll jobs, which usually include the following:
- prolonged periods of sitting (this is a classic "desk job", without much opportunity to move around)
- a certain degree of stress/pressure because payroll clerks and administrators handle important financial and employee payment information
- work is often fast-paced, with tight deadlines (payroll usually goes out twice a month, so clerks are often rushing to complete the cycle on time)
And these are some of the top benefits of working in payroll:
- good employment opportunities (more on this in the next section)
- challenging work, variety of tasks
- regular working hours (no weekends or shift work required)
- wide variety of potential employers, across various industries (finance, manufacturing, government, business services, real estate, healthcare, retail, etc.)
- strong emphasis on team work (not an "isolated" position)
- opportunities for advancement with additional certifications (such as the Payroll Compliance Practitioner certificate through the Canadian Payroll Association)
The skills that are most important for success in this field include:
- attention to detail
- organized, responsible, and trustworthy (you'll be handling confidential employee financial information)
- proficient in payroll software
- comfortable performing calculations (working with math)
- excellent communication and customer service skills
- team player
- knowledge of fundamental accounting principles and processes
- comfortable multi-taking, working with deadlines, and at times, under pressure
Sound like a good match? Read on for the latest jobs forecast for payroll clerks in Winnipeg.
Job Outlook for Payroll Clerks in Winnipeg
The latest government stats (from the Canada Job Bank) show strong growth in payroll jobs in Manitoba. Overall, the province gets a 3/3 star-rating for employment prospects in this field. A large number of expected retirements combined with rising demand are creating openings in payroll across the province.
Winnipeg receives 2/3 stars (or a "fair" rating) from the Job Bank, because of greater competition for existing payroll positions—but retirements are still expected to create steady demand for talented candidates.
In terms of salary, payroll grads can expect to start at between $24,960 – $34,986 per year, with the highest paid clerks earning about $58, 000 annually (according to the Job Bank Wage Report). The median wage for payroll clerks in Winnipeg is approximately $46, 000.
Interested in learning more about the career? Looking for quality payroll training in Winnipeg?
Consider Herzing's Accounting and Payroll Administration program. This diploma takes just 10 months to complete, including a 6-week internship. Training is available online.
Chat live with an Admissions Advisor to get your questions answered. Or click below for more information. We're here to help!