U.S. job growth won't be getting much of a boost from hiring for finance and other administrative positions at big companies, according to a recent report by the Hackett Global, a strategic advisory firm. And while IT has seen the brunt of the job destruction resulting from offshoring and automation over the last 10 years, Hackett expects increasing pressure on finance jobs in coming years.
U.S. companies with annual revenues in excess of $1 billion have 2.8 million fewer full-time employees in the areas of finance, IT, HR and procurement than they did in 2000, the Hackett report says. It estimates such companies will lose another 1 million jobs in those areas by 2014.
Job losses were concentrated in IT initially, but finance jobs have been disappearing at an increasing pace since the recession began.
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
