While last year was tough for U.S. companies, the pressure for cost cuts seems likely to continue this year. New research from Hackett shows that although finance organizations expect to see revenue grow 4% in 2010, they are planning additional reductions in both finance budgets and payrolls.
Sean Kracklauer, president of Atlanta-based Hackett, a strategic consultancy, says that companies' revenues fell an average 15% last year and most weren't able to cut their costs quickly enough to match the slide. As a result, “they're trying to catch up” this year, Kracklauer says.
Hackett's survey found that companies plan to cut finance staffing by 1.9% this year, following cuts of 4.6% last year, and intend to trim finance budgets by 2.4%, following cuts of 4.7% in 2009.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
