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.
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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.
