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By cutting 700 back-office jobs and outsourcing some finance positions, Sara Lee says it expects to save between $200m and $250m over the next three years, as well as gain more efficiency and flexibility. Some of these jobs were held by contractors.
As companies cut some finance jobs, they are offshoring others. Nearly half of the more than 350,000 back-office jobs that will move to India and other low-cost job markets in 2009 and 2010 will be in corporate finance, according to new research by consultancy The Hackett Group.
Based on its study of 200 companies, Hackett predicts that more than one in five transactional finance jobs will be offshored within two years. In total, more than 350,000 jobs in finance, IT, HR and procurement will move overseas during that time, Hackett estimates.
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