Most New Hires U.S. Based

May 19, 2004

CIO Update Staff

U.S. multinational companies will continue to expand overseas over the next 12 months, but the great majority of new jobs outside the U.S. will serve expanding overseas markets and will not be jobs transferred offshore from the U.S., according to the PricewaterhouseCoopers Management Barometer, a quarterly survey of top executives in a cross-section of large, multinational businesses.

"There's no giant sucking sound coming from large U.S. businesses planning to expand their workforce," said Frank Brown, global leader of PricewaterhouseCoopers' Advisory practice. "The vast majority of planned new overseas jobs are related to expansion of overseas markets, rather than to offshoring by large U.S. businesses."

According to the survey, 46% of surveyed companies plan to increase employment over the next 12 months, adding an average of 4.4% net new-hires. Of these new jobs, 3.3% are expected to be in the U.S., and 1.1% in other countries. Workers for those companies expecting to hire are primarily U.S. based, with only 21% overseas employment on average.

Of the planned new overseas jobs, a large majority, 73% of the total, will be workers serving their local marketplace, while 27% will serve markets outside their home country, including the U.S.

PricewaterhouseCoopers' Management Barometer is developed and compiled with assistance from the opinion and economic research firm of BSI Global Research. The findings are from first quarter 2004 interviews with 82 U.S.-based companies. These companies average 30,064 employees in their total global workforce.

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This article was compiled and edited by CIO Update staff. Please direct any questions regarding its content to Allen Bernard, Managing Editor.


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