Companies are cutting executive salaries, hiring contract workers as layoffs mount - San Francisco Business Times

  • 📰 SFBusinessTimes
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 68%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

As layoffs mount, some companies are already trimming executive salaries or ramping up contract labor to cut costs

ResumeBuilder’s survey also found increased interest in utilizing contract work — althoughAbout 37% of companies who said they’d laid off workers in the last three months said they were still hiring for contract workers.

Out of the companies that said they were hiring contract workers, about 78% said they were hiring more now than in previous years, and most agreed they were hiring them, at least in part, to save money. Do they perform an integral function of the business? Do they have an email address with the company? Do they appear for all intents and purposes like an employee? Do they supervise other workers? Does the independent contractor not have any other customers?

, and the ratio of contractors to full-time employees has grown 63% since 2019 — from about one in 10 to nearly one in five.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 78. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Retiring Vir CEO George Scangos on building great companies - San Francisco Business TimesHe built companies across cancer, spinal muscular atrophy and an accelerate treatment for Covid-19 and, potentially, other major infectious diseases at three multibillion-dollar drug developers. Now he's handing Vir's reins to outgoing Bayer exec Marianne De Backer.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Mass layoffs will result in surge in business startups, new opportunities - San Francisco Business TimesThe mass layoffs spreading across the economy will result in a surge of new business startups, but this time the opportunities are different and plentiful.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

How commuting factors into the work-from-home debate - San Francisco Business TimesThere are hidden costs when requiring employees to come back to the office — and it's not just potentially missing out on talent
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Lam Research announces layoffs at earnings - San Francisco Business TimesThe Fremont-based tool business said that the layoffs represent roughly 7% of its global employees and will affect a wide swath of the staff.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Stripe to decide whether to go public within the next year - San Francisco Business TimesStripe is valued at $63 billion and is one of the Bay Area's most valuable tech startups. Now it's moving toward a major milestone in the next 12 months.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »