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

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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.

 

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