Good morning. Many CFOs now rank talent—whether hiring, retention, or skill gaps—as their companies’ top internal risk. And “polyworking,” where employees hold multiple jobs or roles at once to make ends meet, shows no signs of slowing.
Polyworking is likely to continue into 2026, according to Vicki Salemi, a career expert at Monster, the job search and recruiting platform. She points to a recent polywork survey showing that nearly one in two workers hold multiple jobs simultaneously, and 51% say the extra income is “absolutely essential” to cover basic monthly expenses. The findings are based on a survey of more than 700 U.S. workers across industries and experience levels.
“This is underscored by the data point that 38% of respondents said they plan to keep working multiple jobs for the long term, which ultimately points to their salary at their full-time job,” Salemi noted. “As long as workers are underpaid, the data points to polyworking continuing.”
Monster’s Cost of Living Report earlier this year found that 95% of respondents say their wages have not kept up with rising costs. “The pay deficiency triggers financial stress and the pursuit of side hustles,” Salemi said.
Anecdotally, polyworking is concentrated among entry-level workers, she said. Many lack a frame of reference for a traditional 9-to-5 workday. “Their frame of reference is not pre-pandemic of a ‘traditional’ workplace—it’s more fluid, hybrid/remote, and flexible,” she said. “Plus, since they’re digital natives, they may be more interested in pursuing influencer roles and content creation in addition to a full-time job and side hustle.”
Senior-level professionals are less likely to polywork, in part because it is logistically harder to juggle multiple roles when they travel frequently or shoulder more responsibilities at home, she added.
Higher pay is a critical part of the solution. “To address polyworking head-on and realize workers may be more lethargic, less engaged, and less productive as a result, first and foremost, employers should pay them according to market values,” Salemi said. If that’s not possible, then they should implement other compensation strategies such as quarterly bonuses or incremental raises to make them whole and bring them up to the cost of living, she added. Workers are also looking for financial independence and flexibility, so she suggests companies consider those aspects alongside base pay.
Complicating matters, U.S. salary increase budgets are expected to hold steady at an average of 3.5% in 2026, matching actual increases in 2025, according to WTW’s July Salary Budget Planning Report based on 1,569 U.S. organizations. About 31% of employers plan to reduce their salary budgets because of weaker financial performance and cost pressures, while the few that are increasing budgets cite competitive labor markets and inflation. WTW is expected to release an updated report this month with finalized 2025 actuals and a refined 2026 outlook.
Given these constraints, employers need to assume their workforce is polyworking and set clear expectations. Salemi suggested codifying guidelines in HR policies and new-hire orientation, then reinforcing them periodically. Employers also need to get ahead of burnout. “By working multiple jobs, workers may unfortunately reach burnout,” she said. “They may need mental health support and stress-management programs.”
Disengagement is another risk. “When workers pursue external employment, they’re not only earning more money, they’re gaining new skills, making new connections, and perhaps laying the foundation for a new career path,” Salemi said. The question for employers is whether they will adapt fast enough to keep those workers—and their growing skills—inside the organization.
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Mike Lenihan was appointed CFO of Texas Roadhouse, Inc. (NasdaqGS: TXRH), a restaurant company, effective Dec. 3. Keith Humpich, who served as interim CFO, was appointed chief accounting and financial services officer of the company. Lenihan has nearly 30 years of finance experience, including the past 22 years in the restaurant industry. Most recently, he served as the CFO at CKE Restaurants, Inc.
Brett Stubbs was appointed CFO of Kind Lending, a wholesale lender. Stubbs brings more than 25 years of financial and operational experience. His appointment follows a planned transition with Gary Fabian, who has served as the company's CFO since its founding and will retire at the end of the year. Fabian will continue supporting the handoff through Dec. 31.
Big Deal
The fourth-quarter AICPA and CIMA Economic Outlook Survey released this morning measures the sentiment of 241 U.S. CEOs, CFOs, controllers, and other senior finance leaders.
Only 28% of executives are optimistic about the economy over the next year, down from 34% last quarter. Domestic economic conditions and inflation remain top concerns, swapping the top two spots from last quarter. Political leadership rose to third place, its highest ranking since mid‑2021.
More than half (52%) expect a recession by the end of 2026, including 17% who believe one is already underway. Despite weaker economic confidence, executives are more upbeat about their own companies (41% vs. 37%) and more plan to expand (48% vs. 46%).
Hiring expectations are largely unchanged. Most say staffing levels are appropriate, though the share saying they have too few employees fell to 32%, and those saying they have too many declined to 13%.
“Despite a slight dip in economic optimism, we’re seeing a mixed picture beneath the topline figure,” Tom Hood, EVP of Business Engagement and Growth at the Association of International Certified Professional Accountants, the alliance formed by AICPA and CIMA, said in a statement. “The good news is executives feel more confident in their own companies, reflected in modest gains in profit and revenue projections.”
Revenue growth expectations rose to 2% from 1.5% last quarter, while profit projections climbed to 0.8% from 0.1%, according to the findings.
Going deeper
"Inside Silicon Valley’s ‘soup wars’: Why Mark Zuckerberg and OpenAI are hand-delivering soup to poach talent" is a Fortune report by Eva Roytburg.
Roytburg writes: "In the high-stakes arms race between Meta and OpenAI for AI dominance, the weapon of choice has evolved. First, it was unlimited compute, then $100 million signing bonuses. Now, the battle has entered a new, bizarrely intimate phase: soup wars.” You can read the complete report here.
Overheard
“If you are massively dyslexic, you cannot play a playbook. There is no playbook a dyslexic can master. And therefore we learn to think freely.”
—Palantir CEO Alex Karp said during the New York Times DealBook Summit on Wednesday. Karp revealed that his lifelong struggle with dyslexia—not elite degrees, politics, or pedigree—shaped the free-thinking, contrarian mindset that has driven both his leadership and Palantir’s rise as one of America’s most valuable tech companies, Fortune reported.
