The bigger issue I've seen is that there's a relatively fixed amount of time required for overhead activities (e.g. compliance training) and context sharing (meetings). Purely hypothetically, if those sorts of activities eat up 10 hours a week, then a full time developer gets 30 productive hours, whereas a half time developer only gets 10. You might think there's room to cut down on overhead, and you might be right, but when the majority of employees are full-time, it may not be the most pressing issue to change.
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