One of my roles before I got sick was to replace as many of our Visiting and Temporary Lecturers as possible as we feel they are very poor value for money.
We pumped the funds we saved into fully funded PhD scholarships. As an institution we get better students, better classroom outcomes on average as we control training and standards, and an increased flow of decent research. Along with an income and a full fee waiver, the students get proper vocational training as part of their PhD programme and our NSS scores have risen markedly so the undergraduates are happier.
The temporary lecturers and tutors lost out, but they were given 18 months notice of the change so had some time to adjust. As almost all of them were moonlighting from another HEI where they are in full-time roles we didn’t feel we were being overly vicious in cutting them.