Employing full-time workers as independent contractors is not legal in most countries, and taking this approach will likely mean you are in breach of employment laws. This could result in severe legal and financial penalties for your company.
Another important factor to consider is that this approach might also impact your company culture and lead to long-term declines in productivity, as your misclassified employees might feel treated unfairly since they will not be receiving the same benefits, rights, and protections as full-time employees do.