We have a problem, folks. Teams are not using their paid time off and it’s hurting both employers and employees. It may seem too good to be true for employers: a benefit that employees say attract them to companies in the first place is going unused. That gives employers more time with top-notch employees in the office, constantly producing.
Turns out, it’s just the opposite
Let’s get to the cold, hard facts. According to Project Time Off, Americans didn’t take 662 million paid days off that were given to them in 2016. Of that, 206 million days were forfeited, meaning they didn’t carry over nor were they cashed out. That equals more than $66.4 billion in lost benefits in one year alone.
Lost money talks, of course. But let’s talk about what refusing to take time off does to an employee’s psyche. To understand the impact it has you have to know what the top reasons folks say they aren’t taking time off in the first place. Here are the results from a 2017 study by GfK, which includes nearly 7,400 responses from American workers who are 18 or older, working 35 hours a week or more:
- 43% never left the office for fear of the amount of work they’d return to.
- 34% felt they couldn’t leave the office because no one else could do their job.
- 33% felt their managers discouraged time away.
- 32% couldn’t afford a vacation.
- 26% wanted to show complete and total dedication to their job and felt as though taking the time given to them would negate that perception.
- 21% felt they would be less likely to be considered for a raise or bonus if they weren’t seen in the office.
Keep these statistics in mind as we tell you the following: The same study showed those who didn’t take time off were 79-84% less likely to report receiving a raise or bonus in the last three years. They were also no more likely to receive a promotion than those who did use all of their time off.
Work martyrdom is getting us nowhere other than leading directly to burnout, lack of efficiency, lack of productivity and a decreased rate in employee happiness, engagement and overall well-being.
Now for the brighter side of things. This is where keeping your resolution comes into play. The benefits to taking time off are plentiful for both employers who encourage it and employees who use it. For example, companies that encourage their employees to take time off report higher productivity and performance and increased retention rates. Employees who use their time off report better relationships and increased happiness with their spouses, children and work. They also report an overall increase in mood, physical well-being and mental health.
So how do you begin to adopt taking all of the PTO allotted at your work place? The biggest key is to plan ahead. More than half of those who planned ahead took all of their paid time off by the end of the policy period compared to roughly 39% who didn’t plan. Planning ahead also increases other important factors in an employees’ life. Just have a look at the chart below from The State of American Workers study:
Ready to plan your vacation time this year? Log into your Kin account to get started.