For workers, time is money: U.S study

41 per cent of workers would prefer more vacation time over pay raise
||Last Updated: 08/09/2017
Beach-goers play volleyball at Vancouver's Jericho Beach. Reuters/Andy Clark/File Phot [/photo}

How priceless is time away from the office for today’s workers?

Forty-one per cent of workers would accept more paid vacation in lieu of a pay raise, according to new research from Spherion Staffing.

The U.S. survey polled more than 700 HR managers and 2,000 adult workers earlier this year.

“As businesses face greater pressure than ever to retain top workers, job satisfaction factors that employers previously may have overlooked, such as vacation time, play a greater role in shaping where employees decide to work,” said Sandy Mazur, a division president with Spherion in Atlanta.

“For companies that cannot afford to offer substantial raises at the moment, extra vacation time – or flexibility that allows workers to take time away without feeling connected to their job – can elevate morale, increase retention and build positive perception of their workplace.”

The study also identified several compelling disconnects around paid time off policies.

While 70 percent of workers consider paid vacation time a right of employment, rather than a benefit, a significantly lower number of employers (58 percent) share that view.

Additionally, more than one-third (39 percent) of workers consider their company’s paid vacation plan inferior to that of comparable industry competitors.

These gaps underscore the critical connection between vacation time and job satisfaction, and the importance for employers and employees to find a mutually-beneficial compromise.

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