![]() Assuming promotions and bonuses are based on productivity, the conclusion is that skipping vacation days doesn’t result in getting more work done. Forfeiters are also 6 percent less likely to receive a bonus than non-forfeiters. According to the survey, employees who forfeit vacation days are 4 percent less likely to be promoted than their peers who utilize all their vacation days. Productivity is challenging to track across all businesses and sectors, but the 2017 Project: Time Off report provides particularly illuminating insights here. For those in creative roles, their ability to think outside the box also suffers. Days of work with no break and weeks without any vacation lead to workers who have trouble focusing, are less motivated and can’t produce as much. Third, productivity decreases when people work long hours. When employees are allowed to take vacation and personal days, they don’t have to lie about or hide their true reason for not coming in. Second and related to the first benefit, employers can expect employees to be more honest when they do take time away from work. Lost wages due to absenteeism cost employers $1,685 per employee, per year according to the Center for Disease Control. This reduction alone should give employers pause to consider offering paid time off if they don’t already. Giving employees permission to leave work for a vacation or other reason will reduce those planned but not shared absences, though. Of course, last-minute illnesses and family emergencies will always come up. When employees are allowed to take time away from work, they’re more likely to notify their employer of future absences. While this study is admittedly dated and exact data may be slightly different today, the trend still holds true. ![]() ![]() A study from 2007 found that employers who offered paid-time-off programs saw around a 6 to 8 percent decrease in employees who missed work without giving notice. There are several reasons why giving employees time off is in the best interest of employers.įirst, employers who provide paid time off see reduced levels of unscheduled absenteeism. Time Off Benefits EmployersĪlthough employers are the ones who make the financial sacrifice for employees’ paid time off, the return on investment is substantial. It doesn’t take into account paid family leave, personal days, sick days and other forms of paid time off. Moreover, the Project: Time Off data only considers vacation days. In short, the impacts that time off has on the overall economy, job growth and personal incomes are much greater than most people realize. Even this minimal increase resulted in a $30.7 billion boost to the economy, added an estimated 217,200 jobs, and resulted in an $8.9 billion increase to U.S. From 2016 to 2017, year-over-year vacation usage increased by a mere 0.4 days. Last year’s 2018 Project: Time Off survey highlighted a reverse trend in which vacation day usage increased, but this data also corroborated the sizeable impact paid time off has on the country’s economy. After lost spending was taken into account, the total cost to the economy was estimated to be $236 billion in just that year. Travel Association’s 2017 Project: Time Off survey found that workers forfeited 206 million unused vacation days in 2016! That came at a personal cost of $64.4 billion in lost benefits, and the effect to the entire economy was even greater. The Importance of Paid Time Off Time Off Increases the U.S. The following is an exploration of why paid time off is important to offer and why it's important to take, along with what’s normal in the U.S. employees are taking off annually, they still take very few days off - and that’s not good for anyone. Yet despite the desire for it, the United States remains far behind much of the world in both providing and using this benefit.Įven though there’s been a recent uptick in the number of days U.S. In fact, in a Glassdoor survey, vacation and paid time off proved to be more important for employees than pay raises. The Bureau of Labor and Statistics reports that more than 70 percent of employees have at least one form of paid time off, and the rate is much higher among certain types of employers such as large private companies and local, state and federal government entities. Paid time off is one of the most commonly provided benefits as well as one of the most highly regarded. ![]()
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