More than two in five (41 percent) would rather have more paid vacation time instead of a pay raise if given a choice.
That’s according to the 2017 Emerging Workforce Study (EWS) commissioned by Spherion Staffing.
“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,” Spherion Division President Sandy Mazur said in a news release. “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.”
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, the EWS found. Additionally, more than one-third (39 percent) of workers consider their company’s paid vacation plan inferior to that of comparable industry competitors.
The study also found 30 percent of employees said they feel guilty requesting paid vacation time, and 42 percent said they have hesitated to take paid time off for fear of disrupting their team’s workflow.