A new travel study has revealed that Americans are wasting millions of paid days off – and those who do use their paid vacation days, are more likely to get a raise, a bonus or even a promotion.
Project: Time Off focuses on the work and vacation habits of Americans, taking a look at factors such as how much paid time off we’re taking – and how much we’re leaving unused every year. Turns out, that’s quite a lot – 662 million days in 2016, to be exact.
According to the report, which quizzed thousands of American employees in early 2017, 54% of vacation time was left unused in 2016 – that’s 662 million days in total, which equated to a $236 billion drop in spending. However, 96% of respondents said that using their paid time off work was important to them – and the study found a few pretty convincing reasons why that’s true.
1. The vast majority of managers believe using paid time off can boost health & well-being, morale and help to prevent burnout.
2. You’re more likely to get a raise or a bonus. While 78% of those who gave up paid time off received a raise or bonus in the last 3 years, 84% of those who took their vacation time did.
3. You’re more likely to get promoted. Over the last year, 23% of those who forfeited paid time off received a promotion – compared with 27% of those who used their paid vacation days!
There’s also the reduced stress, increased productivity and general awesomess of travel (OK, we added that last one in ourselves) to consider.
Do you take all your paid time off work?