Show me the holidays!
“Show me the holidays!”
UKworkers would take a pay cut for additional annual leave
A third (31.4%) of UK workers are prepared to sacrifice salary for greater holiday entitlement, according to research commissioned by hyphen, the recruitment solutions provider.
The research, which polled over a thousand UK workers, showed that whilst employees continue to feel the effects of rising living costs up and down the country, they are increasingly looking for greater work-life balance from their employers.
This is particularly the case amongst younger workers. Two fifths (41.3%) of 16-24 year olds would like more holiday allocation as part of their compensation package, and are willing to consider lower base salaries to achieve this. Certain disciplines are especially in favour of more holiday allocation more than half (56.3%) of HR professionals, and over two fifths (42.6%) of finance professionals expressed the same view.
The survey also revealed that workers are more likely to desire increased holiday entitlement in their first year under a new employer. Two fifths of workers in their first 3-6 or 7-12 months (40.3%, 42.9% respectively) of employment suggested that they would look for holiday allowance over pay from compensation packages.
Zain Wadee, Managing Director of hyphen, said: “Our research demonstrates a radical change in the way that compensation and benefits packages are viewed by workers today. Even in today’s challenging economic environment, with the cost of living growing faster than salaries are increasing, workers are looking for more holiday time, and greater work-life balance.
“It is important to note that Generation Y and the Net Generation are particularly vocal about their desire for additional leave allocation. This may be indicative of a future shift in workplace culture, with workers beginning to demand and value greater work-life balance than ever before. Employers must think strategically about the kind of benefits packages they should offer to younger staff members in order to attract and retain the best possible talent. Offering a flexible & lsquo;menu’ of benefits may be one solution.
“Our research may also highlight that uncertainty in the workplace and the wider global financial markets may be impacting upon workers - with longer working hours and higher stress levels encouraging employees to sacrifice pay in favour of time away from the office. Employers must be aware of the pressures their staff are facing both at work and home, and tailor compensation and benefits packages accordingly.”