UK executives are saving the UK economy £3.5bn a year by failing to take their full holiday entitlement, according to research published by the Chartered Management Institute (CMI).
The CMI questioned 553 managers and found a majority (63%) were not using their full holiday allowance, while almost half (48%) were losing up to two weeksÍ holiday each year because they failed to book time off.
The survey estimates that nearly 19 million days of holiday entitlement are not taken each year – a cost benefit to UK plc of £3.5bn.
The pull of the desk over the departure lounge is blamed by a third on heavy workloads. A quarter were concerned that deadlines would not be met if they stopped working while on holiday, and 17% suggested that they found it hard to “let go” of their responsibilities.
Jo Causon, director of marketing and corporate affairs at the CMI, said: “Individuals clearly see the benefits of a break from work, but still appear unwilling to have a proper rest. In the short term this may seem like a good idea, but the idea of ‘all work and no play’ is not a recipe for long-term success.”