Employers give their employees paid vacation days to provide much needed time to relax and de-stress from a hectic work schedule. The American worker has taken little advantage of this contract perk, according to a new study.
American employees forfeited 169 million days of paid time off (PT) in 2013 that could not be rolled over, paid out, banked or used for any other benefits, according to the U.S. Travel Association analysis conducted by Oxford Economics. The unused vacation days account for $52.4 billion in benefits and each day is valued at an average $504 per employee.
"Americans are taking the value of their time for granted. By passing on days and working instead, U.S. employees are serving as volunteers for their companies," said Adam Sacks, founder and president of Oxford Economics' Tourism Economics division. "We discovered that this forfeited time has substantial individual, national and economic implications."
The number of vacation days used dropped from 20.3 days in 2000 to 16 days in 2013. Beyond the economic ramifications, the lack of vacation time used could prove detrimental for American families.
"If this trend continues, the vacations of our childhoods could be a thing of the past - completely unknown by the next generation. That would be a true loss for our families and our country," said Roger Down, president and CEO of the U.S. Travel Association.
The extra work load hasn't result in a raise or bonus for most employees. Workers who don't use 11-15 days of PTO are 6.5 percent less likely to receive a raise or bonus compared to those who used all their vacation days. Not taking advantage of vacation time can also result in higher stress levels.
"America's work martyrs aren't more successful. We need to change our thinking. All work and no play is not going to get you ahead - it's only going to get you more stress," Dow said.
If paid vacation days used returned to pre-2000 levels, the annual vacation days taken for U.S. employees would rise 27 percent (768 million days) and add a $248 billion boost to the economy. Instead of sitting in an office, Americans could spend their money traveling, spending money on hotels, flights, food and other vacation essentials.
