Workers ‘would cut pay for holidays’

A third of workers would sacrifice some of their pay for more holidays in a bid to improve their work-life balance, a new study has found.

The survey of 1,000 adults by the hyphen recruitment organisation showed that younger employees are more likely to swap pay for time off, with 40% of those aged 16-24 in favour of this move.

Human resources and finance departments are also said to be keen on the idea, according to the study.

Hyphen’s managing director, Zain Wadee, 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 menu of benefits may be one solution.”

Hyphen said that longer working hours and rising levels of stress are leading to more workers being prepared to sacrifice pay for time off. Low-cost air fares and easier transfers to airports such as Heathrow and Stansted could also be helping to fuel greater demand for holidays.

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