Money isn’t everything. Or is it? In the recently released 11th annual Vacation Confidence Index from Allianz Global Assistant, 49 percent of employees polled said they would take a job with no vacation time if they were paid more.
How much more? Most would make that sacrifice for a 48 percent raise, and 20 percent would do so for a hike of 24 percent or less.
There’s something to be said for working hard, but ... really? No vacation?
“People get burned out if they don’t have time off," says Heidi Pozzo, author of "Leading the High-Performing Company." "Productivity goes down when people are not well-rested, as does creativity and innovation.
"The idea is not sustainable from a pay perspective for businesses," she adds. "While the incremental cost will gain more hours, the results gained will likely go down. I don’t see this working.”
Igor Mitic, co-founder of Fortunly.com, also agrees this strategy is flawed. “You must have work-life balance. Promotions and raises will come. If you’re too tired to enjoy them, what’s the point?”
On the other hand, extra pay has benefits. “Consistently choosing salary over vacation can help build your future faster by putting more money away and could allow you to retire earlier, or buy things you wouldn’t normally have,” says Leslie Tayne, a debt resolution attorney with the Tayne Law Group in Melville.
Think this through
Says Tayne, “What are your needs? Can you balance your life in other ways, like weekend activities? If so, then skipping a vacation is feasible. If not, realize vacation time is worth much more than an increase in salary. Take care of yourself first; the rest will fall into place.”