71 percent of yearly holidaymakers report feeling ‘satisfied to very satisfied with their job’ compared to just 46 per cent of those who never take a holiday. Each employee departure could cost a business up to £30,614.
A new study has highlighted the importance of taking a break from work and going on holiday, revealing that 76 per cent of annual holidaymakers are more satisfied and happy with their lives overall, compared to people who never commit to taking a break. Examining people’s well being, Diamond Resorts International®, a global leader in the hospitality and holiday ownership industry, commissioned a study with Nielsen Research which found that people who go on holidays on a regular basis are generally happier, healthier and have better relationships than those who don’t.
Although holidays prove to be a contributing factor to an individual’s happiness, it has been reported that a significant proportion (63 per cent) of people do not have any plans to go on holiday this year. Also, a majority of respondents (52 per cent) didn’t take all of their holiday allocation in 2014, forfeiting more than seven days of annual allowance.
With more than half of employees currently prioritising work over play, it is likely that bosses will find themselves dealing with a stressed and weary workforce. Work-related stress is now recognised as a very serious occupational health issue and this can be very costly to employers in a number of ways, including increased staff turnover, recruitment costs and low staff morale.
The Institute of Leadership & Management (ILM) found that more than half of managers in the UK feel compelled to work while on annual leave and almost one-fifth return from breaks away from the office feeling more stressed than when they left. Accounting for all elements of the recruitment process − from advertising costs and recruiter fees to loss of productivity and training for new recruits − each employee lost could cost up to £30,614. to replace. Businesses choosing not to encourage holidays should consider this substantial sum and whether they can afford to lose experienced employees.
“The excitement we feel during the planning stages of a vacation, and the anticipation experienced while looking forward to the time away can be just as important mentally and physically as the actual vacation,” said Leigh Vinocur, MD. “Consider it a mental getaway, if you will. The vacation, of course, is also beneficial in many ways. Being unplugged, spending time with family, friends or just by yourself does wonders for our well-being.”
Diamond Resorts International® President and CEO David Palmer commented, “At Diamond Resorts International®, we have always believed that holidays are a necessity for a well-balanced life and our new research supports this theory. We all need to commit to taking holidays in order to feel happy in both a work environment and our personal lives.”
Diamond Resorts International® is urging HR professionals and employers across the country to encourage their employees to go on holiday this year, so staff feel rested and have a more positive frame of mind. As part of the company’s ‘Vacation Commitment Initiative’, the first annual ‘Vacation Commitment Day’ was recognised on 31st March 2015. On this day both employers and their employees were asked to acknowledge the importance of taking regular holidays and commit to taking them regularly.