In a recent report released on March 7th, BambooHR, a cloud-based HR platform, revealed that requests for paid time off (PTO) reached a four-year peak in January. Despite this surge, the approvals for PTO requests are lagging behind, with less than half (49%) of requests being approved, according to data extracted from the global platform.
On average, PTO requests have been steadily increasing by approximately 11% annually since 2019. More than a third of employees are requesting PTO each month, indicating a growing emphasis on work-life balance. Additionally, employees conducted more performance reviews during the January cycle compared to January 2023, suggesting a heightened value placed on both work-life balance and direct feedback.
Anita Grantham, Bamboo’s HR Head, noted that the data indicates a shift in employee perspectives regarding taking time off from work, potentially driven by studies highlighting the prevalence of burnout among workers. Many employees, especially remote workers, may feel pressure to stay connected to their jobs and refrain from taking vacation time, despite experiencing burnout.
Low-income employees and younger workers, particularly Gen Z respondents, are among the groups least likely to take time off. The restaurant/food & beverage industry, which typically comprises younger, low-wage earners facing financial challenges, ranked lowest in PTO requests, according to BambooHR’s analysis.
However, sectors like finance and nonprofits witnessed higher proportions of PTO requests among employees. Business leaders are encouraged to lead by example by taking time away from themselves, thereby setting a precedent for their workforce to prioritize rest and rejuvenation.
Moreover, BambooHR’s report highlights the importance of developing a culture of continuous feedback to alleviate employee unease surrounding performance reviews. By embracing values such as work-life balance and fostering an environment of open communication, organizations can better attract and retain talent, particularly the new generations entering the workforce.
Grantham emphasized that the trend of requesting PTO and seeking feedback is likely to continue, necessitating organizations to adapt their policies and practices to align with evolving workforce values.
