Americans are willing to sacrifice paid time off for a higher salary: according to a new report from Allianz Global Assistance, 49 percent of all working Americans would accept a job with no vacation time if they were paid more. The organization’s 11th annual Vacation Confidence Index, which is based on an Ipsos poll of 1,005 Americans conducted on the company’s behalf May 1 and 2, examines Americans’ attitudes toward vacation time and work.
According to the report, Millennials are most willing to sacrifice paid time off for higher salaries, at 63 percent, as compared to 47 percent of Gen Xers and 32 percent of Baby Boomers. Men are as well, at 57 percent versus 41 percent of women.
The average American who would give up paid vacation time for a salary increase would require a 48 percent raise to do so, Allianz said, although one in five were willing to give up their paid time off for an increase of 24 percent or less. One-third (29 percent) would need 25 – 49 percent more, 35 percent would need 50 – 99 percent more and 16 percent would need double their salary to take this offer.
The Vacation Confidence Index also explored the worth of unlimited vacation time. One in three Americans (34 percent) would give up a portion of their paycheck for unlimited vacation, Allianz said, with Millennials (41 percent) even more likely to do so. Millennials are the most likely to both give up vacation time for salary, and give up salary for vacation time, highlighting how important professional success and personal flexibility is to this generation. Another survey takeaway found that more than one in ten (12 percent) of Americans have unlimited vacation time.
Of those who would forfeit a portion of their salary for unlimited time off, the average would be willing to give up 26 percent, with Millennials willing to forgo 32 percent. Nearly one-quarter of these respondents (22 percent) would be willing to give up over half their salary, while 21 percent would give up 25 – 49 percent and the majority (57 percent) would give up 24 percent or less.