If your employees were offered more vacation time or a raise, which do you think they would take? The answer might surprise you. While many people would take the extra money, there are some people who would rather just have an extra week away. Read on to learn why that’s the case, and how to figure out what your employees really want.
The Background
In November 2012, the consulting firm Mercer (opens in new tab)
carried out a global survey of over 10,000 workers in ten countries. Many of the Canadian employees surveyed said they wanted more time off. That wasn’t the top choice of workers in other countries (such as the US, Brazil, China, France, and Britain) – they said they’d rather take a raise. The Canadian workers who said they wanted more vacation time tended to be between the ages of 25 and 44. Employees earning under $20,000 per year and respondents over the age of 45 were more likely to select the option of receiving a raise.
Not Taking the Money and Running
Why wouldn’t an employee want more money if his or her boss offered that choice? Mercer’s senior partner, Brian Lindenberg, shared his thoughts on that question in an article in the Globe and Mail (opens in new tab). He remarked that employees want more vacation time because they are stressed out. Even though a raise might help them in the long run, they’re focusing on the short term.
The Advantages of Giving Your Employees What They Wish
You might think it doesn’t make sense to give employees more time off. “That means they have less time to do work,” you may say.
The cost of not giving your employees more vacation time (or more money) might be higher than you realize. Your workers could be burnt out from working too hard. They need a break. When they come back, they’ll be refreshed and ready to tackle their assignments again.
On the other hand, if you turn them down, they might decide that they would rather work for a company that respects their work-life balance. And then, you lose an experienced and trained staffer, which is costly to replace.
Learn to Listen to Your Employees
Do employees and managers at your company hate evaluations? Grapevine Evaluations can give you the tools to assess what is happening in your company so you can manage your workforce.
At Grapevine Evaluations, our 360 degree employee evaluation software
is trusted by companies such as Pandora Radio, Thompson Reuters, and Macy’s.
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