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Finance and insurance sector workers are failing to use their full annual leave entitlement and are more likely to be working more than their contracted hours.
The sector has seen a 9.11% drop in annual leave taken per employee from 2022-2023, higher than the national average drop of 7.6%.
The data is part of analysis of more than 3,000 companies published in an annual leave report from HR systems specialist Access PeopleHR.
The finance and insurance sector ranked third in a list of 18 industries where employees have not taken their annual leave entitlement in 2022/23.
On average, employees in the finance and insurance sector took 34 annual leave days in 2023 – three fewer than the 37 taken in 2022.
The agriculture, forestry and fishing industry was the worst off in terms of falls in annual leave taken, followed by the construction industry.
Top 10 industries with the biggest decline in annual leave days taken
|
Industry
|
Annual leave days taken (2022-2023)
|
|
Agriculture, forestry and fishing
|
-11.85%
|
|
Construction
|
-10.98%
|
|
Financial and insurance activities
|
-9.11%
|
|
Education
|
-8.89%
|
|
Transportation and storage
|
-8.51%
|
|
Accommodation and food service activities
|
-8.27%
|
|
Professional, scientific and technical activities
|
-8.21%
|
|
Information and communication
|
-7.92%
|
|
Recruitment
|
-7.07%
|
|
Electricity, gas, steam and air conditioning supply (utilities)
|
-6.63%
|
Source: Access PeopleHR
Charles Butterworth, managing director at Access People, said: “The number of employees taking their full annual leave entitlement has declined in all industries. There could be many reasons for this, like poor planning, anxiety about falling behind or a heavy workload.”
He said employers needed to take action and investigate why employees were reluctant to take time off, so that they can put strategies in place to support them.
He said: “It’s more important than ever that people take time off to rest and recharge – so that they can come back stronger.”
• The study conducted by Access People analysed data from 18 industries and 3,068 companies’ employees. The data was gathered from 2020-2023. Data correct as of January 2024.
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