Employees in the finance and insurance sector are underutilising their annual leave, potentially exceeding contracted hours.
Access People, an HR solutions specialist, found that between 2022 and 2023, the industry saw a 9.11 per cent drop in the average amount of yearly leave taken by employees.
Annual leave usage decreased by 12 per cent since 2020 and by 7.6 per cent in the previous year on a national level.
Employees have been unable to take advantage of their full annual leave due to issues including staff shortages and increased workloads.
Employees in the banking and insurance sector lost an average of 34 annual leave days in 2023 compared to 37 in 2022, placing them third out of 18 industries.
Other affected industries include recruitment construction which had notable declines of 7.07 per cent and 10.98 per cent, respectively.
Access People managing director Charles Butterworth says: “Workers across the UK are under a great deal of pressure with rising household expenses, work-related stress and personal commitments. It’s more important than ever that people take time off to rest and recharge – so that they can come back stronger.
“But taking holidays should never feel like it’s part of the job. As revealed in the report, 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. Ultimately, it’s our duty as employers to help our teams book time off, whether this is through regular reminders or implementing a simple and efficient booking system.
“Companies need to take action and investigate why employees are reluctant to take time off, so that they can put strategies in place to support them. It’s also essential that companies and employers have a clear view of any requests, so that they can manage them instantly.”
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