Workers could be forgiven this summer for wishing they could enjoy a few extra days’ holiday but for an increasing number of UK workers that dream is a reality.
Analysis by the world’s largest job site, Indeed, found the number of jobs offering unlimited paid annual leave has more than doubled in the last two years.
Since 2017, the number of jobs posted on Indeed.co.uk offering uncapped holiday has risen from 226 jobs per million in May 2017 to 562 jobs per million in May 2019 — a 148% increase.
Unlimited paid time off was popularised by US tech giants before being copied in the UK where the technology sector accounts for more than a third (34%) of all jobs offering the perk.
Despite the dramatic rise limitless holiday remains rare and just 0.06% of job descriptions on Indeed.co.uk mention it. However, with the unemployment rate at its lowest level since the 1970s, the tight labour market is forcing employers to fight hard for every recruit and benefits packages are seen as one way of doing this.
The rise comes as quality of life plays an ever increasing role in jobseekers’ employment choices with Indeed research finding that after salary, work/life balance was the most important motivation to work.
It’s ‘The Meaning of Work’ report revealed 57% of full-time workers* believed their salary was the most important factor in their work, followed by work/life balance (55%). Work/life balance was considered more important than job security (45%) colleagues (40%) length and convenience of the commute (34%), financial benefits such as a pension (20%) and the culture of the organisation in which people work (12%).
Bill Richards, managing director at global job site Indeed said:
“With near-record low unemployment in the UK and quality of life increasingly important to workers, employers are turning to measures such as salary raises and benefits to attract and retain workers.
“Unlimited paid time off is a US import popularised by West Coast tech companies, but Indeed data shows it is yet to reach the popularity of other Silicon Valley innovations. Since 2017, the share of job postings on Indeed offering uncapped paid time off has more than doubled but it still remains rare: currently just 0.06% of jobs on our site offer it.
“It remains to be seen how quickly other companies may adopt measures like this and whether other sectors follow in the footsteps of tech companies.”