Requests for paid time off increased globally in the first quarter – but more were declined, finds survey
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Requests for paid time off increased across the world in the first quarter of 2024, but approvals declined, according to BambooHR.
Nearly half of employees (47%) worldwide requested for PTO in the first quarter of the year, a seven per cent increase compared to the same quarter last year.
But only 45% of PTO requests were approved in the first quarter, down by six per cent than in Q1 2023, according to BambooHR's Workforce Insights report.
Source: BambooHR's Workforce Insights
PTO monthly data
Month-on-month, there was a one per cent decrease in PTO requests worldwide between February and March 2024, according to the report.
There was also a one per cent increase, however, in the percentage of PTO requests approved.
By industry, employees in Finance and Non-profit had the highest number of employees requesting for PTOs, with 54% each. But approval rate was higher for Finance (47%) than for Non-profit (41%).
On the other hand, the healthcare sector saw 56% of PTO requests approved, a 10% increase from the previous month. It also has the highest approval rate across all sectors, according to the report.
Source: BambooHR's Workforce Insights
Meanwhile, the report also found that hiring slowed down as job openings year-on-year are "flat globally."
Employees also stayed with their employers in the past year as hiring and turnover went down 24% and 26%, respectively, between March 2023 and March 2024.
Source: BambooHR's Workforce Insights