Requests for paid time off increased globally in the first quarter – but more were declined, finds survey
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.
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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