For most people, taking a holiday may seem like the last thing on their mind at the moment. However, it may well be that is just what you, and the Australian economy needs.
A large number of working Australians have a significant amount of accumulated annual leave hours due to them. Whilst it feels like you should be working harder now that ever before, in times of slow economic activity taking some time off can actually be of benefit to a number of different areas of the community, namely employees, employers and the Australian economy.
It’s good for employees because…
A break from your day-to-day routine can help to revitalise you and lift your spirits. Some time away from hearing about how little work there is at the moment and constantly experiencing how mundane the workplace may have become can do wonders to rejuvenate and re-excite you about your job and your life.
Having people get out of the office and return refreshed and positive can also have a flow on effect to the rest of the staff and the mood can shift from one of regularity to that of motivation. This can also have a similar flow on effect in relation to your family life and relationships.
Most people commonly claim that they cannot take leave as they are simply too busy, however the effects of a few days off can often result in increased productivity and creativity.
It’s good for employers because…
As well as a better chance of being able to keep attending staff active as there are fewer employees on board for a temporary period, and the previously discussed emotional and motivational benefits, there are also financial benefits for employers having employees take some time off.
Employers are required to maintain provision in their accounts equivalent to the value of all employee’s accrued annual leave. By employees not taking that annual leave, employers are left with a large sum of money that they cannot touch for investment purposes or other business activities that may stimulate the business’ development and growth. This can result in a significant financial liability for the business.
It’s good for the Australian economy because…
The common message at the moment is not just to take time off and stay at home, but to travel to local Australian tourist destinations. Tourism is such a large part of our economy, from generating income for the country as well as employing hundreds of thousands of people.
So, in simplistic terms, taking some well-earned time off can help yourself, your employer and your country. Of course, it is important to remember that no-one can force or be forced to take leave against their wishes. Although, with a country as great as ours to explore no-one should really need their arm twisted too hard to take a few days off!
The team of lawyers and accountants at The Quinn Group can provide you with personalised advice in regards to leave entitlements and business tools to get through these slow times. So, if you are an employer or employee and would like more information contact us on 1300 QUINNS or click here to submit an online enquiry.