Summer vacation is here. But if you’re like a surprising number of Americans, you’re probably leaving some paid time off on the table. Of employees whose employers offer paid vacation or leave, 46 percent said they typically take less time off than what was offered, a recent Pew survey found. This is why:
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They don’t feel they need to take more time off (52 percent).
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They worry about falling behind at work (49 percent).
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They find it annoying that colleagues have to do extra work (43 percent).
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They think that taking more time off can hurt their chances of career advancement (19 percent).
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They think they are at risk of losing their job (16 percent).
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Their manager advises against taking time off (12 percent).
Decisions leaders make about work culture most likely play a role in several of these reasons, such as fear of retaliation or missing out on a promotion. And the worry of leaving colleagues with extra work can be more intense in a team that is poorly managed or understaffed.
At the same time, the most frequently cited reason for not taking all available paid time off is that employees feel they don’t need it.
And many people continue to work when they are technically “off”. Fifty-five percent of respondents said they checked work emails and after-hours messages “extremely often,” “often,” or “sometimes.”
Employees seem to appreciate having paid time off available. In the Pew survey, 89 percent of all employees said it was “extremely” or “very” important that their jobs provided paid time off for vacations, doctor’s appointments and minor illnesses, with more people selecting the “extremely important” category than the employer-sponsored health insurance or an employer-sponsored retirement program.
DealBook would like to hear from you: Do you use your vacation time? Do you encourage your employees to take their vacation time? Why or why not? Let us know at dealbook@CBNewz.
IN CASE YOU MISSED IT
Twitter drops the microphone. Florida Governor Ron DeSantis announced his presidential campaign Wednesday at a Twitter event, but more than 20 minutes of technical glitches disrupted the live audio event, costing it more than half of the original audience. Questions about the reliability of Twitter’s infrastructure have been plaguing the company for months.
Debt settlement in sight. House Republicans and the White House have narrowed down their disagreements over a deal to raise the debt limit and avoid government bankruptcy. The stakes are high: Treasury Secretary Janet Yellen has said the government could run out of money by June 5.
AI shocks stocks. On Monday, an image generated by artificial intelligence that appeared to show a government building near the Pentagon on fire caused a few minutes of tumbling. Later in the week, AI’s rising prominence had the opposite effect on the stock price of Nvidia, which makes computer chips used to power AI systems. After delivering an overwhelming sales outlook, it set a record in premarket trading on Thursday.
Technical Rules. On Thursday, Microsoft became the latest technology company to propose artificial intelligence regulations. It wants an “emergency brake” for systems used in critical infrastructure and labels that make it clear when an image or video has been produced by a computer. Earlier this week, Google CEO Sundar Pichai pledged a voluntary “AI pact” with other companies to develop AI responsibly ahead of impending regulation in Europe.
Family drama
HBO will release the final episode of “Succession” on Sunday. The show only has about eight million viewers per episode, but it has generated publicity, awards, and critical accolades, all of which are valuable to HBO as it battles Hulu, Amazon, and Netflix for subscribers.
Showmakers like to repeat past successes. Which means they’re no doubt looking for their next high-stakes family business story. The fictional Roy family in “Succession” bears an uncanny resemblance to the Murdoch family. But the business world has no shortage of dynasties overrun by wealth, strife and fabulous dress. Here are our suggestions.
The Arnaults. Bernard Arnault, the 74-year-old chairman of the world’s largest luxury company (and the world’s richest person), has carefully planned how he will pass the baton, dividing the key roles in the LVMH Moët Hennessy Louis Vuitton empire between his five children.
Like “Succession,” the show should save at least one episode for a gorgeous European wedding, in this case inspired by Alexandre Arnault’s wedding in Venice, where invitees included Beyoncé, Jay-Z, and Kanye West. A scene inspired by Tiffany’s glitzy reopening after LVMH bought the brand in a turbulent takeover would make an excellent season finale.
The Sacklers. The family behind Purdue Pharma, whose opioid painkiller, OxyContin, initially dominated the market, has broken amid the financial and social ramifications of the company’s role in the opioid crisis. Scenes could include a scathing congressional investigation and members of the family walking into an equivalent of the Metropolitan Museum of Art’s Sackler wing after it’s been stripped of their names.
The Maras. The family that owns the New York Giants split into two factions. Wellington Mara, his wife and 11 children stood to one side. On the other side was Wellington’s cousin, Tim Mara. Show credits could include the jealousy reportedly dividing their luxurious stadium suites at the height of their tension. The series would end in 1995 when Tim Mara, who had no other story, sold his interest in the team.
Honorable Mentions: These family business dramas can last, if not several seasons of a show, at least an eight-episode miniseries:
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The Safras. Joseph Safra was one of the world’s wealthiest bankers. This year, more than two years after Joseph’s death in 2020, one of his sons, Alberto, sued two of his brothers and his mother, claiming they were trying to expel him from his father’s company, Safra National Bank of New York, to push.
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The Kushners. A family feud between the real estate executive Charles Kushner and his brother-in-law over business helped land Charles in jail. One of his sons became the son-in-law of former President Donald Trump and subsequently raised billions from the Saudis. The other opened a high-power venture capital fund and married a model.
Phrase of the week: Stealth wealth
The rich are really different. Unlike those who strive to look luxurious, the truly wealthy people subtly express their taste. Or that’s the idea underlying “stealth wealth,” the muted 2023 fashion trend exemplified by the wardrobes of “Succession.” There are no logos, flashy designs or bright colors, no clamor for attention – just seemingly plain neutrals and navy blue items, exorbitantly priced, ostensibly because of the high-quality materials and craftsmanship.
If you can’t guess the designer of a $500 baseball cap or $5,000 suit — and honestly wouldn’t think so because they’re simple — the wearer’s mission accomplished. And if you can recognize “quiet luxury,” as it’s also called, then you’re distinctive, part of the inner circle, a fraction of the tastefully fashionable few who can recognize a needle in a haystack or $1,500 ballerinas by their resemblance to socks.
Presumably you’re too cool to make the mistake of one intruder on the show, who carried a “ridiculously roomy” bag that was pricey but accidentally emphasized her outsider status with the bold Burberry trademark check and size. The secretly wealthy may be weighed down by their fortunes, but they seem to travel light, swathed in beiges, blacks and grays by designers such as Ferragamo, Bottega Veneta, Loro Piana, Brunello Cucinelli, Hermes, the Row and Max Mara.
Flight delayed? Get Paid: DealBook Readers Respond
Airlines and government officials hope to avoid flight delays and cancellations this summer as air travel numbers threaten to exceed prepandemic levels. In a previous newsletter, DealBook reported that President Biden wanted airlines to compensate passengers for these kinds of disruptions, and we asked you to share your thoughts.
In about half of the three dozen emails DealBook received on the matter, readers expressed support for the measure and said it was time for U.S. travelers to get the same kind of protection as consumers in Canada and the European Union.
About a quarter of DealBook readers took the opposite view. They said it was excessive to pay travelers late and it was better for the industry to have its own policies. Interestingly, readers of the pro And con camps feared that such a measure would drive up ticket prices.
Oh, and a reader had a bigger suggestion: “Invest in passenger trains. Give them priority over other trains on the rails.”
Thank you for reading! We want your feedback. Email your thoughts and suggestions to dealbook@CBNewz.
