One fifth of the 63% of managers who do not say it is because their workload is too high, and a further 29% work on holiday to reduce pressure when they return.
UK employers are saving around £4bn a year on directors who collectively abstain from taking 21.6m days of holiday each year.
The figure has risen since 2004, when 40% did not take their full holiday.
Some 37% of directors who do not take holiday intend to sell their entitlement back to their company.
But environmental issues are not affecting those who do travel, with only 12% of managers intending to offset the carbon footprint created by long-haul flights and 10% intending to fly less frequently.
The survey also showed that 78% of managers are involved in regular voluntary work.IT resignations increase as earnings growth slows >>
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