Thanks to newly flexible work policies, 31% of Americans are choosing to add vacation time to a business trip, or vice versa, while 28% expect to work remotely from a vacation destination period.
For many, the idea of working while traveling is very appealing but considered a pipe dream. Enter the “paycation.” Part work, part traveling, it’s ideal for those of us with an inner nomad.
Taking a “paycation” allows individuals to combine work with pleasure — with telecommunication techniques or working online.
The concept is well-suited to individuals, like freelancers, who don’t have to worry about going to an actual location to work each day, but can move from location to location with little effort. The ability to be a solo traveler is another advantage, with no ties to one particular city or area.
Paycation Versus Bleisure
What about the buzzword “bleisure,” and how does it compare to a paycation? It’s all about percentages.
Bleisure travel is the idea of working away from a job with a few vacation days added at the beginning or end. As for a paycation, one is at a vacation destination and continues working. With a paycation, you’re not getting actual time off to travel but instead can throw in vacation-style fun for a few hours at a time.
An Increase in Remote Work Means More Paycation
Comparing 2023 to 2020, three times as many remote jobs are available. Before the pandemic, only 4% of U.S. jobs offered a remote employment style. As of 2021, remote opportunities make up 15% of all high paying jobs, and three out of every ten employees works at least partially remotely.
Paycations also mean an increase in happiness for employed persons. Following the end of the United States lockdown, 74% of people reported being happier working remotely. The growth can be chalked up to being able to spend more time with family and not having to commute to work each day.
And if that weren’t enough to put smiles on our faces, 50% of people surveyed would give up part of their pay to be able to work remotely. And the same folks that would take a pay cut would recommend remote work to others 97% of the time.
What Does More Remote Work Mean for Employers?
Employers need to start thinking about the long run and look for long-term strategies thanks to the uptick in remote work. With the necessary work-from-home style of keeping companies running from 2020 through 2022, a mainly remote employee base must be considered.
If listening to your employees hang around the water cooler to talk about their weekend or to gossip is appealing to CEOs, saving money should curb any need for eavesdropping. On average, $11,000 per year can be saved by having employees work remotely. Lastly, remote work reduces absenteeism and employee turnover.
The Four Best Places for a Paycation Outside of The U.S.
When considering places to paycation, several factors need to be taken into consideration:
- The location must be affordable in its lodging, food, and off-the-clock activities.
- The area should be easily driveable or have access to an airport in case of emergencies.
- The need for fast, dependable wifi is a must.
Ireland
Named the safest country for digital nomads, Ireland is at the top of the list. If you can make $1,054 monthly for a solo worker, you’ll do just fine working remotely. While the cost of living is only 6.5% lower than in the U.S., apartment rentals are 11% lower. Considering the beauty of the country, its beaches, and the food and moderate climate, the five-hour time difference from New York City is worth it.
Costa Rica
Both affordable and beautiful, the average cost for a one-bedroom apartment is just over $500 U.S. dollars as the cost of living is 30% lower than in the U.S. If you want to live comfortably while in Costa Roca, making as little as $1,500 per month will keep you in the life you’re accustomed to. Foreigners have the same legal renting rights as citizens, and public transportation is readily available and highly affordable.
Mexico
Sharing the same time zones as the U.S., Mexico is another affordable country for remote workers. With a 45.7% lower cost of living than the United States, the average cost of living is between $500 to $2,000, with an average of $750. While Mexico City and more prominent areas will have higher apartment rates than rural locations, the overall affordability is excellent for paycationers on a smaller budget.
Ecuador
If you like the idea of adventure around you at all times, considering Ecuador for a paycation is a must. The country offers guests and residents tropical jungles, volcanoes, and pretty beaches in northwest South America. As for the cost of living, it’s 53.6% lower than the U.S., with a solo traveler needing roughly $520 a month, not including rent, to live comfortably.
This article was produced and syndicated by Wealth of Geeks.