In their study, researchers have found that at least one in four employees would not use their full entitlement of earned leave every year as they are too worried about their job security.

According to them, the "holiday paranoia" of many executives has been fuelled by redundancy rates doubling over the past year, the Daily Mail reported.

"There is clearly a fear that 'out of sight means out of mind'. But, without taking a proper break, individual performance can suffer and employers will notice mistakes more than they will absence through holiday.

"Individuals actually need time off to recharge their batteries," Jo Causon, the Director of Corporate Affairs at the Chartered Management Institute which commissioned the research, was quoted as saying.

The researchers came to the conclusion after carrying out a survey of junior and senior managers mostly in private firms across Britain - 37 per cent of the respondents said they had tried to encash their unused holidays.