One in three managers in the south east are not taking holidays this year amid credit crunch redundancy fears.

A survey by the Chartered Management Institute said many of the region's executive-level staff have postponed holiday plans, with many carrying on working while on holiday.

It showed that one in three were not using their full holiday entitlement this year, carrying days over to 2009.

Asked why they felt unable to take their full holiday entitlement, 39 per cent said it was due to extensive workloads, while 28 per cent were focused on meeting project deadlines.

Some 22 per cent in the region said they used their holiday entitlement to develop skills to making them "recession proof".

The survey found 46 per cent of managers in the region want to exchange unused holiday time for cash, but only 16 per cent of employers agree to this.

Many had also asked for private healthcare instead of annual leave, yet just two per cent of organisations agree to this.

Jo Causon, director, marketing and corporate affairs at the Chartered Management Institute, said: “There is clearly a fear that out of sight means out of mind but without a proper break individual performance can suffer and employers will notice mistakes more than they will absence through holiday.

"Individuals need to recognise this and use holiday time to recharge their batteries."