Report: Few executives are taking traditional vacations

Holding an executive level job may come with one less perq these days: the ability to take a restful vacation.

About two-thirds of executives have postponed or canceled vacation plans during the last year, according to a new study by recruitment firm Korn Ferry. Nearly three-quarters of higher-ups say they have too much work, and half said they connect to the office remotely multiple times a day when they do go on vacation.

"Is there vacation anymore?" Korn Ferry CEO Gary Burnison asked during a CNBC "Squawk Box" interview. "I took my youngest daughter on holiday a couple weeks ago, and I'm walking around the pool and people are plugged in, they're connected. It's unbelievable."

Read MoreUnused vacation days at 40-year high

Executives told Korn Ferry a highly competitive work environment contributes to their decision to let vacation days go unused. They worry a colleague will do their job better while they're away.

"You've got CEOs that want Seal Team 6. I think you've got people that are working longer, and then you've got technology," Burnison said.

Korn Ferry concluded that the speed of information in a more connected world and the complexity of issues in increasingly global businesses prevent executives from taking a traditional two-week vacation.

The firm said employees who take time off are more likely to be productive, have higher moral and are less likely to make critical mistakes.

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