Related to staycation - but instead of taking vacation time off and staying at home - one reports to work but goofs off. Related to "homeing from work" and "furlough time" - however this is goofing off for goofing off's sake, not for any ulterior motive. Workations usually involve post hangover-days, post-special project deadlines, and generally any time you're just tired of work and need a break.
Dan: "What did you have on the agenda for today Sarah?"
Sarah: "I'm going to finish these TPS reports this morning, and after lunch I think I'll take a workation and check out eBay and Overstock.com."