If you were wondering just how much March Madness hurts U.S. productivity, the firm of Challenger, Gray & Christmas, which specializes in outplacement, has put a dollar value to it.
Those with weak constitutions might not want to know. Seriously, sometimes ignorance really is bliss.
Still there? OK, don’t say we didn’t try to warn you …
According to Challenger, Gray & Christmas, this year’s round of March Madness could lead to $1.9 billion in productivity lost as employees fill out brackets, check scores and stream games straight to their cubicles. (You can check the firm’s math here.)
“That figure may be on the conservative side, considering this year could garner a lot more interest from even casual basketball fans eager to see if Kentucky can continue its undefeated season through the tournament,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.
“If Kentucky plays their first tournament game during the workday, it wouldn’t be shocking if every single working person in the state called in sick for the day or took an extra-long lunch break.”
This Thursday and Friday could be the most likely to distract your employees simply because they’ll be the first two days with full schedules of games.
The firm does not encourage employers to crack down on March Madness activities. Otherwise, you could suffer long-term damage to morale.
“If anything, employers should embrace March Madness and seek ways to it as a tool to boost employee morale and engagement,” Challenger said. “For example, creating a company-wide office pool that is free to enter and offers a free lunch or gift card for the winner could help build camaraderie and encourage interaction among co-workers who may not typically cross paths.”