#168. March Madness – It’s Happening Again!Posted on
Well, it’s that time of year again. No, not spring. It’s NCAA Tournament time, which means 70% of our office has taken time, undoubtedly, work time, to select teams to complete their tournament brackets. How much is this costing me?
According to outplacement consultancy firm Challenger, Gray & Christmas Inc., this annual distraction could cost employers as much as $1.7 billion in wasted work time over the 16 business days of the Tournament, starting the Monday after the teams and brackets are selected (March 17) through its conclusion on Monday, April 7, in San Antonio, Texas.
Using average hourly earnings of $17.50 (according to the Bureau of Labor Statistics), Challenger calculates that workers earn an average of $2.92 every 10 minutes ($17.50 divided by 6). So, for every 10 minutes of work time the 37.3 million March Madness office pool participants spend focused on the tournament instead of their job responsibilities, employers will lose $108.9 million ($2.92 times 37.3 million).
Even if these workers waste just 10 minutes per day on March Madness, starting the day after selection Sunday, the cumulative outcome is a loss of $1.7 billion ($108.9 times 16) in unproductive wages.
Therefore, the total cost in our office is $607.36.
Go North Carolina!!