How much employers will lose to March Madness
March 16, 2016
There are two things we can always count on this time of year:
* Snubbed college basketball fans complaining that their team didn’t make the NCAA tournament.
* The annual forecast of how much revenue companies will lose due to productivity losses tied to March Madness.
This year businesses will lose $1.3 billion during the course of the NCAA tournament, according to Captivate’s latest Office Pulse study, which surveyed 784 people.
How did it come up with that number?
For this, Captivate used an average hourly pay of $10.61 for 122 million employees and averaged four hours of lost work per employee during the tournament, which works out to that $1.3 billion number.
But that number may actually be low, according to Challenger, Gray & Christmas, which used average hourly earnings of $25.35, based on numbers from the Bureau of Labor Statistics. By that measure, employers will actually lose closer to $3.9 billion lost wages paid to unproductive workers.
Regardless of what the actual number may be, it could be higher than 2015. Captivate’s survey found that interest in this year’s tournament is up over last year.
The company reports a 133 percent year-to-year increase in respondents who say they’re going to secretly watch games, along with a 13 percent lift in those who plan to spend at least $5 in a tournament pool.
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