March Madness may cost companies billions
Mar 17, 2014, 4:06 PM
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Businesses are about to lose billions of dollars — and the economy is not to blame.
It’s basketball.
At least, that’s according to outplacement firm Challenger, Gray & Christmas, The Columbus Dispatch reported. The firm claims that March Madness accounts for $1.2 billion “for each unproductive hour of work during the first week of the tournament when so many games are being played while people are at the office.”
How was that calculation reached? The firm first estimated that 50 million people across the country will be participating in March Madness office pool. They then took that number and multiplied it by an average of $24.31 an hour.
