March Madness Will Cost Companies $4 Billion In Lost Productivity: Report
PHILADELPHIA (CBS)--If you weren't into March Madness before, Villanova's epic win last year may have done the trick.
"Everybody's excited, everybody gets their brackets in," said Philadelphia resident Evita Staton.
Nova fan Tom Durling added, "I try to watch as many games as I can."
And with the Wildcats defending their title, many will find a way, even while at work.
"They're definitely sneaking away from their desk, running into the conference rooms," said Staton.
"Back in the old days, I used to put a little TV in my drawer," said Durling.
According to website Wallethub, our obsession with college hoops will cost companies about $4 billion in lost productivity, which is why almost a third of bosses say they want no part of it.
"I think employers should find a way to make it work and have more fun at the workplace," said Natalie Knochenhauer.
"From a company policy perspective, that's what we have vacation for," countered Dwayne Dantzler of New Castle, Delaware.
"Everybody's going to be in on it anyway," said Staton.
"If you look at the best places to work, it's always places where people have fun," said Dr. Bill Becker, a business professor at Virginia Tech who specializes in workplace emotion and turnover. He says companies can benefit by embracing the big dance.
From celebrating school ties to organizing office brackets with non-cash prizes, he says it can provide good incentive.
"You can say, 'Hey, if we can get these projects done Thursday morning, let's all get together and watch.' Use it as a motivating tool and a way to connect with employees," said Becker.
"I think doing that shows employees they're interested in their well-being," said Knochenhauer.
"Everyone likes a party and March Madness is fun," added Staton.
"I think it's a great opportunity to accept that, embrace it and allow it to get you through those times when you do need to knuckle down," explained Becker.
