Cart (0)
VIDEOCorporations Take a Hit During Championship Games
By
John F Kelly Nov 02, 2009 9:45 am
Employees watch the plays while companies pay.
 |
|
Even the national economy isn't spared the costs of certain mega sports events. March Madness -- the term for the annual NCAA men’s basketball championship -- is believed to spawn costs that go well and beyond the $20 many employees contribute to their office bracket pool.In 2006, CBS (CBS), the network that televises the event, began offering free online viewing of the tournament. Good news for fans, bad news for bosses. According to the global outplacement firm Challenger, Gray and Christmas, many companies have since seen a significant drop-off in worker productivity. Their findings estimate that for every 13 and a half minutes workers spend on the Internet watching the games for the three weeks, the cost to employers in lost wages alone exceeds $237 million.
Over the 16 days of the tournament, the total loss could climb as high as $3.8 billion.
And then there’s the “morning after” effect that the Super Bowl has on the workforce.
An annual survey conducted by Kronos Incorporated estimates that 1.5 million people call in sick the day after the Super Bowl. The survey shows that another 3% of respondents, or an estimated 4.4 million employees, may arrive late to work the Monday after the Super Bowl. (This number is in line with the 3% of respondents who admit to, in the past, sneaking in late to work the day after the game.)
The symptoms of Super Bowl Monday syndrome include "exhaustion, headache, and sore throat due to loss of voice,” says Stewart Itkin, vice president of Kronos, a Massachusetts company that solves workforce-related problems. “Fortunately, it only lasts 24 hours."
Continue reading this story, below, or click on a category to see who wins and who loses when the big game comes to town.
 |
 |
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
