St. Petersburg, FL - March Madness is underway. That means work productivity has dropped significantly.
March Madness lasts for weeks and roughly half of the games are played during traditional work hours. Studies have shown a huge drop in productivity during March Madness as employees tune in to watch games, check scores or check their brackets.
See Also: Hooters Hoops Madness!
In the annual "study" hated by working basketball fans everywhere, global outplacement firm Challenger, Gray & Christmas, Inc., estimates that March Madness will cost American companies at least $134 million in "lost wages" over the first two days of the tournament. The study shows an estimated three million employees spend one to three hours following the basketball games instead of working.
Another source of concern: office pools. Friday on The Morning Show, Bill DeMeza of Holland & Knight's Tampa Office joined us to talk lost productivity and Florida's Workplace Gambling laws.
Florida's law defines gambling of any kind as a second-degree misdemeanor punishable by imprisonment for up to 60 days and a $500 fine.
Although Florida's gambling law might not be vigorously enforced, it does remain in effect.
10 News & Challenger, Gray & Christmas, Inc