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That estimate comes from the outplacement company Challenger Gray & Christmas Inc. The firm calculated that employees talking about the tournament for 10 minutes would cost an employer an average of $2.56 per worker. For a way to factor in the probability that not all employees will discuss the games, the researchers then multiplied the average per worker by the number of employed workers with at least a bachelor's degree (36.6 million). And then the firm multiplied the result by the number of work days of the event (15).
John Challenger, chief executive of the firm, tells the Business Journal that the tournament could be a needed respite for workers.
"The anxiety over a possible war and more terrorist attacks, not to mention decreased job security because of the economy, has sunk employee morale to a low level," Challenger says. "If filling in brackets for an office pool or simply chatting about one's favorite team at the water cooler for 10 minutes or more provides some relief from the otherwise depressing state of affairs, then it seems worthwhile."
The NCAA tournament runs from March 18 through April 7. The Final Four, where the four remaining winners compete for the championship, will take place in New Orleans.
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