The NCAA March Madness Will Cost America’s Business’ Over $100 Million Dollars
The NCAA's (National Collegiate Athletic Association) March Madness (men’s college basketball tournament) is celebrating its 75th anniversary. The NCAA is a non-profit organization that is raking in the cash, $10.8 billion to be exact. However, America's Business' will loose over $134 Million dollars because of the March Madness Tournament. The loss is due to loss of worker productivity in the first two days of the tournament alone. But is it happening here in Abilene or the Big Country?
I say yes, because of my personal observations of my coworkers. I did an 'unofficial' count of the televisions in our building, out of 17 offices there are at least ten televisions. But does this mean a real loss in productivity? I don't think so, because no one that I know of, ever called in sick just to stay at home and watch the games (those that are keeping up with the games are watching and working). I keep up with the scores (during the day) while others here will keep up with their favorite teams. I may not watch a full game while at work I will DVR it at home and watch it later, that is if my Wisconsin Badgers or K-U Jayhawks are winnings.
Much of the tournaments success and popularity is due to the marketing of 'March Madness,' the fact remains that the NCAA is a non-profit organization that is raking in the cash, $10.8 billion to be exact. This year a lot of the games are being streamed on the internet, and it's believed that while many employees will remain at their desk. Productivity may be slowed because of employees watching the games online, but at least it won't come to a complete stand still.
Here are a few interesting facts:
The NCAA (remember a non-profit) turned March Madness' popularity into a TV rights agreement worth $10.8 billion over 14 years. Source: BusinessInsider.com
The March Madness Tournament is the second most popular sports showcase ahead of the NBA (National Basketball Association) and Major League Baseball (the NFL is number one). If you think about it, that is incredible. In basketball parlance, it’s a slam-dunk. Source: BusinessInsider.com
According to a study by Challenger, Gray & Christmas Inc.: “March Madness will cost American companies at least $134 million in ‘lost wages’ over the first two days of the tournament, as an estimated 3 million employees spend one to three hours following the basketball games instead of working.” Source: Challenger, Gray & Christmas Inc.
Have you ever called in sick just to stay at home and watch the March Madness Tournament? Who do you think will win the tournament this year?