The excitement of March Madness will soon be under way. While the kick off to the annual college basketball tournament may be exciting for some revelers, business owners worry that it can cause a serious drop in productivity in the workplace.
A Loss in Revenue
March Madness is a popular tournament that can wreak havoc with a company’s revenue. Data from the Bureau of Labor Statistics found that with over 60 million Americans involved in office pools surrounding the games, a business could lose close to $2 billion in wages by the time that the event culminates.
Long Term Damage
Typically running from the second week in March to the early part of April, the first instinct of an employer may be to put an end to the festivities. However, by forbidding employees from filling out brackets or reprimanding them for using the Internet to search the latest scores, you could dampen the spirits of your employees and hinder them from doing a good job.
Boost Employee Morale
The college basketball tournament is a short term event that happens yearly. Instead of clamping down on the excitement, employers could use it to their advantage by boosting employee morale. You can encourage a more social company environment by starting discussions during lunch or break time sessions.
Bridge the Communication Gap
If you have a tough time connecting with your employees, you can use this time to bridge the communication gap by hosting your own college basketball party. Put together party trays of food and set up the T.V. in the lunch room where everyone can cheer on their favorite team.
In today’s competitive business world, it can be challenging to achieve company growth. You can use March Madness as a means to generate new customers and solidify your ongoing business relationships. Whether you host a NCAA college basketball tournament party at a restaurant or at your place of business, this is a great way to network socially and in a friendly and positive environment.