Create an environment that encourages employees to show their enthusiasm for March Madness, such as streaming games in the office or creating a tournament bracket challenge.
Today marks the start of the highly anticipated NCAA Division I Men's basketball tournament, with millions of viewers tuning in from around the world. Unfortunately, the event could have an adverse effect on businesses, so this report provides guidance on how to help reduce the financial impact.
March 17th 2023.
IMAGETAGGOESHERE With the first round of the 2023 NCAA Division I Men's basketball tournament set to begin, a reported 68 million people are predicted to bet an estimated $15.5 billion on March Madness in the coming weeks. This could be a major financial burden for businesses, as corporate losses due to unproductive workers during the tournament are expected to reach $16.3 billion, as noted by personal finance website WalletHub. Additionally, with gambling during the event expected to be more popular than the last Super Bowl, employers must be aware of possible activity in the workplace.
Nevertheless, March Madness does not have to be a detriment to businesses. Observers have argued that it could be advantageous for employee engagement, increase morale, and even improve productivity. Shawe Rosenthal L.L.P., an employment and labor law firm that works with both large and small businesses, has advocated that companies should take steps to ensure that March Madness is a fun, legal, and safe experience in the workplace. This includes limiting the use of personal devices while at work. IMAGETAGGOESHERE
IMAGETAGGOESHERE With the commencement of the 2023 NCAA Division I Men's basketball tournament, approximately 68 million people are projected to bet approximately $15.5 billion on March Madness in the upcoming weeks. This could be a major financial burden for businesses, as losses this year associated with employees being unproductive during March Madness could reach $16.3 billion. Not only this, but workplace gambling could be a further issue for employers to consider as the tournament progresses.
The American Gaming Association survey revealed that 18 million more people will bet on March Madness compared to the latest Super Bowl, and as gambling popularity increases, potential gambling at work is something employers need to bear in mind. However, March Madness does not have to be detrimental to businesses, as it could in fact help raise employee engagement, morale and productivity. Shawe Rosenthal L.L.P., an employment and labor law firm, suggested that companies take definite actions to guarantee fun, legal and safe activities during the tournament. They even provided advice on limiting personal device usage while at work.IMAGETAGGOESHERE