Warren Buffett’s Ultimate March Madness Office Pool
March Madness bracket pools are commonplace at businesses across the country when the NCAA Tournament rolls around every year. But chances are no contest comes close to the stakes at Berkshire Hathaway. Buffett’s contest prize will award $1 million a year for life to the extremely lucky worker who manages to correctly predict the Sweet Sixteen.
While picking a perfect Sweet 16 might not seem all that difficult, the odds certainly aren’t in employees favor — according to Variety, last year, of the 17.3 million brackets filled out on ESPN, not one person picked a perfect Sweet 16.
Even if your organization is not willing to wager $1 million a year, the tournament will still cost employers $2.1 billion per hour in time employees are engaged with the tournament at work for a total of $13.3 billion, according to one estimate by outplacement firm Challenger, Gray & Christmas, Inc.
Of course, the distractions do not end with filling out the bracket. Even more productivity is lost over the first two full days of tournament play (Thursday and Friday), when a dozen games are played during work hours.
Challenger’s estimate is based on the number of working Americans who are likely to be caught up in March Madness, the estimated time spent filling out brackets and streaming games, and average hourly earnings, which, in January, stood at $27.66, according to the Bureau of Labor Statistics (BLS).
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