World Cup fans find work too distracting
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Hey there, time traveller!
This article was published 14/06/2010 (5956 days ago), so information in it may no longer be current.
EVEN down on the Toronto stock market floor, amid a flurry of multimillion-dollar trades, the TVs are tuned in to the World Cup.
It’s just one effect of the planet’s biggest sports tournament, a month-long phenomenon a U.K. study suggests could cost billions in lost productivity around the world.
Others challenge the notion.
They argue the World Cup could actually benefit some economies — depending on which team wins and how much fans shell out for the celebration.
While there may be a debate about the economic bottom line, there is no disputing the soccer frenzy sweeping across workplaces as people around the world return to the office today.
In Honduras, the government is giving 200,000 public employees time off during the tournament to watch the national team play.
Politicians have even urged private businesses to follow their lead.
In Canada, a senior strategist for TD predicted international productivity would dip during World Cup matches.
Millan Mulraine couldn’t think of any empirical research done on the topic but last Friday, with many TVs on the Toronto trading floor showing soccer, he expressed confidence about his hunch.
“In this environment normally you would be watching business news,” Mulraine said.
“But given that the World Cup is on now live, I think that’s what everyone’s tuned in to… even at work.
“I’ve taken a few glances at it while working, so I can testify to the fact that, yes, productivity will likely decline during events.”
A director at Scotia Capital in Toronto told the Wall Street Journal many traders took Friday off to watch the start of the tournament.
The paper reported that during Friday’s games, the New York trading volume was at its lowest point in two months.
“Today never really got going, so I think the market was a little more focused on the football than it would be on a normal day,” said Steve Butler, director of foreign exchange.
— The Canadian Press
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