Solar eclipse expected to cost businesses almost $700 million due to lost productivity
Add the total eclipse of the sun to the list of worker distractions that cost U.S. companies hundreds of millions of dollars in lost productivity.
American employers will see at least $694 million in missing output for the roughly 20 minutes that outplacement firm Challenger, Gray & Christmas estimates workers will take out of their workday on Monday to stretch their legs, head outside the office and gaze at the nearly two-and-a-half minute eclipse.
And 20 minutes is a conservative estimate, said Andy Challenger, vice president at the Chicago-based firm. Many people may take even longer to set up their telescopes or special viewing glasses, or simply take off for the day.
“There’s very few people who are not going to walk outside when there’s a celestial wonder happening above their heads to go out and view it,” Challenger said, estimating that 87 million employees will be at work during the eclipse.
To get the overall figure of nearly $700 million, Challenger multiplied that by the Bureau of Labor Statistics’ latest estimate for average hourly wages for all workers 16 and over. Just as the Earth is a mere speck in the universe, however, Challenger said this is still a small sum.
“Compared to the amount of wages being paid to an employee over a course of a year, it is very small,” Challenger said. “It’s not going to show up in any type of macroeconomic data.”
It also pales when compared with the myriad other distractions in the modern workplace, such as March Madness, Cyber Monday, and the Monday after the Super Bowl.