Productivity studies are all the rage these days. Take your employees, figure out their exact time usage for any number of tasks, figure out the cost based on their salary and other factors of those activities and try and assign an overall cost to work tasks and frivolous endeavors. Chances are, everyone wastes a certain amount of time every day, which isn't so bad on a case-by-case basis, but what happens when you start looking at a larger pool of workers?
Well, a study was done in the UK recently on what social networking sites are costing businesses. 3,500 companies were surveyed and the results are pretty shocking. Facebook alone results in 233 million work hours being lost each month. That comes down to $260 million (US) wasted each day. This is compared to the $11 million per day wasted in Australia as a whole.
Not all that surprising when companies choose to block the site. That's a lot of cash out the door.