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Facebook Costing Businesses $264 Million Daily in Lost Man Hours

Workers Can't Stop Wasting Time on FacebookVanishing staplers aren't the only employee-related phenomena bleeding the corporate world dry. According to a new study by U.K.-based employment law firm Peninsula, roughly £130 million (or about $264 million U.S.) is lost per day by British corporations due to office workers dillydallying on Facebook. That's the equivalent of 233 million employee hours per month. And British companies aren't the only ones suffering: Australian security firm, SurfControl, conducted a similar study of its own and found that Facebook was swallowing $5 billion (Australian) a year, or the rough equivalent of $4 billion U.S.

The loss of cash and man hours is starting to garner attention amongst businesses, which are looking for a way to deal with the social networking phenomenon. Many companies have already started blocking the site in an effort to regain lost productivity and discourage employees from wasting of time. Several companies in America already block sites such as Facebook and MySpace and sometimes even block access to personal e-mail. They consider these measures ways of preventing information leaks and maintaining a productive working environment.

Gabbing around the water cooler is dead. In its place is updating your Facebook status.

From the BBC and Reuters

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Tags: breaking+news, companies, facebook, myspace, networking, productivity, social, top, waste

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