Here's how much money companies will lose in productivity thanks to March Madness

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March Madness is a time when even the most undedicated sports fans feel the need to bandwagon fan any and every basketball team.

Filling out brackets evokes a sense of competitiveness and comraderie amongst friends, family and even co-workers.

SEE ALSO: The least valuable college basketball teams playing in March Madness

But for those who take their brackets very seriously, March Madness season can also become a bigger distraction than any other holiday or sporting event.

According to new data from Office Pulse by Captivate, businesses face an almost unbelievable $1.6B in lost productivity during the tournament.

The methodology for the study was to use the average American hourly rate of $10.65 per employee and average 4 hours lost per employee who planned to watch the games while at work.

A hefty 53 percent of business professionals plan to watch the NCAA tournament this year, with 61 percent of those professionals planning to watch while at work.

And if you can't seem to go anywhere in the office without someone throwing basketball-talk down your throat, you're not alone — Nearly 30 percent of business professionals said that they'll be taking place in a bracket.

So no matter who you're rooting for (if you're rooting for anyone at all) it's safe to say loss of productivity is inevitable — But we'll just pretend that's because the extra competitive edge needed to succeed in March Madness is being channeled elsewhere.

RELATED: Inside the first round of March Madness, 2017

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Inside the first round of March Madness, 2017
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Inside the first round of March Madness, 2017
Mar 16, 2017; Buffalo, NY, USA; Princeton Tigers guard Devin Cannady (3) dribbles against Notre Dame Fighting Irish guard Rex Pflueger (0) in the first half during the first round of the NCAA Tournament at KeyBank Center. Mandatory Credit: Timothy T. Ludwig-USA TODAY Sports
Mar 16, 2017; Orlando, FL, USA; Virginia Cavaliers guard Darius Thompson (51) shoots against North Carolina-Wilmington Seahawks forward Devontae Cacok (15) during the first half in the first round of the NCAA Tournament at Amway Center. Mandatory Credit: Kim Klement-USA TODAY Sports
SALT LAKE CITY, UT - MARCH 16: Mike Daum #24 of the South Dakota State Jackrabbits handles the ball against Johnathan Williams #3 of the Gonzaga Bulldogs in the first half during the first round of the 2017 NCAA Men's Basketball Tournament at Vivint Smart Home Arena on March 16, 2017 in Salt Lake City, Utah. (Photo by Christian Petersen/Getty Images)
ORLANDO, FL - MARCH 16: Marial Shayok #4 of the Virginia Cavaliers reacts after a collision against the North Carolina-Wilmington Seahawks during the first round of the 2017 NCAA Men's Basketball Tournament at Amway Center on March 16, 2017 in Orlando, Florida. (Photo by Mike Ehrmann/Getty Images)
SALT LAKE CITY, UT - MARCH 16: Chris Howell #3 of the South Dakota State Jackrabbits competes for a loose ball with Nigel Williams-Goss #5 of the Gonzaga Bulldogs in the first half during the first round of the 2017 NCAA Men's Basketball Tournament at Vivint Smart Home Arena on March 16, 2017 in Salt Lake City, Utah. (Photo by Christian Petersen/Getty Images)
MILWAUKEE, WI - MARCH 16: Kelan Martin #30 of the Butler Bulldogs attempts a shot while being guarded by Xavier Cooks #12 of the Winthrop Eagles in the first half during the first round of the 2017 NCAA Men's Basketball Tournament at BMO Harris Bradley Center on March 16, 2017 in Milwaukee, Wisconsin. (Photo by Stacy Revere/Getty Images)
SALT LAKE CITY, UT - MARCH 16: Przemek Karnowski #24 of the Gonzaga Bulldogs shoots in the first half against the South Dakota State Jackrabbits during the first round of the 2017 NCAA Men's Basketball Tournament at Vivint Smart Home Arena on March 16, 2017 in Salt Lake City, Utah. (Photo by Christian Petersen/Getty Images)
BUFFALO, NY - MARCH 16: The West Virginia Mountaineers huddle up prior to their game against the Bucknell Bison during the first round of the 2017 NCAA Men's Basketball Tournament at KeyBank Center on March 16, 2017 in Buffalo, New York. (Photo by Elsa/Getty Images)
SALT LAKE CITY, UT - MARCH 16: Michael Orris #50 of the South Dakota State Jackrabbits drives to the basket against Przemek Karnowski #24 of the Gonzaga Bulldogs in the second half during the first round of the 2017 NCAA Men's Basketball Tournament at Vivint Smart Home Arena on March 16, 2017 in Salt Lake City, Utah. (Photo by Christian Petersen/Getty Images)
BUFFALO, NY - MARCH 16: Jevon Carter #2 of the West Virginia Mountaineers reacts as he falls to the ground against the Bucknell Bison during the first round of the 2017 NCAA Men's Basketball Tournament at KeyBank Center on March 16, 2017 in Buffalo, New York. (Photo by Maddie Meyer/Getty Images)
Mar 16, 2017; Buffalo, NY, USA; Wisconsin Badgers guard Khalil Iverson (21) shoots against Virginia Tech Hokies guard Ty Outlaw (42) and forward Zach LeDay (32) in the second half during the first round of the NCAA Tournament at KeyBank Center. Mandatory Credit: Timothy T. Ludwig-USA TODAY Sports
Mar 16, 2017; Milwaukee, WI, USA; Nevada Wolf Pack guard Josh Hall (33) falls on Iowa State Cyclones guard Monte Morris (11) while battling for the ball during the second half of the game in the first round of the NCAA Tournament at BMO Harris Bradley Center. Mandatory Credit: James Lang-USA TODAY Sports
Mar 16, 2017; Orlando, FL, USA; Florida Gulf Coast Eagles guard Rayjon Tucker (3) reacts after making a three point shot against the Florida State Seminoles during the first half in the first round of the NCAA Tournament at Amway Center. Mandatory Credit: Logan Bowles-USA TODAY Sports
BUFFALO, NY - MARCH 16: Elijah Long #55 of the Mount St. Mary's Mountaineers shoots against Mikal Bridges #25 of the Villanova Wildcats in the second half during the first round of the 2017 NCAA Men's Basketball Tournament at KeyBank Center on March 16, 2017 in Buffalo, New York. (Photo by Maddie Meyer/Getty Images)
MILWAUKEE, WI - MARCH 16: Marcus Marshall #1 of the Nevada Wolf Pack attempts a shot between Monte Morris #11 and Nazareth Mitrou-Long #15 of the Iowa State Cyclones in the second half during the first round of the 2017 NCAA Men's Basketball Tournament at BMO Harris Bradley Center on March 16, 2017 in Milwaukee, Wisconsin. (Photo by Jonathan Daniel/Getty Images)
SALT LAKE CITY, UT - MARCH 16: Kadeem Allen #5 of the Arizona Wildcats dives on to the scorers table to save the ball against the North Dakota Fighting Sioux during the first round of the 2017 NCAA Men's Basketball Tournament at Vivint Smart Home Arena on March 16, 2017 in Salt Lake City, Utah. (Photo by Christian Petersen/Getty Images)
TULSA, OK - MARCH 17: Ian Baker #4 of the New Mexico State Aggies defends Ishmail Wainright #24 of the Baylor Bears in the second half during the first round of the 2017 NCAA Men's Basketball Tournament at BOK Center on March 17, 2017 in Tulsa, Oklahoma. (Photo by J Pat Carter/Getty Images)
GREENVILLE, SC - MARCH 17: Angel Delgado #31 of the Seton Hall Pirates with the ball against Dustin Thomas #13 and Moses Kingsley #33 of the Arkansas Razorbacks in the first half in the first round of the 2017 NCAA Men's Basketball Tournament at Bon Secours Wellness Arena on March 17, 2017 in Greenville, South Carolina. (Photo by Kevin C. Cox/Getty Images)
INDIANAPOLIS, IN - MARCH 17: Leyton Hammonds #23 of the Oklahoma State Cowboys drives to the basket against the Michigan Wolverines during the first round of the 2017 NCAA Men's Basketball Tournament at Bankers Life Fieldhouse on March 17, 2017 in Indianapolis, Indiana. (Photo by Joe Robbins/Getty Images)
TULSA, OK - MARCH 17: Bennie Boatwright #25 and Jonah Mathews #2 of the USC Trojans go for a rebound against Semi Ojeleye #33 and Sterling Brown #3 of the Southern Methodist Mustangs in the second half during the first round of the 2017 NCAA Men's Basketball Tournament at BOK Center on March 17, 2017 in Tulsa, Oklahoma. (Photo by Ronald Martinez/Getty Images)
SACRAMENTO, CA - MARCH 17: Dylan Ennis #31 of the Oregon Ducks reacts in the second half against the Iona Gaels during the first round of the 2017 NCAA Men's Basketball Tournament at Golden 1 Center on March 17, 2017 in Sacramento, California. (Photo by Jamie Squire/Getty Images)
TULSA, OK - MARCH 17: Bennie Boatwright #25 of the USC Trojans kneels at center court at the start of the game against the Southern Methodist Mustangs during the first round of the 2017 NCAA Men's Basketball Tournament at BOK Center on March 17, 2017 in Tulsa, Oklahoma. (Photo by Ronald Martinez/Getty Images)
GREENVILLE, SC - MARCH 17: Moses Kingsley #33 of the Arkansas Razorbacks reacts in the second half against the Seton Hall Pirates in the first round of the 2017 NCAA Men's Basketball Tournament at Bon Secours Wellness Arena on March 17, 2017 in Greenville, South Carolina. (Photo by Gregory Shamus/Getty Images)
SACRAMENTO, CA - MARCH 17: Jon Severe #10 of the Iona Gaels fouls Dillon Brooks #24 of the Oregon Ducks in the first half during the first round of the 2017 NCAA Men's Basketball Tournament at Golden 1 Center on March 17, 2017 in Sacramento, California. (Photo by Jamie Squire/Getty Images)
SACRAMENTO, CA - MARCH 17: E.C. Matthews #0 of the Rhode Island Rams attempts a shot against the Creighton Bluejays during the first round of the 2017 NCAA Men's Basketball Tournament at Golden 1 Center on March 17, 2017 in Sacramento, California. (Photo by Thearon W. Henderson/Getty Images)
SACRAMENTO, CA - MARCH 17: Jordan Washington #23 of the Iona Gaels is helped off the court after suffering an injury in the first half against the Oregon Ducks during the first round of the 2017 NCAA Men's Basketball Tournament at Golden 1 Center on March 17, 2017 in Sacramento, California. (Photo by Thearon W. Henderson/Getty Images)
TULSA, OK - MARCH 17: De'Anthony Melton #22, Nick Rakocevic #31, Bennie Boatwright #25 and Shaqquan Aaron #0 of the USC Trojans celebrate after defeating the Southern Methodist Mustangs during the first round of the 2017 NCAA Men's Basketball Tournament at BOK Center on March 17, 2017 in Tulsa, Oklahoma. (Photo by Ronald Martinez/Getty Images)
TULSA, OK - MARCH 17: Sterling Brown #3 of the Southern Methodist Mustangs handles the ball against Jordan McLaughlin #11 of the USC Trojans in the second half during the first round of the 2017 NCAA Men's Basketball Tournament at BOK Center on March 17, 2017 in Tulsa, Oklahoma. (Photo by J Pat Carter/Getty Images)
GREENVILLE, SC - MARCH 17: Theo Pinson #1, Justin Jackson #44, Nate Britt #0 of the North Carolina Tar Heels and teammate cheer from the bench in the second half against the Texas Southern Tigers during the first round of the 2017 NCAA Men's Basketball Tournament at Bon Secours Wellness Arena on March 17, 2017 in Greenville, South Carolina. North Carolina Tar Heels won 103-64. (Photo by Gregory Shamus/Getty Images)
INDIANAPOLIS, IN - MARCH 17: Donovan Mitchell #45 of the Louisville Cardinals shoots the ball against the Jacksonville State Gamecocks during the first round of the NCAA Baketball Tournament at Bankers Life Fieldhouse on March 17, 2017 in Indianapolis, Indiana. (Photo by Andy Lyons/Getty Images)
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