Survey shows social networking sites are costing U.K. firms $2.3B a year, but they shouldn't be banned.

According to a Forbes Magazine's article, Social media costs U.K. companies $2.3 billion annually in employee time and work resources. Quite a lot, according to a new survey by TNS. From the 1,460 office workers surveyed by TNS, 57% said that they used social networking sites during the working day for personal use, and were on average spending 40 minutes on these sites each week, according to the survey. That equates to just under a full working week being spent or "waste" each year on social networking sites during working hours.