1. A gathering of slackers large or small. Can be positive or negative.
2. A group of persons who are supposed to be working but are not.
3. A group, comapny, or any organization that accomplishes nothing.
2. Hey, I told you guys to re-do those purchase orders yesterday! This isn't a slackfest dammit!
3. Did you hear about the slackfest happening at SuperCorp? They're going totally bankrupt!