Virtual World without Frontiers: The Future of Working in the Metaverse
- An Individual sense of presence, accelerated and immersive Learning, bespoke and experiential corporate training solutions, and reimagining employee engagement – this is the potential of what working in the metaverse is heralding.
The Metaverse is set to change human interactions and digital experiences as we know them. It will also upend many long-standing ideas about work - where and how it happens.
With the rise of remote work and the ability to have distributed teams, the metaverse will make it possible for people to work together remotely in more agile and scalable ways.
The Metaverse will significantly impact hiring, onboarding, compliance, talent acquisition, workplace engagement, and workplace culture. Interacting within and working in the metaverse in and as avatars are the future of workplaces.
Working in the Metaverse-Ushering in a New Economic Model
- Economists claim that technology must change for society to advance.
The theory of creative destruction is a key concept in economics. Austrian-born economist Joseph Schumpeter introduced the term in his Theory of Economic Development. Creative destruction occurs when a new technology, product, or service overcomes or replaces an old one.
The purpose of the destruction is to revitalize the markets, save time, money, and resources and enable innovation in business. Economic development, according to Schumpeter, is an organic, ever-changing entity in a continuous cycle of transformation.
Creative destruction replaces older systems and work processes leading to newer products and services and skill development. The result is a dynamic economy, increased productivity and revenues for corporates and employees, and keeping pace with technological advancements.
Enterprises can learn how to navigate economic disruptions from the tech industry, where businesses constantly reinvent themselves to stay competitive. The metaverse will offer an immersive space that seamlessly integrates the physical and digital worlds to create new opportunities and business models.
Market trends show a high exuberance over the metaverse.
Let's take a look:
- As per Forbes, the metaverse is one of the top ten trends that the world must gear up for in 2023.
- Gartner estimates that by as soon as 2026, 25% of people will spend a minimum of one hour daily in the metaverse for various activities such as working in the metaverse, entertainment, education, or even social interactions.
- J.P. Morgan predicts the metaverse will be a $1 trillion opportunity shortly.
- Bill Gates foresees more working in the metaverse in the next 2-3 years.
The graph below depicts the enthusiasm of businesses towards metaverse adoption.
As the enterprise metaverse evolves, it opens up a new virtual economy and becomes a more viable option for developing long-term business strategies.
The metaverse economy is built on cutting-edge technologies like blockchain, NFTs, and cryptocurrency. This will enable businesses to pursue far-reaching and futuristic strategies that were once impossible. Geographical boundaries are disappearing as the metaverse encourages decentralization.
How Can Enterprises benefit from working in the Metaverse?
Working in the metaverse is much closer than it appears. With many metaverse applications deployed in various sectors, a survey reported that 3 in 5 employees are more than willing to work in virtual office spaces.
A few ways that will significantly change by working in the metaverse include:
The Metaverse as an HR tool
The metaverse will enable virtual, real-time interviews and immersive job fairs. For example, Capgemini conducted a Meta job fair. Hiring managers can interact with and assess candidates' suitability in the mirror world.
Employee onboarding is crucial, and working in the metaverse can enhance it. A Brandon Hall Group research throws up interesting insights into employee onboarding.
The research revealed that an improved employee onboarding process could increase employee retention by up to 82%.
Furthermore, a Gallup study discovered that 70% of candidates with excellent onboarding experiences rated their current job as the best possible.
And yet, the research found that 88% of organizations still need an effective onboarding process.
The metaverse has the potential to change this landscape.
Learning and Skill Development
The metaverse has the potential to revolutionize the way we learn and train for new skills. With its interactive gameplay and simulations, the metaverse could provide employees with a realistic and immersive learning experience. For example, employees could learn to operate a machine or practice a sales presentation in a safe and realistic environment.
Enhanced Team Work and Collaboration
The metaverse will provide an immersive and persistent environment to create collaborative experiences that may surpass those in the real world. With boundary-less 3D collaboration tools in the metaverse, teams could teleport and team up for onsite jobs or working remotely in the metaverse.
Working in the metaverse provides both increased productivity and better collaboration, totally upending the current workplace model.
Nurturing Equitable and Better Employee Engagement
The metaverse is an excellent way to level the playing field for all your employees and provides team-building opportunities that work for everyone, no matter where they happen to be based.
Holding meetings that allow for more hands-on collaboration is an obvious entry point, but working in the metaverse also gives rise to opportunities for greater engagement than possible in a typical remote environment.
Edverse- Bringing the Enterprise Metaverse to You
The future of enterprises resides in the metaverse. The future workspaces will be virtual offices populated by avatars and powered by AI, VR, and AR experiences. An enterprise metaverse is an opportunity waiting to be tapped into.
Edverse is striving relentlessly to bring the metaverse to empower businesses to step into the digital future and scale up operations in their virtual space.
Edverse connects people virtually to work, learn, meet, and train in immersive 3D digital worlds. With Edverse, every company can create personalized workspaces for each company that reflect their ethos and culture, leading to a stronger and more connected workforce.
With rapid progress in metaverse technology, Edverse brings easy solutions to entering and working in the metaverse.
Connect at www.edverse.com to start working in the metaverse.