- The global metaverse market value is estimated to touch $175 bn by 2027.
There is serious potential in the metaverse opportunity. The metaverse is a 3D virtual world that can replicate any real world scenario-be it a school, bank, healthcare clinic, and even an office. We can enter the metaverse as our avatars and interact with others and digital objects. What started off as a science fiction concept and entered the realm of games and entertainment is now a hard core business application. The metaverse is becoming a new way to connect with the younger brand audience who are familiar and conversant with technology.
Many brands from diverse sectors are exploring the metaverse for its business opportunities. Metaverse learning platforms for the education sector are booming and offering higher learning outcomes. The metaverse is evolving as a powerful HR tool. Metaverse onboarding, remote team management, corporate learning and training, virtual tours, events etc are all emerging as new forms of employee engagement.
Let’s see how the metaverse can be used by the HR department to enhance employee experiences.
Scope of the HR Metaverse
In person hiring and training process can be challenging and time consuming. And in case the organisation has high hiring rates or attrition rates or hire global the challenge gets amplified. Conventional onboarding would require calendar matches of all stakeholders in the process, travel and accommodation which increases the costs.
As business strive to stay agile, they are looking at newer avenues to enhance competitiveness and retain and attract talent. The metaverse can offer the HR an interactive and effective platform that can reduce costs, reach out to global employees, and connect with remote teams and overall increase employee engagement.
Let’s list out some key HR process that can benefit from the HR Metaverse
Virtual Hiring
Hiring the best fit and talent is one of the most important HR tasks. Work trends are changing and remote working is on the rise. Companies are seeking ways to maintain productivity and performance and technology can help in these cases.
Virtual recruiting can be done in the HR metaverse. It offers easy and unlimited access a talent pool irrespective of their location. Moreover, AI tools in the metaverse can help with candidate assessment and evaluation. Candidates as well as companies can reap the benefits of global hiring, shortened process and financial savings.
Virtual Induction and Onboarding
3D -360 degree virtual tours for new employees can enable them to visit all offices and facilities. They get a better understanding of the culture and work ethos of the company. Candidates from across the world can join without having to travel. It will help build connections and foster camaraderie. Companies can employ people from anywhere in the world, without having to set up offices for them to work from
Remote Working
Trends show that remote work is on the rise. A 2022 Microsoft report reported that by 2023, 54% of companies are redesigning meeting processes due to an increase in hybrid and remote work structures due to which technology and virtual methods will play stronger roles. The metaverse can be deployed to create office-like spaces where employees can meet and connect virtually. Virtual spaces can enable co-workers to collaborate and access information remotely in real time. Metaverse onboarding for remote employees can help them to adapt faster. Moreover, it is a flexible, scalable and cost effective way to induct employees and meets the needs of a global workforce.
Learning and Development
Immersive learning and training can happen in the metaverse. Metaverse learning spaces can enhance spatial and interactive learning which leads to better retention and outcomes. Studies have shown that immersive learning experiences enable better retention rates over traditional learning systems.
Brands can deploy the HR metaverse to create better structured learning programs through self-learning, virtual training and intuitive experiences. The metaverse is easily scalable and hence allows speedy and qualitative learning experiences with the help of AR and VR technologies that are superior to traditional methods. It also leads to cost reduction in training costs as it is reusable.
Wrapping Up
Organisations are adapting to the new work norms and making appropriate technological investments is a step in this direction. The HR metaverse can substantially improve and streamline employee experiences and engagement. As hybrid and remote working increase, the metaverse adoption will offer opportunities for effective virtual onboarding, recruitment and other HR functions. Companies striving for digital transformation, global connections and performance metrics can deploy the HR metaverse to enhance employee engagement.
Edverse is a leading name in offering metaverse ready solutions for effective onboarding and training and development. If you are keen to explore the advantages of metaverse solutions, connect now.
