How does the Metaverse is transforming HR
Is the Metaverse Revolutionizing the Future of Work?
Experts believe that the Metaverse will have a significant impact on the work environment. The reason is, the Metaverse is an international network that enables users to communicate with one another through avatars and other virtual mediums. This has the potential to change the way people work and interact with each other. According to the CEO of Meta, Mark Zuckerberg, the Metaverse will be the largest game changer and enable new methods of working, and virtual offices will significantly alter the relationships between employees and businesses in the future years.
According to research and analysis from Bloomberg Intelligence, the Metaverse market is projected to experience significant growth, with estimates suggesting it may increase from less than $500 billion in 2020 to around $800 billion by 2024. This represents a compound annual growth rate of just over 13% and it has the potential to fundamentally alter the way we do business and perform our jobs. Virtual and augmented realities might increase the world economy by $1.5 trillion by 2030, according to PwC.
The Impact of the Metaverse on the Future of Work
Virtual Reality (VR) technology has become increasingly popular in various sectors such as retail, logistics, and customer services, with its use expanding beyond its previous limited applications. A research done by PwC suggests that in less than a decade, VR will be used in 23 million jobs worldwide, paving the way for many businesses and individuals to enter the Metaverse.
One of the advantages of the Metaverse is that it simulates office locations, allowing for real-time meetings with colleagues from remote workspaces, conducting business presentations in dynamic environments, and connecting with people from all over the world. This could potentially increase productivity through remote work and collaboration.
A recent report surveying individuals in the US, UK, and China found that a majority of respondents believe that the metaverse will have a significant impact on various industries. Specifically, 85% of respondents believed that it will impact employment and work, including meetings, collaboration, in-person work, and conferences. A similar percentage of respondents believed that the metaverse will impact the fashion industry (85%), retail (86%), advertising (89%), and entertainment (90%).
The report also found that many respondents expect the metaverse to become a regular part of their daily routines, with 51% stating that they believe it will be a place where they work.
How could the Metaverse transform HR?
Neutrality In A New Parallel World
The adoption of a metaverse-based workspace presents new opportunities to create a more inclusive and equitable work environment. Even though interactions in the metaverse occur primarily through avatars, it still constitutes a work setting where companies must prioritize diversity, inclusion, and belonging. As such, HR professionals will need to actively oversee this virtual environment to prevent behaviors such as harassment, abuse, or bullying. This may include developing clear definitions of inappropriate behavior, incorporating them into workplace policies, and providing education and training to employees on the topic.
Building a productive and collaborative workplace
The metaverse has the potential to redefine what hybrid work means, allowing employees to remotely collaborate in a more authentic and human way, and potentially closing the gap between the physical office and virtual space.
HR professionals have a vital role in setting up the metaverse within organizations in a way that promotes business performance. Its virtual design should allow for the creation of spaces that foster collaboration, creativity, decision-making, entertainment, and more.
A different way of hiring
If you weren't a fan of the usual office setting for job interviews, companies in the metaverse are switching things up and creating more relaxed and productive environments for you. Many companies are already experimenting with using the metaverse in recruiting and onboarding employees. For example, Samsung has hosted a virtual recruitment fair, Hyundai has used the metaverse for new employee onboarding, and PwC's UK branch has created a metaverse platform called Virtual Park for interviewing job candidates.
On the other side, virtual onboarding gives new hires the chance to tour the company's offices, giving them the ability to understand more about the company's culture and also a chance to interact virtually with coworkers from other departments. HR recruiters would also benefit from this as they would be observing their candidates during the hiring process and deep diving into their strengths and weaknesses before making any big decisions. It's a win-win situation where new hires get to know the company and the company gets to know their potential candidates.
Why is Metaverse important for HR?
Recruitment and Onboarding Processes
Remote hiring can be very challenging for recruiters as it lacks the physical interaction and body language cues that are present in an in-person interview. Metaverse provides an effective solution to this challenge, giving recruiters a chance to interact with candidates in a more realistic and immersive way, as well as to observe their behavior during the hiring process. Moreover, metaverse technology enables virtual tours of the workplace, giving candidates a sense of the work environment before they even start the job. It can also help organizations create a more memorable onboarding experience for new hires by introducing them to their colleagues and the company culture in a more immersive way.
Employee Engagement
In the current work-from-home setting, employee engagement can be difficult to maintain. Organizations are turning more into the metaverse as it allows for more interactive communication and collaboration through the use of hands-free devices and avatars, enabling employees to connect with their peers. Additionally, the metaverse makes it possible for employees to participate in meetings and interact with their colleagues from anywhere in the world.
Learning and Development
The metaverse is believed that will have a vital role in upskilling candidates and meeting training needs within organizations. Employees will be able to develop new skills by learning from real-world, relatable examples in a virtual setting. This new technology reduces the time required for training, which helps both employees and employers to grow and develop together.
Final Thoughts
The metaverse has the potential to revolutionize the way we work. HR will play a significant role in ensuring that the new future of work allows for even more remote participation in a more authentic way. The role of HR in the metaverse can also set new standards in our physical working environments. Despite the fact that this new technology is in its early stage of development, businesses can successfully adopt metaverse experiences with careful planning, strategy, and attention to security and privacy laws. Also, what truly differentiates them from the competition is having a trusted guide by their side - a key partner who can guide them in the overall metaverse strategy and implementation.
