In addition to being discussed on the web, in pop culture and in mainstream news media, the metaverse is making its way into closed-door corporate discussions about whether and how to be an early adopter. It represents a seismic shift in both technological and cultural paradigms.
When it comes to corporate e-skills training and development, immersive technologies and artificial intelligence (AI) are already having an impact on the global industry, which is still learning, planning, and developing the metaverse.
Virtual Reality (VR) and Augmented Reality (AR)
It is impossible to overstate the economic impact of this event. Virtual reality (VR) and augmented reality (AR) are predicted to affect 23 million jobs by 2030, potentially boosting the global economy by $1.92 trillion (£1.4 trillion). Why? Immersive technologies used in the metaverse minimise the gap between theory and practise, for one simple reason.
Ed Beltran, CEO of Fierce Conversations, a global leadership development company that’s pioneering new e-training and communication paradigms, says that “metaverse mixed-reality learning experiences represent disruptive innovation that can significantly optimise training, development, and real learning.” Executives are not only aware of the need for, but are enthusiastically embracing, new approaches to training, sustaining, and developing their teams in order to remain agile and competitive.”
As a result of the COVID-19 pandemic, the global eLearning market is expected to grow from $185.26 billion in 2020 to $388.23 billion in 2026, a remarkable increase. Beltran believes that corporate eSkills training can benefit greatly from the metaverse. In a recent interview, Beltran talked about the things he thinks are most important.
It’s Merilee Kern. To what extent do you think the metaverse can improve internal communication and productivity in key areas such as corporate culture and morale?
For the answer to begin, we must acknowledge that conversations are universal in nature. Ed Beltran A productive dialogue between two or more people can be achieved by using the right words, which can be applied to any situation. Using the wrong words has the opposite effect, causing resentment and toxicity that can quickly spread among the team. So, in training and development, the goal is to create customised solutions that foster a strong human connection.
In order to do this, teams will need to develop metaverse techniques that will allow them to operate in any setting. Giving or requesting feedback, confronting a problem, or asking a question to learn more are all examples of ways to do this. We’ve found that companies that provide feedback—positive or negative—have a 15% lower turnover rate than those that don’t provide any feedback. Even more surprising, we found that 47% of people leave their jobs because of poor communication and company culture, not because of pay or duties. Teaching teams how to deal with problems as they arise while keeping stress levels low is an important part of developing the solutions needed to improve communication and corporate culture and increase productivity. It’s important to keep in mind that less anxiety leads to more engaging conversations, more contented workers, and higher profits.
MK: Is the metaverse a better fit for an ever-changing workforce than traditional training and development?
There are new and exciting ways to learn in 3D VR, AR, and XR training via the metaverse. Employees who were trained in VR simulations learned four times faster than students in the classroom and twice as fast as eLearners, according to a recent study. In addition, classes were shorter in terms of resource allocation, lasting only 20 minutes as opposed to an hour. With metaverse modalities, it is possible to deliver immersive and more collaborative approaches that not only appeal to employees, but also directly influence operational bottom lines. In place of theory, teams get real-world practise with customised solutions that can be easily scaled for companies of any size, ensuring that the training remains in sync with company growth or shifts in the business environment.
There are a variety of ways to simulate real-world scenarios in the infinite metaverse, allowing teams to develop and design their own outcomes as they learn from their experiences. People learn in a variety of ways, and mixed reality provides a plethora of opportunities for modern workers to do just that, all without having to log out for long periods of time and with a greater degree of impact.
Virtual reality training has been shown to increase focus and memory, resulting in better retention and comprehension for those who take part. When it comes to training, we’ve found that immersive and extended reality methods increase retention by more than 75 percent. Team members can also experience a variety of scenarios in 3D/XR/VR environments and learn in a safe environment where they can try again if they need to.
How will this affect future training opportunities? MK:
EB: The metaverse offers year-round, more flexible, and more convenient opportunities for team members to receive continuous, perpetual training. Teams can use conversation techniques in a custom-tailored environment, based on the specifics of their work environment. This, while being able to apply what you’ve learned to real-world situations. Additionally, the long-term viability of the metaverse’s learning mechanisms can be easily sustained by businesses. Additionally, metaverse learning solutions can be tailored to fit the needs and bandwidth of a wide range of employees in any organisation, ensuring that everyone receives critical eSkills training. Employees who are unable to be offline or otherwise unavailable for days or even hours at a time for training will particularly benefit from this.
Metaverse mixed-reality learning methods can have a significant impact on staff and leadership development, as well as an enormous financial benefit, so it’s no surprise that the corporate eSkills sector is leading the charge. Remote eLearning is already a catalyst for a new virtual world in the workplace.