Are CHROs Prepared for the Metaverse Work Revolution?

A decade ago, the rise of social platforms heralded the mobile-first era, an unexpected transformation driven by smartphones, tablets, and a burgeoning family of wearables. These devices reshaped how we live, work, and engage on a global scale.

Today, we stand at the precipice of yet another technological revolution: The Metaverse. To grasp the concept, it's helpful to define what the Metaverse is not. It's not a single tool, platform, app, or technology. Instead, it represents a domain of computer-generated, interconnected extended reality (XR), encompassing augmented reality, mixed reality, and virtual reality (AR, MR, and VR). In essence, it offers a novel way to engage with individuals, businesses, and brands.

The Metaverse: A Passing Trend?

According to Bloomberg, the Metaverse market is poised for annual growth of 13.1%, projected to reach a value of $800 billion by 2024. Gartner predicts that by 2026, 30% of companies will offer services and products within the Metaverse, with 25% of individuals spending an average of an hour in the Metaverse for work, shopping, entertainment, and social interactions.

It's worth recalling a 2000 article in the Daily Mail that questioned the internet's long-term viability, suggesting it might be a passing fad. Today, such a notion seems ludicrous, as the internet has become integral to our livelihoods.

The pandemic accelerated the adoption of remote and hybrid work models, aligning businesses of all sizes with technology. Similarly, the Metaverse may not be a fleeting trend. Though it will require time for widespread success, emerging innovations will inevitably connect the dots, opening the door to new digital possibilities.

Over the past decade, the world of work has undergone significant transformation, influenced by factors like economic recessions, technological advancements, and the arrival of a new generation of workers with distinct ideas about employment. HR teams have continually adapted to these shifts, and preparing for the Metaverse's impact on work is a logical next step.

Metaverse Workdays: A Glimpse into the Future

Just as we couldn't have foreseen our workdays being dominated by Zoom calls and Slack messages a few years ago, we are now on the verge of donning virtual reality (VR) goggles to commute to work. Picture employees teleporting to collaborate with colleagues in far-flung locations, participating in town halls through avatars, or engaging in brainstorming sessions within a virtual office environment. The Metaverse is still evolving, but it promises a new era of work and collaboration.

Working in the Metaverse is already a reality for pioneering companies like Meta (formerly Facebook), Microsoft, Epic Games, and Roblox. This marks the dawn of a new age of work and collaboration.

CHROs: Pioneers in the New Workspace

To stay competitive, companies are investing in the Metaverse, and HR is pivotal to their success in this arena. In an era where personalization is paramount, the employee experience is about creating a lasting impression throughout their journey. Immersive experiences in hiring, onboarding, training, collaboration, meetings, sales, and marketing will gain importance as hybrid work models become more prevalent.

According to Brandon Hall's Pulse Survey, the Metaverse will have an 80% impact on immersive learning, 57% on onboarding, and 51% on collaboration.

CHROs must lead the way and prepare for this new world. Success in the Metaverse future requires careful planning, strategic execution, security measures, and employee and HR manager training.

Navigating the Unknown

The Metaverse is evolving from a gaming-focused environment into a platform for teamwork, education, training, communication, and HR technology—a truly new way of working. It promises a decentralized, collaborative, and interoperable future, yet a well-defined path for HR success in the Metaverse remains elusive, for now.

It's crucial for HR leaders not to rush into becoming Metaverse specialists overnight. When the Metaverse for HR becomes a reality, CHROs must ensure their teams have the right frameworks and support in place. HR teams should be equipped to train existing employees, recruit new talent, retain top performers, and provide the personalization that sets them apart from competitors.

For an in-depth exploration of how the Metaverse will transform future workspaces, this is the first installment of a five-part series. Read the full series to gain insight into how the Metaverse will impact key aspects of an employee's journey, from hiring to onboarding, compliance, and culture. This is just the beginning of a journey into the Metaverse's influence on the world of work.