Technology is allowing more people to work from home. The COVID-19 pandemic and ensuing lockdowns illustrated how powerful technology could be. However, the technology employed over the past three years does have its limits. How might emerging metaverse technology improve the work-from-home (WFH) experience?
The World Economic Forum (WEF) highlighted how the metaverse may enhance the WFH experience as well as some areas that still need attention.[1]
Increased Collaboration
Citing a study from Stanford University, the WEF noted that limited mobility and body language could make team meetings using standard video fatiguing. Metaverse technology may help address this problem. Using virtual reality (VR) technology, employees can create 3D avatars with unique facial features and clothes. These may roam freely through a virtual office, entering different offices and meeting rooms. Employees thousands of miles apart can meet and discuss ideas and work on projects in the same online room.
Metaverse technology has the potential to enhance collaboration in the WFH environment.
Employee Training
Metaverse technology may enhance employee training. Companies may use the metaverse’s augmented reality (AR) and VR technologies to create 3D training simulations. These technologies may allow for more accurate demonstrations and practices to develop employees. For example, doctors and nurses can practice complex procedures. Retail employees can go through different virtual customer interactions. Fashion designers can test new clothes on virtual runways.
AR and VR can be used to create more interactive training manuals. AI-powered digital coaches and chatbots can provide real-time answers to questions or training classes.
Company Culture
Metaverse technology can break down the walls in a physical workspace, putting every employee on an equal virtual playing field. Companies can create virtual workspaces where each worker has access to the whole space, potentially allowing entry-level employees to interact with upper management.
Challenges to be Tackled
The WEF also highlighted some challenges that still need to be addressed. Online security is one such challenge. Additionally, privacy issues may arise as technology may permit companies to learn far more about their employees than they would in a physical workspace. Metaverse technology may allow companies to watch an employee every second of the day and constantly collect information.
Overall Enhanced Work-From-Home Experience Possible
Overall, metaverse technology may enhance the WFH experience. It has the potential to increase collaboration when compared to a solely video conferencing experience, improve employee training, and create a more open company culture.
Companies providing or using metaverse technology to enhance the WFH experience may present individuals with an attractive investment opportunity.
[1] Unless otherwise noted, all data sourced from: What is Metawork And Can It Benefit Us, World Economic Forum, 9/27/22
Risk Disclosure:
Investing involves risk, including possible loss of principal. There is no guarantee the Funds will achieve their stated objectives. In addition to the normal risks associated with investing, international investments may involve the risk of capital loss from unfavorable fluctuation in currency values, differences in generally accepted accounting principles, or social, economic, or political instability in other nations. Emerging markets involve heightened risks related to the same factors, as well as increased volatility and lower trading volume.