The COVID-19 pandemic forced the majority of the global workforce to work from home. With restrictions beginning to ease, will employees want to return to the office full-time? Given recent technological advancements, is it even necessary?
We believe that the metaverse has the potential to change the face of work and facilitate more flexible work arrangements.
The Great Experiment
The restrictions and lockdowns associated with the COVID-19 pandemic essentially forced one of the greatest experiments in global workforce history. The great majority of the world’s workers, particularly office workers, were forced to work remotely. What was the result?
One study found that working remotely can increase productivity up to 77%, with more than half of employees doing the same amount of work as they would do in the office in either equal or less time.[1]
Work From Home Likely to Increase
More employees are demanding flexible work arrangements with the option to work remotely for at least part of the time. Companies are responding.
In a recent Microsoft survey[2], 80% of managers expect more flexible work from home (WFH) policies post-pandemic. The survey found that 73% of employees want flexible remote options to stay.
However, a study from AT&T indicated that 70% of employees rank their social relationships equally as important as getting work done.[3] Company management has also acknowledged potential benefits from in-person work.
Metaverse to the Rescue
Technology is already facilitating WFH arrangements.
However, new technology, particularly in the form of the metaverse, may expand WFH capabilities and change the face of work.
One large social networking company has created a virtual workroom where users, donning virtual reality headsets, can design avatars of themselves to meet in virtual conference rooms or offices, and collaborate on shared whiteboards or documents while still interacting with their own physical desk and computer keyboard. The application can allow up to 16 individuals to work together and up to 50 video conference participants.
Virtual workplace applications may allow individuals to expand their employment options, working in locations not previously available. It may help both companies and individuals save on expenses. It may allow for more collaboration and creativity while working remotely. And it may allow individuals to perform tasks that were previously only possible in a physical workspace.
Best of Both Worlds
Metaverse technology may give companies and their workers the best of both worlds, namely, the flexibility to work remotely but still enjoy the relationships that a physical location affords.
[1] Surprising Working from Home Productivity Statistics, Apollo Technical, 6/2/21
[2] Hybrid Work: A Guide for Business Leaders, Microsoft, 2021
[3] Time to Brush Up Your Avatar – Working From Home with xR & 5G in the Metaverse, AT&T, 6/17/21
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.