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We’ve answered nine of the most common questions about adopting the metaverse for your employees.
Games such as Roblox, Minecraft, and Fortnight are said to have pioneered the creation of metaverse experiences. Today, thanks to technologies such as virtual reality (VR) and augmented reality (AR) platforms, machine learning (ML), blockchain, 3D graphics, digital currencies, sensors, and VR-enabled headsets, the metaverse space is what we are today. into the daily life of Bridge both the physical and digital worlds.
The Metaverse presents a real-time three-dimensional (3D) large-scale virtual environment. There, people play, work, learn, have fun, and do things that closely resemble reality.
Emerging as the next big transformative platform, recent research has found Industry Insights Report 2023 on the Metaversebased on a survey of 200 business leaders and interviews with industry insiders and experts from Singapore’s NTUC Learning Hub (NTUC LHUB), assesses the current state of affairs and the readiness of companies for the Metaverse. bottom.
HRO has compiled FAQs from reports relevant to HR personnel.
Q1. What is the metaverse concept?
The Metaverse is more than just a way to play games and experience gamification. This is how you traverse the world, from virtual to physical and vice versa. 68% of his business leaders say it’s important for their company to adopt the metaverse to remain competitive, but are familiar with the metaverse and have a good understanding of the concept only one of his six (15%) has Another 50% said they knew to some extent, but not much.
Q2. What is the metaverse made up of?
The metaverse technology stack has four core building blocks:
content and experience
• Virtual environment
• application
• Content
platform
• Creator/3D development platform
• Access and Discovery
Infrastructure and hardware
• Communication network
• Devices, operating systems and accessories
enabler
• Payments and Monetization
• Identity
• Security, Privacy and Governance
Q3. How can I start a business leveraging the Metaverse?
The first step in implementing the metaverse is to adopt metaverse-related technologies to support the experience. As such, the business leaders surveyed in the report are considering adopting the following technologies over the next two years:
- Cloud Computing – 53%
- Data Analytics/Artificial Intelligence – 51%
- Internet of Things – 43%
- Augmented Reality – 32%
- 3D Modeling – 28%
One of the key aspects of the metaverse is the immersive experience. As such, the main areas where companies plan to use the metaverse are:
- Virtual work activity – 49%
- Client Engagement – 41%
- Advertising and Marketing – 37%
- Simulation exercises – 36%
- Education and training – 34%
About three in four business leaders reveal they are likely to use the metaverse for commercial purposes, such as starting a business where their company sells goods and services in the metaverse.
Q4. How soon should your company adopt the Metaverse?
There’s no right or wrong answer to this, but research shows that the current adoption rate for the metaverse is only 6%. Looking ahead, this is the timeline respondents shared about hiring.
- Don’t know – 28%
- They do not foresee hiring – 24%
- 5+ years – 14%
- 3-4 years – 14%
- 1-2 years – 14%
- Adopted – 6%
Q5. What are the barriers and considerations in adopting the metaverse?
According to the report, most business leaders are afraid to tackle the idea of implementing the metaverse due to its complexity or lack of knowledge or experience in designing technology solutions.
As one contributor points out: Currently available in the metaverse, it has limited appeal to users. ”
Among respondents, the most important considerations in this decision were:
- Privacy/security concerns – 52%
- Advanced Technology Cost – 51%
- Not sure if the Metaverse is worth the investment – 47%
Additionally, just over half (51%) of business leaders recognize that their companies lack the knowledge and expertise to adapt to the metaverse.
Q6. How can employees be trained in the skills they need for the metaverse?
The majority of business leaders (89%) are open to sending their employees for skills training related to the metaverse. As such, below are their most preferred training modes.
- Courses at government-sponsored training institutions – 53%
- Provide on-the-job training for employees – 51%
- Micro-credential or industry certification support/sponsorship – 44%
- Enroll employees in Massive Open Online Courses (MOOCs) – 40%
- Traditional degree support/sponsorship related to metaverse skills – 39%
This training is timely, as more than half (54%) of business leaders surveyed say they need metaverse-related skills in various roles and departments within their organizations.
Q7. What jobs are most expected to require Metaverse-related skills?
According to surveyed business leaders, the following job roles require metaverse skills:
- Digital Marketers – 43%
- Software Engineer – 41%
- AI/ML/Data Scientist – 35%
- Cyber Security Specialist – 35%
- Content creators and storytellers – 33%
That’s why more than half (57%) of business leaders say they plan to hire people with the necessary skill sets for the metaverse.
Q8. What are the most in-demand Metaverse roles?
Business leaders are actively hiring for positions that require metaverse-related skills, such as software engineers (21%) and digital marketers (20%). Jobs such as cybersecurity specialists (17%) are also in demand, as the metaverse can be exposed to a variety of threats and is potentially vulnerable to data breaches, cyberattacks, and data theft.
Other in-demand roles include AI/ML/Data Scientist (18%) and Project Manager (16%).
Q9. What skills do employees or leaders need to develop to succeed in the Metaverse era?
To complement digital competencies, it’s important that employees possess what are known as ‘critical core skills’. Initially identified by SkillsFuture Singapore (SSG), they consist of 16 soft skills grouped into three clusters. Of these, the most important skills for Metaverse-related jobs were cited by respondents as:
- Creative thinking 56%
- Digital Fluency 46%
- Adaptability 43%
- Problem solving 41%
- Collaboration 41%
The report concludes: Possess digitally critical core skills. ”
Also read: OCBC Launches Metaverse Platform, Aiming to Foster Design and Tech Talent Through Industry Collaboration
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