Metaverse: Just another fad or a reality ready to take off?

In recent times companies like Meta have been investing large sums of money into bringing the idea of the metaverse to reality even going as far as renaming their company from Facebook to now Meta.

The metaverse as a concept is an immersive virtual world, a parallel universe of sorts that hopes to bridge the issues faced with virtual connectivity with aspects of the physical world. In its earliest stages, the metaverse was used mainly as a platform where people could meet and chat using digital avatars in the virtual world.

Since then, developers working on the technology for the headsets as well as the software that helps run numerous metaverse servers have been making more nuanced changes to the system to make it feel more like real life. Realistic virtual avatars and eye contact functions have been worked on to make the meetings feel more natural and relaxed.

In a speech, Meta CEO, Mark Zuckerberg mentions numerous uses of this virtual parallel universe in the workplace, citing virtual board meetings, better group work environments and the ability to create a virtual office space for those working at home to join and get a sense of a working environment.

To register for The Great HR Debate as delegate, please click here

All the hype behind this virtual world has been met with its fair share of criticism. Many believe that the existence of such a virtual space could be detrimental to the social abilities of a human being and could never simulate what a physical interaction could feel like. They believe it promotes a lazy work culture and that nobody will be inclined to work in office spaces if such platforms are inculcated into the work life of an employee.

For an organisation, starting its own office metaverse could cost anywhere from 25,000 USD to 4,00,000 USD depending on how advanced one would want theirs to be. The running costs for the platform will also be expensive as companies would have to invest in expanding their servers and provide employees with the appropriate VR headsets that could set them back around 55,000 INR a piece.

Taking all of these into consideration, the metaverse is still in its preliminary stage, and organisations are yet to fully commit to such an immersive virtual platform, thus, begging the question of its long term viability and relevance to a business.

The metaverse has the potential to change the world of work. It can help HR to efficiently manage a hybrid workforce. Through AR and VR, metaverse can bridge the gap between the physical and virtual offices. However, are we any close to this new world of work? Are companies ready to invest just yet?

To find answers to these questions and more join us at The Great HR Debate in Bengaluru on the 17th of February, 2023. This conference at The Lalit Ashok Bengaluru, will bring together HR professionals and industry experts for a day of insightful conversations, interactive sessions, and panel discussions.

The Great HR Debate offers a unique opportunity for attendees to learn about the latest tools, strategies, and best practices in HR, network with like-minded professionals, and gain valuable knowledge exchange. The event will feature keynote speakers, inspiring discussions, and an open forum for participants to share their challenges and successes with new HR practices.

The event is powered by Tata Steel Industrial Consulting in association with Keka HR. Other partners are Vantage Circle (employee engagement partner), Greyt HR (HR and payroll partner), Thomas assessments (talent assessment partner) and NHRD (community partner).