"Facebook should be called a metaverse company," CEO Mark Zuckerberg said on a recent earnings call. Microsoft CEO Satya Nadella said the company is working on building an "enterprise metaverse". Nvidia launched its own version of the metaverse. So what is the Metaverse? The term is not new but has seen a huge surge in popularity recently. Most credit Neal Stephenson’s 1992 science fiction novel Snow Crash as the original inspiration for the concept. The term is used to describe virtual environments, everything from immersive online games to virtual workspaces. And, many predict that metaverse applications could change how and where we live, work, and play.
Will your future workplace be in the metaverse? Here's what you need to know:
Pandemic-fueled remote work put virtual collaboration in overdrive. Research indicates that over the past decade, collaborative work rose more than 50% to consume 85% of the workweek. The Covid-19 pandemic caused this figure to skyrocket and people now spend double the time on video calls and instant messenger use is up 65%.
Employees continue to push for work from anywhere options. A recent report outlined that 83% of workers surveyed would prefer a hybrid model where they can spend at least 25% of their time working remotely. In fact, recent surveys indicated that a significant number of people may quit their jobs if employers cannot provide flexible options.
Conversely, younger generations are calling for more "face time". A recent survey highlighted that 70%+ of Gen Z and Millennial workers sought more 'face-to-face' time. Team culture, collaboration, and internal meetings were cited as the most important reasons where remote work often fell short.
Without the right set of collaborative tools, hybrid becomes challenging. As social animals, we begin to feel isolated working without our colleagues around us. Brainstorming through video calls does not feel as effective as in person. The need of the hour is a platform that allows people to connect, collaborate, and innovate regardless of distance.
Could the metaverse hold the answer? The metaverse refers to a collective virtual space in which people can interact with each other. As opposed to video calls, through the metaverse, you can interact and collaborate with your colleagues and clients in a virtual environment that feels (almost) real.
Several metaverse applications are already "in play". For example, Upland combines a virtual version of our world with Non-Fungible Tokens (NFTs) and property markets. Roblox, allows users to build their own metaverse environments. Fortnite, Minecraft, and Animal Crossing are metaverse-type games that have huge user bases.
Businesses are already experimenting with the metaverse. Facebook of course launched its Horizon Workrooms app, Ralph Lauren partnered with Zepeto to launch digital clothing for avatars, and Spatial released a free AR app allowing avatars to appear within a user’s real-world environment.
But something's missing
Our brains are hardwired for in-person interaction. Researchers have found that our brains react to virtual reality very differently than the real world. We pick up on hidden messages, mirror emotions, and pay more attention when meeting in person. The in-person experience is not fully replicated through virtual platforms just yet.
In-person collaboration will remain important. Building relationships, trust, and team bonding are easier done in the real world. While some have seen benefits of remote work in the short-term people are questioning the impact of long-term remote work on our mental health. For example, Microsoft's recent research shows that our brains need regular breaks from virtual meetings.
CEOs say in-person teamwork will be key but will tap into remote work benefits. Google’s CEO Sundar Pichai is on record advocating the importance of in-person collaboration for businesses. And, Infosys President Ravi Kumar highlighted the need for social capital building through physical interactions. Most companies seek to combine the benefits of in-person work with flexible remote work options for their employees.
The pandemic has changed how we work and offices must find a new purpose. It is clear that few organizations will return to pre-pandemic ways of working. The office is likely to become a point of in-person collaboration, social connection, and innovation. As such, offices will need to be optimized for the new reality.
We will need to strike the right balance between the virtual and the real. Research indicates that 63% of the workforce is ready to switch to a hybrid way of working, mixing different work locations, while 8% want to work exclusively at home and 26% exclusively from the office.
Is it time to enter the metaverse?
Many believe virtual reality platforms will enhance the work-from-home experience. In an increasingly digital world, these platforms could level the playing field for the hybrid worker. Will they replace the need for human connection? We as social animals are hardwired for and crave in-person interaction. Physical workplaces will therefore remain an important feature of the workplace ecosystem. The office will need to compete and evolve, as we explore the metaverse.
So, will your next workplace be in the metaverse? Big techs' foray into the metaverse holds tremendous potential. And as these technologies advance, the possibilities are limitless.
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Disclaimer:
Ram Srinivasan currently serves as an Innovation Strategist and Transformation Leader, authoring groundbreaking works including "The Conscious Machine" and the upcoming "The Exponential Human."
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