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How the Metaverse Can Boost Company Loyalty Amid the Great Resignation

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What You Need to Know

  • The metaverse offers the ability to bring employees together virtually in the same space to create a stronger team and company culture.

The COVID-19 pandemic spurred what we now know as the Great Resignation, making company loyalty more difficult now than at any time in the recent past. According to the U.S. Department of Labor, nearly 4.5 million people quit their jobs in March 2022, showing no end to the Great Resignation. Employers everywhere are searching for ways to avoid and slow this turnover plague from hitting their offices. The fear — and reality — of high-performing employees leaving their company for better opportunities is causing desperation to find creative retention solutions.

One solution that has recently come to the fore is the metaverse, encompassing virtual reality, mixed reality, and augmented reality solutions in the workplace.

Boosting Relationships

Chris Fleishmann, CEO of Arthur Christoph Fleischman is CEO and founder of Arthur.

Employers are now able to invest in a 3D virtual office, have their team create their own avatars, and interact much like in a physical office space – irrespective of their work location. Company loyalty comes from building ­real relationships. Over the last two years, it has become clear how easily a disconnect can happen in a remote environment where teams don’t regularly come together and connect. Leadership teams are placing more importance than ever on team bonding due to an increasingly remote or hybrid work setting.

One of the first benefits companies leverage in the metaverse is the ability to bring employees together virtually in the same space, which enables water cooler conversations and team-building activities to create a stronger team and company culture. Teams, for example, can play ice breaker games and host virtual holiday parties or happy hours to boost relationships and cultivate thriving culture. With ample and genuine attention to the team’s betterment through bonding, employers have the opportunity to increase their retention rates.

Finding Job Fulfillment

According to PwC’s 2022 workforce survey, 69% of people would consider leaving their place of work to find one where they feel they could be their authentic selves and have a fulfilling job. Metaverse platforms that integrate possibilities for employees to express themselves, build stronger connections, and work productively, make it much easier for businesses to keep their employees happy and fulfilled. From custom clothing and avatar designs to branded office spaces or creative personal office spaces filled with user-generated 3D objects, virtual workplaces have multiple ways to let each employee’s personality shine and create spaces that work just for them and their teams.

Offering Flexibility

In PwC’s study, 50% of respondents said the most important factor when considering changing jobs was that they could choose when and where they work. The metaverse lends itself to both desires. It enables people to be anywhere they choose and still work productively and collaboratively with their teams. It also allows employees to work at any time that works for them and their teams without working for a set number of hours at a stretch.

Offering the freedom to work remotely and asynchronously will allow employees to travel more or weave in more of their personal needs into the workday without sacrificing the quality of their work. For example, the mother or father of a young child can work from home to take care of their child and, at the same time, ace their work responsibilities. Employees are showing that they value the work-life balance that allows them to spend more time with family, pursue their travel interests, or just save time by skipping the daily commute.

Becoming Innovative

Having a VR workplace also demonstrates the forward-thinking nature of a company. Just as the Great Resignation isn’t slowing down, neither is the shift to a new work style centered around remote technology. Employees may see this as a comfort, knowing that their company is innovating with the latest technology on the market. As a company, being forward-thinking can be a powerful bargaining chip when employees consider where their loyalties lie.

As more employees are considering their options, employers must understand and cater to what their employees value the most. Whether it’s the flexibility of location, the ability to grow with the company, or strong company culture, the leadership will be well served to look for creative ways to provide those benefits while maintaining or improving performance. Fortunately, metaverse solutions like Arthur offer the opportunity to achieve all of that and more.