The metaverse is one of the most recent and discussed topics in the technology and business space. Today, people see it as the future of digital experiences where people can get together to connect and grow. Although the Metaverse is still in its infancy, business leaders around the world have imagined all the possibilities it may bring. One of those potentials includes using the metaverse for hiring top talent.
Since the COVID-19 pandemic, the labor market has become more difficult for employers to find interested candidates. One primary factor is the higher competition due to remote work. However, the metaverse is making things easier for both sides of the market. To understand how, it’s important to learn about the metaverse and what the technology offers.
What Is the Metaverse?
The metaverse is like another universe. It is a digital place where people can gather using avatars to interact, work and hang out. With the metaverse, the possibilities are endless. Imagine walking into a virtual office or attending a concert with friends from different parts of the world. These examples are only a small percentage of what the metaverse can do, and companies are leveraging it in new ways.
Businesses are also exploring its potential in recruitment. In a traditional setting, recruiters and hiring managers find talent through job boards, online forums and professional networking sites. However, in the future, you may see an entire metaverse for professionals to showcase their talent in a virtual environment.
How Is the Metaverse Influencing the Future of Hiring?
Technology is advancing each day, making our jobs easier than ever. For instance, generative AI like Chatgpt can do 50%-70% of the jobs that humans do. With these capabilities at play, many wonder how the metaverse will influence hiring in the future.
1. Increased Company Visibility Among Job Seekers
Finding the right job has become challenging for candidates, while companies have the same difficulty locating the best talent. For companies to attract the best people, they must show what sets them apart from other companies. This process is known as employer branding, and having a strong employer brand is important to get top talent to take notice.
With the metaverse, employers have a new way to show off their brand — virtual job fairs. These job fairs and other events take place in the digital world, where candidates can enter and learn more about companies. They can even talk to the people who work there and get a digital tour of the company.
Since they’re in the metaverse, these virtual job fairs can be highly interactive. Companies can share about their culture and provide past projects they have worked on. This makes job seekers feel like they are truly getting to know potential employers, making the job-seeking experience more in-depth.
2. Better Virtual Onboarding and Training
While onboarding and training new employees is essential, it comes with a unique set of challenges. One of the primary hurdles is the associated cost.
The Society for Human Resource Management indicates that the average expense stands at around $4,700 per hire. However, hiring new employees can also be three to four times more expensive than the position’s salary. The reason these costs are so high is because of factors like recruitment efforts, background checks and initial training resources. Plus, it takes time for employees to become fully productive before they can work independently.
The metaverse is redefining this process. It offers a virtual onboarding and training platform, turning these sessions into highly interactive experiences in dynamic learning environments. In turn, this reduces logistical and resource costs and presents a more engaging introduction to new hires.
As a result, the metaverse ensures a thorough understanding of their roles and the company culture. On top of this rich experience, it leads to better talent retention as employees feel more connected.
3. Enhanced Candidate Assessment
Assessments are the foundation of hiring. They help employers decide if a candidate is suitable for a role. Traditional methods, like face-to-face interviews, offer valuable human interaction but can be expensive and tough to organize.
While virtual interviews can be more convenient and cheaper, they sometimes suffer from tech glitches and limited features. In turn, this may lead to less-than-ideal hires.
The metaverse is changing this by combining the positives of both approaches. While it keeps the process online, the metaverse adds depth through immersive and gamified elements. For example, Microsoft Mesh is a new metaverse tool that turns 2D videos into 3D virtual spaces.
Such innovations let candidates and employers engage in detailed, real-world-like environments like one-on-one interviews or larger assessment centers. As a result, companies make more accurate, unbiased evaluations of candidates’ skills and behavior.
4. Increased Remote Work and Global Talent Pool Access
Video calls and chats are an excellent way to reach people from anywhere. They allow recruiters to get in touch with talent from around the world. However, face-to-face interviews in a Zoom call can be less personal than meeting with someone in person.
With the metaverse, people can talk about potential job opportunities and still feel like they are in the same room. This virtual setting breaks down the impersonal barriers you get with video calls and allows companies to access a larger talent pool.
Companies will no longer have difficulty finding the right people, and hiring teams will be able to collaborate better when selecting candidates. Therefore, project-based hiring will become more efficient and virtual workspaces will take over the traditional workplace setting.
The Metaverse Is the Future of Hiring
The metaverse gives recruiters a space for endless opportunities, from remote career fairs to virtual tours of the company’s office. While some companies have already started investing in the metaverse, there’s unlimited potential for growth. One thing is for sure — the metaverse is here, and it will transform how companies hire top talent.