ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Here’s How Companies Are Harnessing VR and AR to Drive Performance in the Modern Workplace

VR and AR technology is reshaping workplace engagement, training, and morale, unlocking new potentials for businesses.
PUBLISHED MAR 27, 2024
Cover Image Source: Immersive Solutions | Pexels | Photo by Eugene Capon
Cover Image Source: Immersive Solutions | Pexels | Photo by Eugene Capon

In the wake of the pandemic, employee engagement has emerged as a top priority for employers navigating the complexities of the post-COVID landscape. Against this backdrop, the rise of virtual reality (VR) and augmented reality (AR) technologies signals a profound shift in how businesses operate and engage with their workforce. 

 Natalia Verza with VR | Getty Images | Photo by Edward Berthelot
Image Source: Natalia Verza with VR | Getty Images | Photo by Edward Berthelot

No longer confined to the realm of gaming and entertainment, VR and AR are increasingly being leveraged across various industries, from manufacturing and training to e-commerce. 

As companies strive for greater productivity and efficiency, Virtual Reality (VR) has emerged as a game-changing tool. With more than half of workers reporting decreased productivity, according to McKinsey, businesses are turning to VR to enhance employee performance and drive results.

Pexels | Julia M Cameron
Image Source: Pexels | Photo by Julia M Cameron

Imagine being able to visualize and interact with products in a virtual environment before they're physically created. VR empowers designers and engineers to spot flaws and make improvements early in the design phase, eliminating the need for costly physical prototypes and reducing material wastage.

From revolutionizing task completion to facilitating efficient brainstorming sessions, VR has become a sophisticated tool with broad-reaching implications. Its ability to enable real-time data manipulation and interaction with virtual objects enhances accuracy and minimizes errors.

Pexels | Photo by Vanessa Loring
Image Source: Pexels | Photo by Vanessa Loring

In an era of constant distractions and interruptions, VR offers a solution to refocus employees and drive productivity. 

Today, employee dissatisfaction is on the rise, with studies indicating that workers are less content now than during the peak of the pandemic. This growing sense of disillusionment and detachment from work poses a significant concern for employers.

A primary contributing factor to such an attitude is the absence of personal interaction in fully remote work settings. Amidst a loneliness epidemic, traditional approaches to team bonding and morale-boosting activities often fall short, leading to low staff retention rates across industries.

Immersive Gamebox is a pioneering solution designed to address these challenges head-on. By harnessing the power of immersive technology, which seamlessly integrates augmented reality and motion tracking, the tool offers companies a unique opportunity to reinvigorate employee connection and combat low morale.

Unlike conventional team-building activities like happy hours or office trivia, which often fail to excite and engage employees, Immersive Gamebox provides an innovative alternative.

A VidCon attendee experiences Samsung Gear VR | Getty Images | Photo by Charley Gallay
Image Source: A VidCon attendee experiences Samsung Gear VR | Getty Images | Photo by Charley Gallay

Many workplaces struggle to retain their employees, leading to a surge in job-hopping. Recognizing this challenge, industry giants like UPS, Ford, and Walmart have embraced virtual reality (VR) to revolutionize various aspects of their operations, from product development to employee upskilling.

According to PWC's Metaverse report, VR-based training programs offer significant advantages over traditional classroom methods. Participants trained in VR environments demonstrated a staggering fourfold increase in learning speed and a remarkable 257 percent boost in confidence when applying newly acquired skills.

What's particularly promising is VR's impact on cultivating soft and interpersonal skills. The PWC study reveals that employees trained in VR exhibit heightened emotional connectivity compared to their classroom-trained counterparts.

Collaborating with specialized VR training providers can further enhance training effectiveness by offering tailored programs designed to meet industry-specific needs. These immersive experiences simulate real-world scenarios, allowing employees to hone their skills in a risk-free virtual setting.

MORE ON MARKET REALIST
“Price relief corresponds to farm and commodity cycles, where cheapening wholesale quotes come with surging output and bumper crops," an expert said.
13 hours ago
The Trump administration is scrambling to transfer tariff revenue into the U.S. Treasury in response to continuing legal actions from major companies.
14 hours ago
“They don’t have the money. That speaks more broadly to some of the weaknesses that we’ve seen in the jobs market for recent grads," an expert said.
14 hours ago
"Congratulations Brad on winning the bonus round thanks to his father's help," a fan reacted to the father-son duo.
20 hours ago
The home improvement retailer cut its earnings projections for a third quarter in a row
3 days ago
The President has often made claims that are not entirely true and this seems to be one of them.
3 days ago
The retailer has its own payment service that customers are free to use apart from cash and card.
3 days ago
Claudia Sahm told Fortune that the Fed was stuck in a hard place.
3 days ago
Nela Richardson, chief economist at ADP told Fortune, the granular data shows a shift in job trends.
3 days ago
Shoplifting is a big problem in the country and retailers lose several millions each year.
3 days ago
The two are having a very public falling out and Greene is even going to leave Congress next year.
3 days ago
"She was the worst player/lowest scoring this evening otherwise," a fan reacted.
3 days ago
Jennings went on the greatest "Jeopardy!" run of all time, winning a whopping 74 games.
4 days ago
Clearly, the economy is not in the best shape thanks to inflation and unemployment.
4 days ago
With the cost of Medicare premiums going up next year, things are not looking good for them.
4 days ago
In these uncertain times, people are always looking for options to grow their wealth.
4 days ago
Co-chairman of Oaktree Capital raised serious questions on the impact of AI on jobs.
4 days ago
The fast food chain might have wanted to cut costs but they ended up angering several customers.
4 days ago
The mother of two said that one of her daughters had tricked her by recording an audition tape under the guise of a school assignment.
4 days ago
While skeptics often draw comparisons, the outcome of the AI boom may be different.
5 days ago