fbpx

Metaverse opportunities and barriers: Biz leaders are counting on skills training to fuel growth

by | Mar 8, 2023 | Public Relations

The metaverse is here, and brands and businesses recognize the need to get ready to have a strong presence there by building their workforce competencies to maximize the opportunities. But while 7 in 10 business leaders (68 percent) say it’s important for their company to prepare metaverse strategies to remain competitive, new research from the Singapore-based continuing education and training provider NTUC LearningHub reveals that only 6 percent have actually adopted the metaverse, and 52 percent are unsure or do not foresee adopting metaverse-related technology.

The firm’s recently released Industry Insights Report 2023 on Metaverse aims to investigate the current landscape and businesses’ readiness for the metaverse, including their awareness and challenges faced. To embrace this opportunity, half of business leaders (51 percent) reveal that their company needs to gain the relevant knowledge and expertise. In fact, 9 in 10 (89 percent) of business leaders are open to sending their employees for skills training related to the metaverse.

Metaverse opportunities and barriers: Biz leaders are counting on skills training to fuel growth

Despite the key benefits business leaders resonate with—such as finding new ways to engage customers (50 percent), enhancing customer service (44 percent), and finding new business opportunities (43 percent)—over a third (36 percent) of them voice that they are not confident of their company’s readiness for a future in the metaverse. Privacy and security concerns (52 percent), high technology costs (51 percent), and uncertainty about whether metaverse will show ROI (47 percent) are the top concerns.

Metaverse opportunities and barriers: Biz leaders are counting on skills training to fuel growth

Nonetheless, three in five (62 percent) business leaders are confident in their workforce’s ability to adapt to the metaverse

More than half (54 percent) say metaverse-related skills are required across different roles and departments in their organization, with cloud computing (53 percent), data analytics and AI (51 percent), and Internet of Things (43 percent) emerging as the top metaverse-related technologies business leaders are keen to adopt in the next two years.

Metaverse opportunities and barriers: Biz leaders are counting on skills training to fuel growth

“The metaverse yields a variety of economic benefits for companies, and from the survey, it is encouraging to know that business leaders are looking forward to not just riding on this wave, but investing in the next revolution through skills training,” said Tay Ee Learn, chief sector skills officer at NTUC LearningHub, in a news release.

Metaverse opportunities and barriers: Biz leaders are counting on skills training to fuel growth

“Developing an existing pool of employees with the relevant skills will help businesses effectively utilize the capabilities of the metaverse,” said Ee Learn. “With high technology cost being one of the top barriers to metaverse adoption, companies should tap on fundings available for training. As a start for the metaverse to gain wider awareness, companies can also consider introducing it to their employees by using it as a platform to convene, socialize, and work, before embarking on more serious work-related usage.”

Metaverse opportunities and barriers: Biz leaders are counting on skills training to fuel growth

Download the full report here.

Based on a survey of 200 business leaders, and interviews with industry practitioners, the report offers insights into the in-demand skills and employee training areas that business leaders are keen to explore.

Richard Carufel
Richard Carufel is editor of Bulldog Reporter and the Daily ’Dog, one of the web’s leading sources of PR and marketing communications news and opinions. He has been reporting on the PR and communications industry for over 17 years, and has interviewed hundreds of journalists and PR industry leaders. Reach him at richard.carufel@bulldogreporter.com; @BulldogReporter

RECENT ARTICLES

10 creative ways to use QR codes in media communications and PR

10 creative ways to use QR codes in media communications and PR

In the fast-evolving landscape of media communications and public relations, QR codes are emerging as versatile tools capable of bridging the gap between traditional strategies and the interactive potential of digital technology. By transforming passive print ads into...