Virtual reality (VR) technology is increasingly integrated in the corporate realm. Today large companies such as Walmart and Google are creating a range of customized VR training programs for their employees.
An example of the latest technology, virtual reality is changing the way companies perceive professional development, offering the workforce relevant skill sets in today’s digital age.
According to the 2019 US L&D Report by findcourses.com, companies are creating programs that utilize VR technology to cultivate individual strengths while building strong relationships within the workforce.
If your company is looking for ways to improve the training process and spark innovation, virtual reality can be the solution to accelerate the growth of your business!
VR’s role in the corporate context
Industry-leading corporates are rushing to incorporating VR technology as part of their training initiatives.
In the US, companies with highly engaged employees are over twice as likely to prioritize soft skill developments such as leadership, customer service, sales and communication, all of which are better assessed and acquired through VR rendering of real-life interactions.
The report also finds that organizations are utilizing virtual reality beyond traditional simulations to foster empathy at the workplace, creating a more inclusive and productive team dynamic.
Regardless of the size or industry of your company, virtual reality can improve the processes that your business is built upon.
VR assessment: a win-win recruitment strategy
Recruitment serves as a crucial component for every company, and virtual reality has become a popular practice to screen and test applicants. Across industries, the hiring process now assesses applicants through VR exercises that replicate the regular activity and working environment.
Unlike conventional assessments, VR simulations can position the applicants in a realistic situation, and employers can better examine how each applicant handles such a situation in real-time.
Companies including Jaguar and Lloyd Bank are leveraging the technology to find the most suitable prospective employees based on their performance in the VR exercises.
At the German rail company Deutsche Bahn, virtual reality is used at trade shows to demonstrate the experience of working in the railway industry. By visualizing different professional profiles, prospective applicants can learn more about the various job positions and the company itself.
From the applicant’s perspective, VR-based recruitment can also provide great insight into the professional world.
Not only will the applicant be able to test out a typical work routine, the usage of virtual reality also reflects your company’s dedication to technological advancement and innovative values that attract individuals, particularly the younger generation.
In 2019 UK Report, 76% of companies that believe Learning and Development (L&D) can provide them a competitive advantage utilize talent development as a recruitment strategy.
In other words, companies are embracing a wide range of recruitment strategies to stay ahead. Virtual reality can undoubtedly benefit the hiring aspect of your company by streamlining your assessments and enhancing the overall company profile.
VR technology as an effective training tool
At a time when 42% of employees rated L&D as their most important employee perk, your company should use the cutting-edge VR technology to fulfill and strengthen the workforce, which can also boost employee satisfaction and the company’s retention rate.
In the aviation industry, virtual reality has been adopted as a common training technique. Airlines are using virtual reality to simplify and accelerate external aircraft inspection, which can significantly save the cost and time for training employees working with complex hardware.
Beyond ground staff training, flight attendants and pilots are also benefiting from VR training that maximizes their preparedness in day-to-day tasks. In an industry where safety and reputation are of utmost importance, VR technology is elevating the standard of the entire sector.
However, virtual reality is more than just a prominent training tool for the aviation industry. No matter what your company does, to have effective and modern VR training can greatly improve the inclusivity, efficiency, and profitability of the company as a whole.
Cost-efficient VR training for small business
There is still a common misconception that smaller businesses don’t have the resources to become tech-savvy makes many hesitant to invest in VR programs. In reality, it is not only the large firms that can – or should! – link VR technology to their training initiatives.
VR technology and comprehensive training programs essentially provide a great investment opportunity for businesses that want to ensure long-term profitability.
Companies spending $1,500 or more per employee per year on training average 24% higher profit margins than their counterparts with lower training budgets.
Using virtual reality as a training tool is not only becoming more affordable – certain VR headsets work even with mobile devices – but also provides additional savings on travel expenses and time associated with alternative training options.
When taking the cost and time savings into consideration, VR training can even reduce the overall company expense dedicated to training.
Most importantly, small businesses are just as likely as big corporates to encounter real-life situations that VR technology is able to visualize. Human interaction is universal and not determined by the type or size of the business.
In fact, it is exactly the smaller companies who benefit the most from virtual reality that foster a productive and innovative company culture necessary for growth in the competitive environment.
Take your business training to the next level
According to the 2019 US report, virtual reality makes up only 4% of US companies’ overall L&D training budget today. However, more and more companies are discovering the benefits of virtual reality, as technology can substantially propel businesses.
There is still room for the expansion of virtual reality in professional training, and it provides a great opportunity for you and your company to get a head start on taking advantage of this wonderful technology.