🎉 Metaverse employee training is taking over

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Good Afternoon Party People! 🎉

VR training for employees, people are leaving the finance industry, and CFOs are planning raises for next year.

Sheesh!

PARTY PLAN🎉

👾 VR Training

🚫 Finance bros are fed up

📈 Raises?!

And, of course, MEMES!

MEME OF THE DAY

VR Training

Metaverse becoming mecca for employee training

Immersive technologies are slowly revolutionizing the way companies approach employee development. Many organizations have started exploring how they can integrate virtual reality (VR) and augmented reality (AR) into their employee training processes. A recent survey by PwC found that 82% of companies plan to implement tech and training related to the metaverse within the next three years.

Imagine coming into work and HR tells you that you’ll be in training all day. Lame. But then you find out you get to play in the metaverse where you can practice skills and solve problems without any real-world risks. And it’s basically a video game! Not so lame!

With more than 3/4 of companies planning to implement metaverse training in the near future, People Matters Global (a platform dedicated to HR and the future of work) highlights some benefits to VR training:

• Increased engagement and knowledge retention

  • Traditional training methods can be dry and forgettable. VR and AR, on the other hand, capture employees’ attention through immersive experiences. Studies have shown VR training can lead to knowledge retention rates as high as 80%, up from 20% using traditional methods.

• Enhanced learning through realistic simulations

  • One of the most significant advantages of VR and AR training is its ability to create realistic simulations. Employees can practice skills in a safe, controlled environment, free from the consequences of real-world mistakes. This hands-on approach allows them to build muscle memory, refine their techniques, and gain confidence before applying their skills in the field.

• Cost-effectiveness

  • While the initial investment in VR and AR equipment might seem daunting, these technologies can save companies money in the long run. They eliminate the need for travel expenses, reduce reliance on physical training materials, and minimize instructor costs. Additionally, VR and AR training can be easily scaled across multiple locations and teams, maximizing its impact.

• Improved safety

  • VR and AR training is particularly valuable for industries where safety is paramount. Employees can practice high-risk scenarios, such as emergency response drills or equipment maintenance procedures, without endangering themselves or others. This not only reduces the risk of accidents but also prepares employees to respond effectively in real-world situations.

• Data-driven insights

  • VR and AR training platforms often come equipped with analytics tools that track learner progress and performance. These insights can be invaluable for identifying knowledge gaps, tailoring training programs to individual needs, and measuring the overall effectiveness of training initiatives.

Jobs

People are leaving this industry in a hurry

Workers are on their way out of another industry, and no, it’s not because of AI. In a recent survey from Medius, 60% of finance pros are looking for a new job outside of the industry. “Looking for a man in finance” will be harder by this time next year!

Additionally, 60% said they wouldn’t recommend a job in finance to Gen Z workers, or job seekers looking to switch industries. The top reasons for wanting out of the finance world included better compensation in other fields (53%), high levels of burnout and poor work-life balance (53%), and lower security and stability than in previous years (38%).

“[The numbers] highlight a concerning trend for finance professionals, with many considering employment options in other sectors. Our data also found that only 25% recommend a job in finance to Gen Z.” -Paul Ellis, director at Medius.

According to Gallagher’s 2024 Workforce Trends Report, about half of all employers experienced a turnover rate of at least 15% (not good). 62% of companies ranked employee retention as their top priority for 2024, followed by growing revenue or sales. After seeing this report, 100% of finance companies will begin using Kohl’s Cash as an incentive for finance bros to buy khakis. Just kidding… Not a bad idea though!

Pay

CFO’s plan to raise employee salaries in 2025. But by how much?

We’re getting raises again next year! Great news, right? Well, not so much. According to a WTW survey of executives across the U.S., companies plan to raise salaries by an average of 3.9% next year. In comparison, salaries have had a median increase of 4.1% this year, and 4.5% last year. With inflation at roughly 3.3%, the only one really getting a raise is the government!

Experts say the deceleration of wage growth comes as a function of the labor market cooling down. The proportion of companies that reported trouble attracting and retaining talent dropped to only 38% compared to 57% last year.

Federal Reserve Chair Jerome Powell says the labor market has moved into better balance, adding that it’s essentially back to as strong as it was in 2019. Three-month moving average of job growth stands at 177k, on par with numbers between 2017-2019. Quitting rates are also down, which means employers simply have less incentive to offer workers large raises.

For job seekers, it could be a great time to look at switching companies or industries. Just don’t go to finance! If your current company plans on giving you a 3.9% raise next year, why not look for a new job with a 10% increase in salary? Start by creating an account on JobParty.AI to find out what high-paying jobs you may be a good match for and let their suite of tools do the work for you!

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