The global market for corporate learning and development (L&D) is worth $350 billion, but many senior managers are dissatisfied with their L&D initiatives.
Traditional classroom-based training methods do not adequately replicate on-the-job behavioral practice and often fail to incorporate peer learning and modeling behavior.
VR can improve decision-making and collaboration skills through simulation training and enhance onboarding processes by introducing new employees to company culture and processes in a realistic and interactive way.
VR can provide ongoing feedback and support for employee learning through performance management processes, creating a more effective and supportive learning environment.
Training employees has become a critical challenge for many businesses as they strive to reskill their workers in response to the evolving needs of their industries. According to Korn Ferry, there will be an 85 million person talent shortage by 2030, highlighting the importance of effective training initiatives. The global market for corporate learning and development (L&D) is worth $350 billion, yet a study found that 75% of senior managers at organizations are dissatisfied with their L&D initiatives. In contrast, 70% of employees feel they lack the skills required to do their jobs. In this article, we will explore how virtual reality (VR) can help businesses overcome these challenges and improve the efficiency and effectiveness of their employee training programs.
Challenges of Training Employees:
One of the primary challenges businesses face when training employees is the reliance on traditional classroom-based training methods. While these methods may be useful for imparting knowledge, they do not adequately replicate the on-the-job behavioral practice required for most jobs. In addition, many training programs fail to recognize the importance of peer learning and modeling behavior, which is essential for adult learners. Finally, a lack of ongoing feedback through relevant performance management processes can hinder employee learning and development.
Improving Decision-Making Skills with Simulation Training
Simulation training can improve decision-making and collaboration skills in management development. A global digital agency used VR simulations to improve the decision-making skills of its Managing Directors in areas such as collaboration, project pricing, and staffing. The VR simulations allowed the MDs to practice decision-making in a safe and controlled environment, leading to a significant improvement in their ability to make decisions in real-world situations.
Enhancing Onboarding Processes with VR
VR can enhance the effectiveness of onboarding processes by introducing new employees to company culture and processes in a realistic and interactive way. Onboarding new employees can be a time-consuming and costly process, but VR can help streamline this process by providing a realistic and immersive introduction to the company culture and processes. This approach not only saves time and money, but also helps new employees feel more connected to the company and better prepared for their roles.
Using VR for Employee Performance Management and Learning Support
VR can provide ongoing feedback and support for employee learning through performance management processes. VR can be used to monitor employee performance and provide ongoing feedback and support to help them improve their skills and knowledge. By integrating VR into performance management processes, businesses can create a more effective and supportive learning environment for their employees.
In conclusion, VR has the potential to revolutionize employee training and development by providing immersive, interactive learning experiences that replicate real-world job conditions. By using VR, businesses can improve the efficiency and effectiveness of their training programs, enhance onboarding processes, and provide ongoing feedback and support to employees through performance management processes. As the demands of the workforce continue to evolve, VR will become an increasingly valuable tool for businesses looking to reskill and upskill their employees.
This blog references the Harvard Business Review article "Using Simulations to Upskill Employees."