Flexible working models and the metaverse

Abstract

Flexible working models of various types (flex time, part time, compressed work week, remote working) have been prevalent for niche use cases since a long time. However, it is only due to the COVID lockdown, which forced people to work from homes, that this concept has entered the mainstream vocabulary (specifically remote/ hybrid working). Apart from “work from home”, the COVID period also saw another term being popularised – “the metaverse” – which is a digital manifestation of the physical world that people can explore through VR/ AR technology to experience more intimate and seamless information transfer. In this report we analysed the combination of remote/ hybrid working and the metaverse technology to understand if a new model of working will develop in the future. Many top CEOs and well know businessmen have heralded the impact of flexible working and foresee that it is here to stay. Our primary research initiatives also found a lot of positives of remote/ hybrid working from employees and employers across various industries and business functions. Most people report higher job satisfaction as flexible working helps people plan their workday to simultaneously manage personal commitments and interests. The autonomy provided by flexible work has also made people more productive as each person can tailor their work according to their style instead of fitting into a cookie cutter schedule of work. Companies also have found the flexible work model to be highly successful as they have access to a wider talent pool across the nation (or even the globe). Many companies have also reported massive real estate cost savings due to the reduced need for office space. However, all these benefits also have a flipside and people have certain reservations with the new way of working. There are concerns when it comes to the quality of L&D, mentorship, team coordination, and the ability to have creative discussions. Many have also reported higher stress and loneliness caused due to the lack of social interactions which also leads to low bonding in the workforce. The metaverse technology has a huge potential to bridge this communication gap and make remote working more seamless. Almost all employees are open to try new technologies that can reduce their burden and improve their working experience. However, most also report that despite the abilities of the metaverse technology, it will never be a substitute of face-to-face work and must only been seen a replacement of the current digital communication tools employed in remote work models. Companies too recognise the potential of the metaverse but barring a few very large MNCs, most are unwilling to spend large capital on deployment of this new age technology. We belive that slowly but steadily the metaverse will transform flexible working but we also recognise its shortcomings and predict that only certain roles that are conducive to flexible working shall be transformed.