Enterprise VR training company Immerse have today announced the launch of their latest report, "The Upskill Ultimatum". The research reveals the urgent need for businesses to transform their training, or they risk losing talent.
Findings include:
Companies face a large exodus of talent if they don’t invest in immersive training technology now.
48% of employees would move companies if they weren't receiving the training they need.
2/3 of HR professionals and 61% of employees think that companies that fail to employ cutting-edge training technologies will struggle to retain top talent.
64% of HR professional and 58% of employees believe that as we move into a hybrid working world, cutting-edge training technologies like VR could be the key solving critical business challenges.
2027 is the average year HR professionals believe their organization would pull the plug on traditional training methods.
38% of high-performing businesses are using at least one form of immersive technology companywide, compared to 23% of low-performers.
Despite the “Big Quit”, research shows companies are failing to deliver the training employees expect
Major research conducted by global software company, Immerse, reveals that nearly 50% of US and UK employees are prepared to move companies if they don’t receive the training they need, yet HR departments are not prepared to revamp old methods for another seven years. The lack of modern training leaves the door wide open for continued departures at a time when recruiting is in emergency mode.
Immerse’s brand new research, The Upskill Ultimatum, reveals that a majority of companies plan to wait until 2028 – when tech-savvy Gen Z workers will form a large proportion of the workforce – to deploy immersive training technologies across their organisation. This is despite studies which have shown the effectiveness of these technologies in boosting knowledge acquisition and retention, and despite the fact that two-thirds of HR professionals believe that companies that fail to employ cutting-edge training technologies will struggle to attract and retain top talent.
The survey of 1,000 knowledge workers and 1,000 HR professionals across a range of sectors, conducted by Immerse, show massive fractures in the current training landscape. Nearly half of HR professionals (49%) believe that today's training deployment is inadequate for a hybrid working world. Also, businesses are feeling the effects of this “learning drought”, with half of HR professionals reporting an emerging skills gap in their organisation, resulting in operational company risk.
Immerse is a virtual reality technology company that has developed the Immerse Platform which enables companies to create, scale and measure virtual reality training. Having grown license revenues by 300% last year and with a global customer base and customers such as DHL, Nestlé and bp, Immerse are leaders in using VR to maximise human performance and the employee experience.
“The world of work has shifted beyond all recognition, and employees are looking to their employer to help them adapt. But the pace of change in training is not matching the pace of technological innovation”, said Tom Symonds, CEO at Immerse. “The pandemic has forced businesses into damage-limitation mode, and leaders are failing to take the long view when it comes to talent.”
In a post-pandemic landscape where talent is tight, frequent reskilling and upskilling of employees is more critical than ever. Leaders failing to meet these expectations face the already acute risk of widespread talent loss: 48% of employees say they would move companies if they weren't receiving the level of training they need – and many are not. In fact, 25% of employees have not learned anything new through workplace training in the last year, and 7% have not learned anything new in the last 2 years.
Symonds continues, “Our research reveals the urgent need for a training overhaul to prepare companies for a future that remains decidedly uncertain. Companies embracing immersive training technologies will be at an advantage in the post-pandemic world of work, bridging skills gaps and supercharging employee engagement, productivity and retention.”
Almost three out of five employees (58%) say that immersive technologies, such as virtual reality, would make training exciting for the first time ever. Immersive training platforms also have the potential to solve critical business challenges: 64% of HR professionals believe that on-demand immersive training could be the key to solving the productivity crisis in the workplace, and 70% say that immersive tech would provide safe training in high-risk scenarios.
Immersive technology allows you to create microlearning that shortens training time but is relevant and impactful. The content can be accessed as needed for optimal flexibility. This is accomplished without disruption to actual production or office environments through their recreation in this immersive environment.
Time is running out for traditional training methods and, although HR teams can see this change coming, they’re not moving fast enough. Most companies have begun to engage with immersive tech at some level, but only a minority (10%) are currently using it companywide.
The study reveals that high-performing companies are leading the way when it comes to embedding cutting-edge training platforms within their business. Almost two in five (38%) high-performing businesses are using at least one form of immersive technology company wide, compared to under a quarter (23%) of low performers. If low performers are to close this training innovation gap, HR teams need to act fast and drive this agenda to the board.
To gain additional insights into what the future of training looks like, click here and download a complimentary copy of The Upskill Ultimatum.
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About the Study
This study was based on surveys conducted in 2021 with 1,000 knowledge workers and 1,000 HR professionals in both large, established corporations with over 5,000 employees and mid-market businesses (1,000-4,999 employees). Respondents were based in the UK and the US. The study focused on the following sectors: transport, CPG, pharmaceuticals, oil & gas, power & utilities and professional services.
Research methodology developed by Man Bites Dog, with support from Immerse. Independent opinion research carried out by research company Coleman Parkes.
About Immerse - www.immerse.io
Immerse is a global virtual reality technology company that has developed the Immerse Platform. Built for enterprise from the ground up, the Immerse Platform enables companies to create, scale and measure virtual reality training.
With clients in a wide range of industries such as CPG, oil & gas, pharma & life science and power & utilities, using the Immerse Platform enables companies to train and assess their employees in radically new ways maximising human performance and the employee experience.
For More Information Please Contact:
George Fryer, Senior Executive or Katie Charlton, Senior Consultant, Man Bites Dog
teamimmerse@manbitesdog.com +44 (0)1273 716 820
