of Virtual Reality Training
See below some of the eye-opening statistics that illustrate the impact and business value of adopting VR solutions for training.
PRODUCTIVITY and PROFICIENCY
A 2020 PwC study shows employees completed VR programs up to 4 times faster than in-person trainings, and 1.5 times faster than e-learning1
After implementing VR training, H&R Block saw a 50% decrease in dissatisfied customers, a 9.9% decrease in customer handling times, and significantly faster issue resolution times.5
Boeing estimated a 90% increase in first time quality in employee training using VR or AR (known collectively as XR) technology.3
Effective new employee onboarding training can increase productivity by 70%.4
Using VR in training results in a retention rate of up to 80% one year after training, compared to 20% just one week after traditional training. 2
RISK and SAFETY
With VR general safety/hazard awareness training, Tyson experienced more than a 20% reduction in injuries and illnesses. 8
It has been estimated that employers pay almost $1 billion per week for direct workers’ compensation costs.6
When workers are better trained, there are fewer accidents, fewer injury-related costs and production delays, a better safety record translates into less risk and lower insurance cost.7
SAVINGS and REVENUE OPPORTUNITIES
30-70% is the average companies save when they switch to virtual [remote] training. This includes costs related to technology, travel, and transportation, as well as productivity loss experienced by students taking time away from work. 11
The U.S. Department of Labor estimates that the average cost of a bad hiring decision can equal 30% of the FIRST-YEAR POTENTIAL EARNINGS9 VR allows trainees to be effectively screened for skills as well as emotional reactions to critical scenarios.
Businesses that spend at least $1,500 per employee annually on training activities reportedly earn 24% more profit than those with lower training budgets. 10
Oberon Technologies® was one of the first to bring photo-realistic and fully immersive virtual reality (VR) training solutions to market, and we continually explore new ways to utilize extended reality technologies for business benefit. Contact us today for a customized ROI calculator to illustrate the true ROI potential of VR training for your organization.
HBR – How Companies are Using VR to Develop Employees’ Soft Skills
TrainingMag.com – The Impact and Potential of Virtual Reality Training in High Consequence Industries
Tyson Foods reduces worker injuries, illnesses with VR safety training