Skilled Trades Lead the Way in the Pandemic with Digital Experiential Learning — Other Industries Should Take Note

Virtual Reality — The Growth in Immersive and Digital Experiential Learning

Nowhere is this better seen than with virtual reality (VR) training — a form of immersive or Digital Experiential Learning (DEL) where participants access head mounted devices and hand controllers to interact within a virtual 3D environment and simulate hands-on training.

Professional services firm, PWC, estimates that VR learning will contribute $294 billion to the global economy by 2030.

Initially the domain of industrial and heavily capitalized industries, such as aviation and the military, the skilled trades industry has now fully embraced VR, making training safer and more efficient, while reducing the time to full certification — without compromising quality.

A More Complete Learning Experience

There are clear learning benefits to VR platforms. A June 2020 report by PWC found that “V-learners” complete training four times faster than classroom training, are 3.75 times more emotionally connected, and 1.5 times more focused than classroom learners.

VR’s flexibility is ideal when learning pathways need to be changed quickly, as is the case in the unpredictable environment we live in today. Take the HVAC sector, for example, where technicians will have to make new modifications to mitigate the spread of viruses and be trained accordingly. The scalable nature of VR enables this to be done quickly with its design and characteristics encouraging collaboration and creative problem solving.

Additional benefits of moving training to online, on-demand platforms utilizing 3D simulations and VR include, reducing costs and barriers to entry, and increasing safety by eliminating the need to be on site for in-person training — not only during apprenticeships, but also for reskilling. Digitization and VR delivers safer, more accurate, faster and more efficient skilled trades operations, training and education.

Attracting New Entrants

A final benefit of technology such as 3D simulations and VR, is that it’s likely to attract more tech-savvy digital natives to a profession that is struggling to find new recruits. It’s only by making it easier and quicker for young people to acquire skilled trades expertise, as well as making the industry more attractive, that a sustainable future awaits.

Major Corporation Adoption

At Interplay Learning, software engineers, game developers, instructional designers and subject matter experts have developed 3D simulations and VR training that allow skilled trades practitioners to practice hundreds of in-the-field scenarios online and on-demand. This has led to a number of major corporations accelerating their plans to educate thousands of their skilled trades employees through this platform in 2020.

Companies and organizations, which have implemented Interplay’s training solutions recently in response to COVID-19, include:

The Home Builders Institute (HBI) HVAC specialists, Carrier Global Corporation Trane Technologies Inc, a manufacturer of HVAC and building management systems and controls Efficiency, controls and automation specialists, Johnson Controls Hunt Military Communities, the U.S.’s largest military housing owner Luxury apartment specialists Edward Rose & Sons Rheem Manufacturing Company, a U.S. privately held manufacturer that produces residential and commercial water heaters and boilers, as well as HVAC equipment, plans on training 250,000 new technicians by 2025 through the use of Interplay’s VR and online solutions.

Sharing Best Practices

How can VR be applied to other industries? Take financial trading, for example, where VR could create the vibrancy and energy of a packed trading floor without the need to leave home — a totally immersive environment. Experiential, VR-based learning can also be adopted across insurance, investment banking and consumer banking where staff can learn to mitigate risk and build customer relationships via VR. The potential is endless.

There are significant indications that COVID-19 will transform many aspects of everyday life for the long term. Learning is likely to be one of them with skilled trades leading the way. It’s only a matter of time before others follow.

Doug Donovan CEO & Co-Founder Austin

Texas-based Interplay Learning, the leading global provider of online and VR training for the essential skilled trades.

Has the pandemic triggered society to re-think later life planning?

The world has been talking about the Covid-19 pandemic, and the effects of it since March 2020. Eight months on, the predicted second spike is now a reality, and the death rate is still on the increase. As a nation, we are not renowned for talking openly about our demise and subsequently, the planning of it, but as the subject of death has become a daily news item, are people starting to think differently about later life planning?

What do people actually plan for?

For the majority of the over 50’s, the inevitable subjects of life insurance, will writing and funeral planning become more prevalent but are relatively undersubscribed. However, taking the time to commit to any of these, significantly reduces any cost burden on your loved ones, and it therefore makes sense to consider your later life plans.

Of course it is natural for us to want to avoid the concept of ‘the end of our life’ and for many, we will only purchase a funeral plan or a will when we are either struck down with grief following the loss of a loved one, or because we are going through life changes.

Panic buying a funeral

There has sadly, yet inevitably, been an unprecedented increase in demand for funerals over the last eight months, and whilst the country was up in arms earlier this year due to the panic buying of essential supplies, innumerable people were also having to ‘panic buy’ a funeral. These consumers were those who needed to buy an ‘AtNeed’ funeral, where all the arrangements are made and paid for at the time of death, rather than a funeral plan where all the costs have already been paid in advance.

The majority of those who were buying “atneed” were most likely to have been at their most vulnerable emotionally and many of these consumers would also have been financially vulnerable as there would have been no planning and saving for this eventuality and maybe no available funds, which means that the individual arranging and paying for the funeral is usually left staring down the barrel of taking on considerable debt to fund the service.

These consumers have not been able to shop around or have the luxury of time to be able to think clearly about the purchase they are making. People buying a funeral after a shock or sudden death in

the family are, overall, too emotionally weak to truly assess the best deal for the funeral they now find themselves organising. They are under a great deal of stress to buy and it is highly unlikely they will rationally compare prices or providers, typically choosing the business located closest to them geographically. Additionally, many of them no longer live in the same area as the deceased and have consequently lost all local knowledge of which local business services to commission.

Why don’t more people buy a funeral plan?

Pre-Covid, funeral plans were not generally seen as a ‘distress’ purchase and for the majority, were pushed aside as an avoidance to facing a stark and unpleasant reality. For many, this will still be the case, but has the pandemic changed the triggers that prompt people to think about the security and value of the funeral plan product?

Consumers will of course have reservations about buying a funeral plan. This may be a combination of them feeling both overwhelmed with the variety of products available and/or their opinion of the industry, which has likely been tainted by negative press stories in circulation. The funeral world is constantly under the spotlight for what was deemed to be the systematic overcharging of consumers, and the nature and frequency of these stories will undoubtedly leave an element of lasting mistrust. The purchase of a funeral plan provides the perfect solution to this concern, as it protects the consumer’s next of kin against expensive funeral costs, so there are no nasty financial surprises at the end.

UK unemployment set to soar While the pandemic may have forced more of our over fifties to consider their mortality, and consequently the value of planning their funeral in advance, it certainly hasn’t assisted in their ability to fund their potential purchase. By December 2020, the unemployment rate in the UK is predicted to exceed 3.5 million. Most of this statistic will be looking to find money from every available source and may cause them to cash in what they can. This may result in those who have already taken out funeral plans, or any other plan or policies they have bought in to, to cancel so as to release cash and reduce monthly expenditure. Although understandable in the short term, this will, by no fault of their own, leave them and their loved ones in a vulnerable position later in life.

The majority of people who buy funeral plans are in the 60-80-year age group. Individuals over the age of 60 will almost certainly find it difficult to secure new employment if they face redundancy which means that the fallout from Covid may well force this group into a financial resilience problem.

A new dilemma

This pandemic, therefore, may be the paradox that manifests itself as the catalyst for a fundamental shift in attitudes towards funeral planning. It could make people realise that there is clear sense and prudency in putting plans in place to minimise the stress and financial impact for loved ones after their own demise. Or will the economic uncertainty caused by the pandemic, mean that people will protect the cash they have and shelve later life planning until the economy, and their own situation, has stabilised? With the pandemic illustrating the fragility of life, the former is probably the most sensible approach.

Either way, the devastating effects of Covid-19 have highlighted that if individuals have the resources, it really does make sense to re-think your later life plans more than ever before so that you are removing a financial burden from your family and next of kin. The alternative will potentially leave them in a very uncomfortable financial position when having to pay for your funeral service. Barry Floyd is the Managing Director of Golden Leaves Funeral Planning

The Bank is Where the Heart Is

When unexpected events occur, people turn to their banks to provide a sense of trust, security, and stability. They need to be available anywhere, anytime, and from any device. As it’s a business based on trust, one-on-one communication is key.

With the world still emerging from the COVID-19 crisis and endeavouring to avert a possible second wave, every country, state, and region has their own unique requirements. Plus, every customer or member has their own demands. Experts and pundits have discussed a new normal, but what’s normal for now involves keeping customers and employees safe while also providing the same sense of stability as before.

For banks, building societies and credit unions, the main concerns include how to maintain personal relationships amidst social distancing; how to be available at any time on any device; and how to provide a sense of calm and security amidst the chaos.

Adapt or fall behind

Customers are quickly learning which of their service providers are adapting best to this new world. Are financial services providers like banks and credit unions adapting, or falling behind?

Finances are a highly personal topic, and often, illogical or emotional. Will I have enough? Will it be available when I need it? It is always a hot topic of conversation, but especially during a pandemic when unemployment rates are rising, and the economic landscape is unsettled. In the past, a customer could walk into the bank, have a reassuring conversation with a representative and move on.

So, how can banks help their customers through tough financial times during the current crisis, when in-person communication is nearly impossible? One solution is to provide helpful, personalized customer service through digital channels. While in-person assistance will remain important after COVID-19, customers are looking for assistance now. Banks are turning to remote video and voice appointments to boost customer satisfaction and meet customer expectations.

3 reasons to use remote appointments

1. To comply with social distancing

Our Modern Consumer Banking Report last year showed that when consumers visit branches, it’s primarily to talk face-to-face and ask questions/get help. Research from Bain reinforces this, and emphasizes that “many retail banking customers think it’s easier to purchase through a human channel, or prefer to speak with an employee before buying a product.”

Due to social distancing measures, branches cannot be customers’ primary way of managing their finances during this pandemic. However, this doesn’t mean that customers aren’t interested in personalized attention that can be made available via video and voice.