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The Metaverse: Companies Planning Big Investments in 2022

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Science fiction novelist Neal Stephenson first coined the term metaverse in 1992. But it wasn’t until Facebook rebranded itself to Meta Platforms (also known as Meta) in October last year that it truly entered the mainstream. Mark Zuckerberg’s company adopted the new name to try and ensure its products play a prominent role in “the next chapter of the internet”. 

Although the painful-to-watch video released by Meta explained the concept of what the metaverse is, this industry’s potential is still relatively unknown. However, this hasn’t stopped Zuckerburg from investing big to mature the new market. Meta is raiding other tech giants for its talent to help it get an edge. Nearly 100 employees from Microsoft’s HoloLens augmented reality team have already joined Zuckerberg and co. Because this Microsoft venture was one of the first movers in this space, these pioneering professionals are valuable assets. But the company isn’t stopping there – it recently announced that it would hire around 10,000 engineers in Europe to stay ahead of the pack. 

Other Virtual World Investors

Meta isn’t the only company investing in this new industry. Chipmaker Nvidia has waded into the mix and named with their Omniverse platform. With Omniverse Enterprise, Nvidia has launched a subscription service that lets creators, designers, and others interact and collaborate using its online simulation platform. BMW has already started using its services to optimize its manufacturing operations. As microchips power the virtual worlds’ graphics, Nvidia plans to recruit over 600 employees to build its platform in its Israel office. 

Microsoft is investing $69 billion in acquiring World of Warcraft and Candy Crush maker Activision Blizzard. The tech behemoth hopes these bestseller games will win over metaverse skeptics. Recently, British gambling firm Entain released a statement saying it will spend $134 million on a new innovation center based in London. 

“As media, entertainment and gaming converge, customers expect richer experiences, with greater variety of content, immersive experiences, personalization, and social interaction,” Entain said in a press release on January 30. 

“We want to … pioneer innovations in sport, gaming and interactive entertainment for the metaverse,” Entain Chief Executive Officer Jette Nygaard-Andersen added. 

How the Metaverse Could Change Our Lives

With the eye-watering amounts of money companies are investing in the metaverse, many think it will soon change our working lives forever. 

For instance, Nvidia’s Omniverse Enterprise, Meta’s Horizon Workrooms, and Microsoft’s Mesh aim to empower workers in a virtual world. These VR platforms will help accommodate remote collaboration via mixed reality applications. Instead of Zoom calls, meetings will be held on the metaverse – according to Bill Gates, this will become the norm within three years. 

School, social life, and how we spend our free time could also change dramatically. Online gaming platform Roblox plans to bring educational video games to classrooms. And platforms such as AltspaceVR wants to launch more community-based experiences in the metaverse, allowing people to gather for different live virtual events such as concerts or comedy nights. Established online service providers know that a similar approach would help them win over people who still prefer to frequent brick-and-mortar venues. 

Gambling companies and U.S sportsbooks like BetMGM have been quick to announce that they are investing in metaverse products that will make watching and wagering on sporting events a more immersive experience. 

Traditional retailers are also looking to stay ahead of the curve. Luxury labels, such as Gucci, Balenciaga, and Luis Vuitton, have already begun to sell e-clothing, and Nike has filed trademarks for virtual garments. But if you don’t feel like splashing out on your Avatar’s outfit, why not buy a $650,000 virtual yacht or NFT artwork for your virtual apartment? 

Yes, if this is the near future, it sounds pretty ridiculous. Therefore, tech companies have got their work cut out to win over skeptics. But as leading figures firmly believe this industry will be worth above $800 billion in two years, 2022 could be the year metaverse takes off.   

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Why Multi-Province Payroll Compliance Is the Hidden Challenge Canadian SMBs Face and How Folks Solves It

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Photo courtesy of: Folks

Byline: Shem Albert

Running payroll in Canada can feel like crossing a country stitched from many different fabrics. Each province weaves its own pattern of tax rules, leave policies, and benefit requirements, creating a landscape where a single misstep can ripple through every paycheck. For small and mid-sized businesses, the challenge often remains hidden until growth pushes hiring beyond provincial borders or brings remote workers into the fold. What seems like a routine back-office task quickly becomes a test of accuracy, timing, and local knowledge. This is the gap that Folks set out to close, offering a way for employers to navigate Canada’s regulatory patchwork without slowing their momentum.

Provincial Rules Add Complexity

Canada’s payroll environment varies sharply by province. Federal rules set the foundation, but provincial tax rates, deductions, statutory leave entitlements, and benefit premiums add layers of complexity that employers must monitor carefully. Small and mid-sized businesses with staff across provinces or remote employees face different tax tables, reporting deadlines, and leave calculations that directly affect pay accuracy and remittance schedules.

Folks built its payroll module to address these differences. The platform calculates the correct provincial tax rates and deductions for each employee, applying updates automatically so employers avoid misapplied withholdings or late filings. Multi-location tax management allows a company with workers in Ontario, Quebec, or several other provinces to process payroll without creating separate accounts for each jurisdiction. Bilingual functionality in English and French and secure Canadian data hosting support compliance while keeping employee records accessible across language and regional boundaries.

Unified Records Improve Accuracy

Payroll errors often stem from mismatched employee data. Changes in pay rates, banking details, or benefits eligibility may not align between HR and finance systems, creating incorrect deductions or delayed payments. Smaller teams juggling separate platforms spend valuable hours reconciling information instead of focusing on strategic work.

Folks resolves these issues by combining HR and payroll in one platform. Updates to wages, hours, or tax information entered on the HR side flow directly into payroll without re-entry. This single, verified record strengthens the accuracy of every payroll run and ensures employees receive the correct pay and deductions. By removing the need for repetitive administrative work, HR staff can redirect their time to tasks that support growth and employee engagement.

Automation Keeps Provinces in Step

Each province sets its own requirements for holiday pay, pay frequency, and statutory benefits, making manual calculations both time-consuming and error-prone. Businesses that expand or hire remote employees must keep pace with shifting provincial regulations or risk penalties and audit issues.

Folks address these demands with automation designed for Canada’s regulatory landscape. Pay statements, deduction calculations, and custom pay schedules follow the applicable provincial rules without extra configuration. The system’s automated updates mean that a company hiring staff in British Columbia or Quebec can meet local payroll standards without adding new layers of setup or monitoring. Employers gain the ability to expand into new regions while maintaining accurate, on-time pay.

Reporting Strengthens Compliance

Changing tax rates and reporting requirements require ongoing attention from HR and finance teams. Companies that rely on disconnected systems risk missing a provincial update or submitting incorrect remittances, which can lead to fines and interest charges.

Folks provides detailed reporting tools that compile payroll, deductions, and benefits information across all locations. Employers can generate clear remittance and deduction summaries, simplifying the process of meeting provincial filing requirements. For organizations that want additional guidance, Folks also offers a payroll management service that brings in-house specialists to assist with configuration, compliance, and regular updates. These reporting features help companies stay audit-ready and avoid costly compliance gaps.

Scalable Payroll for Expanding Businesses

Many small businesses begin in a single province, where local tax and payroll demands can be learned over time. Growth into new provinces or the decision to hire remote staff adds a level of complexity that manual processes cannot handle efficiently. Errors multiply, compliance risks rise, and payroll teams spend more time correcting mistakes than supporting expansion plans.

Folks provides payroll that scales with company growth. Provincial tax logic, automated deductions, bilingual support, and secure Canadian data storage are built directly into the platform. By maintaining an accurate employee record and applying province-specific rules automatically, the system allows Canadian SMBs to expand with fewer administrative surprises and more predictable payroll operations. Companies gain the stability of compliant payroll across provinces while controlling the time and costs that typically accompany multi-jurisdiction growth.

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