Business simulations offer companies a training solution that can prepare employees across an entire hierarchy for the demands of their roles and more.
Typically conducted in an environment where participants are encouraged to express their capabilities and later reflect on where they could improve in the future, simulations serve as a clear indicator of individual performance as well as helping to identify any areas of concern.
This, of course, makes it inherently easier for business leaders to evaluate the specific skills of their entire workforce in order to provide relevant and accurate guidance as the business progresses, as well as introducing new innovation to ensure that the company keeps its competitive advantage.
So, how exactly can business simulations serve as an effective workplace learning method?
What are business simulations?
Business simulations are a practical, engaging workplace learning method, consisting of a range of activities related to specific goals and KPIs. Instead of traditional classroom-based learning, simulations imitate reality and stimulate collaborative working among employees, thus improving learning retention and boosting morale.
There are several benefits that business simulations pose for corporations, including:
- Accelerated learning and development
- Learning in a risk-free setting
- Actively attempting situations
- A significant return on investment from workplace training
- An opportunity to implement new technology and innovation
With one in three employees in the modern workplace agreeing that uninspiring content is a barrier to their learning, investing in a bespoke business simulation could prove to be the difference between success and failure.
How business simulations offer more than just forecasting
It is a common misconception that business simulations as part of a wider training programme are merely in place to ensure that leaders can accurately forecast long term figures based on historical data and employee performance. In fact, simulations seek to move away from linearity and rooted metrics, adopting a butterfly effect approach to workplace learning. The benefit of this is that it can be highlighted to employees how one small disruption can have a significant effect on long term results.
A successful business simulation will provide employees with a systematic learning experience while simultaneously allowing them to express their own opinions and showcase their methods when it comes to solving professional problems. This way, individuals are able to achieve the perfect balance when it comes to retaining information and putting into practice specific skills learned.
Business simulations have become increasingly popular due to the fact that leaders can entirely customise their methods to suit their specific company model and long term goals. By moving away from standard learning materials, which can only take employees so far in their learning, a bespoke business simulation can create scenarios based on previous events that have affected operations.
In addition, simulations can be altered to suit all types of employees. Whether it’s structured for managers, new hires or even graduates, it is possible to change the core focus and delivery of each programme in order to develop the skills of a diverse workforce and ultimately see real results.
There is no denying that active workplace learning methods are continuing to lead the way when it comes to inspiring and motivating employees on an organisational scale. This is evident in their popularity among some of the biggest corporations in the world today.
Where learning retention and employee development are concerned, the versatility and bespoke nature of business simulations ensure that leaders are making the most of their investments in workplace training, as well as posing significant benefits for individuals looking to improve their skills.