Traditional workplace learning and classroom-based training courses are quickly becoming less favourable to develop staff, and are being replaced by experiential methods like business simulations.
Business simulations and other experiential learning approaches to leadership development and workplace training are now growing in popularity, due to the increased engagement that employees show when involved in these.
Within business simulations, there are a number of activities which have been shown to boost employee engagement which can reduce the risk of distractions that cause difficulty in understanding a topic. There is also an argument that business simulations and experiential learning make for a more memorable approach to workplace training.
Scenario simulation role play
Whether workplace training is aiming to expand skill sets or improve team building, a role play simulation can offer employees the opportunity to step into the shoes of other staff members, in order to understand the responsibilities and tactics required within other areas of the business. Business simulations can also provide guidance for future leaders, offering the opportunity to work with others as a fictional c-suite to manage a business including making tactical decisions, understanding budgets and leading people.
Business strategy planning
To support the growth and development of any business, employees must be invested in the business strategy and objectives. The importance of employees understanding business strategy can be instilled through a simulation, which can cover all areas of the plan. These simulations can include activities such as encouraging employees to create their own version of a business plan for the company. Through this activity, employees can get to grips with the various elements of the business that ensure success and profit, including; an executive summary, marketing tactics, logistics, operational activities, finances and budgets and human resource management.
Healthy competitiveness is critical in a successful business for remaining ahead of the competition and pushing the company forward. Business simulations can provide an opportunity to gain a better understanding of competitiveness. This aspect mimics the real-life competitiveness that employees will experience in management roles and as those leading a business, in the free market economy. Competitiveness will allow those within your business simulations to understand the importance of providing superior services, products and business tactics, in order to gain a competitive advantage over rival companies in the industry.
Learning from real market scenarios
One of the key learnings to include within a bespoke business simulation is the integration of case studies and scenarios based on real and previous events. Using these concepts, particularly from those which had an overall positive and inspirational outcome, allow employees to experience a real-life scenario and decide how they would handle it. This will allow a business to ensure that they have incorporated the right information and learnings to push their employees to make the correct decisions when faced with a problem or complex scenario.