It’s taken as given that you need to be regularly training your leadership team. The challenge is finding the right type of training that is educational, engaging, and directly applicable to their role. When done right, the benefits of business simulation training will encompass all of these elements.
Business simulation training – assigning teams a range of computer-based tasks that simulate real-world challenges in banking or other business sectors – offers a range of positive outcomes. As you’d expect from any leadership training programme, you’ll see:
- Benefits to your business’s financial and strategic outcomes
- Positive effects on your leadership team’s thought process
- Increased knowledge and business acumen
Let’s explore these benefits in more details so you can understand how business simulation training can positively impact your organisation.
How does simulation training benefit business outcomes?
Simulation training lets your leaders practice their decision-making and leadership skills in a reactive, dynamic, but ultimately offline environment. Your leaders are given situations drawn from real life and have to make timely decisions for a fictional bank to get positive outcomes.
Having strong decision-makers will bring success to your organisation through improved business acumen. When leaders know the questions to ask and who to ask for information and advice, decisions can be data-led and therefore more effective.
From the perspective of the business, it’s a useful tool to allow your leaders to demonstrate their skills without causing detriment to your bottom line. Simulation training also allows for theoretical knowledge to be applied, and gives leaders confidence when they complete the training.
Other key benefits of business simulation training for your leadership team include:
- The ability to foster teamworking and networking across locations by harnessing online simulations
- Talent spotting across the business with people able to display strong skills during the simulations
- Stronger analytical skills within your team as they learn to quickly handle fresh information in new formats
What are the benefits simulation training can provide to my leaders?
It’s commonly accepted that offering training to your employees will increase retention rates. Not all training is the same and your managers will appreciate the considerations required in creating leadership training.
By choosing simulation training, you’re offering your talent an engaging process that will help them develop in their role. Participants in business simulation training report that leadership skills can emerge spontaneously and the benefits are enhanced with a full integration and personal development plan.
Simulation based training offers a fully integrated and practical learning experience. This will help staff develop their confidence and push them to work in different ways, as well often with different people from across the wider business.
How does simulation leadership training impact on learning?
Traditional leadership training can take different forms, such as workshops and seminars, presentations by business leaders, academic education, etc. Given these options can be less engaging, you may not see the return on investment.
Using business simulation training offers strong learning outcomes for your team. Simulation training provides an engaging environment where theories can be applied in a practical but risk-free setting. By applying their knowledge, your leaders will retain information for longer than training that is delivered in a classroom setting.
Simulations also focus heavily on fact-based decision making and information gathering. These are two of the key elements of business and financial acumen you can expect to see in your leaders. By reinforcing the value of these skills, you should see better decisions being made in your business.
How simulation training benefits your business
Offering training and personal skills development to your leaders is important. You will see better employee engagement, lower staff turnover, and better employee retention. These outcomes will be enhanced by choosing the right training for your leaders.
Simulation training gives your team an active learning experience. During Excelerate’s simulations, each active session is followed up with expert discussion and real-world examples, making the learning all the more relevant.
You’ll see your leaders better equipped to make decisions for your business. This will reflect positively on the direction of the business as well as the bottom line. Having commercially and financially aware leaders will lead to better commercial and financial outcomes.
