Why Business Simulation Training is So Valuable
Businesses have long recognized the benefits of simulations and learning-by-doing. Using models as learning tools is an excellent way of furthering students’ understanding of a subject. Mock trials, Model United Nations, and various other examples are testimony to the rising popularity of such experiential learning methods. More recently, business schools and corporations have started to incorporate Active Learning into their training courses.
Researchers have revealed that traditional training sources comprise only 10 percent of what employees truly learn. The larger portion, up to 70 percent of the knowledge they acquire, is through experience. Therefore, business simulation training can be just the thing that corporations need to adopt today. This type of Simulation training provides participants with an interactive and, hands-on experience, shaping their ability to strategize more effectively.
This article provides an in-depth look at what business simulation training is and why it is so important.
What is Business Simulation Training?
Before discussing the importance of business simulation training, we must first understand what it entails. A business simulation is a virtual business setting that offers participants an interactive and intuitive learning experience. It replicates or simulates a real-life corporate scenario that the trainee manages through graphics, images, and sound.
The overall experience is comparable to a virtual game and is entirely risk-free. The robust environment of a business simulation thus gives employees an insight into the functionalities and operations within the corporation. The simulation mimics real-life situations and prepares employees to tackle such situations confidently and efficiently.
Business simulation training often integrates strategic decision-making and day to day scenarios that the participants would naturally encounter.
All in all, the simulation is very similar to a real-life business operation. This enables trainees to bridge the gap that frequently exists between theoretical and conceptual knowledge.
Why is Business Simulation Training So Beneficial?
With learning evolving rapidly and e-learning becoming the next big thing, businesses must keep up. Modifying training methods for maximum impact on the modern-day employee is critical for an organization to function smoothly. There are several reasons why business simulation training is so valuable to corporations today.
- Improves trainee engagement — Business simulations greatly enhance trainee engagement due to their immersive and interactive nature. The assignments, discussions, and decisions that are strategically introduced make training and learning an exciting experience. Interaction also makes retention easier and helps to build relevant skills.
- Improves conceptual knowledge — Instead of emphasizing theoretical knowledge, this type of training concentrates on practical and conceptual knowledge by encouraging participants to think critically and apply what they know to real-life situations. Business simulations also promote strategic thinking, a much-needed quality in the realm of business.
- Mimics reality — Business simulations very closely resemble real-world scenarios that employees are likely to encounter in their jobs. By closely replicating these scenarios, the simulations give participants an idea of what they can expect to face. By effectively handling these simulated scenarios, participants can learn to handle them effectively in real life. Whether it is diffusing a crisis or settling a negotiation, participants are now ready to take on any challenge they face.
- Cross-functional teams boost cooperation — Many business scenarios may call for quality teamwork. A maladjusted employee can hold a team back from reaching its full potential. Business simulation training encourages communication and cooperation through various team-building activities.
Makes Complete Sense
In addition to the benefits mentioned above, business simulation training also speeds up the training procedure significantly. It is entirely risk-free and can ensure quality staffing, thereby maximizing profits in the long run. Call Gibson Group today to discuss how a Business Simulation game can help take your team to the next level of performance.