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Business Simulations – The What, How & Why?

Posted on by Imarticus Learning
Reading Time: 4 minutes

What are business simulations?

Business simulations are highly interactive learning tools that provide a hands-on experience to the participants. They focus on practical methodologies like building skills while learning, improving knowledge on concepts, and allow to grow by looking at the bigger picture.

Such experiential learning ways to train participants in various fields can help engage them among themselves while doing their best for their own growth and development and at the same time, help the organization achieve its goals.

Business simulations can be chosen based on four major factors:

Technology

Simulations based on technology can be beneficial when avoiding paper-based simulations. They carry an ability to visualize the learning and can gather participant data. They simplify complex data to make learning an easier experience with more interactivity and personalization.

Response and Feedback

Simulations can create a realistic context but they can also respond to various inputs by the learners immediately or provide feedback once done. This is the input-response-feedback cycle. The inputs can be a financial decision or a dialogue or questions.

Responses can be in the form of visual prompts, financial calculation indicators, etc., such as a budget change. Feedback comes in the end when the participants see how their inputs affect the responses. For example, through a heat map or financial report, etc.

Realism

Unlike case studies or role-plays, simulations can replicate an external situation for participants to make decisions in a virtual environment which is realistic, so that they can make similar decisions in real environment on-the-job. A limitation to realism is that if taken to extremes, it may complicate the learning environment which may lead to a distracting or inappropriate application.

Process and Outcome-Focussed

Simulation-based learning involves a learning process which could be in the form of dialogue or competition, driven by the learners, and the final result. The outcomes can be intrapersonal, interpersonal, external, and related to business. The intrapersonal outcome implies whether the participants have learned anything about themselves.

Interpersonal is based on the question of whether the participants were able to cooperate, coordinate and develop relationships. Business based outcome checks whether the learners were able to create value. External outcomes involve information regarding how the learners’ decisions fit into the context of the organization’s values and the community and within the industry.

The most interesting fact about business simulations is that they require participants to implement what they learn in a risk-free environment. Thus, encouraging them to appreciate the business strategy and business management systems to improve skills, performance, and growth. In short, business simulations function as a bridge to fill the gap between theoretical learning and practical or real-life learning experience. For instance, the participants can make relevant decisions in a challenging environment or situation, similar to what their role demands at their organization.

Business simulations allow the learners to study the markets, its participants and act accordingly, based on their observations, strategically or operationally.

How do business simulations work?

Josh Bersin said that “Learners retain only 5% of what they listen and 10% of what they read, but they remember more than 50% of what they learn through discussion and interaction”.

They create learners who engage more

Interactive learning methods are useful to create more discussions, help in making learning fun while retaining more information and develop relevant skills.

Easy retention through immediate application

By immediately implementing the learned concepts, the participants learn by doing, thus, retaining more information quickly. This stickiness is beneficial for the transfer of knowledge in real-life situations at work.

Simulation helps abstract reality

Simulation games can help recreate real-world experiences that can be practiced by participants in a risk-free environment.

 Learners get more empowered

Participants can understand how the businesses work in a much detailed manner, by taking control and making choices differently.

Business Simulations prepare participants for real-world problems

By the time learners encounter similar situations in their business environment, they are equipped with skills and techniques to be well-prepared for real-life issues.

Business simulations can be blended

Through live classrooms, eLearning sessions, virtual classrooms or blended deliveries, business simulations can be delivered to the learners. The delivery experience can be chosen based on the choice of the participants at various levels.

They build networks

Business simulations promote the formation of vast communities or networks of learners who can interact with each other.

Why use business simulations? 

Business simulations come with several benefits, but here are the key reasons why they should be used for teaching concepts:

Business simulations can imitate the on-the-job learning style

According to many researchers in the corporate training world, more than 70% of what participants learn comes from experience, 20% is learned through interactive learning, and 10% is due to traditional learning methodologies, which may include reading and case studies. Business simulations can imitate real-life situations and be useful in replicating on-the-job.

They provide risk-free decision making

Business simulations allow participants to experience learning in a realistic but risk-free environment. This means that the learners get opportunities to make decisions and mistakes which do not cost the organizations. Without any fateful consequences, the participants can change their behaviors and attitudes according to the situation by learning from experience.

Business simulations are realistic

By replicating realistic market environments, business simulations can be an effective tool for learning by using real and complex situations and implementing the same in corporate environments. The success of simulation is when there is no difference between the game simulation and the real business.

They help participants use their time effectively

Simulations come with limited time, which creates an environment for quick decision-making. In this way, the learners are forced into making decisions under pressure but also ensure that the right decision is made within the deadline.

Simulations create a common culture among the learners

There is no better tool than business simulations to create a common goal for a group of learners. Through teamwork, the participants can think and act together to make decisions and resolve conflicts.

Secure Your Finance & Analytics Careers With Imarticus!

Posted on by Imarticus Learning
Reading Time: 3 minutes

With the growing commercial and technological advancements in the global markets today, Finance and Analytics are quickly becoming one of the most lucrative careers in the business world. Finance & Analytics play a major role in data evaluation for businesses to streamline decision-making processes.

They mainly inform the investment decisions of the companies by researching the microeconomic and macroeconomic situations with the organization’s principles. The professionals in these fields also prepare financial models that project future economic conditions.

Many businesses also hire them to evaluate the efficiency of their marketing techniques in comparison to the cost using numerical data. They also work in franchise-based businesses to track the individual franchise or a group and evaluate their positive and negative points to speculate the growth of the business.

Importance of Finance & Analytics

In this competitive world, businesses today need on-time data to formulate decisions for business. Every company needs good financial and analytics planning to utilize its resources in the best way possible.

Finance and Analytics Courses

The changing needs of businesses and the emergence of new models are making it crucial for companies to have sound Finance and Analytics professionals that help them improve their decision-making

Shape the business goals and plans for optimal performance. The Finance courses and Data Science Course with Placement help businesses to run efficiently and attain their aims fast.

Scope of Finance & Analytics

The careers in these fields are highly coved in the business industry with a good pay scale. The professionals in these fields have ample job opportunities in sectors like banks, pension, insurance companies, mutual funds, and securities firms, etc. Since they assist people in their financial decisions and investments, they can also open their own offices and work as self-employed.

They can also do accounts, auditing, taxes, and prepare financial statements. They can also specialize in other segments like Cost accountancy. The work scope of Finance and Analytics professionals also includes tasks like account management, secretarial work, share valuation, etc.

Job Opportunities

The wide scope of Finance & Analytics allows professionals to find employment in a range of sectors. They can find job roles under the following titles:

  • Financial Analyst
  • Chartered Account Trainee
  • Analyst – Back Office
  • Accounts Trainee
  • Assistant Consultant – Business Analyst
  • Junior Financial Analyst
  • Management Trainee – Finance
  • Research Analyst – Option Strategist

The pay range in these roles is also good. The average pay of a Financial Analyst in India is around INR 40,000. With experience, this number multiplies manifold.

Educational Requirements

To build a substantial career in these fields, one needs to have in-depth knowledge along with a good practical skill-set.

Fintech Online CoursesFor this, students can join vocational programs in Finance and Analytics from reputed institutions. Imarticus is one such renowned organization that is offering courses in these subjects to train students and make them job-ready for the business world. By learning these courses students get:

  • Guaranteed job interviews
  • Comprehensive, industry-approved curriculums
  • Hands-on, experiential learning with cutting-edge technology
  • Training by industry experts and veterans
  • Extensive career support and assistance
  • Certifications accredited by world-class organizations
  • … And so much more!

Learning with Imarticus

Imarticus Learning is organizing the ‘Great Indian Futuristic Talent Drive’ offering good discounts on its various courses for the festive season from 21st October – 27th October 2020. You can avail of the following discounts by registering in the drive:

Finance and Analytics online coursesFee Waiver on PG Classroom Programs – Up to 25% off

Fee Waiver on Online ProDegrees – Flat 20%

Fee Waiver on Classroom CIBOP & ProDegrees – Flat 15%

With the online learning mode of Imarticus, you get the facility to learn at home.

Thus, keeping safe during the pandemic and productively using your spare time to upskill yourself for an excellent career.

Register today and make your learning fun & affordable!

The Increase in Data Science Education in India, Explained!

Posted on by Imarticus Learning
Reading Time: 3 minutes

Data science jobs and related roles are increasingly becoming some of the most coveted jobs across industries. This is partly due to how the data science field can cut across industries to be of value, but also thanks to its resilience in tough times and the needs it has responded to.

Data ScienceOver the past few months, colleges and academic institutions have seen a significant rise in enrollment in data science courses in India. The choice is wide– potential students can choose from full-time, part-time or short and snappy online courses to either fill a gap in their skillset or experiment outside their comfort zones.

Although the potential for online learning had been realised by many even a few years ago, certain situations contributed to its exponential rise in recent times.

WFH and Remote Learning During the Coronavirus Pandemic

As lockdowns and shelter-in-place restrictions were imposed on countries all over the world, schools and colleges also had to pull down the shutters. Learning was taken online; in many institutions, exams and lessons were replaced by the opportunity to take online courses that otherwise wouldn’t have been accessible. Whether as a result of this or to fuel this trend, online education providers also reduced or waived off subscription fees and made certain courses available to all regardless of budget or geographies.

As a result, there was a surge in remote and online learning, not just from universities that students were enrolled in but also from coveted universities on the other side of the world. With the demand for data scientists expected to increase, professionals see new opportunities for growth. This, in turn, fueled the desire for upskilling and even pivoting careers as the economy slowed down.

Exposure to Global Universities and Opportunities

Online learning has made courses available in virtually any country from international universities and institutions. By making education accessible globally, online learning significantly increases the scope of the curricula as well as the teaching standards. Another benefit of this exposure is also the ability of graduates and professionals to connect with industry experts in other countries.

Data Science

Enrolling for data science courses in India that are offered by global universities is also a fantastic learning opportunity.

It exposes students to data science landscapes in other countries as well as lays bare the scope and possibilities they have well within their reach.

Once countries open up and travel restarts, students might also consider physically enrolling in these universities to explore topics further. Having a certificate or two in your portfolio indicates to the interviewer or the recruiter that you are interested and have done preliminary research which has only served to whet your appetite further.

Completely Online Courses

Until very recently, full-fledged online courses weren’t popular or even encouraged by governmental departments in India. Indian universities and colleges have not been permitted to deliver over 20 per cent of a degree online for several years. However, in the first move of its kind, the government gave the green signal for fully online courses in order to democratize education and erase barriers to learning caused by transport, accommodation and overall access.

The approach to fully online degrees is still cautious and restricted to particular subject areas. That said, it is still a welcome shift, especially for those looking to find data science jobs but lacking the access to opportunities that a lot of metropolitan cities and countries enjoy.

Conclusion

Online learning has significantly cut down barriers to entry that involve finance and access. It is a welcome step towards democratizing knowledge and making certain domains of the job market accessible to virtually anyone with a smartphone and a stable internet connection.

Seeing as data science jobs are set to increase in number, now is the ideal time for this surge in data science education, so that students are well-prepared for roles of the future.

The Difference Between E-Learning and Distance Learning!

Posted on by Imarticus Learning
Reading Time: 3 minutes

People use lots of terms when it comes to new styles of learning. Nowadays, everybody talks about online learning, eLearning (electronic learning) and distance learning while considering education options. And every time they talk about these terms, there’s one confusion that whether they are the same or different.

Few people use these terms interchangeably with few similarities but each of these learning is unique having strategic although subtle differences. The features of these three types of learning that differentiate them from each other can be the type of access, media and of course, the interaction they include. What according to you is eLearning and distance learning? Let us put this up in simple words. You can say that eLearning is one of the styles of learning while distance learning is one of the methods of attending classes by not physically going for it.

Before we jump to discuss their differences in detail, you must know what these concepts are.

What is eLearning?

Learning that includes technology to help the learner can be known as eLearning. eLearning uses technology to enable people to learn anytime and anywhere. In the real world where people have occupations to do with limited budgets, the learning system that one uses should possess the power of technology to overcome the impediments of time, distance as well as resources.

You can use eLearning delivery methods for the very fact that people learn in a wide range of courses and at different times. It is a new way of learning that suits a lot of learners including, both school-aged and adult. Tutor James Anderson at the State of Writing says, “We use eLearning in order to connect with our students. They can connect with us online, and we can work with them to improve their writing skills”. Most people fail to understand that eLearning can happen anywhere, as far as you have a laptop/desktop.

What is Distance Learning?

When you want the data exchange should happen regardless of geologically isolated by time or distance, distance learning is at your rescue. Distance learning is often comprehended and used as a synonym for online learning. Online learning is considered as a form of distance learning, but a more feedback-oriented version of distance learning. Distance education begins with teaching through print media even before the internet. Distance learning is a concept that uses technology to bridge the gap of time and distance.

How are eLearning and Distance Learning different?

Both, eLearning and distance learning are capable of getting learners out of learning, irrespective of where they are. Even though these methods of learning are slightly different from each other, but can also overlap. As we discussed before, since eLearning is used in local settings, the distance is not considered as much of a factor.

It is helpful for adult learners as eLearning fits into most people’s busy schedules making it easier to access anytime and anywhere. The ease of access means more and more adults are undertaking online courses and classes, to learn the necessary skills. eLearning can be used when by including multiple formats and methods of instruction, like CD-ROM, the Intranet, the Internet and audio as well as video formats. While technology continues to evolve, e-Learning also keeps changing.

Distance learning, on the other hand, is designed in such a way that it is accessible from anywhere in the world. It is the solution to the issues of accessibility by using webcams or chat programs. Both eLearning and distance learning are fairly flexible. But in distance learning, you have to learn in a specific time frame, whereas in eLearning, the learner can go through the course at his/her pace. eLearning gives the learner a lot more freedom than distance learning. When one is learning online, he/she may or may not have a specific tutor to help but distance learning may provide a little less support in terms of receiving feedback or responses to your queries.

Can both happen at once?

If we say these two types of learning are not the same, does that mean that they are always separate? The answer is, that is not the case at all, because eLearning just refers to how the teaching is being delivered. As you can see, although there is a difference between eLearning and distance learning, there are no reasons to keep these two apart. As an educator, one uses both these types of learning together to create unique and engaging training courses.

Now that you know what distinguishes eLearning and distance learning, you need to consider the type of learning that suits you the most. Apart from this, you must also consider that how earning an alternative education could benefit you.

Leadership Development Training!

Posted on by Imarticus Learning
Reading Time: 5 minutes

When you inspire success, you are a leader who makes a difference and leaves a mark on the world. A strong leader can hold a team together, and on a larger scale, an inspiring leader can even hold an entire organization together.

An organization’s main goal should always be: Having effective leaders who can inspire by setting goals and guide others to achieve success. Leadership development training can help managers, leaders or managers, and middle management. The strongest factors that all leaders need for successful leadership are influence, communication, self-awareness, ability to learn constantly, being resilient, and strategic thinking.

Strong leaders are always on a hunt to find unique and innovative methods to bring together and engage people, resulting in a team that is ready to accept challenges.

Even though there are several leadership programs, not many are as helpful as they aim to be. To design an effective leadership development program, the leaders should be equipped with superior skills, behavior, and tools that they should be able to use confidently to help the team grow and develop, driving the overall performance of the organization.

What should a Leadership Development Training focus on?

Here are five key skills that are needed by every leader of the present and the future.

Communication

Learning to communicate effectively is the pinnacle of a leader’s career. A manager may be highly skilled in a software program, but without communication, he will not be able to inspire his team to grow.

Communication

Watching videos, reading, or going through a presentation on communication skills may be helpful to learn communication skills, but not necessarily develop them. Communication at work happens every second, from text messages, emails, phone calls, to creating and delivering presentations.

The most interesting fact about communication is that it is not a new skill and leaders should find ways to optimize their communication skills to stand out from the rest.

Coaching

A true leader inspires his subordinates to push forward and unleash their potential. Every moment can be a coaching moment. Leaders should be able to recognize those moments and value those moments as learning experiences.

The leaders should be able to encourage development, enhance productivity, and motivate and guide responsibly. The ability to be reliable and at the same time, pushing the team to do better is an art that can be mastered with practice and implementation.

 

Accountability

Leaders who achieve success easily are already aware that their success is not just due to their own but also their team’s performance. Leaders are not individual contributors so, to boost their own productivity and development, leaders need to do the same for their team and organization.

accountabilityThis means that leaders should be accountable and hold the responsibility of their team’s outcomes, whether win or lose. A leader inspires the team to move towards success together rather than doing it alone.

This, ultimately, reflects on the leader’s capabilities to hold on to their commitments and ability to produce the results as expected.

Influence and Negotiation

Good leaders get the job done on time. Great leaders get the job done while inspiring their teams. Exceptional leaders inspire, boost productivity, and encourage everyone to succeed. They do not command with authority but persuade subtly.

Influence and negotiationEffective leaders are strong influences and negotiators, who can readily accept that it is not about their power to dominate, but the power to influence and negotiate that matters more to achieve results.

The art of influencing and negotiation involves a subtle way of building relationships, prioritizing, and finding every opportunity to bring about methods to achieve goals and deliver the desired results.

Change Management

No organization stays the same over some time. It starts with a goal – a mission and a vision – and to achieve it, it goes through tremendous change and development on its way. It is not an easy path, but achievable. The success of an organization is not solely on its founders but the entire line of individuals that follow. From the individual contributors, group of teams, to managers and middle management and upper management, everyone has a role to play.

Change ManagementIt is normal to experience challenges during changes. It is during this time that the leaders should be able to instill confidence in their employees to stay calm through the storm and make them believe that changes are a part of growth and should be considered as lessons.

 

Change management should be essential for effective leadership development training, where the present and future leaders learn to work towards achieving the vision, develop strong leadership skills on the way, and be ready to challenge themselves during change and deliver excellent performance.

The most effective approach to leadership development training is to find a balance between what caused leaders to fail and what calls for a desire to be an excellent leader. The factors to consider for designing the training should include organization-specific challenges, the current and future goals, and inputs from the current and past leaders for training future leaders.

Excellent leadership helps bridge the gap between the front line and the top management and gives them the ability to work together. The development of leadership qualities also helps leaders to learn how to collaborate and solve complicated issues, and take wise decisions in a constantly changing environment.

Leadership development training can help manage stress, develop the ability to manage multiple roles while leading across the organizational or geographical boundaries, and also build a network of leaders, across the globe, who are supportive and helpful in the continuous development of the organization. It begins by taking responsibility for own tasks and finishing them on priority.

Every leadership training program should aim to provide post-training feedback which helps the leaders assess their skills, change their behaviors related to their influencing and negotiating skills, communicate better, work towards more self-awareness for continuous development.

How to Get People to Pay Attention During Corporate Training?

Posted on by Imarticus Learning
Reading Time: 4 minutes

We all know that education is a life-long process, and it doesn’t stop at the workplace too. There is a constant evolvement of the corporates which makes it all the more assured for conducting corporate training. Companies, during corporate training spend on courses, facilities, systems, and tools.

But sometimes a little time or money is spent by companies on preparing as well as enabling the mind of the participants. If the participants do not pay attention to the training, then you can say that these investments are not paying off well.

Hence, if the organizations want to maximize their return on investment in corporate training, all training and development professionals, as well as participants, must pay attention to paying attention. For organizations to get the best out of corporate training, the employees ought to pay attention to them. Are you wondering how to do it? Is it even possible to control participants’ attention? With mindfulness training, yes it is.

Let us discuss all other factors that can help to control attention during corporate training.

  1. Mindfulness

Mindfulness training improves cognitive functions which include attention, memory as well as executive functions. All of these traits are critical and need to be considered for learning. How to manage attention is at the very core of mindfulness. But, not all employees have a desire for mindfulness training.

Hence, training and development experts are responsible for bringing mindfulness in the training. This can be as simple as having a sense of relaxation in the body and mind, letting go of distractions and focusing on the breath. Once the training ends, the trainers can encourage participants to practice mindfulness, to make their minds clearer, more focused, and calmer. This will, in turn, improves their retention capacity.

  1. Conducive environment

Where you train the participants is as important as the training material you use. A conducive environment is necessary to optimize the learning experience. The trainers can give time to participants to comprehend, reflect and open to new content by clearing their minds.

The trainer needs to respect the participants’ time. Some people can feel tiresome in corporate training, as they have to go through a long process of absorbing new information. Hence, training and development experts must ensure to provide a clutter-free learning environment. For example, trainers can arrange chairs in such a way that participants can interact with each other freely.

  1. Eliminate distractions

During any training, participants naturally can feel distracted. The research says that it takes almost 30 minutes to bring participants’ concentration, once he/she is distracted. It is crucial for the trainers or training and development experts to identify all the generic or industry-specific possible causes of their distractions.

For complex tasks like learning something new, it is important to have no distractions. It is essential to eliminate the possible distractions from the training as well as stress the importance of being disciplined to participants.  Trainers can make participants committed to their learning experience by being away from distracting objects or devices.

  1. Encourage reflection

One of the ways for the trainer to control their attention is to start each session with a few minutes to reflect. This should be done in between each session. What do you think, how will this help them? Reflecting on the lesson can help the participants to open to new content.

  1. Take scheduled breaks

It is of course important for the trainers to schedule the material and learning of the participants. Similarly, it is also advisable for them to strategically use breaks so that the participants can soak the information. This will prevent their attention span. When the participants use their breaks to check their work, there is a high possibility of their learning getting affected. It is because checking on work does not allow any information to settle in the mind of the participants.

  1. Problem-solving

Adult learners when undergoing any training, expects the focus of the training to be on the answers to their real-world problem. The training and development experts should put themselves in the learner’s position. By doing this, they will be able to structure the training in such a way that the participants’ attention is maintained.

The participants’ attention can be grabbed instantly if the trainer presents a problem that keeps them reading. Making meaningful, relevant, simple, concise headlines can help the participants easily find the content they need. In addition to these, by restating questions will allow all the participants to clearly understand the motive of the question.

  1. Recalling

The aim of corporate training is to impart knowledge to participants and help them recall the important points. At the end of the training session, the participants can recall and apply the key points learned in the training. This can be done by paying close attention to details in the anticipation of the test.

  1. Learning material

Adult learners are used to segmented information. The use of multimedia can be considered as one of the important ways of ensuring prolonged attention span and retention of the participants. It is because they can respond to better visual mediums than text. The only condition is to use relevant pictures and as and when required.

They can also retain the information well if the trainers make use of real stories, examples to make their point. The trainers who understand that different participant has a different learning style will structure his/her training accordingly. While using multimedia, the trainers should make sure to lay them a groundwork by explaining what they are about to see.

Why Learning Objectives And Outcomes Matter to the Success of Your Training?

Posted on by Imarticus Learning
Reading Time: 2 minutes

The most common problems faced while developing objectives are:

  • Lack of corporation
  • Lack of time and resources
  • Lack of depth in understanding the role of learning and development
  • Client plays a crucial say in what the training session is about and how the session should be conducted

As a result, the haphazard defining of the problem and the resultant training objectives renders the training session obsolete, having address the wrong problem.

The key is to create user-friendly forms with rigid underlying structures that save client time and are precise to their intended purpose.

These are the key constituents of the forms to assess any situation and address the problem areas through accurate objectives:

  • Diagnose the problem
  • Metric that links the problem to the solution
  • Highlight performance gaps
  • Know the history of the problem
  • Determine the areas that are affected
  • Analyse the magnitude of the issue
  • Gain information the client wants to provide

Let us look at each of these in depth.

Diagnose the problem

Knowing the problem is essential. However, the answers received will lack depth and merely highlight the symptoms and not the causes of the problem. Understand your clients and the people. Know how they assesses a situation and deliver questions that they will understand. The replies to the question will only be as good as the effectives of the question to the learning and development professional at the client.

The key is to make them feel in charge.

Metric that links the problem to the solution

Talk does not impress anyone. Generally, clients seek quantifiable improvements in time, quality, cost, and output and performance from the existing system. Developing metrics that cater to the needs. Alternatively, metrics can indicate the consequences of not learning.

Highlight performance gaps

Show what the entity and its employees are doing that they should not be doing and what the entity and its people are doing that they should not. This is what highlighting performance gaps is all about.

Know the history of the problem

When has the problem occurred before? How frequently? When was the issue first highlighted? Knowing the history of the problem or if the problem is a new one, is the key to setting objectives that deliver results by tweaking how the entity presently operates.

Determine the areas that are affected

Knowing the specific areas that need to be addressed is crucial in setting objectives that suit the audience and help the serve their customers better. The clients may not know the details you seek. Knowing the client’s customers is handy.

Analyse the magnitude of the issue

How big is the problem? Is a commonly considered boon really a bane? Determining how the problem has adversely affected the entity if the key to developing objectives that link the present scenario to the desired training outcomes.

Gain information the client wants to provide

Finally, ensure that the client has room to provide the information they sense is key. These inputs are essential to know your customers.

Summary

A comprehensive form will determine objectives that deliver value from the training session and display effectiveness to the entities bottom lines.

Virtual Reality: A New Reality for Learning & Development Training!

Posted on by Imarticus Learning
Reading Time: 3 minutes

Learning and development is a very important process in today’s era for companies and firms. The budget for L&D has grown massively over the years. LinkedIn reports suggest that the L&D budget has grown from 27% in 2017 to 43% in 2019. It helps increase productivity and employee loyalty. But nowadays, new techniques are coming which provide learning in an effective way. One such trending technique is L&D through virtual reality.

Let us see how virtual reality is helping in L&D processes.

What is virtual reality?

It is a 3-dimensional architecture/environment created through devices/computers which can be interacted and explored. It gives us an idea of how real-life situations are going to be. For example, medical science workers are sometimes shown 3-D representation of the human body to give them an idea of what a real operation might look like. Firms are finding unique ways to introduce virtual reality in their training programs. The challenges are already tackled by the employees through virtual reality and this gives them an edge when real-life scenarios arrive.

Future of virtual reality

There are immense possibilities in virtual reality and also scope for enhancement. It can also be used with augmented reality to ensure real-life scenarios. There are many more military programs, aero science programs that are driven by virtual reality. There is a lot of future virtual reality in the gaming field. You must have seen the videos of various virtual reality gamers across the globe.

They provide such a fantastic simulation that it almost feels real. There are also virtual reality 3-D shows which give us a richer experience. According to reports, there were around 171 million users of virtual reality in 2018 and the global market of virtual reality is expected to be around $44.7 billion by 2024, let that sink in. There are financial profits higher than in other fields.

How virtual reality is changing L&D for the better

  • Many big CEOs attend their meetings and brainstorming sessions through virtual reality. They can connect with their colleagues and clients from anywhere to anywhere. Volkswagen has its own virtual reality application for discussions and brainstorming sessions.
  • Gamification is an important part of L&D in which employees learn through games. They compete among themselves and get to know more. Gamification can be done through virtual reality nowadays. Many institutions provide real-life scenarios to pilots through virtual reality which helps them in having a prerequisite about the vulnerabilities.
  • People can bat in a cricket match made completely from virtual reality. They can play games in which they fly a plane in virtual reality. There are many famous virtual reality games like Vader immortal, No Man’s sky, etc. The standard is a simulation that is high and gives you the feel of real-life experience.
  • Companies have started to find solutions for their everyday problems through virtual reality. There are glasses/outfits which you can try on your body before buying with the help of virtual reality.
  • Govred technology is a firm based in Iowa. It has created a virtual reality environment that provides training and combat experience for police personnel. Many defense forces use virtual reality programs to train their cadets mentally and physically. This may be expensive at the beginning but at the time of output, you will be satisfied.

Conclusion

With each day passing by, people are creating infinite possibilities for them through virtual reality. It gives us the real-life experience of any required thing or event without even manufacturing it yet. This will result in fewer errors and higher accuracy. This article was all about how virtual reality is changing the L&D process drastically. I hope it helps!

What is The Key to Inclusive Leadership?

Posted on by Imarticus Learning
Reading Time: 3 minutes

What is The Key to Inclusive Leadership?

Do you feel included in your organization? Companies generally have diverse, multidisciplinary teams. These teams combine the collective capabilities of women and men, people of different cultural heritage, and younger and older workers. But one cannot say that his/her organization has high performance as it involves a mix of people working together.

There is a need for leadership that assures that all the team members feel equally treated, respected and valued. Such leadership is known as inclusive leadership. Organizations should actively work to achieve an inclusive workplace for their employees. It is the responsibility of the leaders to create an inclusive work environment which can recognize and leverage all the unique traits, talents as well as experiences of the team members.

Inclusion is not about diversity. It’s about competitive advantage. And it’s a choice.

Inclusion involves fostering the structure, culture, and mindset of a leader. Incorporating inclusive leadership, allows and encourages each member of the team to have a voice and bring out their best by performing to their potential.

How can you be an inclusive leader?

  • Are you able to recognize your unconscious bias? It is impossible to understand all the values, beliefs, rituals of each employee at work. But you must work to understand your own unconscious bias. To be an inclusive leader you must be aware when you are making assumptions.
  • Do you respect individuality? To become an inclusive leader, you need to respect as well as embrace individual differences, different ideas, and ways of working of your team members. Do not ever expect your employees to be the same.Recognize the value of your team that composes a wide range of skills, passions, and viewpoints. Kristie Rogers, a management professor who researches respect in the workplace, explains how respect for individuals delivers a range of benefits: “Employees who say they feel respected are more satisfied with their jobs and more grateful for, and loyal to their companies.Hence, being an inclusive leader, if you are having respect for individuals in an inclusive workplace, it will not only benefit the employees but also benefit the organization.
  • Does your organization has cultural norms? When these norms are not written anywhere, new employees can know them. Under inclusive leadership, it is the leader’s responsibility to proactively look for ways to make employees feel comfortable. It also focuses on not overlooking the small things. You should get back and amplify your team members’ points with a comment.
  • Do you respect the uniqueness of your team? As an inclusive leader, you must notice and talk about the differences of your team members without making any team members feel objectified. As a leader, you will be more successful when you see and respect the unique qualities of each team member.
  • Do you trust your team members? If yes, then it is a sign of being an inclusive leader. Having an inclusive leadership makes you commit to “We” before “Me”. How will you bring expertise to work?Your team members must trust you and the same way, you should trust them too. Fostering trust between each other enables your team members to feel safe and make them contribute their unique perspectives.
  • Do you adjust your leadership approach? You must proactively adjust your leadership approach to meet the needs of your team members. Inclusive leadership demands an ability to recognize team members’ preferred way of communication.Inclusive leaders can prove their adaptability by not only being flexible but also being open in making adjustments that enable team members to perform at their best.
  • Do you recognize that collaboration is essential to achieve team goals? Inclusive leaders know the importance of sharing ideas, resources as well as energy to execute team goals and create an inclusive environment. Inclusive leadership will demand your team members to work with and not against one another.It is also required that all the team members look out for others on the team so that no member of the team fails. You, as an inclusive leader, must build collaboration both within and across your team, gather the diverse perspectives of your team members, and leverage a range of experiences.While doing so, an inclusive leader can create an environment where your team members feel empowered to offer ideas and expertise to each others. This will make your team members accountable for giving their best effort to ensure the success of the team.

If you as a leader wants to effectively lead your team members and build strong workplace culture, inclusive leadership is considered of utmost importance.

In short, inclusive leaders recognizes the individual differences in the team, listens to his/her employees’ voices, and utilizes their talents as well as skill sets to achieve greater organizational impact. When the leaders know how to create an inclusive culture, the organization can gain the most from each individual’s knowledge and experience.

Retention and Training Go Hand-in-Hand!

Posted on by Imarticus Learning
Reading Time: 3 minutes

Today’s corporate world is very vigorous; to stay ahead in the game businesses need people who are multi-talented and dynamic who can handle the technical as well as the non-technical evolutions in the industry and can come up with creative solutions to those challenges.

Realizing the importance of human resources, corporations have started incurring huge expenditure on account of the training and development of their talent. In this competitive industry retaining a talented workforce is another challenge for corporations, training and retention stats have shown a positive correlation in the past. Let’s delve into the importance of training at work and how it helps with employee retention.

Why is training important at work?

It’s not to assume that trained personnel will be better at doing the job when compared with an individual who hadn’t got any training for the job. From a broader perspective, training can be seen as a method to instill discipline to perform a given task in an organized manner. So, how does it change things?

Imagine doing a task without any predefined instructions or training manual, you might be able to complete the task but what’s important to observe here is the time taken to complete the task. That’s how efficiency is defined and measure, for big corporations it’s not about just doing the task it’s all about efficiently doing the job that would save time and money for the company.

Training new employees in the company help them to understand the work culture and the company’s expectations. It helps to align their performance and expectations from the work creating a pool of satisfied workforce. Initial training programs are work-oriented, they give emphasis on skill development and knowledge building that will help the employee to do the job effectively. Apart from developing new skills training also helps in honing the old ones. The improved know-how to do the job benefits the corporations in the long run by the means of increased employee productivity.

In addition to this, training also helps corporations to save money that they would otherwise spend on hiring new talent from outside by developing a competitive in-house human resource pool. Leadership is among one of the most important factors when it comes to the longevity of the business, a robust training curriculum also helps with nurturing the leadership qualities in employees who can expand the business even further.

How does it help employee retention?

Employee retention can be understood in the context of employee turnover ratio, the employee turnover ratio can be defined as the percentage of workers who leave the organization and are replaced by new employees. It can be calculated by dividing the number of employees who left the company by the average number of employees during a given time frame. Employee retention can be understood as the ability of an organization to retain its talent pool.

So how exactly does training help with employee retention? Well, starting with on-board training experience, research studies have shown that a well-designed on-board training experience increases the probability of employee retention for companies.

Imagine a scenario where the newcomer has to find out about everything without any guidance, compare this to a situation with a well-balanced onboarding program that provides the recruit with all the information about the company and the departments within. Naturally, the second scenario will lead to a satisfied and productive employee.

As per statistical data, the worldwide turnover rate is around 11%, the turnover rates vary for different industries with the securities industry having the highest turnover rate at 100%. This further increases in the case of nascent stage start-ups with a turnover rate of over 400%. Start-ups are not very structure and they don’t have a robust training program in place, partly due to budget constraints. This has an impact on their sky-high turnover rates.