Diversity and Inclusion (DI) is a high-interest pursuit in corporate America today, in large part because the benefits can be substantial. According to a Forbes article, diversity and inclusion research has revealed that:
- Inclusive teams make better business decisions up to 87% of the time.
- Teams that follow an inclusive process make decisions 2X faster with 1/2 the meetings.
- Decisions made and executed by diverse teams delivered 60% better results.
Even with the many benefits that diversity and inclusion offer, you may still be facing challenges in your DI initiatives.
Diversity Best Practices notes that newly recruited underrepresented employees are not staying with their employers very long, and people are neither working well together nor trusting each other across cultural lines. Further, DI training that was expected to improve understanding, awareness, and sensitivity to others has “yielded limited success.”
So how can simulated business training strengthen your Diversity & Inclusion initiatives?
Creates a Universal Language
Simulated business training that includes finance educates your managers in a language that is spoken around the Globe, regardless of their national origin, race, ethnic background, sexual orientation, gender identity, or other differentiating feature.
Your managers who know their way around Income Statements, Balance Sheets and Statements of Cash Flow have a shared way to communicate business issues and to understand how their decisions can affect the financial health of the business which impacts everyone in the organization.
The more employees you have who can speak the language of finance, the better they can communicate among themselves and all the way up to the CFO on shared business success goals.
Shows Everyone How Their Decisions Contribute to the Financial Success of the Company
You likely employ professionals from diverse backgrounds with very specific skills who operate solely within their assigned domain, from engineers through sales and marketing personnel, to financial managers.
While some positions may require crossover skills (e.g. product managers with P & L responsibility) many of your managers may not fully understand how their day-to-day decisions affect other areas of the business and the overall financial success the company.
The more employees who have a practical understanding of how their decisions affect financial outcomes, the better their business decisions which affect everyone in the organization.
Dynamically Demonstrates the Benefits of Diversity and Inclusion in a Team Environment
During live simulated business training, managers from diverse backgrounds with specialized job functions are tasked to run a business with other team members in an engaging, entertaining and safe environment.
Working together, your managers must negotiate decisions on everything from product pricing to sources of funding to investments in staff and improvements in order to successfully compete against other teams — everyone in the team shares in the decisions and the resulting success or failure of their simulated business.
In simulated business training, your managers can experience firsthand how a diverse and inclusive approach can form a better team that produces better outcomes for them and for the entire company.
At the conclusion of simulated business training your managers will depart with a unique shared experience in the benefits of diversity and inclusion and practical business acumen that they can put to use when they return to their desks.
Contact us today to learn more about how simulated business training can support and strengthen your Diversity & Inclusion initiatives.