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?
Imagine you are assigned to a team that will start and run a new venture for your company. You and your team are entrusted with funding to obtain a facility, manufacture products, hire employees, and market and sell your products. You and your team must decide everything from product pricing, to taking loans for improvements and paying expenses as you work toward the goal of building equity and net worth.
You make mistakes along your journey and in doing so learn firsthand why “cash is king” and how your venture can be profitable while tottering on the brink of bankruptcy. And while you and your team benefit from these valuable business experiences, you are never in danger of financial ruin or suffering the many other life-changing pitfalls of running a business.
Welcome to the world of simulation business training.
Business modeling to simulation is often viewed as an approach that is limited solely to “academic” analysis with little real-world usefulness. The potential of modeling to simulation in business, however, can extend well into actual daily use across an enterprise with powerful results.
A Real-World Example
An international firm was introducing a new turnkey subscription-based training program that included hardware, software, and educational content. The program involved certain one-time fees and ongoing subscriptions with price adjustment based on quantity, type, and term of the contract.
The product would be sold by the independent sales teams across three separate businesses and around the World. Project executives mandated that sales personnel must provide a preliminary quotation to the customer in the field that was reliably consistent across all sales representatives and would ensure an acceptable profit.