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.
Live training exercises provide a realistic facet that can’t be duplicated by rote-learning or computer-based training. During live training, the participants experience emotional elements such as diverse personalities and negotiation. Live learning events bring information and insight to life, improving understanding and reinforcing retention of concepts.
A Real-World Problem
Executives of three separate companies that would be jointly selling a new service product were concerned that their sales teams would drift into channel conflict, wasting valuable time and resources. The Executives sought some means of jointly training their sales teams so each team would understand how their individual activities contributed to the overall success of the program.