Bloomberg: Now Is Not a Good Time to Skimp on Worker Training


Great article was published by Bloomberg today. Definitely worth a read:

Now Is Not a Good Time to Skimp on Worker Training
With unemployment near a record low, many businesses have no choice but to spend to upgrade employee skills.
By Peter Coy

To me, reading this really emphasizes how nicely real-life, applied learning using business training simulations can really help. This is especially the case when using a leadership development simulation. But, have a look for yourself. The article is here:

Infographic: 5 Tips To Effectively Teach Business Acumen

It's been far too long since the last post. We apologize. Summer was completely off the charts busy with overlapping projects. All went well and we're getting back to normal.

After months of programing, I decided to do something on the more creative side. We've been getting a lot of questions about how to effectively teach business acumen. This has become an exceptionally popular topic. This is mostly due to the stock market doing so well (Wilshire 5000 is up 33.54% 2yr Oct to Oct- Wow!) which has resulted in 401Ks swelling. The swelling has led to an acceleration of retirement amongst current leaders. This is putting pressure on companies to accelerate leadership development. A huge part of leadership development is company specific business acumen. From the outside, it looks as if this is what is causing the increased interest.

Thus, I created an infographic (yes, I did the artwork so be forgiving. After all, I'm more of a strategist and technologist than artist). Hope this helps.

Click the image below to download the full infographic.



Business Simulator for Leadership Training?

Can a business simulator really be used for leadership training? You'd be surprised how companies are using these solutions as a business strategy tool. Business training games such as these are valuable when it comes to putting leaders into the intersection of business and people. Training tools such as these are great at teaching topics such as:

  • Business Acumen
  • Leadership Development
  • Employee Assessment
  • Employee Management
  • Corporate Strategy
  • Business Management
  • A lot more

Using a business simulator for leadership development puts future leaders into management situations well ahead of their time. These leaders can practice and fail without introducing danger to the business. It is important to note that tools such as these do not need to be big, complicated, or expensive. Starting small and focusing on the learning objectives is important.

Creating a large and complicated solution is very unnecessary. Here are some tips to think about:

3 Tips to Getting Started With Business Simulations:

  1. Start small and focus only on what is absolutely necessary- You'll see great temptation to go big and include everything. Resist the temptation!
  2. Make certain to align behind clearly defined learning objectives- Don't stray from what you're trying to train participants. Stay focused on the objectives
  3. If you're going to spend money, spend it on your training content first! Don't be tempted to put a majority of your budget into a business simulator. You should spend a majority of your budget a great training and development content!

In summary, large companies have been successfully using a business simulator to training employees for many years. If you start small, focus, and build from the foundation, you'll do great!