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IndustryMasters has won the Gold Award for the Best Online Distance Learning Program 2020 from Learning Technologies.
Our partnership with the Warwick Business School and its Business in Practice (BiP) program was recognized as the most innovative distance learning program of the year. BiP was developed in response to the global pandemic as a fully digital solution that uses the latest technologies and tools to teach and enhance entrepreneurial skills. The simulation-based solution also aims to prepare students for working in teams across multiple locations and time zones.
Distance Learning
Learning Technologies is one of Europe’s leading platforms focused on workplace learning and the technologies that make it possible.
Distance learning was forced upon everyone by the pandemic, which led to school closures. A virtually conducted simulation enables educators to create a positive learning environment using advanced educational technology—without compromising the quality of learning.
“The partnership with Warwick Business School allowed us to develop a business simulation that tests the business knowledge of MSc students and encourages them to demonstrate these skills in a fun, engaging, and competitive way,” said Bryan Rimmer, CEO of IndustryMasters. Rimmer added: “We have been providing complete online learning experiences for many years and have been developing web-based business simulations for more than a decade. ”
Engaging Millennials in Virtual Learning
In the academic context, leadership theories can appear straightforward. However, the transition from classical theories in the classroom to ad hoc decision-making in a high-stakes business environment can be formidable. Business simulations fill this gap by translating classroom knowledge into practical skills.
In many large corporations, teams utilizing business simulations in their leadership development interventions report higher levels of engagement and interaction. Instead of merely consuming information, leaders become active participants in their own learning journey. The very act of engaging in the simulation necessitates applying theoretical knowledge gained through prior education. Thus, simulations act not only as a practical tool but also as a reinforcer of previously acquired knowledge, creating a robust feedback loop.
Business Simulations Revolutionize Employee Training
Companies from a wide range of industries are already using these interactive and motivating digital learning solutions. Business simulations help employees develop soft skills and leadership qualities. At the same time, they convey industry-specific knowledge and make real-life situations tangible in a playful way. Participants work in teams to tackle real challenges together with their colleagues. The modern technology on which business simulations are based is the main reason they are especially popular and well accepted by millennials. However, millennials are not the only ones who benefit from this training method. Here are four reasons why business simulations are an effective training method for learners of all ages:
How to Engage Millennials in Virtual Learning
1. Experiential Learning
There is no better way to learn than through “learning by doing.” Long before the invention of the alphabet and the forms of communication we know today, practical learning was how humans passed on skills and knowledge. Hands-on learning develops critical thinking and problem-solving skills. Regardless of one’s preferred learning style, practical learning has proven useful for improving retention. Traditional training can often be dry and boring because there is little interaction. Hands-on learning, however, fosters engagement and helps employees remember new knowledge when they return to their jobs.
2. Multimedia Application
Business simulations include images, videos, texts, audio messages, and logical challenges. Unlike other training methods, business simulations are designed to address all types of learners. This is also one reason why business simulations work so well across generations, bringing together younger and older colleagues. Regardless of age, every person has an individual learning style. When we focus on learning style rather than age, it becomes easier to find an effective training method. Thanks to their diversity, business simulations support a wide range of learning styles and are therefore suitable for all learners.
3. Practical Relevance
Employees often need a great deal of theoretical knowledge to do their jobs well—and that knowledge is usually taught in a theoretical way. Most learners, however, understand and retain information better through direct application and personal experience. Business simulations address this issue by emphasizing practice and real-world relevance. They recreate real scenarios and enable participants to solve problems in the same contexts and situations in which they arise. Almost every employee needs strong problem-solving and critical thinking skills. The ability to assess a situation and find a plausible solution can be methodically developed through a business simulation.
4. Cross-Generational Acceptance
How many training methods are equally appreciated by all generations? Not many! When looking for a training method that works for a wide range of learners, employers need something engaging and relatable for everyone. Digital learning solutions such as business simulations can be effectively used in training across all age groups. Because of their gamified design and the high level of engagement they promote, business simulations can successfully train any topic and any employee.
Custom Business Simulations by IndustryMasters
IndustryMasters business simulations can be tailored specifically to your industry or organization. We provide technical support and live training. Our business simulations have been proven to help employees of all ages acquire a wide range of important skills—making them outstanding team members and leaders.