Corporate training is a systematic method of learning and development for employees, usually to impart industry knowledge, develop relevant workplace skills and enhance efficiency (Goldstein & Ford, 2002). This equips employees with enhanced competencies to excel even further at their job, be prepared to upskill and be considered for promotions, as well as improve self-efficacy, among others.
As an integral component of development in the workforce and growth in the corporation, corporations allocate time, focus and funds into developing training program for their employees. It has been said that US-based companies have allocated an average of 11% of their budget to employee training and development (Freifeld, 2018). According to Training Industry Magazine, total global spending on employee training in 2019 have reached $370.3 billion.
With so much importance placed upon employee training, corporations must ensure that the programs are productive and that their investment reaps satisfactory results. Considered as most effective when implemented strategically, training and development should include content development, method of delivery, and integration of technology (Harward & Taylor, 2014).
Additionally, it should be noted that with advancements in technology and reliance on the internet, training delivery has evolved from instructor-led classrooms to online platforms.
MonsoonSIM caters to both strategic implementation of corporate training as well as the ease and convenience of training delivery, whether it be through tech-supported in-person classrooms or through online mediums.
LinkedIn Learning research have uncovered some insights into corporate training and its emerging trends in 2020. With 57% of corporations and professionals prioritizing leadership and management, this takes the highest priority in skill training. These kinds of soft skills are also recommended to be prioritized on, namely creativity, persuasion, collaboration, adaptability, and emotional intelligence.
Through running their “virtual” companies within a simulated business environment, MonsoonSIM facilitates the experiential learning needed to develop such skills. Critical thinking, creativity and adaptability are practiced during the problem-solving and decision-making process.
Collaboration, communication and emotional intelligence skills are enhanced as employees rely on one another in their team to cooperate together to achieve their shared goals of corporate success.
Considered as one of the contemporary methods of training and education, business simulations such as MonsoonSIM provide an interactive, immersive training experience that encourages application of business concepts, engagement with the interrelated departments that form a corporation, and supports the personal development and skill advancement of corporate employees. Thus, for a sustainable corporate learning and development, MonsoonSIM is ready to assist!