In today’s high-speed, highly interconnected, yet geographically dispersed business environment, companies seek creative ways to develop business acumen and leadership skills in their employees in a challenging but cost-effective manner. At TRI, we rise to meet this challenge every day through our core expertise—delivering finance and leadership development experiences via business simulations, many of which are virtual. This team-based form of education prepares future business leaders for the complexities of operating in a dynamic, global environment.
Over the last 10 years, my professional existence, like that of many of my peers, has shifted from primarily working with groups at corporate training facilities and hotel conference centers to mostly interacting online from my home office. The value of this new reality is significant for both the simulation participants and the faculty, for several reasons:
First and foremost, mimicking the reality of the current global business environment. People work from the office, from home, from the airport lounge—wherever and whenever and with whomever they can connect. It is not unusual for a multinational corporation to have business teams cross multiple geographic boundaries. Time zones are irrelevant. Meetings happen at all hours. Teams do what needs to be done to be successful and execute on corporate strategy. The same rings true for a virtual simulation; a team may consist of participants from five to seven different countries across three time zones—just like in the real world.
Second, providing a cost-effective alternative to traditional in-residence programs. Let’s face it, in-person programs are costly. The airfares alone to get 30 or more participants to one location can be prohibitive for some companies, limiting training opportunities. Face-to-face interactions are invaluable but not always practical or financially viable. Virtual programs can reach a broader population at a much lower cost.
Third, allowing flexibility in delivery time frame and design elements. Simulations can run over several weeks or several months, worked around quarter closes and year-end, or layered with participants’ real-world responsibilities instead of requiring them to leave the office (and responsibilities) behind for a week.
And finally, facilitating flexibility in faculty staffing. Simulation facilitators can be located anywhere in the world, working with multiple clients during the program time frame. Again, this keeps travel restrictions and cost to a minimum.
While the benefits of virtual simulations are clear, there are some drawbacks to these programs. Among them: missing that face-to-face interaction, keeping participants attention and focus on the program activities over extended periods, competing with the daily work routine, potential communication issues, etc. Nothing’s perfect, but we have found ways to mitigate the downsides and enhance the upsides through learned best practices:
Generate high-level corporate support. If the company CFO values the experience, so will the participants and their managers at various levels in the organization. Executive buy-in enables the time commitment and resource access required for success in their training endeavors.
Focus on creative program design to challenge and engage participants and allow sufficient time to be successful in both the real and simulated worlds at the same time. Create excitement around the learning experience.
Use familiar collaboration tools to connect teams with each other and facilitators. Don’t create confusion by using a communication platform no one has easy access to or knows how to use. Keep it simple and familiar so they can focus on the big picture of the training and virtual teaming—not the technology.
Provide clear communication on expectations and deliverables. Again, facilitate the experience, don’t frustrate the learner.
Have frequent debriefings and after-action reviews as well as peer assessments to internalize the learnings. Don’t lose sight of the importance of communication—sharing learnings and provid feedback. Even though teams and facilitators are not in the same room, they are still learning from each other and can provide insights on the experience.
And finally, whether you are virtual or in-person, find ways to have fun while learning. Your students will thank you for it—and get more out of the experience!
