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Srinivasa Addepalli and all the other gurus at GlobalGyan Academy of Management Education share their secrets of how to build a successful career. Speaking from their years of experience across sectors, geographies and functions, they offer practical insights on how you can create competitive advantage for yourself. In the future of work, you will face competition from not only others like you but also talented people across the world, and even machines! Most young people believe that graduating from a well-known college with a coveted degree will set them up for life, but that is no longer a guarantor of success. Firstly, a majority of smart young people do not get admission into such colleges. And even if they do, what they learn during those few years is often meaningless compared to what they would need to do over the next 30 to 40 years. Creating competitive advantage requires us to learn new, relevant skills but that is not all; just like businesses need to think of the 4Ps (and more), individuals need to work on multiple dimensions to create their own strategy to win in the marketplace for talent. Discover how you can uniquely design and build your career, from those who have succeeded and failed at doing so.
Hello, and welcome to another episode of value, a podcast by Global Gyan Academy. My name is Gwan, and I will be your host today. In today's episode, let's talk about simulation, an effective learning tool for corporates. Today's corporate environment is more competitive than ever before and it won't stop. This means that companies need to stay on their toes, keep up with trends and new developments, and be ready to adapt on the go.
Speaker 1:With these emerging realities, one reality that cannot be overlooked is the huge scale gap that exists in the industry. Reskilling has become the need of the hour for many businesses. In fact, an extensive new Korn Ferry report finds that by 2030, more than 85,000,000 jobs across the globe could go unfilled because there aren't enough skilled people to take them, which can result in $8,500,000,000,000 in unrealized annual revenues. The National Employability Report for Engineers has revealed that over 80% of engineers in India are unfit to take up any job in the knowledge economy. Only 2.5% of engineers in India possess artificial intelligence skills while only 5.5% are qualified with basic programming abilities.
Speaker 1:Employers are increasingly seeking a diverse set of domain skills that range from functional to technical. The question is, though, how equipped is today's workforce? A workforce that has been trained by the traditional education system, which is anchored in theory based knowledge. Are they ready to meet the skill requirements of fast paced, digitized, hybrid, and technology driven corporate setup? One of the solutions of this growing scale gap lies in embracing and building an agile learning culture that is focused to upscale and reskill the workforce.
Speaker 1:Constant learning driven by both workers and organizations will be central to the future of work extending far beyond the traditional definition of learning and development. To this end, one approach is to use simulation based learning, an effective learning approach that places people in immersive, true to life scenarios that replicate job conditions. We know about simulations led trainings across sectors like healthcare wherein medical professionals are trained to conduct various surgeries. Similarly in aviation for training pilots to fly different aircrafts along with military drills, space projects, etcetera. Simulation based learning has proven to be highly effective across these sectors and has proven its benefits in terms of effectiveness, efficiency, flexibility and relevancy.
Speaker 1:Hence, drawing inspiration from these, the benefits cannot be ignored for corporate training. Let's look at how corporates can harness the power of simulation based learning for up skilling. Further on, we will talk about what is simulation based learning, the reason behind its popularity, and how do simulations improve a learner's learning experience. Well, simulation based learning is a hands on interactive way to give the learner an opportunity to apply theoretical knowledge, get accustomed to life scenarios, garner opportunities to make mistakes, and learn from them with negligible mistakes. It proves to be an efficient learning mechanism to improve core skills in a way that can be applied confidently in the real world.
Speaker 1:Well, let's now talk about the reasons why it's as popular as it is in corporate learning. Well, simulation is a form of experiential learning that uses structured scenarios to teach about workplace situations. Or rather, it is a way for people to practice real life skills and understand how they might respond in different situations. These simulations also provide the advantage of gamifying the whole experience. For example, the inputs from the learners for each probable scenario that is fed, a unique journey through the simulation is defined.
Speaker 1:It can have multiple levels of difficulties that can test the learner on multiple skill sets and challenging scenarios. This very nature of immersive learning draws the learner into the learning ecosystem and makes the whole experience engaging, effective, and efficient. Simulation based learning promises to bring in the practicality of learning and development interventions for corporates while making it more effective and efficient. Simulation learning, or rather simulation based learning can be harnessed for corporate trainings in different ways. Decision making is a key component of business management.
Speaker 1:It requires both the ability to identify problems and then make decisions about what actions to take. Simulation based training provides an environment where participants can practice making decisions that affect their performance and the performance of their teams. This helps them to develop their decision making skills which are critical for success in business. Collaboration skills in simulation training, participants can practice collaborating with other people on projects or tasks that require teamwork. This helps them to develop stronger communication skills as well as learn how to listen better and delve into diverse problem solving approaches which otherwise would not have been taught through individually.
Speaker 1:Sales training programs can help employees deal with job challenges such as seeking client meetings, driving sales conversions and upselling. Customer service training can teach employees how to handle various customer service situations and better resolve customer relations problems. It also works well for helping employees improve interpersonal skills such as listening and communicating with others. It works effectively to align the new and existing workforce to the company culture, vision, values, compliances, and etcetera, and gauge your understanding of them. Over and above, simulation based learning as compared to other training initiatives extends the flexibility to be more customized based on your unique needs and requirements for your corporate training programs.
Speaker 1:Moreover, simulations are comparatively cheaper than other types of training like live role play exercises or real world simulations but still produce excellent results. Now, how do simulations improve a learner's learning experience? Well, simulations are a highly effective way of transferring key skills to learners in a cost effective manner. It provides an optimum way for employers to assess how well their learners are putting skills into practice and the decisions they are making in front of simulated real life situations. Learners get a chance to try out different strategies for solving problems and correlate their learning to actual applications.
Speaker 1:Simulation training allows employees to practice in a safe environment so they can make mistakes without the consequences that come with making those same mistakes in real life. It also helps them learn how to handle stress and pressure, which are common in many jobs today. It also allows learners to practice social skills and teamwork, which is an important part of being successful at work. It is undoubtedly a powerful approach to improve the learning experience, retain more information, and enable practicing important skills in a low stakes environment in a way that's efficient. Simulations can be used as projects or assignments, allowing learners to apply what they've learned by creating something new and useful.
Speaker 1:This bundled with the immersive scenarios and gaming elements assures increased attention, motivation, and learning. Well, to conclude today's podcast, I'd like to say that the world is changing and it's time for your training to change with it. The technologies that have been developed over the last 20 years, combined with an increasing understanding of how our brains learn, mean that we can now create simulations that are as close to reality as possible. These improvements mean that you can train people in more realistic environments than ever before and get better results from your training program. You'll be able to help people learn faster and remember what they learned longer.
Speaker 1:But it's not just about technology, it's it's about how we learn. We now know that adults learn differently than children, so we need to use different methods when we train them if we want them to retain what they've learned long term. The good news is that there are plenty of companies who are taking advantage of these developments in order to address their own workforce issues while getting more from their training investments. Are you riding the wave or are you staying future ready? P.
Speaker 1:S. If you are looking to create an industry ready and future primed workforce, Global Yarn's leadership capability programs can really help. Write to us at engage at globalyarn dot in for an interactive discussion on how to develop your organization's management and leadership capabilities. Thank you for tuning in today. We appreciate your time and attention.
Speaker 1:If you enjoyed this episode and wanna stay connected with us, make sure to find and follow us on your favorite podcast streaming platform. You can catch all our episodes on Spotify and Apple Podcasts. If you are a manager or an emerging leader, find engaging content and exciting leadership programs on our website globalyarn.aim. We look forward to having you join us for our next episode. Until then, keep learning and keep leading.
Speaker 1:See you next time.