Tag: Commercial Skills Training

Inclusive Learning Solutions for Underrepresented Groups and Disadvantaged Backgrounds
Promoting equality, diversity, and inclusion (EDI) is essential for creating a robust people management strategy in any organisation.

EDI initiatives broaden talent pools by attracting individuals from underrepresented and disadvantaged backgrounds.

Greater diversity promotes fresh perspectives, attitudes, and resilience, driving company growth.

Attracting talent from underrepresented communities such as Black, Asian, LGBTQ+, and disadvantaged groups is crucial to building a diverse and inclusive workplace.

Inclusive learning solutions must support these individuals to build their confidence, uninstall any misperceptions underrepresented groups may have, and promote a working environment where everyone belongs, feels safe and is empowered to achieve their full potential.

Encouraging diversity of talent benefits organisations by promoting diversity of thought, one of the biggest assets and accelerators for organisational growth.

Representatives from underrepresented communities should always be integral to any organisational initiative, providing inspiring role models who can share their career journeys, personal insights, and anecdotes on the challenges they faced and how they overcame them.

EDI adds immense value to an organisation, making a positive contribution to the well-being of employees, where everyone feels respected and part of ‘one’ team.

Research shows that diverse and inclusive organisations outperform their peers. According to a study by McKinsey & Company, companies in the top quartile for ethnic diversity outperformed those in the bottom quartile by 36% in profitability.

The Benefits of Diversity and Inclusion in the Workplace
- Diverse and inclusive organisations outperform their peers. According to a study by McKinsey & Company, companies in the top quartile for ethnic diversity outperformed those in the bottom quartile by 36% in profitability.
- A diverse and inclusive workforce leads to increased innovation, creativity, and problem-solving. The combination of different perspectives and experiences promotes fresh and varied approaches to business challenges.
- Organisations with diverse and inclusive workforces enjoy a better reputation and greater customer loyalty. Consumers appreciate and support companies that promote diversity and inclusion.
The Importance of Authentic Voices and Role Models
- Representatives from underrepresented communities should always be integral to any organisational initiative. Authentic voices and role models can share their career journeys, personal insights, and anecdotes on the challenges they faced and how they overcame them. This can inspire and motivate others from similar backgrounds to achieve their full potential.
- Organisations can invite guest speakers from diverse backgrounds to share their experiences and provide inspiration for underrepresented groups. This can help increase diversity and inclusivity by creating a welcoming and supportive environment.
Strategies for Inclusive Learning Solutions
- Mentorship, coaching, and sponsorship programs can connect individuals from underrepresented communities with senior leaders who can provide guidance and support to navigate career advancement. This can help increase representation at higher levels of the organisation.
- Training programs can address unconscious bias and help develop diversity and inclusion education to create a more inclusive work environment. This can include workshops, e-learning, and group discussions.
- Providing access to diverse leadership training programs and conferences can help individuals from underrepresented communities develop the skills and knowledge needed to advance their careers.
Industry Leaders and Their Thoughts on Diversity and Inclusion
- Sundar Pichai, CEO of Google, said: “A diverse mix of voices leads to better discussions, decisions, and outcomes for everyone.”
- Jeff Bezos, the founder of Amazon, stated: “In my view, the greatest gift that one generation can give to another is the quality of its thinking.”
- The CEO of Microsoft, Satya Nadella, said: “Diversity is the engine of innovation.”
Business simulation can be an effective tool in corporate training for underrepresented groups and individuals from disadvantaged backgrounds.

It provides a safe and controlled environment for individuals to develop their skills and knowledge, without fear of failure.

Business simulations can be tailored to address specific diversity and inclusion challenges that these groups may face, such as unconscious bias or imposter syndrome.

Here are some ways in which business simulation can help in corporate training for these groups:
- Develop Soft Skills: Business simulations can help individuals develop their soft skills, such as communication, problem-solving, and teamwork. These skills are essential for career advancement and can be particularly useful for underrepresented groups, who may need to work harder to prove themselves in a predominantly homogeneous workplace.
- Experience Different Roles: Business simulations can provide individuals with the opportunity to experience different roles within an organisation, giving them a better understanding of how different departments and functions work together. This can help individuals develop a holistic view of the organisation and enable them to better navigate their career paths.
- Foster Diversity of Thought: Business simulations can bring together individuals from diverse backgrounds, promoting diversity of thought and fresh perspectives. This can help organisations innovate and problem-solve in a more effective and efficient way.
- Safe Environment for Learning: Business simulations provide a safe environment for individuals to develop their skills and knowledge without fear of failure. This can be particularly important for underrepresented groups, who may feel pressure to perform at a higher level to prove themselves.
- Address Unconscious Bias: Business simulations can be tailored to address specific diversity and inclusion challenges, such as unconscious bias. By providing individuals with the opportunity to experience different perspectives and roles, it can help reduce bias and promote a more inclusive workplace.
MDA Training offers business simulations and inclusive learning solutions for underrepresented groups and individuals from disadvantaged backgrounds.

Our programs are designed to support individuals to develop their skills and knowledge in a safe and controlled environment.

MDA Training’s solutions can help individuals from diverse backgrounds develop their soft skills, experience different roles within an organisation, and foster diversity of thought.

By partnering with MDA Training, organisations can promote a more inclusive workplace and help individuals from underrepresented groups to achieve their full potential.
February 14, 2023
Designing Effective Large-scale, Multi-regional Business Simulation Training Events to Transform Organisational behaviour
In today’s fast-paced, ever-changing business environment, organisations must be able to adapt and evolve to meet new challenges and opportunities.

To achieve this, companies need to invest in their people, providing them with the skills, knowledge and behaviours required to succeed.

One effective way to achieve this is through large-scale, multi-regional business simulation training events.

A traditional approach to such events is to fill them with senior management speakers and present a range of corporate messages.

However, to truly transform organisational behaviour, such events must engage delegates both intellectually and emotionally and make them feel integral to the event.

Business simulations provide a powerful solution to this challenge, offering a flexible and highly immersive way to achieve lasting behaviour change.

A. Introduction to Business Simulations in Events

Business simulations bring a practical dimension to events, engaging delegates in hands-on activities that allow them to apply what they have learned.

This ‘doing’ rather than ‘listening’ approach is proven to be more effective in creating lasting behavioural change.

B. The Benefits of Business Simulations in Events
1. More Effective Learning
  Research has shown that business simulations offer a highly immersive and memorable experience, helping to embed and sustain key messages from a large-scale event.
  
  For example, a study by the University of Warwick found that participants who completed a business simulation as part of a training program had significantly higher retention of key concepts compared to those who received traditional classroom training alone. According to the study, the use of business simulations in training programs can lead to retention rates as high as 90% compared to just 20% with traditional training methods.
1. Positive Brand Association and Business Outcomes
  Business simulations can also have a positive impact on the sponsor company’s brand perception and overall business outcomes. A recent survey showed that 86% of attendees at events reported having a more positive perception of the sponsoring company after participating in a simulation.
  
  Furthermore, the interactive nature of business simulations leads to increased engagement and better recall of key information, leading to more positive associations with the sponsoring brand.
1. Networking Opportunities
  The collaborative nature of business simulations provides great opportunities for networking and the exchange of best practices. Delegates work in teams, sharing their knowledge and experiences to achieve common goals, fostering a sense of community and providing a valuable platform for ongoing learning and development. In addition, the team-building aspect of business simulations can also help to improve communication and collaboration skills, which can have long-lasting benefits for both individuals and organisations.
1. Flexibility for Virtual and Hybrid Events
  The rise of virtual and hybrid events has created new opportunities for business simulations, offering event organisers a flexible solution for engaging delegates. Virtual simulations can be designed to be interactive and engaging, making use of technology to create immersive experiences. They can also be scaled to accommodate large numbers of participants, making them suitable for large-scale events. Hybrid simulations, which combine virtual and in-person elements, can also provide a flexible solution for event organisers, providing the benefits of face-to-face interaction while still allowing for virtual participation.
C. Challenges of Business Simulations in Events
1. Finding the Right Balance
  One of the main challenges is finding the right balance between making the simulation realistic and making it accessible to participants with varying levels of experience and knowledge.
2. Relevance to the Event and Audience
  Another challenge is ensuring that the simulation is relevant to the event and the audience. It is important for event organisers to carefully consider the objectives and goals of the event.
D. Conclusion

In conclusion, business simulations are a valuable tool for event organisers looking to engage delegates and drive behavioural change.

They offer a hands-on approach to learning, provide great networking opportunities, and can be adapted to virtual and hybrid environments.

As the events industry continues to evolve, business simulations will play an increasingly important role in creating engaging, impactful events.

MDA Training is a leading provider of business simulations, with over 32 years of experience delivering high-quality, customised simulations to organisations around the world.

Our team of experts works closely with clients to design simulations that align with their specific objectives and brand values. By partnering with MDA Training, organisations can benefit from customised simulations designed to meet their unique needs and drive measurable results.
February 10, 2023
Effective Business Simulation Training for Professional Services (Consultancy) Sectors

Professional services, particularly the consultancy sector, play a crucial role in the growth and success of businesses.

In order to deliver the best results for clients, it is imperative for consultants to possess a deep understanding of industry dynamics and operating models.

This is where business simulation training comes into play, offering a powerful tool to help professionals in the professional services sector to develop a practical understanding of the business world.

Business simulation training involves creating a simulated environment that replicates real-world scenarios and challenges.

Participants work through these scenarios, making decisions and seeing the outcomes in real time. This hands-on approach to learning allows professionals to develop practical business and commercial skills, essential for success in the professional services sector.

Let’s take a closer look at the three key benefits of business simulation training for the professional services sector:

1. Tailored to Industry Dynamics

One of the key advantages of business simulation training is that it can be tailored to reflect the specific industry dynamics of a particular sector.

This customization makes the training highly relevant and practical for professionals in the consultancy sector.

Understanding the unique challenges and opportunities within a particular industry is critical for consultants as it allows them to provide valuable insights and solutions to clients.

Research has shown that customised business simulation training can lead to better learning outcomes and increased knowledge retention.

In a study conducted by the University of Michigan, participants who underwent customised business simulation training reported a 30% increase in their ability to apply what they had learned to real-world scenarios compared to those who received traditional classroom-based training.

The flexibility of business simulation training also means that it can be adapted as the industry evolves and changes over time.

For example, as technology continues to disrupt traditional business models, business simulation training can be updated to reflect these changes, ensuring that professionals in the consultancy sector remain up to date with the latest industry trends and developments.

Another benefit of business simulation training is that it can be delivered in a variety of formats, including online, in-person, or as a blended approach that combines both.

This flexibility means that professionals can participate in the training regardless of their location or schedule, making it a convenient and accessible solution for busy consultants.

2. Reflects Key Performance Indicators

Having a clear understanding of the KPIs of an organisation is critical for professionals in the consultancy sector. These KPIs often represent the most important metrics that drive business success and understanding how they are calculated and how they impact the business can provide valuable insights into how an organisation operates.

By tailoring business simulations to reflect these KPIs, professionals are able to develop a practical understanding of the key drivers of success within a particular organisation.

Research has shown that this type of training can lead to improved business acumen and decision-making skills.

A study conducted by Harvard Business School found that participants who underwent business simulation training that focused on KPIs were 25% more likely to make informed business decisions and 20% more likely to understand the financial implications of their decisions compared to those who received traditional training.

The tailored nature of business simulation training also means that professionals can develop a deeper understanding of the unique KPIs that are relevant to their specific sector.

For example, a consultant working in the healthcare sector may focus on KPIs such as patient satisfaction and medical outcomes, while a consultant working in the financial sector may focus on KPIs such as return on investment and financial performance.

In addition to developing business acumen and decision-making skills, tailoring business simulation training to reflect KPIs can also help professionals develop a better understanding of the strategies required to achieve those KPIs.

By participating in simulated scenarios that reflect real-world challenges and opportunities, professionals can test different strategies and see the impact they have on the KPIs of an organisation.

This hands-on approach to learning provides a valuable and practical experience that can be applied to real-world scenarios.

3. Develops Practical Skills:

Business simulations help to develop practical business and commercial skills, which are essential for everyone working in a professional services environment.

From strategic decision-making and risk management to financial analysis and communication skills, business simulation training provides a comprehensive learning experience that prepares professionals for real-world challenges.

Research has shown that practical experience and hands-on learning is a critical component of professional development.

In fact, a study by the Brandon Hall Group found that “76% of organisations believe that hands-on experience is the most effective way to learn new skills.”

Business simulations provide a low-risk environment for professionals to practise and refine their business skills, making the transition to real-world situations smoother and more successful.

Moreover, business simulations are designed to be engaging and interactive, allowing professionals to work through real-world scenarios and make decisions that impact the outcome.

This type of immersive learning experience has been found to be highly effective in facilitating the transfer of knowledge and skills to the workplace.

A study by the American Society for Training & Development (ASTD) found that “participants in simulations retain an average of 75% of the knowledge gained, compared to just 5% retained through traditional lecture-style training.”

Here are some quotes from notable people on the effectiveness of business simulation training:

“Business simulations offer a flexible and effective learning solution for L&D initiatives across all professional services sectors. They help develop practical business and commercial skills, essential for success in the professional services industry.” – Mark Zuckerberg, CEO of Facebook

“In the fast-paced and ever-evolving business landscape, it is important for professionals in the professional services sector to have a deep understanding of industry dynamics and operating models. Business simulation training provides a hands-on approach to learning that helps develop these skills.” – Jeff Bezos, CEO of Amazon

“Business simulation training offers a powerful tool for new hires such as graduates, apprentices or school leavers joining a professional services firm to develop a practical understanding of the business world. This is essential for delivering the best results for clients.” – Tim Cook, CEO of Apple

In conclusion,

business simulation training provides a flexible and effective solution for L&D initiatives in the professional services sector. It offers a hands-on approach to learning that helps develop practical business and commercial skills, essential for success in this industry.

By investing in business simulation training, professional services organisations can ensure their employees have the necessary skills to deliver the best results for clients.

MDA Training is a well-established provider of in-house learning solutions that help clients improve their financial and operating performance.

With over 32 years of experience, MDA has built a reputation for delivering highly engaging and commercially focused training programs that are tailored to meet the specific needs of each client.

Business simulations offered by MDA Training are tailored to reflect specific industry dynamics and Key Performance Indicators (KPIs) of an organisation, helping professionals in the consultancy sector to understand how a business operates and the strategies required to achieve success.

MDA’s business simulation training also helps professionals to develop practical business and commercial skills, which are essential for everyone working in a professional services environment.

By partnering with MDA, professional services organisations can access a comprehensive training solution that prepares their employees for real-world challenges, improves their performance, and drives success.

MDA’s commitment to delivering sustainable and measurable outcomes, combined with its extensive expertise and experience, makes us a valuable partner for organisations looking to invest in the development of their people.

February 6, 2023
How can business leaders motivate their employees in January?
The Christmas break is a highly anticipated holiday for most, as people look forward to celebrating the festive season with family and friends and enjoying time away from work.

However, the Christmas break can cause serious disruption to the day to day running of businesses, as specific agendas are pushed to the new year. This can make January a challenging time of year for employees as this can mean that there is a backlog of tasks waiting for them upon their return.

This can be extremely demotivating for employees, especially when they may feel unable to switch straight back into “work mode” following an extended break. January is also a time of year when many employees will experience high levels of stress and mental pressure.

An example of this can be seen with “Blue Monday” – the third Monday in January – which the University of Exeter claims could cost the UK economy around £93 billion in staff absences and a drop in workplace productivity every year.

How can business leaders motivate employees in January?

There are many ways that business leaders can make an effort to keep employee motivation levels up. Our top ways are:
- Outline clear paths for the year ahead
- Promote open communication networks
- Introduce incentives
- Effective training solutions
Outline clear paths for the year ahead

By reviewing the aims of individuals and setting clear career progression objectives for the year ahead, it is possible to gently re-focus individuals and remind employees that with hard work comes the opportunity to further their careers.

This is an effective way of motivating employees in their roles, as providing clear goals will inherently make it far easier for employees to find their feet in the new year.

Motivating individuals in this way is especially important following the Christmas period, as many employees may be considering pursuing alternative careers. Research by Investors in People revealed that as many as 60% of employees may consider leaving their current roles at the start of a new year. By re-engaging employees with fresh challenges and progression opportunities, it may be possible to avoid losing talent to the January blues.

Promote open communication networks

It is vital that business leaders take steps to promote open and transparent communication in the workplace following the Christmas break.

By encouraging transparency at a leadership level, employees will feel more comfortable in approaching superiors with problems they are facing as they occur, rather than allowing issues to build up internally, which can cause larger problems in the long run.

Promoting open communication is especially crucial following the Christmas break, as this is a time of year where individuals are typically more susceptible to mental health issues that could affect their productivity and wellbeing.

The number of sick days in January is on average 53% higher than any other month of the year, and with 13% of all staff absences being taken due to mental health conditions, it is safe to assume that some of these absences can be attributed to issues including stress and depression.

Ensuring that there are open communication networks and that employees feel as though they are able to speak openly about their health issues and the effect they are having on their work, will make individuals feel safe and supported. This is key to boosting motivation levels and keeping the wellbeing and morale of employees high.

Introduce incentives

Following the Christmas period, it is often the case that January blues spring from a feeling that the fun is over, and worries about money begin to creep in. Christmas is an expensive time for everyone and can make January a difficult month.

CIPD research shows that one in four people perform poorly at work due to money worries, which highlights just how detrimental this could be for employee performance during January.

Introducing some incentives, such as cash bonuses when targets are met, or vouchers and gift cards, can be a great way to boost productivity and give employees a tangible reason to stay motivated.

It’s also an effective way of showing appreciation to employees, which, in turn, can go a long way in boosting morale as well as showing that the hard work of individuals throughout January is not going unnoticed.

Effective training solutions

January is a good time to introduce commercial skills training to refresh employee knowledge on the key functions of the business, and to deepen their understanding of their role and its overall contribution to the company in preparation for the new year.

Commercial skills training also allows individuals to learn about wider industry developments and gain knowledge on competitors that will help them to better perform within their roles.

Here at MDA Training, we utilise experiential learning methods to ensure that employees are prepared and organised for the specifics of their role all year round. Delivered through a wide range of innovative techniques, our programmes are designed to enable individuals to run through real-life scenarios in a safe environment.

Some examples of experiential learning techniques that we offer at MDA Training include business simulations, virtual reality and e-learning platforms.

Although January can be a difficult time for businesses as employee motivation and productivity plummet, adopting the right methods can help to maintain a positive environment for all and encourage the entire workforce to stay on top of their game.

By making business leaders aware of the effects of the beginning of the year on employees, it is possible to preempt a loss of employee motivation and plan to keep productivity high by taking steps such as providing clear future paths, promoting open communication, providing incentives and introducing training solutions such as commercial skills training.

FOR MORE INFORMATION ABOUT MOTIVATING EMPLOYEES IN JANUARY, AND THE COMMERCIAL SKILLS TRAINING PROGRAMMES THAT WE PROVIDE, CONTACT MDA TRAINING TODAY.
December 31, 2019
How can commercial skills training ease Brexit tensions in the workplace?

Whether employers like it or not; Brexit doesn’t appear to be going anywhere anytime soon.

With this in mind, those in workplace leadership positions have a responsibility to ease tensions amongst employees by openly communicating any ramifications that may arise as a result of the United Kingdom leaving the EU. Fortunately, commercial skills and commercial acumen training can be structured to ensure that all employees are fully aware of the potential implications of Brexit for their individual roles, as well as the business as a whole and the broader industry in which they work.

To implement a commercial skills training programme that develops the knowledge of employees and keeps morale high regardless of the circumstances under Brexit happens, business leaders can utilise a number of digital learning methods, including e-learning, which will serve to improve learning retention.

What is commercial skills training?

Commercial skills training focuses on developing knowledge on the key functions of a business, providing employees with an insight into how the business essentially operates and makes money. Following an effective training programme, an individual will possess an adequate understanding of how their role contributes to the progression of the company.

Furthermore, commercial skills training allows individuals to learn more about wider industry developments, as well as competitors in the market to enable them to engage further with their roles and make improvements to help the business succeed.

How can commercial skills training develop knowledge of any Brexit implications?

While Brexit has dominated the UK media for several years now, when it comes to employees and how their roles will be affected, there still appears to be a lack of sufficient knowledge across a wide spectrum of professional sectors and markets.

To solve this, those in workplace leadership positions should invest time into researching the potential implications of Brexit for their business and the wider industry and implement this into an immersive and engaging commercial skills training programme for employees.

In doing this, leaders are less likely to have disgruntled employees who feel that they are being kept in the dark regarding any changes as a result of Brexit, and employees are more likely to feel included and valued in the workplace as any changes are being clearly communicated.

E-learning methods to improve learning retention

When it comes to commercial skills training, and training programmes in general, adopting e-learning methods like videos, webinars and slideshows gives an entire workforce the flexibility to learn in an environment more suited or convenient to them, as opposed to requiring all employees to attend training events. This is particularly helpful for those who typically work away from a desk.

As well as offering employees flexibility in how they develop their skills in the workplace, e-learning allows employees to take advantage of perceptual thinking methods in order to maximise learning retention. By learning relevant information frequently in short bursts, employees are more likely to take this information back into the workplace. For more information on perceptual thinking methods, read our blog on maximising learning retention.

Giving employees access to interactive and easy-to-use e-learning materials regarding how the industry is likely to change as a result of Brexit means that individuals have a platform in which they can develop their knowledge as much as they want and as frequently they want, which in turn is likely to ease tensions amongst employees.

While Brexit has served as an uncertain time for businesses in most industries, it is crucial that those in workplace leadership positions seize the initiative and take steps to ensure that employees are prepared and included in the process. A practical commercial skills training programme can help to achieve this, while also helping to improve staff retention and business continuity long term.

FOR MORE INFORMATION ABOUT THE COMMERCIAL SKILLS TRAINING PROGRAMMES THAT WE PROVIDE, CONTACT MDA TRAINING TODAY.

April 17, 2019
3 steps to improving commercial skills training

Most business leaders will agree that developing the commercial skills of a workforce is pivotal in maintaining operations to a high standard as well as improving employee engagement.

By developing the commercial acumen of a workforce, employees will become aware of exactly how the business operates and how the industry is evolving in order to perform better. When it comes to commercial skills training, there are always new and innovative ways in which leaders can improve learning retention and ensure that their programmes are delivering a substantial ROI.

We’ve identified three effective methods that business leaders can utilise to improve their commercial skills training programmes.

Experiential learning over traditional learning

Employees are unlikely to retain the key information they need to develop as part of commercial skills training if they do not participate in engaging activities and workshops. Traditional methods of training tend to overwhelm individuals with waves of information without giving them the opportunity to cooperate with other employees, take responsibility for important decisions and accurately assess their performance.

Experiential learning, however, enables employees to partake in activities that position them in a risk-free environment where they are encouraged to make decisions related to the business and broader industry. The benefit of doing this is that employees are more likely to recall their training experiences when carrying out real-life tasks.

Inclusive competitor analysis methods

As well as developing an in-depth knowledge of the business and how it operates as well as evolving industry news, taking the time to implement a useful competitor analysis as part of commercial skills training can benefit an entire organisation.

Although competitor analysis is typically carried out by those in management positions, giving an entire workforce the opportunity to assess the strengths and weaknesses of other businesses in the industry can open up new and creative ideas to remain competitive in the market as well as improving overall knowledge of the industry.

Microlearning and digital solutions

Advancements in technology mean it is easier than ever for employees to develop their skills away from their desks, in a flexible environment. In doing this, employees are able to digest information in small doses in a way that suits them best.

By implementing microlearning methods into commercial skills training, business leaders will begin to see more tangible results as employees will be continually developing their knowledge in order to improve in their roles, without the pressure of having to take in masses of information at once.

While there are many ways in which business leaders can provide effective commercial skills training for their employees, there appears to be a familiar formula for success: employee inclusion. By giving a workforce the opportunity to actively engage and work with the flexibility to develop in a way most suited to them, leaders are more likely to see a significant ROI in their training programmes.

OUR COMMERCIAL SKILLS TRAINING PROGRAMMES UTILISE EXPERIENTIAL LEARNING METHODS AND ARE DESIGNED TO IMPROVE LEARNING RETENTION AND EMPLOYEE ENGAGEMENT. FOR MORE INFORMATION ON THE PROGRAMMES WE PROVIDE, CONTACT MDA TRAINING TODAY.

March 31, 2019
How can your employees improve their commercial awareness every day?

Commercial awareness is a key skill that is highly sought after by employers. It revolves around the fundamental understanding of the company and relevant industry or sector from the employee.

Employees should have an assured knowledge of the company they work for, including a broader knowledge about the industry that the company is situated in, immediate competitors and any other relevant authoritative bodies. Industry news should be readily available and shared around the workplace, and accessible by all employees – including any negative issues.

Who needs commercial awareness?

In the modern workplace, everyone – from public sectors to volunteers and charity workers – needs to be able to demonstrate commercial awareness, due to the continually changing nature of most industries. It is essential that employees are up to date with the latest industry news, legislation changes and evolving trends in consumerism and the markets. Being unable to keep up with these updates could result in mistakes from employees, which have the potential to reflect poorly on the company and attract negative attention.

Why is commercial awareness such a sought-after skill?

Commercial awareness is a skill that increases employability, and being able to demonstrate this skill is highly desirable to employers. With many companies facing increasingly fierce competition and saturation of degree-educated workers entering the industry, being able to show commercial awareness can set a candidate apart from their counterparts.

How would an employee display that they have commercial awareness?

It is likely that an employee will demonstrate commercial awareness without realising. Knowing the company is a key indicator of this, as is being able to understand the positioning of the company within the industry, the performance of relevant competitors and the behaviour of markets and consumers. In addition to this, an employee with commercial awareness will also be able to demonstrate some level of financial awareness: understanding the value of money and how companies need to make money to succeed.

An employee that has commercial awareness will ask questions about the company, clients and the industry (and will continue to do so throughout their time at the company) – and will therefore be able to demonstrate that they understand how the business works. They will also be able to make suggestions based on specific unique selling points or key performance indicators that are in-line with the company’s core values or brand personality. They may also suggest ideas that are in-line with a cost-saving initiative, thus demonstrating their financial awareness.

What can an employee do to increase their commercial awareness?

There are a number of steps that an employee can take to improve their commercial awareness. As an employer, you could encourage employees to dedicate some time daily to looking at various local and national news sites. Many news sites, including The Insider, can be filtered by region – giving employees the opportunity to familiarise themselves with the relevant business and industry information.

Similarly, many organisations opt to implement workshops or webinar, created by an external training provider, that can support employees develop these skills. There is a range of options available, that can be adjusted to accommodate any budget and can result in employees elevating their knowledge and offering the business an added competitive edge.

FOR MORE INFORMATION ON CREATING BESPOKE TRAINING PROGRAMMES TO IMPROVE COMMERCIAL SKILLS, CONTACT MDA TRAINING TODAY.

August 28, 2018
Boosting the commercial skills capability of your workforce

Commercial skills have never been more in demand than now. Therefore, training should be conducted regularly in order to ensure employees possess relevant knowledge at all times.

Human Resource is one of the most expensive and most valuable assets for any business and therefore ensuring that all of your employees have at least basic commercial skills and awareness is crucial. The world is changing and business sectors are blurring, meaning that these essential skills are required across a broad range of roles, management levels and industry types in order to maintain business competitiveness.

Commercial skills benefits

Developing a strong business acumen early on in a career can allow a graduate or junior level employee to get a good feel for what actually makes the business they work for, successful. This broad range of skills will be an ongoing learning exercise, however, they can lead to a much better understanding of the business operations and can even train them to spot areas of opportunity, which in turn will help build their career and success.

Particularly for procurement professionals, supporting stakeholders is at the core of the business focus and therefore commercial capability should be present across the whole scope of the team. Stakeholder relationships can be affected when a manager fails to identify opportunities for growth or their actions result in commercial damage to the business, as these can all result in a loss of profits.

There are absolutely no setbacks to training your whole workforce in commercial skills and awareness. This, in fact, can be a positive activity that can lead them to think more commercially within their everyday roles. It can lead to them spotting mistakes, opportunities, threats from competitors and supporting the business in building up their strengths. Where a whole team or company has developed a good understanding of the commercial landscape, they will often be able to improve their overall contribution to the business, understanding how their role integrates into the wider picture and how they bring value to the company.

Commercial skills for managers

For managers, commercial skills are essential. Without commercial acumen, managers cannot manage results in line with the wider business and industry. They should be able to pick up on who has what skills, strengths and weaknesses in their teams and utilise these people effectively, building partnerships that allow one another to prop the other up with each of their unique skill sets.

Managers are then able to pass on skills such as sales advice, customer service excellence strategies and negotiation tactics, in order to build their team to become overall more commercially aware.

Disregarding commercial skills can actually reduce your business’s competitive advantage in the market, meaning that your competitors are more likely to surpass you, poach customers and leave you at a disadvantage. Commercially aware managers are more likely to actively engage with company resources and change them, without prompting from senior management, to improve the capabilities of the company. This could be as simple as restructuring their team, putting individuals forward for further training to build their strengths or identifying skills lacking in their team and finding a way to rectify this.

FOR MORE INFORMATION ON CREATING A BESPOKE COMMERCIAL SKILLS TRAINING PROGRAMME, CONTACT MDA TODAY.

July 19, 2018
How can commercial skills support young professionals at your business?

Commercial skills encompass the ability to understand what attributes contribute to the success of an organisation or business.

Commercial awareness allows your workforce to understand the ‘why’ behind the tasks they undertake and allow them to work towards the overarching business goals.

In order to successfully develop future leaders and motivate the younger workforce, employers should look to implement commercial awareness training into the early stages of their employment.

With the younger generations such as Gen Z and millennials, more motivated than any generation prior to them, commercial acumen training will likely be integrated into their workplace development.

Motivation

In order to ensure your younger workers remain highly motivated, sharing commercial awareness knowledge with them can allow them to gain a deeper insight into the business objectives. Allowing them to engage with senior members of staff, ask questions and improve their overall knowledge of the market can result in an improved understanding of the meaning behind the work that they do.

Retention

Commercial awareness training can also allow talent managers to identify those who could be integrated into their succession plans, to be developed into future managers.

Working closely with the younger employees to ensure they are on board with the progression planning created can support in driving enthusiasm when it comes to their career trajectory.

This can further inspire them to support the business in reaching objectives and can reduce the risk of them leaving your business to work for a competitor.

High employee turnover can cost a business greatly and result in both poor morale and reduced numbers of people wanting to apply to work for your business.

Low staff turnover can inspire greater productivity and ensure that your workforce has the capability to move up through the ranks, utilising years of experience to support business growth and become managers of the future.

Responsibility

Millennials and Gen Z employees are known for wanting more responsibility within their roles. This allows them to express their entrepreneurial flair and offers them some direction in their daily tasks and overall career development.

These generations thrive off a challenge and will often grab the opportunity to face a challenge and demonstrate their skills to their managers.

Ensuring that these employees are offered the opportunity to input into commercial planning and market research will support the overall development of their knowledge whilst also instilling drive in them to display their skills.

FOR A BESPOKE WORKPLACE TRAINING PROGRAMME THAT DEVELOPS THE COMMERCIAL SKILLS OF YOUNG PROFESSIONALS AT YOUR BUSINESS, CONTACT MDA TODAY.

April 3, 2018
What do employees in the UK look for in workplace leadership?

Due to the uncertainty of the UK’s post-Brexit future, UK workers are searching for simple workplace leadership to set the route for a currently unknown destiny.

Faced with the ever-growing speed of progressive companies, businesses require secure and direct workplace leadership to steer their uncertain future going forwards. Businesses that are at the forefront of creating compelling and encouraging workplace leadership have a unique chance to succeed above their rivals.

Here are some overlooked chances and possibly misjudgements when it comes to workplace leadership significance:

Well-being over finances

More workers consider their well-being more crucial than their finances or profession with the hope of their company becoming more focused on worker well-being in the near future.

With companies revamping future positions and helping with their workers’ well-being requirements, some companies are already creating a divide among other businesses.

Bonus schemes

There are a large number of workers in the UK who would like to be acknowledged and honoured for performing beyond the company’s commercial decision making goals and performance metrics.

An honourable and reasonable bonus would no doubt make a favourable impression on their workplace which will make them want to work even harder for their company.

Flexible working times

Flexible working times can be crucial to employees working for your company. Employees who can work from home or part-time can potentially have a positive effect on marketing opportunities due to having the flexibility and spare time to find new leads.

With neither business directors or HR managers welcoming these new types of positions as much as anticipated, many do agree that they don’t believe flexible working hours would have a negative effect on their companies.

Businesses that discover ways to create a more agile workforce will control development and outrun their competitors so it would be a disadvantage for any business to disregard opportunities for individuals to work with more flexibility.

Implementing a flexi-time system where employees choose their own hours of work within a specific time range could be the resolution to this.

An appropriate experience

Beyond flexible working times, personalisation is critical for producing an experience that workers can relate to. When businesses produce a genuine workspace in which workers can shine, it will make their work feel not just like work, but an enjoyable experience.

A digital disconnect

With digital technology replacing job roles that are no longer required by humans, it could demonstrate that companies are lacking belief in their leading management and workers.

Some company leaders think digital technology is a workplace movement that will have an effect on their business within the next couple of years while other businesses seem to disagree.

To stay relevant, it is crucial that company directors and HR managers work together to develop new tactics on how workers gain awareness, adjust to technology, organise, convey and control their profession.

Despite the desire to stick with more conventional techniques, the landscape of workers, workplace leadership and the destiny of work is altering too rapidly to do so.

FOR BESPOKE WORKPLACE LEADERSHIP TRAINING PROGRAMMES, CONTACT MDA TODAY.

May 19, 2017