Tag: commercial training

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 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
The importance of commercial skills in management development

Commercial skills and awareness are often considered essential by employers but are not always a measurable skill.

Commercial awareness is classed as the ability to develop an understanding of what makes organisations successful. This can include the process of buying or selling products or the supply of services to a specific market.

How can you teach commercial skills?

It is vital for all members of an organisation, from the interns to the CEOs, to develop a strong skill set, to promote commercial awareness within every process. Due to the increasing competition and saturated markets, commercial skills are now more valuable than ever to a business.

Commercial skills can be developed through a number of routes, from every day learning to formal training materials.

However, it is recommended that anyone looking to improve their commercial awareness should aim to read the news and business pages regularly. General interest and knowledge of the economy can offer a good grounding when it comes to understanding the financial state of the world.

Learning about stocks and shares, particularly those of your company and your competitors can offer an insight into the business is considered valuable.

Identifying any significant peaks and troughs in the value of stocks, aligned with recent activity and the state of the economy, will help to build commercial skills and understand the business performance in the market.

Separating sector issues from company issues can allow you to identify problems that might be halting your business from further success, or if a problem is significantly stifling a whole industry. This information can be used to become more commercially competitive and benefit business growth.

Commercial skills within management development

It is critical for managers to develop their commercials awareness, in order to recognise strengths and weaknesses within teams and the business. Strong commercial acumen within management can be the difference between failure and success, in the current business climate.

Management development programmes should look to incorporate key commercial skills, such as sales, customer service and relationship management and negotiation tactics.

Learning and management development often does not incorporate commercial skills training in a large enough capacity, essentially creating a skill gap within the workforce.

Disregarding commercial skills training can neglect an area of development that can bring about a significant commercial advantage above competitors.

Through setting objectives that require management to improve their commercial skills, particularly within their teams, they are more likely to strive to meet these objectives.

This could be as simple as restructuring a team or retraining individuals to ensure that strengths are utilised for commercial success and weaknesses are used as a basis for learning and improving.

The commercial skills gap

The term skills gap has been used more and more frequently throughout the business world recently, this refers to areas of the UK talent pool that are lacking in prospective candidates possessing a particular set of skills.

Commercial awareness is no exception, with many graduates leaving education with little to no understanding of the market, alongside long term workers failing to progress any further due to a knowledge gap.

It is important for all employees to continuously immerse themselves in news and to reassure their employers that they have a strong commercial understanding of the business.

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

August 9, 2017
The 5 key benefits of commercial skills training

You may think ‘commercial skills training’ is just the latest buzzword amongst HR and training professionals, but in essence, commercial skills training is a fundamental part of ensuring your employees have the commercial acumen needed to benefit the key functions of the business.

Commercial skills training provides each employee with insights into how the business makes money, the non-financial Key Performance Indicators (KPIs), and also where the particular employee plays a part in organisational success.

All commercial skills training is customised in terms of each person’s job role, skill set and any succession plans in place within the business, in order to create maximum impact.

Commercial skills training is particularly relevant but not exclusive to the Millennial demographic. This group are set to make up over 75% of the average workforce by 2025, and good commercial skills are notably lacking generation wise.

The questions to ask here are, will your business be ready? “Does every member of my organisation understand their role in the business?” and “Is every member of the workforce equipped with the commercial skills they need to be effective, and empowered, in their role?”

Prioritising developing commercial skills early on allows the Millennial generation to familiarise themselves with the company’s missions and aims in a commercial context, early on – meaning when the time comes for them to take the ropes and make commercial decisions for the business, you have nothing to worry about. So, what are the 5 key benefits of commercial skills training?

Empower your workforce and retain your staff

Making your staff an integral part of the business can have great positive effects – giving staff training and ensuring they understand their value to you will see them stay, work hard and put the business first. Empowering your workforce with commercial skills and knowledge sharing is a great way to see a return on development.

Drive change

If you are looking to change the focus of your business, and get your teams to change their approach within it – commercial skills training can contribute to this process. With focused training, new ways of working can be instilled across an entire workforce and be used transformatively.

Improve reporting

How many employees truly understand the reporting you currently use in meetings, for weekly conference calls, daily team briefs or management meetings? If your workforce doesn’t truly grasp the figures, or KPIs being discussed, they will lack the confidence and insights to help drive performance.

Gain financial awareness

Commercial skills training explores each employee’s day-to-day activities in terms of how they impact the business financially, both positively and negatively.

By adding this transparency, employees are able to understand the drivers of financial performance in the business and gain an understanding of how they personally can drive financial performance.

Improve competitor awareness

Commercial skills training focuses on competitor awareness and how this can be used to make sound commercial decisions. Understanding the marketplace means knowing your competition, who they are, what they do and why.

An employee that understands the competition can positively impact business performance by adapting their activities or making suggestions about positive change and adaption.

All elements of commercial skills training help to add value to your business, and your employees. Could your employees benefit from understanding all the elements that make up your business? We can help! Experiential training, fully immersed in your commercial context and management information will support your people with skills, knowledge and insights to better understand where they can add value and achieve organisational goals.

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

February 20, 2017
Utilising gamification methods in workplace training

Predicted as a top trend in 2016 Gamification has been in the spotlight for a number of years and its popularity in 2017 is set to rise. While it is failing in mainstream popularity, its presence within commercial skills training is constantly increasing.

What is Gamification?

Gamification is the concept of applying game mechanics and game design techniques to engage and motivate people to achieve their goals. The growing interest in gamification stems from the desire to increase engagement levels among employees.

Benefits of Gamification in workplace training

Increases business success

A well-designed gamification platform incorporated into a workplace training strategy will begin to inspire employees to work towards specific personal and business goals while developing their skill set such as improving commercial skills. Results will then be monitored and measured and will ultimately increase business success.

Encourages learning

Implementing the latest technology to your workplace training plan in an engaging way will encourage employees to gain valuable commercial skills and is a fun alternative to other traditional forms of training.

Feedback

Gamification offers the user constant, up-to-date feedback. It allows users to benchmark themselves against their own goals and their colleagues. The feedback generated from gamification training helps users to understand their current level and elements they need to improve.

Reduces Stress

The last few years have seen a greater focus on the stress levels of employees in the workplace. It has been reported that 40% of workers have stated their job was very or extremely stressful while 65% of workers said that stress in work has caused difficulties.

Many businesses are therefore under pressure to ensure that employees are happy and healthy. Gamification in the workplace can relieve stress and encourage healthy competition among employees, this can be completed by establishing goals and targets which can be used within day-to-day tasks and responsibilities with results tracked using a leaderboard and rewards systems.

Encourages motivation and employee engagement

One of the most frequent traits seen from the use of gamification in workplace training is the motivation seen within employees.

With the ability to give fast, effective feedback, employees are given the opportunity to understand their own results and recognise areas for improvement.

It also increases engagement levels as employees can challenge and help each other throughout the training process.

Looking to train your workforce? We can help…

At MDA Training we pride ourselves on the fresh and innovative approach we bring to learning and development.

We will work closely with you to gain a thorough understanding of your training needs, business issues and your competency framework, and then design and deliver highly interactive, creative and engaging programmes that are fully embedded in your organisational values, culture and commercial context.

FOR MORE INFORMATION ABOUT THE BESPOKE WORKPLACE TRAINING PROGRAMMES WE PROVIDE, CONTACT MDA TODAY.

February 9, 2017
Talent management and tailored training solutions
Many businesses put a high emphasis on attracting and recruiting talented individuals, but developing, managing and retaining them is of equal importance.

Strategically managing the talent of your employees is invaluable to any business; contributing not only to staff retention, but also engagement and high workplace performance – adding subsequent value and return on investment.

Identifying talent within your business

In order to identify talented individuals within your business, ask yourself these questions:
- Do they directly make a positive difference to the organisation?
- Do they demonstrate the potential of moving on to higher levels of employment?
It’s good practice to identify employees of high potential in order to begin work on their training, retention and development. A method more traditionally favoured by employers features a structured selection process in order to encourage employees to perform. This method can, however, be detrimental to employees not selected, particularly if sufficiently sensitive and practical feedback is not given – particularly among the Millennial generation.

Talent management

Talent management itself is the systematic attraction, identification, development, engagement, retention and deployment of individuals who are of particular value to an organisation, either in view of their high potential for the future or because they are fulfilling roles critical to the operation of the business.

Tailored Training

In the same way, you would desire a different skill set for different job roles, it is paramount that all training is specifically tailored towards your talent management strategy, ensuring you are nurturing the employees of the most value to your business.

However, it is not just important to train those identified as having ‘high potential’. A lack of general training within the workplace is linked to low staff retention, so the key here is to identify the appropriate training in relation to each individual’s career path.

Tailoring training by demographic

Talent training programmes may include a range of activities, in a range of styles from formal training methods to more informal microlearning or mobile training methods. This relates directly to the job role and demographics of the individual in question.

As identified in a variety of our other blogs, the working practices, and preferred training methods of different demographic groups is vast. Understanding how best to train each demographic group is paramount to conducting successful development and delivering a return on investment from each of your employees.

The main difference between training Baby Boomers and training Millennials comes down to the fact Baby Boomers are happy to train as part of a team. They are the generation who work together to get things done, and as such, prefer group training methods.

Millennials, however, known as the ‘me’ generation prefer to train individually as opposed to in groups in order to have their personal value recognised. As a generation, Millennials prefer training in the form of micro-learning as opposed to traditional formal training methods.

This method also lends itself to be utilised for mobile learning. It’s easy to forget that Baby Boomers are also tech-savvy; thanks to the rise of the ‘silver surfer’ – 83% of Baby Boomers are now regular internet users, for this reason, a heavy technology focus within training is welcomed.

FOR BESPOKE WORKPLACE TRAINING SOLUTIONS TO IMPROVE YOUR TALENT MANAGEMENT PLAN, CONTACT MDA TODAY.
January 12, 2017
What is a commercial decision?

Commercial decision making is one of the current business buzzwords surrounding HR, recruitment and training. But what is a commercial decision, and why should organisations, regardless of whether they are a commercial enterprise, government department or not-for-profit charity take an interest?

What is a commercial decision?

A commercial decision is any decision that creates value for an organisation helping to achieve its underlying strategy, mission and aims.

A commercial decision does not have to be a ‘big’ decision, but the person in the position of making the decision must be able to adopt a logical step-by-step approach and be able to evaluate the likely outcomes through a well-rounded consideration of all possible options.

Making commercial decisions

The key to making commercial decisions is to follow these six steps:

Gather information

Firstly, what do you know about the situation at hand? Do you have any experience in this area that could be of benefit? Or maybe a colleague has dealt with something similar in the past? Utilise any relevant data and analyse the information in front of you.

And, if necessary, share this information with relevant colleagues to ensure you gain fresh perspectives you may not have otherwise considered.

Generate ideas

No idea should be ignored. Even if the idea is not right for the task at hand, it may prove useful for future problems or issues. With this in mind, and based on the analysis of the data gathered, you should look to brainstorm and generate the widest range of options for consideration.

At this stage, it is important to keep on task as it is quite common to ‘do nothing’ given the all the options on the table or take an easier way out with a ‘halfway house’ option instead of implementing a considered, commercially viable solution.

Set a deadline

Is there an external deadline? Or is an immediate decision needed? Understanding the timeframe in which you are to make decisions is half of the battle. For larger or more difficult decisions, having the ability to ‘sleep on it’ can really help, but more time is not always ‘better’! Setting a personal deadline can help to get things done and reduce the risk of dragging things out unnecessarily.

Efficiency is key and with some commercial decisions, implementing an idea quickly could be the difference in creating a competitive advantage or implementing a process that minimises waste and ultimately saves money.

Step back

What are the possible implications of your decision? Take yourself out of the situation, and try to see the decision from all angles and explore the possible implications for the organisation’s stakeholders. This approach will help to prevent decisions made in haste you would later come to regret.

Weigh up the risk versus reward

Identify and evaluate the risks associated with the preferred options by drawing up a list (be that physical or mental) of the pros and cons. When making ‘big’ decisions, it is essential to conduct a thorough appraisal, both financial and non-financial, to ensure you have a full understanding of the possible implications and likely outcomes. When in doubt, get the opinions of others in a similar position. Sometimes, all you need is a slightly different perspective to ensure you are making the right choice.

Have a backup plan

There is no fool-proof guide here, having a backup plan is a part and parcel of making commercial decisions. The key here is good planning and good planning involves organisation. Put a contingency in place, and be prepared to execute ‘plan B’, should you need to.

An employee with a good level of commercial awareness is more likely to make sound commercial decisions on behalf of your organisation. The ability to weigh up the pros and cons of each situation, and make a decision based on what is best for the business is essential, but in turn, employees must be able to work collaboratively too to potentially arrive at a more robust decision and in turn share responsibility.

Commercial awareness among millennials

One of the key issues raised among graduate recruiters in recent years is the lack of commercial awareness among millennial applicants, but now that almost 35% of the average businesses workforce is made up of millennials, how can you improve this situation?

Commercial awareness, decision and skills training

Commercial awareness and making commercial decisions go hand in hand. However, the focus can vary from organisation to organisation.

This doesn’t always come naturally to your employees, which is where training comes in. Commercial skills training enables employees to be flexible, knowledgeable and proactive when it comes to moving with current market trends.

The term ‘commercial awareness’ can vary from organisation to organisation and is driven by internal and external factors. As such, commerciality can be quite fluid and can change as the organisation evolves and responds to developments in the marketplace, industry, technological advances, customers etc.

As such, employees also need a commercial skillset that will allow them to adapt to changes and apply these robust skills to make commercially viable decisions.

A commercial skillset goes beyond financial skills that it is typically associated with, including a wide range of interpersonal skills too in areas such as customer service, project management and effective communication.

Do you think your organisation could benefit from commercial awareness, commercial decision making or commercial skills training? Contact us at MDA Training today!

January 6, 2017
5 commercial skills that are crucial to employee development

Giving your employees the skills they need to positively impact the business, as well as understanding how their behaviour and performance can lead to financial and performance enhancements is becoming increasingly important.

Employees who are commercially aware add value not only in their own role but company-wide. If there is a combined understanding amongst a workforce of how to engage with individual roles as well as knowledge of how the industry is developing as a whole, productivity will improve. We have compiled a top 5 of what we think are the key skills your team need to succeed.

Business insight

Commercial skills training pays attention to the business as a whole and the mission and aims of the business in a commercial context, and how these impact across the company. It explores not just the ‘what we do’ but also the ‘why we do it’.

Employees who understand the purpose of the business in an ethical sense add value and are more emotionally bought-in.

Understanding the value of reporting

How many employees truly understand the reporting you currently use in meetings, management meetings, team briefs or in conference calls? If your workforce has a grasp on the figures, or KPIs being discussed they will have the confidence and insights to help drive performance.

Training your people with skills, knowledge and insights to better understand where they can add value and achieve organisational goals will deliver real return on investment.

Financial awareness

Employees that truly understand the drivers of financial performance in the business can better understand how their role and performance can impact the business financially. Commercial acumen training will explore how their day-to-day activities, positive or negative, related to the business as a whole.

Competitor awareness

Commercial skills training focuses on competitor awareness and how this can be used to make sound commercial decisions. Understanding the marketplace means knowing your competition, who they are, what they do and why. An employee that understands the competition can positively impact business performance by adapting their activities or making suggestions about positive change and adaption.

Perception

It is vital that employees understand the importance of keeping an eye on the climate of their market sector and competitors, and are able to react accordingly to change.

Commercial skills training empowers employees to be flexible, knowledgeable and proactive when it comes to moving with current market forces and trends.

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

December 15, 2016
How to beat the baby boomer retirement crisis
A key problem facing businesses and organisations of all sizes in the coming years is the mass departure of the baby boomer generation as they hit retirement age.

How businesses deal with and implement strategies to alleviate the consequences this workforce exodus will create will prove decisive to their future success.

The implementation of development programmes and training to better prepare current employees for leadership duties are just a couple of ways of minimising the effect the retirement of baby boomers will have.

Succession planning

Robert Half, a leading UK recruitment specialist, suggests the following strategies to retain retiring baby boomers’ skills and experience within a company.
- Offer a phased retirement. Phased retirement options allow baby boomers to retire gradually while providing time for them to train successors. These arrangements can include consulting, part-time work, flexible working hours, telecommuting or specialised project work.
- Don’t just pay attention at the top. Don’t just plan for senior-level vacancies. Having a capable successor for key roles at all levels is important.
- Prepare future leaders. Work with employees with leadership potential through mentoring, additional career development or education, and ensure they can see a viable career path within your organisation.
“Employers are facing a profound shift as baby boomers look to exit the workforce, compounding the existing skills gap. With employers challenged in finding the skills they need to grow their businesses, establishing a succession plan with a robust attraction and retention strategy will be critical to succeeding in today’s economy.” added Phil Sheridan, UK MD of Robert Half.

Retaining baby boomer employees

Retaining retirement age employees as mentors is also a valid strategy and can allow younger staff to move into more senior roles in the business under the guidance and tuition of outgoing management.

Baby boomers have often spent numerous years within a business, as they have forged a career and climbed the ladder; by allowing them to nurture and pass on their in-house knowledge to younger Generation X and Y colleagues, businesses can lessen the impact their loss can have.

Should future leaders or skilled workers not already be present in the business, businesses can look to external recruitment consultants and the wider talent pool they have access to.

With easy access to candidates at different levels, recruitment consultants can provide real value in succession planning and finding the leaders and senior management of the future, who can be nurtured and developed in the ethos and values of the business.

One thing is clear, businesses must face up to this and put in place robust strategies to address the exit of their baby boomers.

If you are facing the prospect of losing key staff due to retirement and need to implement a training programme to develop your team, our expert team are on hand to chat about your needs.

FOR BESPOKE WORKPLACE TRAINING SOLUTIONS DESIGNED TO SUIT THE NEEDS OF YOUR BUSINESS, CONTACT MDA TRAINING TODAY.
December 10, 2016
Recruiting, engaging and retaining talented millennial employees

Aged roughly between 18 and 33 today, the millennial generation is already playing a key role in organisations worldwide.

Set to account for 75% of the workforce by 2025, their influence across global business is growing by the decade. So how can you recruit, engage and retain millennials – the first generation of digital natives, and motivate them to have real value?

Recruiting millennials

Firstly, recruiting millennials purely focussed on financial incentivisation is not enough. This is a generation that values work-life balance, flexibility, personal fulfilment and fast-paced career progression. In order to recruit the best talent, it will be vital to demonstrate that these elements are available to them. You’ve done this, so what next?

Engaging millennials with training

Train them, train them again, train them some more. While millennials are accustomed to ubiquitous information and ‘finding things out for themselves’ – underestimate their need and desire for good training at your peril. Millennials are a generation brought up on the concept of lifelong learning, both socially and educationally. They want to continuously develop themselves on a personal and career level and companies that fail to offer these development opportunities will fail to engage the generation.

Training millennials

Traditional training methods won’t cut it though. Millennials don’t want to be spoon fed or told what to do, they need to feel valued and trained in a way that suits them. They have an insatiable need for feedback and ‘proof’ they are “doing good”. They want to understand first how the training benefits them and how it will have a positive impact on their life. Millennials consider personal and career fulfilment as one and the same so ensure any training can be rationalised by them both personally and career-wise.

Retaining millennials within your organisation

Millennials are a transient generation, happy to shift from one organisation to another if their needs are not met. Unlike the generations that have gone before them, millennials have no problem dealing with change and will move on should a better option present itself. An organisation where training and development are geared toward the millennial mindset, in bite-sized chunks and focussed on experience, will see higher retention and engagement levels amongst this generation.

FOR BESPOKE WORKPLACE TRAINING SOLUTIONS THAT ENGAGE AND RETAIN YOUR MILLENNIAL EMPLOYEES, CONTACT MDA TODAY.

November 22, 2016