Tag: Experiential learning

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
Digital Business Simulations: How to maximise commercial productivity

2024 saw many businesses, from an array of industries, embracing remote working due to the coronavirus pandemic.

With more and more employees relying on their screens to carry out their responsibilities, training within the workplace has also seen a dramatic shift to the virtual landscape.

Over the course of last year, we saw businesses from the commercial sector embracing virtual training over traditional in-person training as an answer to the restrictions brought about by Covid-19.

With many companies seeing dramatic increases in productivity due to the benefits of remote working, the virtual workplace outlook in 2024 – including company training – looks very optimistic.

At MDA Training, each of our sector-specific courses, from banking to manufacturing, feature interactive digital business simulations as part of a course structure. These experiential activities provide learners with an essential opportunity to put the course material into practice.

They are also a crucial reason why our virtual training solutions can help your company maximise commercial productivity.

How virtual simulations differ from traditional workshops

Traditional business simulations are set in a physical environment, where participants will work to solve a series of problems to either learn by doing or to demonstrate learning already undertaken.

In a virtual workshop – where the business simulation is delivered through some form of a screen – those involved will be required to engage with online content before making informed decisions based on their learning. To solve the simulation’s problems, they’ll need to correctly apply their learning from throughout the course.

Experiential learning, whether virtual or physical, mirrors reality, produces predictable learning and requires deep involvement. The virtual environment lends itself so fantastically to business simulations because of its versatility, accessibility and affordability.

Virtual courses can be styled to match any company brand guidelines, while their duration and content are carefully controlled.

They are accessible remotely at any time of day, anywhere, and only need to be recorded once to be delivered multiple times.

The benefits of business simulations in virtual learning

The simulations that are an integral part of our virtual training programmes have numerous benefits that range across the industries we work with, like facilitating collaborative problem solving, improving learning retention and connecting employees who otherwise would never meet.

The Research Institute of America researched retention rates in virtual learning, revealing increases of 25 to 60 percent – compared to retention rates of 8 to 10 percent with more traditional training routes.

The reasoning for these increases? Better control over the learning process for the employer as well as the fact that learners can revisit training as needed.

Connectivity and collaborative working are vital to improving productivity, especially in the current climate we find ourselves in.

As more and more of us continue to work from home and increasing numbers of new-hires start their careers working remotely – feeling like ‘part of the team’ is becoming ever more difficult.

We’ve discussed the benefits of interactive training in the banking sector at length, but the simulations incorporated into our courses are applicable across multiple industries.

From team-building exercises and developing a management mindset, to learning critical financial concepts or exploring commercial decision making – these skills aren’t restricted to one industry alone and are essential tools for running any successful business.

Head to our Learning Lab for five more reasons to leverage digital business simulations for your business this year.

Our digital business simulations

We’ve worked hard to create a series of engaging activities that give real-word experience within our virtual training courses.

Through blending activities designed to spark interpersonal communication with facilitator-delivered content, digital business simulations are a versatile tool to be used across the virtual environment.

Whether your sector is banking or insurance, asset management or manufacturing – we have a range of simulations explicitly tailored for your employees’ development.

From ‘run the bank’ and ‘client centric banking’, to our ‘driving commercial success’ simulation or leading an international insurance business for the insurance industry – each sector-specific course is enriched with its own digital business simulation.

Some elements are incorporated into a broader programme to cement the learning carried out during the course.

Other simulations run as standalone activities, such as our bespoke manufacturing business builder, or our highly successful ‘DigiPark’ simulation.

If you’d like to learn more about how our carefully tailored business simulations could be utilised to maximise productivity in your business, get in touch with the MDA team today.

January 13, 2021
5 Virtual Event Trends for 2024

If 2024 saw the rise of the virtual event, then 2024 will be the year that businesses worldwide truly embrace the versatility that they offer.

In the wake of the coronavirus pandemic and the remote working boom – a myriad of online conference platforms made their way to market, putting board meetings, seminars, even workplace training at our fingertips.

In this study – carried out back in August of last year – 500 senior marketers were asked a series of questions to reveal their strategy for events planning in 2024.

Among the study’s findings, 80% of respondents expected to run or participate in hybrid events in 2024, whilst 64% expect to increase their 2024 event marketing budgets compared to 2024.

Though online conference platforms provided us all with the tools needed to continue working as the world battened down the hatches, the sheer range of choice between platforms can be somewhat of a blessing and a curse.

Not to mention that the vast majority of ‘free’ versions don’t provide the necessary level of professionalism that many business owners and events organisers have come to expect in 2024.

By working with a trusted partner and experienced events organiser like MDA Training, you can rest assured that your virtual event will be engaging and run smoothly from start to finish.

Moreover, by utilising our vast experience in both traditional and online events, you’ll be able to leverage the flexibility that hybrid events have to offer.

The virtual event trends to look out for in 2024

By definition, virtual events are anything held online, whether a conference or webinar, live stream or training event – your intended audience will be sat behind their screen.

Instantly expanding your audience from how many seats a typical venue can hold – to how many people worldwide have access to the internet and a screen of some description.

Throughout 2024 we helped organisers and businesses adopt new technologies and combine them with traditional event elements, providing their audiences with interactive and engaging experiences.

Based on our clients’ feedback across last year, our highly interactive approach is what sets MDA apart from our competitors.

We provide experiential digital activities and business simulations alongside premium content, led by industry-leading speakers – to provide a versatility that is unattainable outside of the virtual environment.

Below are five of the most popular events that we helped organise throughout last year, that we believe will shape virtual and hybrid events throughout 2024 and beyond.

Conferences & Webinars

Moving conferences and webinars online allows you to reach a wider audience for your speaker to educate and inform about the topic at hand. Now that group gatherings are limited due to social distancing measures; virtual conferences are the next logical step.

Virtual and hybrid events provide a stage for multiple speakers across your event, while also allowing for important breakout sessions and small group classes through virtual ‘rooms’, where attendees can discuss and consolidate their learning.

During shorter webinars or a talk from a single speaker, the advent of live chat features allows attendees to discuss the topic at hand and even ask questions in real-time – creating a far more immersive experience than a traditional seminar.

We also utilise unique experiential digital activities such as our DigiPark business simulation. Simulation helps break up conference sessions into more manageable sections, encourages networking, reinforces key messages, and compels delegates to learn interactively. Find out more about DigiPark in the learning lab.

Training workshops

Take the success of the millions, if not billions of instructional videos on YouTube and other popular streaming sites as an example here – and you can see how running a hands-on workshop would lend itself particularly well to a virtual environment.

Depending on the knowledge you’re trying to impart, the event’s organisation may need to include a list of materials or tools published beforehand.

But whether you intend to teach woodwork or a coding language – pointing a camera at yourself whilst you wax lyrical about your specialism is just as effective as a traditional workshop.

On top of the ease of production, virtual training workshops allow the organiser to create a series of classes on various topics and promote relevant courses within the content. Increasing the potential audience size and in turn, improving potential revenue.

Taking an experiential approach to training workshops, like providing real-world simulations and activities, also provides a safe environment for applying and embedding learning.

Live streaming & pre-recorded content

Most online conference platforms, like Webex and Zoom, provide live streaming features. When organising your virtual event, including a live stream, is a great way to engage with your audience while promoting a sense of immediacy.

Pre-recorded content enables you to include elements that aren’t possible in live streaming, like video editing features that provide a more professional sheen to your content.

By combining pre-recorded content with live streams throughout your event, you will reap the rewards from both elements – encouraging attendees to stay tuned and not miss the live segments, while grabbing their attention with impressive video edits in-between.

Onboarding & company training

Whether your company is a multinational conglomerate or an aspiring SME on the up and up, training new hires or existing employees can be difficult under normal circumstances, nevermind during a global pandemic.

The benefit to virtual onboarding and online company training is that all of your content is in a central location, easily accessed by anyone, whenever they need it.

Whether that includes training videos, legal documents or questionnaires – all materials can be easily accessed or even amended whenever necessary.

Virtual training also promotes better engagement and productivity, bringing variety and real interactivity to the learning journey. As our online courses are in manageable segments, staff retain bite-sized pieces of information far better than in one long block of traditional in-person training.

Continuing education & qualifications

As with many industries that require their employees to possess up to date qualifications, travel to attend continuing education courses and seminars was at one time commonplace.

Moving such courses online provides a win-win for the employer and the employee – saving money through the absence of travel and recording or streaming the content just once, and then presenting the course in a virtual environment.

Leverage virtual events for your business in 2024

Indeed, virtual events aren’t a new concept, but with social distancing and home-working measures set to stay at least until the springtime – more businesses will likely be turning to virtual methods to achieve their goals for 2024.

There are undoubtedly some events and industries that lend themselves to the virtual environment, but with the introduction of modern technologies and a healthy dose of creative thinking – almost all in-person events can be brought into the virtual age.

With a long list of benefits to taking your event virtual, like cost-savings and increased attendance, better engagement and added revenue streams – our question to you isn’t how you’ll leverage virtual and hybrid events this year, it’s when.

Get in touch with the MDA team to discuss how we can make your dreams of hosting a virtual or hybrid event in 2024 a reality!

January 7, 2021
How experiential virtual training is solving the challenges faced by the banking sector
Before the COVID-19 pandemic, the banking industry’s traditional business model was already under significant strain, facing real challenges brought on by the rise of internet & open banking.

With consumer demand shifting from the local branches and cashier desks of yesterday to the secure smartphone apps and innovative online products that we expect today – it seems obvious now that a reflection of this shift in training banking staff was inevitable.

In a post-coronavirus world, those challenges are just as prevalent, if not heightened. With customer’s reliance on online banking products being higher than ever, it seems evident that the global social distancing measures driving this demand would also fuel how banks approach staff training.

Why training within the financial sector has had to change

Though the retail banking sector has seen unprecedented change in recent years, statistics from the London Institute of Banking & Finance – reveal that bank or building society branch closures between 1986 and 2014, saw a 51% decline.

So if industry change has been a thirty-year battle, what recent factors are forcing banks to change the way they train?

In 2018, a ruling from the Competition & Markets Authority came into force, a directive which promoted the development and use of innovative online payments.

This legislation enabled fintech firms and challenger banks to bring new services to market, offering more variety and better value than high street banks could provide.

As a consequence, the majority of the services offered on the high street are increasingly considered as redundant, meaning banks have had to adapt and adopt the same technology to compete.

This has meant job losses and branch closures across the country, as the need for cashiers or tellers has become increasingly unnecessary.

A fact backed up by statistics of employment within the banking sector falling by approximately 100,000, between 2001 and 2018.

That said, the industry is by no means a lost cause. Recent projections made in the Mckinsey quarterly suggest that whilst the number of roles have decreased, a skills gap has grown in their absence.

Because the financial sector is at the forefront of digital adoption, the demand for a more skilled workforce is likely to increase dramatically over the next decade.

As automation is more regularly adopted, the need for a workforce that uses basic numeracy and literacy for data input and processing is likely to decline.

Instead, training existing staff to become technology experts, whilst onboarding new professional talent will increase. Additionally, roles that require customer interaction – whether in person or online – will drive the demand for keen social and emotional skills.

Whilst there may be fewer roles in banking than there once were, there is far more diversity in the opportunities that are available – opening up opportunities for banking firms to develop their workforce with quality training.

How digital learning is transforming training within the banking industry

Meeting the demands that rigorous staff training dictates, as well as clearing the hurdles presented by social distancing measures, has posed a significant problem for employers over the last nine or so months.

Alternatives to traditional learning environments have been essential for continued professional development, which is where virtual learning programmes have come to the fore.

This study by Forbes presented findings that employees gained the same amount of learning in 40-60% of the time spent in a physical classroom, whilst virtual training could also boost employee engagement in the workplace by 18%.

Whether your business has existing employees, new hires or graduates that need upskilling – the advantages of experiential learning are threefold. Interactive learning online presents a unique solution to training during the global pandemic; facilitating an inherently safe social distance, mastering your product offering to improve commercial awareness, whilst honing critical ‘soft skills’ from a digital perspective.

Experiential virtual training from MDA uses a combination of videos, live conferencing and frequent communication.

Not only provides the learner with one to one training from industry experts, but it also exposes them to the necessary experience needed to offer customer-centric online banking – an industry focus set to become the industry standard.

Trusted by industry leaders such as Deutsche Bank, Lloyds Banking Group, and Royal Bank of Scotland – MDAs comprehensive banking operations training focuses on the following four areas:
- Technology, Infrastructure and Operations
- Private Banking
- Investment Banking
- Corporate and Commercial Banking
Each training programme utilises a combination of experiential learning methods, such as virtual theatre workshops, banking simulations and live, facilitator-led discussions.

Learning is then bolstered through hosting online discussion, interactive PDFs and toolkits – providing an extensive learning experience to drive change in the workplace.

For more information about our virtual products training programmes for the banking sector, contact MDA training today!
December 18, 2020
Meeting the demand for online conference platforms in 2024
Whether through necessity, choice or a combination of the two, companies from all manner of sectors and industries have embraced remote working over the last twelve months. As a result, online conference platforms have exploded onto the scene, revolutionising the way businesses interact with customers and colleagues alike.

So what are online conferences?

Online conferences provide many of the same benefits as their traditional counterparts, often featuring a thought leader in their given industry who speaks in a series of sessions. Where conventional and virtual events differ from one another, however, is their scalability and uniqueness.

Hosting an event or conference would typically involve hiring a space, which immediately limits the capacity of your audience. The physical space, such as a stage or platform, will also dictate how you engage with your intended audience.

Online events take advantage of today’s technology, exciting graphics and engaging displays enable the host to tailor a truly immersive experience – without the expensive outlay of sourcing and hiring a venue.

Conference organisers need to factor in attendance into the planning of their event. Before the coronavirus pandemic, when physical conferences were more commonplace than they have been recently, attendance was often negatively impacted by a multitude of factors.

Whether through poor promotion or organisation of the event, this study carried out in 2016 suggested that cost was the number one reason for attendees choosing to not attend a physical conference, at 72% of the sample.

Whilst 60% listed their work schedule as a deciding factor in skipping the event. The same study also revealed that over 80% of online conference attendees would avoid the conference generally, if it were in a traditional format.

This isn’t to say that a physical event doesn’t have its merits; there are some situations where being there cannot be undervalued enough.

But by combining online conference platforms within the physical space, known as a hybrid event, organisers can provide the best of both worlds.

Choosing the right platform for your company

Since the popularity in virtual conferences has seen such dramatic growth in recent years, choosing between the various platforms available to you can seem daunting.

It goes far beyond just choosing between features like video quality and viewer capacity, for your event to be a resounding success, you need to be able to create an engaging and truly unique experience.

Whether you’re planning a large conference or a series of smaller events, virtual training classes or team business simulations – there are some key features that you’ll need from your chosen conference platform. The most popular and common online conference features being:
1. Live streaming
2. Pre-recorded Video
3. Co-browsing
4. Instant messaging
5. VoIP audio conferencing
6. Platform support
7. Screen sharing
8. Ability to go private
9. File sharing
10. Whiteboard features
Many streaming services, like Zoom or WebEx, offer the same or similar features as the technology is widely accessible for all business users.

But the platform you choose is just one piece of the puzzle. What really separates one virtual events service from the next is how easily the event is branded, customised and aligned to your company goals.

Setting up an online conference can be as straightforward or as complicated as you want it to be, but if extending your reach, increasing attendance and engagement and generating revenue are priorities to your business – you’ll need a service that is tailored specifically to you.

Online conferencing and virtual events from MDA

We’ve focused on creating a service that is hassle-free, taking the stress out of planning, organising and delivering your online conference or virtual event.

From recruitment fairs to induction days, we’ll provide as much support as you need throughout the whole process.

Whether you need technical support throughout the event, hosting assistance or managing the logistics of a virtual or hybrid event – you decide our level of involvement, leaving you to focus on your priorities.

We’re well versed in all of the popular online conference platforms and can offer you tailored advice as to which platform and technology are best suited to your event.

With over 30 years of experience running both physical and virtual corporate events, MDA is a trusted partner to a range of organisations the world over.

Our tried-and-tested approach to virtual events management offers flexibility and convenience for all of our clients. So whether you’re looking to run team building events or away-days, virtual CPD classes or recruitment conferences in 2024 – you can trust in MDA to ensure your event is a complete success. Get in touch with one of our team to start your virtual journey!
December 18, 2020
The top 5 skills for your 2024 training
In a year dominated by a pandemic (and the difficult decisions that had to be made by employers), it’s understandable if you’re looking forward to the New Year, and the opportunities it may bring.

With the Pfizer/BioNTech COVID-19 vaccine receiving regulatory approval for use in the UK at the beginning of December (Canada and the United States have also recently followed suit), we’re now another step closer to the light at the end of the tunnel.

And, with an increasing number of companies choosing to stick with remote working, or introduce more flexible working weeks in 2021, then it’s safe to say that the workplace in 2024 is going to look very different when compared to twelve months ago.

By now, your focus will be shifting towards the skills that your workforce is going to need in 2024. After all, you’ll be wanting teams to continue working efficiently after the festive break and well into the New Year. We’ve put together five skills that your employees will need in 2024.

The skills your employees will need in 2024

For employees to thrive in the workplace of 2024, there is going to be an emphasis on the importance of interpersonal (or ”soft”) skills. These skills include:
- Communication & collaboration
- Listening
- Work ethic
- Positive attitude
- Self-confidence.
We’ve recently talked about the importance of interpersonal skills in the workplace. But, as we head towards a New Year, these skills are going to prove incredibly useful for employees looking to progress in a (potentially) post-COVID world.

Communication & collaboration

In 2020, we have seen more companies putting an increased focus on the importance of communication in the workplace; which is understandable, when you consider that teams have to be able to work well together (whether physically or virtually), in order to be successful.

At this point, it’s looking likely that ”normal” life is not going to resume on January 1. Thus, the workforce is going to be looking at working from home for another few months at least. So, with this in mind, it’s surprising to learn that good communication skills are lacking in the workforce.

Communication is crucial. The success of a team is almost entirely dependent on the personal efforts of its members. To work well together (even when apart), then your workforce needs to be able to communicate effectively, to continue working well in the New Year.

Listening

Communicating and listening go hand-in-hand. Not only are they crucial for understanding the wants and needs of clients, but they can help employees better understand their teammates.

Indeed, active listening is far more comfortable in person – you’re less likely to get distracted when talking to someone face-to-face than when you’re on a group call!

According to career expert Wendi Weiner, employees who can demonstrate that they’re proficient in listening skills are “often attentive, have high attention to detail, and are excellent at connecting with others”. Regardless of the sector your business falls into; there’s no denying that employees who can display those skills will perform well.

Work Ethic

In 2020, many employees have had to be self-sufficient with their work ethic, which some will have found more manageable than others.

In October, a survey by the BCO revealed that two-thirds of workers believed their career had been helped by relationships made in the office. And, for junior workers, who aren’t as experienced, the move to working from home may have harmed those relationships.

When many are living in shared houses, they’re missing out on the training and guidance which they would usually receive from more experienced colleagues. This only reinforces the importance of honing these skills in 2024.

Even before the pandemic struck, nearly two-thirds of employees had experienced a negative effect on their personal life, as a direct result of an unhealthy work-life balance. As we said at the beginning of the pandemic – you wouldn’t do it in the office, so why are you doing it at home?

Positive Attitude

Maintaining a positive attitude at work in 2020 has been difficult. We often underestimate the importance of a positive attitude in the workplace.

But, while those with a positive attitude are more likely to be able to remain hopeful (even when the situation seems hopeless), and always look on the bright side of life, those with a negative attitude are typically more pessimistic, and will always expect the worst.

Being able to maintain a positive attitude within the workforce can help alleviate stress within teams, and maintain useful relationships within the workplace.

During trying times, staying positive is all the more critical. You can find the good in any situation if you look closely enough – instead of focussing on the negatives of this working year, concentrate on the positives – there will have been some.

Self-confidence

Everyone – from the fresh-faced graduate to the CEO of the conglomerate – has faced self-doubt at some time in their career. But, nobody ever got any better at something by beating themselves up about it!

As we head towards another few months (at least) of working from home, a lack of self-confidence could hold employees back.

And, like all interpersonal skills, self-confidence can be honed. From presenting work via a virtual meeting to maintaining a good relationship with colleagues, employees will be able to become more confident, while also optimising work output.

Interpersonal skills training offered by MDA Training

Across the working world, every sector has been affected by COVID-19. Businesses have been forced to accelerate their digital transformations, and have, in turn, pivoted towards the latest developments and technologies to see them through the uncertainty caused by the pandemic.

Here at MDA Training, we have been no different. When the world locked down, we helped organisations unlock potential – albeit, virtually.

That’s why we offer a range of interpersonal skills training modules, which can be tweaked and tailored to best suit the needs of your employees.

Through our virtual learning programmes, your employees will learn the skills they need to stay relevant in an increasingly competitive world. Plus, they’ll be honing the ”soft” skills they need to complete their role to the highest standard.

All of our virtual modules are almost entirely experiential, taking your workforce through a range of scenarios and outcomes.

By assisting employees in these safe scenarios, you can rest-assure, knowing they are adequately prepared to take on these situations should they arise in the ”real” world!

To find out more about the importance of interpersonal skills in the workplace of 2024, contact MDA Training today. Happy New Year!
December 15, 2020
Assessing operational risks in banks throughout 2024 and beyond

Risk management in banking has never been more complex than it is today. The past decade brought with it a global financial crisis, banking scandals, technological advancements, and much more. All of this has contributed to tightened regulations and increased compliance on a worldwide scale.

The operational risks that banks have to juggle are as relevant as ever before in 2024, and it’s important to know exactly what these are so that your bank can take steps to prepare employees to deal with them, thus avoiding the costly pitfalls that it could be so easy to fall into.

So, what exactly are the biggest operational risks banks are facing in 2024?

Cybersecurity

While most banks already consider cybersecurity an absolute priority, it is important to remain vigilant and on the front foot as this threat will only increase and become more and more difficult to fend off as technology continues to develop.

This is especially relevant when we consider the fact that banks now store more data than ever before about their customers.

An example of how important this issue is can be seen in a report issued by Deloitte that revealed that “…financial services institutions on average spend 10.1 per cent of their IT budget on cybersecurity. Yet, the number of data breaches in the first six months of 2019 increased by 54 per cent over the same period in 2018.”

In light of this, it is crucial that banks take necessary steps to ensure that their leaders and employees have training programmes in place that can help them to identify and combat the operational risks associated with cybersecurity, such as hacking, employee errors and GDPR breaches.

Increased regulation

Following the 2008 financial crisis, regulations were put in place by governments across the globe to prevent it from happening again. Public tolerance for banking failures also fell dramatically and mistrust rose, which put pressure on the authorities to implement a fresh wave of strict regulations.

The problem that this poses for banking employees is that the sheer speed and volume at which new regulations are being introduced can be difficult to keep up with, especially when placed alongside their day to day responsibilities. This increases the risk of banks operating outside of regulations as well as having a workforce that feels confused about what regulations they need to adhere to.

The answer to this is to ensure that individuals are adequately trained in the latest banking regulations, and have an understanding of how these regulations affect wider operations. This will equip employees not only with the information that they need but also the confidence to make key decisions quickly and without delays that could prove costly in the long run.

Advancing technology

The onward march of technology has always affected banks as well as the operational risks that they have been faced with. This is more true than ever in 2024, as banks are exposed more and more to technological advancements such as big data, machine learning and online banking apps.

While technical advancements in the banking sector such as these are helping banks to reduce their costs, increase profits, and provide a more seamless customer experience; there are also new operational risks that come hand in hand with these changes – such as data privacy and protection.

By training staff on an ongoing basis about the operational risks that go alongside with new technology that is being implemented, banks can ensure that individuals have a thorough understanding of the challenges that these technologies represent. This, in turn, lowers the risk of any issues arising that could put the bank in legal trouble or cost a large amount of money to rectify.

In conclusion

The rise in operational risks that we are seeing in 2024, and in the future, are making it more important than ever that banks ensure that their staff have up-to-date knowledge by utilising training courses that can prepare them to manage risk within their roles.

Here at MDA Training, we offer industry-leading training programmes for the banking sector that are specifically designed to help individuals to retain information, and apply the information that they learn in real-life situations related to operational risks.

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

March 12, 2020
What are business simulations?
Business simulations are a practical, engaging workplace learning method, consisting of a range of activities related to specific goals and KPIs.

Instead of traditional classroom-based learning, simulations imitate reality and stimulate collaborative working among employees, thus improving learning retention and boosting morale.

How are simulations beneficial for businesses?

There are several benefits that business simulations pose for corporations, including:
- Accelerated learning and development
- Learning in a risk-free setting
- Actively attempting situations
- A significant return on investment from workplace training
- An opportunity to implement new technology and innovation.
As opposed to traditional learning methods which rely heavily on delivering information in a linear, one-way fashion, business simulations encourage collaboration and allow businesses to assess the performance of their employees in a risk-free environment.

In terms of monitoring performance, a qualitative assessment is something that is typically difficult for businesses to do. While their employees will be qualified for their roles, it is less obvious to identify and assess specific qualities, attitudes and reactions to certain scenarios.

A business simulation, however, allows leaders to watch their employees perform tasks related to their actual roles, which in turn gives them a clearer qualitative assessment capability.

How are business simulations beneficial for employees?

Business simulations provide employees with a systematic learning experience while simultaneously allowing them to express their own opinions and showcase their methods when it comes to solving professional problems.

This way, individuals are able to achieve the perfect balance when it comes to retaining information and putting into practice specific skills learned.

With one in three employees in the modern workplace agreeing that uninspiring content is a barrier to their learning, investing in a bespoke business simulation could prove to be the difference between success and failure.

Why do leading businesses use them?

Leading businesses are so diverse in their talent pool. They have so many different types of employees who will excel in different areas, meaning that a basic training course using traditional methods simply won’t work in the modern day.

An effective business simulation will offer these companies a solution that can prepare an entire hierarchy of employees for the demands of their roles and more, in an environment where individuals are encouraged to express their capabilities and later reflect on where they could improve in the future.

How business simulations offer more than just forecasting

It is a common misconception that business simulations as part of a wider training programme are merely in place to ensure that leaders can accurately forecast long term figures based on historical data and employee performance.

In fact, simulations seek to move away from linearity and rooted metrics, adopting a butterfly effect approach to workplace learning. The benefit of this is that it can be highlighted to employees how one small disruption can have a significant effect on long term results.

How can business simulations integrate new technologies?

The flexible nature of a business simulation means it can be tailored to meet specific needs and focused on particular areas. This is especially the case when it comes to new technology.

In particular, virtual reality (VR) is now being used to improve business simulations and general workplace processes. It has even been reported that virtual reality has boomed during the COVID-19 pandemic as companies look to more innovative ways to train their staff.

Providing a virtual reality (VR) environment for employees as part of a business simulation allows them to be fully immersed within a learning experience related to their position at the business.

Our approach to business simulations

At MDA Training, we take an active approach to business simulations as part of our workplace training programmes. Our unique combination of an experiential simulation, supported by flexible learning initiatives, will help build and sustain key technical and interpersonal skills.

Our simulations are designed to be fun, engaging, competitive and ultimately effective at building applied knowledge and improving learning retention as participants form strong memory anchors and practical insights.

We specialise in creating and delivering business simulations for the following industries:
Below is a visual representation of how we deliver business simulations here at MDA Training:

We take the time to learn specific goals, objectives and KPIs to provide participants with a real-time opportunity to practice and focus on the key skills, attitudes and behaviours they need to adopt to make an effective contribution to their team and the wider organisation.

Conclusion

A business simulation is not just an industry buzzword used to mask over traditional training methods. In contrast, they are an innovative, cutting-edge way of improving learning retention and promoting collaboration between employees at all levels, when implemented correctly.

When looking to develop the skills of employees through active and memorable learning, leaders should definitely consider the benefits that business simulations pose for organisations of all sizes.

FOR MORE INFORMATION ON THE BUSINESS SIMULATIONS WE PROVIDE, PLEASE CONTACT MDA TRAINING TODAY.
January 8, 2020