People Management and Business Acumen: Setting L&D Priorities

A couple of weeks ago, I ran across a great People Management news video from this spring. In it, three learning and development professionals discuss their biggest challenges, and one shares some interesting insights on trends.

Watch the video here (Skip the first 40 seconds to get to the best part.)

Key L&D Challenges Identified

The challenges discussed in the video (paraphrased) include:

• Ensuring learning and development activities work across different countries – Shaqibah Sheikh, HR Director, YouGov PLC‍
• Improving how much people retain from training over the long term – Sam Pokarel, L&D Specialist, Heathrow Airport‍
• Providing highly interactive coaching during training sessions – Julie Rowlett, DPG‍
• Prioritizing L&D needs within the workforce while balancing competing demands and budget constraints – David Adekitan, NHS East London

How to Prioritize Learning and Development?

When it comes to prioritizing training, my suggestion is to first ensure that employees understand financial decisions and financial reports. This requires a big-picture understanding of business dynamics.

One do-it-yourself way to build business acumen is to spend 10–20 years running a business. But that takes decades—and might come with heartache and bankruptcy. A more effective approach? Invest in a business acumen simulation like Income|Outcome.

Why? A simulation provides the experience of running a real company, making real business decisions, and experiencing real consequences—without the financial risk.

Choosing the Right Business Simulation

There are many business simulation formats—board games, computer-based, or web-based, played as individuals, in teams, or in multiplayer settings. But not all simulations are equally effective.

Key Elements of a Successful Business Simulation

To ensure that your training builds real business acumen, make sure your simulation includes:

• Industry focus, not just company focus – Employees need to understand the competitive landscape so they can anticipate how competitors may respond.
• Learning through doing – Passive learning doesn’t build intuition. Experiential learning allows concepts to sink in and become second nature.
• Complete financial statements – Participants need to see simplified but complete financial reports. This prepares them to understand real-world financial data.
• Tools for applying the learning – Use follow-up tools like the Company Board™ to help participants apply business acumen to daily decisions.

Looking Ahead: Setting Priorities for 2022

Are you prioritizing business acumen training for your 2022 learning and development initiatives? If so, choosing the right simulation can make all the difference.

Want to Learn More?

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