- In challenging times, many companies are adopting cost-cutting measures
- HR budgets are often among the first to be axed
- A new business simulation proves that budget squeeze and talent development can go together
Times are tough for learning and development managers. In almost all major UAE companies, HR faces severe budget cuts. Some companies solve the problem by putting the training burden on their HR staff or line managers.
However, some stop training and talent development altogether. What looks like a smart decision to support the bottom line short-term turns out to be a high risk in the long run.
Investing in talent is essential for sustainable growth and success of any company. Hence, having no training at all is not a viable solution.
A UAE-based developer of business simulations has now come up with a smart alternative. The new business board simulation “Bizzim” is a win-win. It builds two highly relevant skills and is budget-friendly. Employees understand the business and they learn how to save costs.
“Our customers asked for a tool that saves time and money. We designed a simulation that builds business skills and financial awareness in one go,” said Dr Gudrun G Vogt, Managing Partner of Targetsim, based in Dubai Knowledge Park.
Coping with challenges
The experiential learning tool lets participants immerse themselves in a simulated company. They run the business in competing teams. Supported by a senior facilitator, participants practice how to cope with typical challenges like shrinking margins, budget cuts or changing customer needs.
Eventually they come up with creative ideas how to generate profits despite tough market conditions and see immediately the impact on costs and revenue.
Unlike conventional lecturing, the simulation methodology is highly engaging action learning, a so-called serious game. Employees practice strategies that help them contribute best to their real company’s success.
Learning can be transferred immediately into action at the workplace. Attendees leave the two-day course with detailed action plans and additional facilitator’s inputs for cost saving initiatives in their own area of responsibility.
The simulation experts at Targetsim consider the launch of their new product as a further contribution to the economic success of Dubai and the UAE. In line with the UAE’s vision and growth strategy, the Bizzim Business & Financial Acumen Builder supports companies in remaining agile and successful in times of major transformation.