• Post Graduate Program in Business Management with NMIMS
    Co-created with NMIMS
    4.8 out of 5 by 6071 learners
    4x Industry Demand
  • Post Graduate Program in Banking and Credit Underwriting
    4.7 out of 5 by 1376 learners
    12 X industry demand
  • Post Graduate Program In Finance And Accounting
    Co-created with Grant Thornton
    4.9 out of 5 by 238 learners
    14 X industry demand
  • Professional Certification in FinTech
    Co-created with SP Jain School of Global Management
    4.8 out of 5 by 534 learners
    6X industry demand
  • Credit Risk and Underwriting Prodegree
    Co-created with Moody’s Analytics
    4.5 out of 5 by 526 learners
    4X industry demand
  • Banking And Wealth Management Bootcamp
    4.7 out of 5 by 460 learners
    3X industry demand
  • Post Graduate Program In Capital Markets
    4.7 out of 5 by 807 learners
    3X industry demand
  • Certified Investment Banking Operations Professional
    4.8 out of 5 by 7600 learners
    8X industry demand
  • Post Graduate In New Age Banking
    4.6 out of 5 by 1726 learners
    4X industry demand
  • Financial Analysis Prodegree
    Co-created with KPMG
    4.7 out of 5 by 3311 learners
    4X industry demand

Most of the companies sense an urgent need for leadership development. It is because all the companies want to survive in today’s volatile, uncertain, complex, and ambiguous environment. This has made them realize that they need leadership skills and organizational capabilities. These skills and capabilities must be different from those that helped them succeed in the past.

When we say “leadership development”, it is all about living at the intersection of preparation as well as opportunity. It is of utmost importance to ensure that all the leaders are well-prepared, able to find or create the right opportunities that will further reinforce their development as well as readiness for even bigger or more challenging roles.

The question which arises from this is,

How to improve the future of Leadership and Development?

The current state of the leadership development industry is upheaval. Such a state of leadership and development industry needs to be improved to adequately build critical skills and organizational capabilities. There is a soaring requirement of courses that impart the hard and soft skills required of corporate managers. The most critical areas of opportunity and growth in leadership effectiveness can be unlocked by incorporating corporate as well as leadership training.

The technological advancement has enhanced the scope of corporate training. Do you know what brings unlimited opportunities for corporate training? Yes, you guessed it right! The answer is Virtual Reality (VR). Today, new-age learners are confronted with virtual reality even before they can implement their knowledge and skills at the workplace. There is a need to embrace the actual use of the web while providing custom eLearning solutions and leveraging advantages of this dynamic virtual environment.

It makes convenient to work from basic manual laboring techniques to high-level executive leadership development. Virtual reality provides an invaluable context to any situation and the opportunity for the employees. It simulates both, new and existing environments which include a new production line, a large busy office that is difficult to replicate without significant cost. Nowadays, several companies have started exploring VR as a supplementary tool for corporate training.

The corporate world needs higher success rates with lower costs which can be possible by implementing virtual reality into corporate world training. The argument for virtual reality in corporate training is whether it helps to increase the employees’ engagement and retention levels. Engaged employees is considered as the result of successful corporate training.

Virtual reality wins the argument as it is possible to do so by training employees in a safer and more cost-efficient way. It brings in practical experience for the employees. Virtual reality offers everything you miss in ordinary audio/video material. In addition to this, it has lower costs than face-to-face training.

Can you guess the benefits of using virtual reality in corporate training?

So, how to use virtual reality in corporate training?

Not only the potential for virtual reality in both corporate and leadership training is enormous, but the problems it can solve are everywhere. Skills such as public speaking, sales, negotiation, and networking are a few essential enterprise skills to keep the business running. Even managers demand these skills in new candidates and employees. One of the vital elements of the virtual reality is that it allows employees to practice what they have learned in the courses in realistic simulations.

Today employees need more integrated learning in the flow of work. Virtual reality makes it possible to give them a state-of-the-art learning experience. It can be used for training employees on complex equipment, tasks or procedures. This is possible using virtual reality to provide a realistic environment. This environment incorporates both, scenarios and multiple paths for trainees to experience as well as learn from varying outcomes. As per the statistics, 95% of the leaders perceive the effectiveness of virtual reality.

The power of virtual reality makes it possible for the leaders to get the benefits of on-the-job learning. Conducting leadership training in a safe virtual environment leads to an opportunity of learning, trying, failing and growing without any risk factors.

Virtual reality creates a space for leaders where they can practice common leadership skills. It is possible to provide performance evaluations to them. This virtual world makes the learner experiment with different approaches to leadership. This, in turn, makes them lead more effectively in real life. Such leadership training is used to reinforce leadership skills, including soft skills.

The leaders can engage in situations that require proficiency in skills such as self-awareness, empathy, communication, cultural awareness and more. Apart from these, it is also possible to measure leaders’ soft skills and provide objective feedback on the same. One can use speech technology, eye-tracking technology to offer tangible feedback.

Having virtual reality in use, there is no need for training professionals to feel daunted. It is because virtual reality can overcome the potential challenges if the L&D leaders actively plan for potential issues that may arise in leadership or corporate training.

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About Imarticus
Imarticus Learning is India’s leading professional education institute that offers training in Financial Services, Data Analytics & Technology. We’ve successfully transformed careers of over 35,000+ individuals globally through our Certification, Prodegree, and Post Graduate programs offered in association with leading and renowned global organisations in the Financial Services, Data Analytics & Technology domain.
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