- Time and energy wasted as each new employee struggles to understand their role and responsibilities.
- Lost productivity and overall disruption to the business as those new hires slowly get up to speed.
- Mistakes caused by a lack of information, practice, feedback, or experience.
- Deliverables and deadlines missed due to employee absence and turnover.
You may or may not be familiar with the term ‘Knowledge Retention.’ However, you – and your team – have likely experienced frustration caused by its absence:
In its simplest form, knowledge retention involves capturing organizational information so that it can be used later. This enables employees to efficiently build on the experience and expertise of each other through access to organizational information, strategies, and best practices. This is a key competitive advantage, and it differentiates leading companies from their competitors, helping them keep promises while adding value to their customers.
Many people regularly backup their devices to minimize the risk of losing their personal data and information. Knowledge retention provides a similar level of security to companies by capturing and protecting their employees’ knowledge, because while employees may not ‘crash,’ they can definitely leave. And they do. According to a study by the Future Workplace, 91% of millennials expect to be in jobs for less than 3 years. And in a strong economy, the job market tends to favor talented employees. Every time an employee transitions, their organization risks losing their valuable knowledge. The companies that excel at employee retention are at an immediate advantage.
Over time, employees learn to navigate their work environments. But, unlike backing up a phone or computer, employee knowledge isn’t all centralized or discrete, making it harder to backup. And while making that information accessible – through a repository like SharePoint or Dropbox – is a great start, it isn’t retaining knowledge. The knowledge that connects all of this information and uses it for decision-making is what keeps a company running. Knowledge retention focuses on preserving this information roadmap.