How to retain knowledge within the company

How to retain knowledge within the company

Blog
June 16, 2021

Employee turnover is a hurdle for managers. Not only can it be challenging to find a replacement for proficient workers, but it is also hard to retain all the knowledge they acquired working on specific subjects through the years. According to Liebowitz's research, knowledge loss often occurs when employees leave a company - whether through retirement, job rotation, or layoffs.
This knowledge loss impacts the company's capabilities: Jennex (2014) explains that NASA could not go back to the moon because they had lost precious information on how to build spaceships after the retirement and death of some precious workers. This sadly evidences that competitive advantage is impacted by the loss of workers' implicit knowledge built within the company.
On top of this, there is too little research on the type of knowledge lost when employees leave the company.
Because safeguarding your company's competitive advantage is a priority, this article aims at helping you to take the necessary steps towards securing your company's knowledge.

Build and entertain a knowledge-sharing company culture

Taking action against something you don't know is meaningless. This is why it is crucial for your company to make qualitative research on what knowledge workers need to perform and thrive:

Establish a strategy for knowledge sharing

Feedback and strategy monitoring

It is essential to monitor how each step is actually integrated into the company's processes. If some steps are given little focus or even missed, employee feedback can explain why it is not adapted to the specific need of the team or company.

Sources:
https://www.bizjournals.com/bizjournals/how-to/human-resources/2016/05/3-ways-to-retain-employee-knowledge.html
https://www.tinypulse.com/blog/keep-institutional-knowledge

https://academy.nobl.io/how-to-retain-knowledge-when-an-employee-leaves/
Jennex, M. (2014), “A proposed method for assessing knowledge loss risk with departing personnel”, VINE: The Journal of Information and Knowledge Management Systems, Vol. 44 No. 2, pp. 185-209.
Leibowitz, J. (2009), Knowledge Retention: Strategies and Solutions, Taylor & Francis/CRC Press, Boca Raton, FL