Where does your company’s institutional knowledge reside?
Do you have critical knowledge in the hands of a critical few?
Do you have experts on the cusp of retirement?
Retiring experts taking their institutional knowledge with them can lead to several issues for a company:
- Loss of Expertise: The most immediate problem is the loss of specialized knowledge and skills that retiring experts possess, which may be critical for the company’s operations.
- Disruption in Workflows: Without knowledge transfer, workflows and processes that relied on the retiring expert’s insights may be disrupted, affecting productivity.
- Increased Costs: Hiring and training new employees to replace the retiring experts can be costly, as it requires time and resources to bring them up to speed.
- Reduced Innovation: Valuable insights and creative problem-solving approaches may be lost, potentially stifling innovation within the organization.
- Risk of Errors: New employees may make mistakes or take longer to complete tasks due to the lack of guidance, increasing the risk of errors.
- Client Relationships: If the retiring expert had strong client relationships, the company may risk losing clients or facing challenges in maintaining those relationships.
- Knowledge Silos: When knowledge isn’t shared, it can lead to knowledge silos, where important information is trapped within specific individuals rather than being accessible to the wider team.
- Reduced Morale: Existing employees may become demotivated if they feel they are not given opportunities to learn from departing experts.
KnowledgeTransferPros captures your company’s institutional knowledge from experts and converts said knowledge into simple, easy to learn e-modules for easy dissemination into your organization. This is done through a custom approach involving conversion of content generated from 1:1 interviews, files, documents, and presentations into simple, easy to learn e-modules. This tailored approach ensures a smoother transition when experts retire.