Knowledge Retention Captures Critical Knowledge Before Baby Boomers Walk Away
- Topics:
- Knowledge Management
- Tags:
- Knowledge,
- Management,
- Strategy
- Source:
- APQC
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Overview: It has been estimated that in the next five to seven years, organizations will lose significant amounts of their work force as baby boomers approach retirement age. This is especially prevalent in the government and engineering sectors where the average age is approaching 50. Mergers, acquisitions, and layoffs also contribute to the dwindling number of people available to work in the United States in the not-too-distant future. One of the most successful ways to retain critical knowledge is to embed knowledge retention efforts in the overall knowledge management strategy. The purpose is not necessarily to create knowledge retention initiatives but to redesign existing processes that focus on knowledge retention. Identifying which tools to use to capture knowledge depends on the culture of the organization. At the best-practice level, organizations create partnerships between knowledge management and human resources to look for potential employees with knowledge-sharing behaviors. All of these strategies offer ways to gain valuable knowledge from employees before it is too late. An aggressive approach to knowledge retention can contribute to more revenue, more innovative ideas, and less employee attrition.
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Format: HTML | Date: Jan 2003 | Pages: 1
