Businesses are losing employees at a staggering rate. Between layoffs, voluntary resignations, and retirement, organizations risk losing crucial institutional knowledge that informs business strategies and offers insight into customer behavior.
Data suggests a new hire will spend 200 hours trying to reclaim expertise, and some of it may still be gone forever. That’s a lot of wasted time and lost value. Wouldn’t it be better to leverage expertise now — before employees leave — to improve proficiency across the board? Start by creating a knowledge bank.
Why you need a knowledge bank
Workers at both ends of the career spectrum are leaving the workforce. The oldest workers are retiring, some earlier than expected, taking with them decades of institutional knowledge. Meanwhile, nearly 70% of surveyed millennials and Gen Zers are thinking about leaving their jobs in 2023. Organizations must preserve the knowledge of these workers before they leave so business continues as seamlessly as possible and new employees can get up to speed early in their tenure.
Beyond voluntary resignations, the current economic climate has forced many organizations to make difficult decisions about rightsizing their teams. So far in 2023, there has been a nearly 400% increase in layoffs compared to the same period last year. Companies are looking to save on long-term expenses by reducing their force, but laid-off workers can cost more than many organizations anticipated because of the knowledge gaps that are left behind.
Read more @ https://hrtechcube.com/4-tips-for-preserving-institutional-knowledge-amid-high-employee-turnover/