It’s easy to become complacent, and assume that your star employees are going to be with you forever. But with the propensity for job-hopping becoming ever more prevalent, the reality is nowadays you’re lucky to have a staff member for more than 4 years.
What would you do if a (seemingly) indispensable employee decided to up and leave tomorrow, taking all their valuable IP with them?
Without a back-up plan, your organisation could be looking at thousands of dollars and significant time lost, spent recruiting and getting new starts up-to-speed.
That’s why it’s crucial to implement a knowledge retention initiative, which allows you to capture that IP and future-proof the effectiveness of their role and department.
One such initiative is to invite your key staff members to collaborate on training material. Create an online workspace, and get them to throw together some essential, bite-sized training topics that will benefit not just their team members, but any future employee joining their department.
People like to have their hard work and expertise noticed (millennials especially), so asking your staff to share their knowledge, and publicly recognising them as subject matter experts will be much appreciated, whilst inspiring both confidence and loyalty. Incidentally, a little bit of recognition can go a long way in retaining key employees.
Without adequate training and a good handover, new employees have to make all the same mistakes as the departing staff member did. The cost to replace and re-train someone is estimated to be anything from 6-9months of their annual salary, depending on the position – which is a big chunk of profit, especially for SMEs. Why not reduce that cost by capturing the knowledge in advance from valuable staff members, and making it available to those who need it?
Collaboration tools can be scaled across the whole company, meaning you can get key players in multiple departments to share their knowledge within their teams, and democratise the learning process. This gives managers the power to delegate training creation to those at the coal face of the business.
What you end up with is a better trained, more informed workforce, who have the necessary skills to be effective. New starts aren’t met with an avalanche of complex and unfathomable tasks – they have ready made training topics that can lead them forward, one step at at time in their role with confidence.
Most importantly, when you’re met with the (inevitable) “Can we have a chat…I’m leaving” conversation, you’ll know that the upcoming transition period will be much smoother, faster and more effective.
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