Employee turnover is an unavoidable reality in every workplace. With every employee that leaves an organization, there is lost knowledge that could have helped another employee adjust to the position. In today’s knowledge economy, knowledge transfer is one of the most critical factors towards sustained organizational success.
Effective knowledge capture is not performed at the point of employee exit, but rather in small incremental transfers of knowledge over a longer period of time. The knowledge capture process can be enhanced by a coaching or mentoring program. By adopting continuous knowledge capture and transfer program, organizations significantly reduce the uncertainty associated with employee exits.
An ongoing competency-based program provides a stable flow of employee assessment that can be used by management to identify any situations in which knowledge only held by a few employees or even just one. When this situation occurs, training and development can be undertaken to ensure retention of knowledge within the organization.