At first glance, the relationship between your talent management and knowledge management strategies might not be very clear. What does hiring have to do with your company’s knowledge base? If you didn’t know already, the answer might surprise you: studies have shown that up to 50% of knowledge held by employees will disappear as they move on to other opportunities.
Keeping your company’s knowledge secure — and updating it in real-time to create an automated improvement cycle — is imperative if you want to attract, retain, and grow your talent from the ground up. By attracting new talent through good employee satisfaction, capturing your company knowledge in a unified index, and using knowledge management best practices to empower your employees to grow, you stand to gain sustainable returns on both your talent and knowledge management investments.
In the end, a healthy knowledge management (KM) strategy makes training, retaining, and empowering your employees that much easier. In this post, we’re going to go over these three ways that combining your talent and knowledge management strategies can help retain your employees and encourage company growth.
1. Use Your Knowledge Management Strategy to Attract Talent
Attracting the right kind of people to work at your company is about more than in-office billiards or a fancy beer fridge. You need to attract people who are experts in their given domain and who appreciate a company that empowers its employees to make the best, most informed decisions.
Companies that capture, share, and maintain their internal content are much more likely to survive in the digital age. That’s why good talent is drawn to a knowledge strategy that ensures that the company will be around for a long time. Good employees are in it for the long haul, and your company needs to prove that it plans for the future.
And for good reason too, since a mature KM strategy makes the lives of your employees easier. Studies have shown that good KM strategies are linked with high job and employee satisfaction amongst the workforce, primarily because it is easier to resolve problems that have already been documented and assessed. Since, according to a Forrester study, only 32% of US employees are actively engaged and interested in their job, your company should not be forcing its employees to reinvent the wheel every time they’re at work: that would directly and negatively impact their engagement and work satisfaction.
A company full of happy employees — who are more likely to recommend the company to a friend, or more likely to post a good review on a website like Glassdoor — naturally attract good talent by virtue of its reputation.
2. Retain Talent, Even After They Leave
Fact: happy employees are more likely to stay with your company for a long time. That being said, there are simply no guarantees that your employees won’t ever leave: people move, or find jobs elsewhere, and there may be nothing that you or your company can do about it. What you need to worry about is preventing knowledge loss if and when they do end up leaving.
As paradoxical as it may seem at first, a healthy KM strategy can help retain your company talent even after the employee has long been gone. By securely unifying your company knowledge into a single index, you are saving all of the work the employee has done over the course of their tenure and facilitating knowledge transfer to others, who might also be equipped to take on that work should an emergency arise.
This makes hiring and training a replacement significantly easier than if you would have started from scratch. By separating the talent from the physical human, knowledge management can therefore prevents knowledge loss throughout the whole pipeline of your talent management strategy.
3. A Good Knowledge Management Strategy is Critical to Growth
Collaboration is the key to successful business innovation. Teaching your teams to practice knowledge sharing effectively facilitates upskilling and the proliferation of new and interesting ideas within small teams — as well as across large departments.
According to the KM Institute, instilling good KM within your company can help you note knowledge gaps that are hindering business performance. Creating a knowledge map is a good way of taking stock your knowledge inventory and see what is working and what is blocking potential business opportunities.
Overall a good knowledge map can:
- Help you automate knowledge transfer between employees, upskilling them organically.
- Assist you in storing team knowledge, collaboratively and without extra oversight.
- Create extra opportunities for your staff to excel in new environments and seize new opportunities.
In short, by combining your KM strategy with your talent management strategy, you are effectively aligning the interests of the company with the interests of its employees. It’s a clear win-win: employees feel more confident in their roles, they feel empowered to upskill others, and your team is more adequately prepared to take on new business. By investing in an effective KM strategy, you are enabling your company to grow organically.
If you’re interested in learning more about the ways in which a KM strategy can help drive more business, check out our blog post: