Dr. Jay Liebowitz, author of Knowledge Retention – Strategies & Solutions, gave a very interesting speech at the Space Telescope Science Institute recently. Here are some key snapshots from his lecture that training departments should pay attention to.
- Knowledge cannot be separated from networks. Social media should be essentially seen as giant farmhouses where knowledge lives and grows. The role of management (and training departments) is about optimizing the network rules and not hindering them.
- If your company’s mission statement has the word “innovation”, you should understand that innovation demands networks according to John Brisbin and Chris Day.
- Knowledge management has three key pillars – people, process, and technology. Building and nurturing a knowledge sharing culture, systematically capturing and sharing critical knowledge, and creating a unified knowledge network should figure somewhere in training department’s charter.
- According to SHRM study from 2009, “While some firms may view knowledge management as nice to have, proactive organizations see it as a key component of an effective business plan”, and “Organizations that optimize knowledge management are leaders in their fields.”
- Knowledge Retention is one area where there is a huge gap in the enterprises of today. According to Liebowitz, the key aspects of knowledge retention strategies are
- Recognition and Reward Structure
- Bi-directional Knowledge Flow (bottom-up and top-down)
- Personalization and Codification (“connections” and “collection”)
- The Golden Gem (bringing back talented retirees into the organization via contractors, consultants, retiree & alumni association, ready pool of retired experts)
Enjoy this video that sums up the importance of knowledge management.