Knowledge Management—High turnover rate
As well all know by now that knowledge management is linked to intellectual capital. Intellectual capital not only encompases the empolyees knowledge but also the customers and vendors knowledge. It also includes things in the organisation when the employees go home such as databases, manuals, software and customer file.
I always used to wonder that if employee turnover is high then thats a lot of experience and information walking out of the door. But KM makes it possible for us not to worry about that. If your company is organised in a way where there is exchange of knowledge and information easily available and recorded it is so much more easier. Each time something goes wrong we can record it in the database and also record how we solved the problem. So this will help us not worry about high turnover rate. But this doesnt mean that you should be happy with high turnover rate. Work to reduce it. High turn over rate means loss of time and money. Time and money taken to hire and train some one new is very expensive!!