June 09, 2013

Knowledge Management: Minimizing the impact of employee turnover and mergers

In my opinion, there are two obvious scenerios where having a knowledge management program will make an instant difference:

1) High rate of voluntary employee turnover: This is a critical issue for many companies. Employees quitting their jobs can cost an organization millions of pounds. This is because when they quit, they take away their knowledge with them. This loss can be clearly minimized by having a knowledge management system.

2) Mergers and Acquisitions: This is again a common occurence in the business world. Huge deals happen fairly regularly now as companies are taken over and others are merged. Each company almost always has a different way of doing things. However, effective knowledge management can mean that lessons are combined and learned. During my internship at Metro, I was lucky enough to experience how knowledge sharing can help ease the post-acquisition period. Metro, which was already the largest cash and carry business in the world, acquired Makro shortly before I started my internship. I noticed how both sets of employees would often talk to each other about their experiences from before the acquisition. I believe this was a good practice regardless of whether they knew what they were doing or not.

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