The traditional silo culture exists not only within organizations but also cross-industry. This “brain drain” or knowledge loss is worth a staggering US$ 47 million each year according to business intelligence provided by the Panopto Workplace Knowledge and Productivity Report. The same report in fact highlights that knowledge workers on average lose more than five hours each week, simply waiting for the right information to pour in. It further states that 42% of overall work knowledge is only confined to unique employees. This means that if these guys leave, more than two-fifths of the work will overnight stall. That is why job-hopping has become so common. Digital communication can also get derailed due to the presence of outdated or inefficient platforms being used. Another report by Randstad US confirms that companies that use the right technological systems and have undergone successful digital transformation find talent recruitment and retention much easier. Feedback emerges over time about the right employee engagement.

Source:https://www.hrdive.com/news/inefficient-knowledge-sharing-costs-large-us-businesses-47m-a-year/527892/

Uploaded Date:10 August 2018