How to prevent the loss of knowledge when people leave the company

How to prevent the loss of knowledge when people leave the company – “Knowledge bounties.” New hires fill a ‘job workbook’ with job descriptions and answers to major questions:
– What are the key components of your job?
– What does it involve, from a knowledge standpoint?
– What do you think you need to learn?

By asking these questions early on, we capture the learning curve of new hires.

“With people on the way out, we ask the same questions, and more: What knowledge do you need for your job? What secret code words and procedures do you use? How does your job fit into various processes?

“Individuals present their answers to a panel of senior managers and peers, who determine the worth of that information. Then we pay for it. We offer $1,000 to $5,000, depending on the quality level. We’re not trying to break the bank – we’re just trying to demonstrate how much we value knowledge here. The process itself has been priceless. It may even cause our turnover rate to go down. When people understand exactly how much you value their knowledge, they’re less likely to leave.”

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