Investing in your staff completes the Knowledge Continuity Cycle
It used to be that
people expected to find a job with a good company to stay in until they
retired. People expected that if they were good, loyal
employees, they would be rewarded and move up the ranks of the
organization. Hiring managers would look
at the "time spent on the jobs" and would take points off if a job candidate had held
many different jobs or stayed in a roles for a only a short time.
Now people change
jobs very frequently - as often as every year.
Why? Workers are incentivized to
"job hop" because each new job usually enables people to gain skills. With the loyalty factor gone, people often
believe jobs are temporary assignments.
This is a big problem for organizations since replacing a person in a
job will cost the organization an average
of one and 1/2 times the salary paid to the person to replace them. No organization can succeed by paying these
huge staff replacement costs on a majority of their staff. Wouldn't it be better if employees were
incentivized to stay in their current jobs?
This is why
organizations must go one step further and provide support for expanding
professional development as one of the job benefits. Workers must know that the organization
values them enough to promote their growth in the organization by offering
training, new projects, pilot opportunities, and certifications. When staff are continuously encouraged and
given resources to better themselves, they will most likely remain with the
employer. The 2018
Workforce Learning Report, research found that "94% employees say they
would prolong their tenure in a position if the company invested in their
career development." Continuing
to renew the development of staff,
thereby Investing
in the staff completes the Knowledge Continuity Cycle and is a basic
necessity for success.
The Knowledge Continuity Cycle
The Knowledge
Continuity Cycle (KCC) puts it all together.
When
implemented, the KCC drives higher morale, better job performance, and more
employee engagement. There is a shorter
time to competency for new staff, critical knowledge is captured and/or shared
before staff depart. The KCC is a proven framework for successfully managing
knowledge transfer from when staff start a new job, enhance their skills while
on the job and capture and share knowledge before staff leave the
organization. The Knowledge Continuity Cycle is a basic necessity for organizational success.
