Businesses are losing employees at a staggering rate. Between layoffs, voluntary resignations, and retirement, organizations risk losing crucial institutional knowledge that informs business strategies and offers insight into customer behavior. Data suggests a new hire will spend 200 hours trying to reclaim expertise, and some of it may still be gone forever. That’s a lot of wasted time and lost value. Wouldn’t it be better to leverage expertise now — before employees leave — to improve proficiency across the board? Start by creating a knowledge bank. Why you need a knowledge bank Workers at both ends of the career spectrum are leaving the workforce. The oldest workers are retiring, some earlier than expected, taking with them decades of institutional knowledge. Meanwhile, nearly 70% of surveyed millennials and Gen Zers are thinking about leaving their jobs in 2023. Organizations must preserve the knowledge of these workers before they leave so business continues as seamlessly as possible and new employees can get up to speed early in their tenure. Read more @ https://hrtechcube.com/4-tips-for-preserving-institutional-knowledge-amid-high-employee-turnover/