Pew Research recently reported that Millennials now surpass Gen Xers as the largest generation in the U.S. labor force. The oldest Gen Xers are turning 50. (I know, can you believe it?!) And, the Baby Boomer workforce continues to shrink as they move into retirement. The result? Baby Boomer Brain Drain!
That’s why we have to think knowledge management (KM). It’s the process of capturing, distributing and effectively using the information and resources throughout an organization’s workforce. Knowledge management isn’t just for large organizations. As today’s infographic from MBA@UNC points out – Baby Boomers own more than 4M companies. Someday a Millennial is going to buy that company from a Boomer. And they will want that knowledge.
If you’re looking for a way to start a discussion about knowledge management in your organization, the Association for Talent Development (ATD) offers the book, “Knowledge Management Basics”. I really liked the sample forms in the book that offer ways to list knowledge sources and confirm knowledge transfer. It’s something any organization could use as creative inspiration for their own KM process.
We talk a lot about winning talent wars and the importance of finding the best candidates. Part of the formula for success is giving those employees the tools they need to excel on the job. One of the most important tools we can give employees is called knowledge.