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iHandover & LifeTimeWise partner to tackle knowledge-loss

The employee churn – a knowledge loss ticking time bomb!

With hundreds of millions of baby boomers in the world’s workforce, there is no doubt productivity and profit is at risk from retirement. Add to this, businesses seeking more efficient practices using technology then employee churn is set to peak.  Nationally we are entering a period of unprecedented knowledge loss.

According to ageing workforce expert Andrew Kikeros, most businesses are already recognising that they have been blindsided by the impacts of an ageing workforce and the need for business renewal.

“The knowledge loss risks from an ageing workforce are hitting businesses from several angles and many don’t know which way to look,” Mr Kikeros said.

Knowledge loss negatively impacts on: Profit; Safety; Efficiency; Productivity; Growth; and, Reputation and Brand.

Mr Kikeros said there are some organisations however that have got on the front foot and recognised there was a need to improve their operations against the backdrop of dramatic and once in a generation workforce change.

“It is refreshing to see one of our state government agencies in Western Australia embracing digital technology to use it as a key platform in transforming their operation. By doing so they have undertaken a major step to protecting their organisational knowledge which will bring benefits to the region in the years ahead”, he said.

Deep knowledge from older employees leaving the business is being mapped, captured and transferred using iHandover’s Employee Knowledge Software (Activate). Mr Kikeros works with the employees to ensure that they can unlock knowledge that sometimes they don’t even know they know.

“It is a real privilege to work alongside a subject matter expert and help them leave a knowledge legacy that in many instances will have a reach beyond the organisation they worked for.” Mr Kikeros said.

Ross McDowell, Founder and CEO of iHandover said it is encouraging to observe the level of planning and thought that has gone into this project. Transferring knowledge and information using Activate will create benefits for both the employees and employer.

“The business landscape is rapidly evolving with the emergence of new technologies, AI and an increasing focus on productivity. To stay competitive organisations will need to take advantage of new technologies and move to new operating models.” he explained.

Focus workshops form an integral part of the overall knowledge transfer process and Activate enables knowledge managers, line managers and employees to detail knowledge pointers using a range of media formats. The iHandover team support associates and clients to enrich the data captured and shape this for future use and retrieval.

“Our relationship with LifeTimeWise is exciting. We love working with passionate, talented and diligent people. Andrew certainly brings these traits to our Australian projects. As a result, the client will undoubtedly reduce their exposure to knowledge lost during the restructuring process and provide their departing employees better insights into their own talent and future potential.” Mr McDowell said.

Mr Kikeros said that he hopes other organisations take a leaf out of his client’s book and provide the support to unleash the vast pools of knowledge simply walks out the door when their employees leave.

“While the smart business practice is about recognising and rewarding the talent within the organisation, a wise practice is to recognise, retain and reuse the deep smarts of all your employees, in particular, those reaching the end of their careers.” Mr Kikeros said.

For further information on how iHandover’s applications can be incorporated into your workforce management or handover processes, speak to a member of the iHandover team today.