You have a wealth of institutional knowledge at your fingertips. So, why is it so hard to manage that knowledge effectively?
For many UK L&D leaders, the shift to distributed and hybrid work environments has made knowledge management a lot more challenging. These trends can lead to missed opportunities in the market due to information silos and knowledge gaps between teams. In some cases, this can even create professional liability for firms relying on incorrect information.
Our recent L&D study backs this up. Here, 18% of respondents expressed concerns about understanding employee knowledge needs, and a further 14% faced challenges with keeping their training current. Thankfully, there’s a way to overcome these challenges: with the right knowledge management strategy, you can successfully identify, capture, and share information to become a true learning organisation.
In this article, we’ll show you how.
Knowledge management is the process of capturing, storing and sharing the knowledge and experience of employees within an organisation.
The aim of knowledge management is to create a learning culture and environment that promotes the sharing of knowledge wherever employees are. This approach empowers employees to learn, engage, and be productive. It also helps businesses to be more competitive by leveraging their internal subject-matter expertise.
While many organisations understand the power of knowledge management, only 9% say they’re ready to address this trend, and only half of respondents provide distributed teams access to the tools and platforms they need to share their knowledge. This means a lot of internal expertise remains unused.
However, your learning organisation does have the ability to drive substantial growth with a well-defined knowledge management strategy.
Knowledge management is important for your learning organisation because it allows employees to create high impact and drive exceptional decision-making. An environment of low authority and high accountability helps to support this decision-making, as this combination helps eliminate friction and gives employees greater responsibility.
At 360Learning, we encourage this combination by having documented scopes as part of our Convexity culture, so we know who should be doing what. This makes it easier for our L&D team to identify knowledge sources and in turn, map out and address potential gaps in knowledge.
Knowledge management is an important aspect of company culture. When organisations expect their employees to contribute their expertise–and then reward them for it–engagement and retention rates soar.
So, what are the main benefits of knowledge management?
By investing in knowledge management, your learning organisation can make better decisions and drive faster growth. That’s because knowledge management helps to:
To effectively manage the knowledge within your organisation, you need to have a good understanding of what the knowledge management cycle looks like. These are the four key steps you should always follow.
To get started, ask yourself: who holds the knowledge? Where is it kept? How do you access the information? Is there a risk of losing any of the information?
Remember: information is everywhere. Knowledge can be held by specific departments, subject-matter experts, project teams and task forces. It can arise through individual learners when they identify their own learning needs in the flow of work. This knowledge might come from meetings, audits, reviews, or performance assessments.
Here’s an example: Joyce is a Knowledge Manager working with leaders across her organisation to identify tacit knowledge sources. She starts by noting down potential sources and exchanges of information happening through face-to-face meetings across her organisation.
The second fundamental step in knowledge management is to build a knowledge stack you’ll use to capture and store information. For example, at 360Learning we use Trello both as a project management tool and information repository. We also use our own learning platform and knowledge base to capture and store information.
Back to Joyce: she works to capture the tacit knowledge she has found into explicit and organised sources of information. She puts a process in place that demands employees use a structured template to document information on initiatives and projects discussed in meetings. This is posted on a Trello card for anyone to see and retrieve at a later date.
Finally, our third step: knowledge-sharing. This step is critical for you to make information available in ways that actually encourage your teams to find it and learn from it.
A recent UK study by CIPD identified a number of learning methods: on-the-job training, online training, in-house development programmes, workshops and events, peer-to-peer learning, and mentoring. This list shows just how many learning methods are at your disposal–this makes it important to understand which methods your employees prefer.
Let’s return to Joyce. In the previous step, she put a process in place to capture and store information gathered from business initiatives and projects via Trello. Now, she can create an online training course on her learning platform to teach new hires how to use the template as part of their onboarding. This key step enforces knowledge-sharing habits early on.
So, that’s a basic 3-step knowledge management cycle. But how can you leverage these best practices?
Knowledge management looks different for every organisation. However, there are a set of crucial best practices you can follow to build, share, and develop knowledge at your company.
Lastly, a Collaborative Learning approach is closely aligned with knowledge management. It focuses on peer-to-peer learning as a method to put to work your organisation's institutional knowledge.
We know that implementing a knowledge management strategy won’t happen overnight. It takes careful planning, consideration, and time. You need to embed knowledge-sharing into your company DNA and celebrate it as a key part of your learning culture.
In this article, we’ve outlined some simple practices you can use to get started, including:
Collaborative Learning can help you manage knowledge to become a true learning organisation that drives growth and productivity. If you’d like to find out more about this approach and how it can help you and your teams, don’t hesitate to get in touch with one of our experts!