Why Is It Important To Share Knowledge Within A Business?

Introduction

Knowledge loss within a business can be damaging. There are a number of ways in which knowledge loss can be encouraged within a business. In this post, we aim to provide a number of options for businesses to encourage knowledge sharing within individuals, teams and managers. We have also outlined the benefits of each approach. Ultimately, by encouraging teams and individuals to collaborate, knowledge can be shared and resultantly the business can become more efficient by streamlining processes. Moreover, individuals can become more effective in their own roles.

Ways in which to share knowledge within a business

• Knowledge sharing helps you to grow: It is good to have a fixed set of skills to fulfil certain roles. However, with company growth comes with a need for staff to learn new skills. It is essential for staff and leaders to have the right skills. It is even more important for staff to learn new ones. It is said that something can be learned from everyone in your life. It may be good to utilise this approach in your workplace.
• Knowledge sharing helps you to increase motivation: Knowledge sharing allows individuals to become better at what they do. By connecting with your colleagues and learning from them, you can acquire new knowledge. This helps create a culture of learning in your workplace. Create and implement a plan in your organisation to encourage knowledge sharing.
• Knowledge sharing helps you access talent: It is always useful to reach out to colleagues to learn new skills. This can be achieved by approaching more skilled colleagues. Or colleagues with a completely different skillset. In some instances, you could even learn valuable skills from upper management.
• Knowledge sharing helps you recognise hard work: By linking up with colleagues, you are demonstrating to them that you are highly competent and talented in your field. Resultantly, this shows you as a valuable expert within a business. This helps build your reputation further. Employee retention is vastly improved and builds reputation of certain employees.
• Knowledge sharing helps generate new ideas: When getting your colleagues together and brainstorming, you have the opportunity to share ideas. Resultingly, this can help create solutions for your projects and allows you to successfully achieve tasks.
• Knowledge sharing helps discover future leaders: Knowledge sharing can be a good way to promote yourself. By sharing your expertise on current business topics, you are offering value through competence. Highly competent people are more likely to be tomorrows future leaders.
• Knowledge sharing helps limit a skills gap: If you hire junior staff or have staff that have only recently started, it is useful for more senior members of staff to link up with them. This can help them develop new skills and subsequently become more effective in their role. It is useful to create a culture of asking questions, and helping employees keep up to date.
• Knowledge sharing helps bring teams together: By sharing ideas and resources within teams, everyone feels that they are working towards a common goal. It also empowers people to share knowledge which can improve morale and enthusiasm. In the long term, the business can become more efficient. This contrasts to a ‘silo’ approach which is when teams remain separate. Subsequently, knowledge is not shared and efficiency reduces.
• Knowledge sharing helps develop a sense of purpose: By allowing employees to share knowledge with others, sense of purpose becomes enhanced. This is because people feel they are making a difference to the organisation and understand how their knowledge sharing improves the organisation.
• Knowledge sharing helps improve operational efficiency: Sharing knowledge helps your team to work smarter and more efficiently. Access to resources and expertise within your organisation becomes easier. Resultantly, projects are completed quicker and staff are equipped with the knowledge to complete their jobs to a higher level.

Conclusion

Knowledge loss within a business can be damaging for a number of reasons. For example:

• Staff skills do not develop further as they only develop skills required for their role
• Staff may lose motivation as they cannot acquire new skills from their colleague
• Staff cannot demonstrate their talents and competencies. As a result, they may struggle to promote their skills
• Staff cannot collaborate ideas and share processes. As a result, opportunities for added efficiencies are missed
• Businesses cannot realise future leaders. This is because individuals cannot promote their competence
• Skills gaps between junior and senior staff remain. This is because of a lack of skill sharing
• Teams remain separate from each other. Subsequently, this can reduce morale
• A sense of purpose is reduced amongst staff as they aren’t able to contribute to the organisation moving forward
• Operational efficiencies through idea sharing isn’t realised

In this article, we have suggested many ways in which knowledge sharing can be encouraged in an organisation. We have also mentioned the benefits of each point.

Are you keen on encouraging knowledge sharing within your business? Are you unsure how to do this?

Angelina Bell has worked with clients in the past who have been keen on improving the sharing of knowledge within their business. If you are thinking about the advantages of encouraging knowledge sharing within your business but feel you need help with this, contact Angelina Bell today.