The Importance of Corporate Knowledge Management in Modern Organizations

Question

Task: How can corporate Knowledge Management effectively use manage and retain knowledgeable professionals to drive success?

Answer

Introduction

Corporate Knowledge Management refers to an individual or professionals ability to understand and comprehend a topic. Being able to comprehend a situation plays an important role towards finding solutions when problems are encountered making corporate Knowledge Management and important area in business today. Today businesses will prioritize on hiring professionals with a wide range of skills otherwise known as multi-taskers (Awad, 2007).

This is due to multi-taskers being able to offer a wide range of skills and capabilities that can be used by the organisation all by a single individual. This helps save the organization money which would otherwise be spend to hire individual professionals for every skill and at the same time, it also helps deliver to the organization more knowledge and problem-solving skills. This is a major requirement in every business as it determines how the business handles it operations or problems encounters making it a major area each business must focus on to enhance development and growth (Montano B. , 2005).

Role of Corporate Knowledge Management on the corporate world

The corporate world is heavily dependent on its executives to perform their task so as to ensure the customer is getting what they want and at the right time. They are also responsible for ensuring the customer is happy and collecting information related to the product as well as the customer satisfaction which can be used towards future imprisonment. This makes it important for executives, team leads and managers within the organizations have knowledgeable staffs that are capable of performing the task as desired and independent. Knowledge is required to train the individuals but it’s also important for the individual’s o to have the knowledge to understand the requirement and be innovative towards resolving the issues.

This is a feature many individuals fail to have due to them being heavily dependent on the management and team leads resulting in reduced efficiency and the lack of self-suitability and management. This makes it critical for the organization to focus its attention toward management its employees and skilled professional’s knowledge which would allow the organization to hire, train and invest on qualified and open-minded professionals who are classified as an asset to the organization as opposed to being classified as an employee (Richardson & Tait, 2010). Employee wiliness to participate in learning and expanding their responsibilities also plays an important role towards stabilizing the workflow as it ensures a single individual is capable of handling multiple tasks thus making them more valuable asset towards the organization.

How to identify and retain knowledgeable professionals

Knowledge is Key towards any organization self-defence and suitability and employees play a huge role towards this role. The organization must never depend only on the management to propose new ideas and change and the organization should be able to encourage its employees at all levels to come front and make their contribution (Montano B. , 2005). The proposals must also be taken very seriously and implemented if the business wants to express its confidence in the workforce which encouraging the workforce to make more contributions towards improving the process.

Identifications of Knowledgeable Workforce

The First step linked to encouraging positive corporate Knowledge Management at an organization is associated with identifying the right people to include to an organization staff. It is important to hire individuals who have a tendance to focus more on improving the system and contributing towards growth as opposed to those who are focusing only on the financial aspects and gains. The workforce should be dedicated to improving the system and enhancing development and growth while focusing on the delivery of high quality and customer satisfaction.

These are qualities applicants should have which will help ensure the organization continues to progress and developments. A desire to learn new things and processes is also important as this helps deliver more stability to the individuals and organization as they can take on any responsibilities they are provided but it's at the same time must specialize in a specific field or duty and be responsible for managing that role (Bilgin, Danis, Demir, & Can, 2015). The combined fusion of multi-tasking and specialization makes the employee a more voluble asset for the organization therefore also making it important for the organization to ensure their retention with the organization.

Retention of the Knowledgeable Professionals

Once the right staff has been identified and trained it is also important to ensure the organization is encouraging their development and growth needs so as to ensure they remain loyal to the organization. This can be achieved by delivering a stable working environment and benefits which address the staff’s needs. Factors such as yearly salary hikes, bonuses, incentives and overtime among other financial benefits should be delivered to the employees.

it’s also important to ensure that the organization focuses on delivering other aspects such as facilities, entertainment, and training programs which the employee may require to help to enhance their performance and keep them comfortable. This is critical since employees who lack comfort, facilities and have limited entertainment from the organization are likely to get overburdened by their work which may have a negative effect on their performance (Evans, 2001). Leave is another important aspect which needs to be included while considering corporate Knowledge Management due to the workforce needing to get a break from their daily routine attends to their personal work.

Securing your future by building knowledge

For the skilled professionals it's advisable to continue building their knowledge as extensive knowledge results in increasing an individual’s capacity to handle different responsibilities which is critical towards their demand. Developing multiple tasks means also means the individuals are increasing is individual value but at the same time it's important to understand their value for the organization. Employees will need to remain within a fixed salary and performance bracket and developing over expectation will only result in creating fetching with the employer.

Instead, the employees should request for additional benefits such as training and knowledge building camps which would allow both the organization and its employees to expand their knowledge (Komendat, 2014). Expanding one's knowledge plays a major role towards increasing their demand in the market thus making them more valuable as they are capable of handling more responsibilities but this must not be limited to one field and should be certified if possible. This would allow the individual use this as proof while applying for other opportunities which would increase their ability to secure better jobs and help boost their career prospects

Conclusion

Corporate Knowledge Management is not limited to the organization but must be planned and implemented by the skilled professionals also who need to manage their knowledge and use it as an asset towards building their portfolio. All knowledge must be documented and mastered to perfection which helps open up more opportunities for the individual and organization thus encouraging overall growth and development.

References

Awad, E. M. (2007). Corporate Knowledge Management. New Delhi: Pearson Education India.

Bilgin, M. H., Danis, H., Demir, E., & Can, U. (2015). Business Challenges in the Changing Economic Landscape - Vol. 2: Proceedings of the 14th Eurasia Business and Economics Society Conference. Istanbul: Springer.

Evans, A. (2001). Staff Recruitment and Retention: Strategies for Effective Action. Spiro Press.

Komendat, D. (2014). Security Leader Insights for Success: Lessons and Strategies from Leading Security Professionals. Oxford: Elsevier.

Montano, B. (2005). Innovations of Corporate Knowledge Management. Idea Group Inc (IGI).

Montano, B. (2005). Innovations of Corporate Knowledge Management. Idea Group Inc.

Richardson, K. A., & Tait, A. (2010). Complexity and Corporate Knowledge Management: Understanding the Role of Knowledge in the Management of Social Networks. IAP.