Experts who leave their field of work without sharing their experience based, business critical knowledge may mean that such information is lost for good. Such knowledge is often still valuable to the organisation, so when it leaves, companies could be greatly disadvantaged or at least, affected by such loss.
The knowledge could be technical or managerial, as when an experienced manager has hard earned skills in problem identification and solving, crucial relationships with customers, or a detailed understanding of how to innovate.
Some knowledge may be outdated or irrelevant by the time the experts are eligible for retirement, but the skills and insider capabilities are not. This means that organisations cannot afford to lose this knowledge.
Financial incentives are often the strongest barriers to sharing knowledge with others. Many companies hire back retirees to do the same job they have done but with double pay. In addition to the consulting income, the pension has to be paid as well.
Hiring back retirees to run critical operations is shortsighted, as it costs the company more financially and does not guarantee the successful transfer of knowledge. Eventually they will stop working for the company, with no one being able to access the vast wealth of knowledge and leaving the same gap.
Instead of hiring back retirees to fill the same position, retirees should be hired back to mentor and share their knowledge with junior colleagues. Passing on the knowledge will help the company in the long run, along with current and future employees.
Beyond financial incentives, experts may have personal reasons behind hoarding knowledge. Many experts are widely recognised in their field of work, and their knowledge is deeply linked to their self-identity and standing in the organisation.
They may fear that passing along information to their junior colleagues would diminish their standing and they will no longer be the one to offer solutions and solve problems anymore. A manager has the responsibility to identify signs of such monopolies on knowledge happening and set systems in place to prevent it.
Acknowledging good work also prevents experts from hoarding knowledge because they feel their work is valued by the company. Those who are dissatisfied with the organisation are likely to refuse sharing information with colleagues.
Managers should provide frequent positive feedback, celebrate small wins and remove unnecessary obstacles to progress in order for these experts to feel willing to share their knowledge.
