Internet career management company Monster.com finds that although many companies have recognized the threat of losing a substantial number of workers to retirement in the next 10-20 years, only a few have indicated any sense of priority or urgency to respond. In its nationwide survey of 550 HR managers, Monster finds that only 20 percent of firms have a formal strategy to actively manage and preserve their organizational knowledge. “Many HR managers cited that they do not see a need for such a formal strategic plan and that they manage organizational knowledge informally,” Monster reports, adding that its research shows that “such an informal level of planning does not appear to be effective.” A primary challenge to actively managing organizational knowledge is a firm’s ability to identify its critical components, and only 23 percent of companies cited a formal method for this purpose, according to the report. Many Firms Not Prioritizing Looming Long Term Brain Drain
Internet career management company Monster.com finds that although many companies have recognized the threat of losing a substantial number of workers to retirement in the next 10-20 years, only a few have indicated any sense of priority or urgency to respond. In its nationwide survey of 550 HR managers, Monster finds that only 20 percent of firms have a formal strategy to actively manage and preserve their organizational knowledge. “Many HR managers cited that they do not see a need for such a formal strategic plan and that they manage organizational knowledge informally,” Monster reports, adding that its research shows that “such an informal level of planning does not appear to be effective.” A primary challenge to actively managing organizational knowledge is a firm’s ability to identify its critical components, and only 23 percent of companies cited a formal method for this purpose, according to the report.