The loss of an organization’s valuable skills and knowledge that couldn’t be captured to utilize is known as Corporate Amnesia. It is a phrase used to describe a situation in which businesses, and other types of co-operative organizations, lose their memory of how to do things. Simply put, poor knowledge management is the cause of corporate amnesia, and organizations need to work towards eliminating this issue. When employees leave your organization they take a wealth of organizational knowledge with them. Such heuristics, expertise, and skills are taken away and become unavailable for the new employees hired to fill the vacant position. The condition is held, by some people, to be analogous to individual amnesia. This loss of valuable skills and knowledge which couldn’t be captured to utilize is known as Corporate Amnesia. This situation could be very threatening for any organization as this lost and uncaptured data and knowledge can affect employee productivity and efficiency.
Corporate Amnesia is the loss of working knowledge or “know-how” within a company when an employee leaves the organization. When employees leave your organization they take a wealth of organizational knowledge with them. It can be detrimental to a company as they attempt to grow but also fight to retain both talent and internal knowledge. Such heuristics, expertise, and skills are taken away and become unavailable for the new employees hired to fill the vacant position. It not only increases the cost but, also initiates a great loss of corporate memory. First, the organization has to go through the entire hiring process all over again which adds efforts and resources. Second, as the employee left took important knowledge away, the new hirees take more time to understand the culture, work, and methods. This situation could be very threatening for any organization as this lost and uncaptured data and knowledge can affect employee productivity and efficiency.
It is difficult to manage such resources, therefore, many HR professionals suggest opting for knowledge management platforms such as Vneda. Numerous organizations are struggling to retain and leverage critical knowledge. Knowledge management platforms as Vneda helps organizations in better data storage, sharing, and knowledge management. With an increasingly dispersed workforce, organizational silos, and an explosion of disconnected tools and channels, corporate amnesia has reached epidemic proportions – and it’s costing companies dearly. Maintenance of the organizational data and knowledge should always remain one of the priorities for every manager. Most businesses understand the importance of data in the modern business world and have overcome the majority of the initial hurdles thanks to the range of tools and services now in the market.
