How do you effectively take the knowledge that one individual has accumulated over a lifetime with a company and transfer that knowledge to the next person in line?

Like most things, this takes good planning and the process begins with succession planning. Do you know who the successor is? Once that is established, this person should be put in place as quickly as possible. Time is of the essence! Most likely, a retirement date looming.

Once the successor is in place, have them take the reins. Literally have the successor move up and the current executive move aside. The current executive remains, but as a very distant safety net to help the successor become immersed in all thing at a quicker velocity.

Transferring knowledge to groups of people rather than one-on-one is also a great way to keep institutional knowledge fresh in everyone’s mind. Set up a training program that is in lockstep with succession planning. As people move around the organization, have them attend specialized training courses designed for that specific role. The material can be delivered in person or through online vignettes that allow those getting ready to retire to impart nuggets of wisdom to the current team as well as recording the information for posterity.

This is Part 10 of a 15-Part Series

Topics Covered in the Series Include:

• When is it Too Late to Start My Retirement Planning?
• Integrating Other People and Processes
• Post-Retirement Business Involvement
• Legacy
• Issues Specific to Contractors

Interested in learning more? Contact us.