4.2.1: Retention & Transfer Strategy

Reduce the risk of loss of knowledge

Other Information:

The risk posed by an ageing workforce is a huge issue for many industries. As experienced staff retire, so critical knowledge will leave with them, which can leave the company highly exposed unless that knowledge can be transferred to more junior, less experienced staff. A Knowledge Retention and Transfer (KRT) Strategy is an approach to reducing this risk. Purpose: A KRT Strategy is a strategic approach to the risk of the loss of critical knowledge, and highlights priority areas and topics for retention activity. In a small company, a retention strategy can focus on the individuals themselves, while in a larger organisation it may make sense to prioritise the knowledge topics. The strategy then looks at the necessary interventions to address the risk.

Indicator(s):

Indicator:1

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