Small companies are perhaps more vulnerable to the loss of key employees and the

Question

Small companies are perhaps more vulnerable to the loss of key employees and the resulting loss of organizational knowledge.

What steps can a small company take to mitigate this potential loss?

Answers might include requiring well-kept documentation of job duties, extensive cross-training, key employee insurance, etc.

Small companies are perhaps more vulnerable to the loss of key employees and the resulting loss of organizational knowledge.

What steps can a small company take to mitigate this potential loss?

Answers might include requiring well-kept documentation of job duties, extensive cross-training, key employee insurance, etc.

Explanation / Answer

This is a very common issue for small companies who generally lose key employees and the organizational knowledge may get affected. In order to restrict this, the organizations needs to adopt the following strategies:

1. Creating Book of Knowledge by each and every employees should be made mandatory after they have completed working in any item. Book of knowledge will provide knowledge of the particular item to employees who may work in the future with such items.

2. Cross team trainings are very important and an employee working in a different domain or module needs to conduct knowledge transfer sessions which will transfer the knowledge to other members and this should be followed by all.

3. Employees who play a key role in the organization needs to be protected and safeguarded so that they can be assets to the organizations and the protection can be done through rewarding them, increasing the compensation, etc.

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