Employee Attrition and Turnover Lead Threats to Organizations' Intellectual Capital
In today's knowledge era, employers must protect their organization's intellectual capital.
- (1888PressRelease) August 23, 2011 - Ancaster, Canada - According to a recent survey of more than 300 large corporation employees by Deloitte Consulting L.L.P. and Forbes Insights, two of every three are actively testing the job market.
"In today's knowledge era, employers must protect their organization's intellectual capital," says Dr. Nick Bontis, leading academic researcher and author of "Information Bombardment: Rising above the Digital Onslaught." "Employee attrition and turnover are among the greatest risks."
According to Dr. Bontis, intellectual capital is composed of three components. These include human capital, structural capital and relational capital. Human capital, which refers to tacit knowledge held by organizations' employees, represents the largest share of information.
"In today's rapidly changing environment, employees are less likely to stay with a single company throughout their career," says Bontis. "Attrition and turnover are inevitable. But strategies to minimize loss of intellectual capital exist."
While the survey suggests financial compensation ranks high in retaining current employees, Dr. Bontis suggests additional measures to reduce intellectual capital loss. These include:
* Entry Interviews - Understand talents and tacit knowledge of employees at hire
* Exit Interviews - Gain insights into tacit knowledge before employees leave
* Consultant Groups - Utilize former employees in consulting role if feasible
* Knowledge Cafes - Social events where employees learn others' job roles
* Appoint Chief Knowledge Officer - Leads efforts to preserve intellectual capital
"Knowledge is the most valuable commodity for today's businesses," says Dr. Bontis. "Strategies employed to safeguard intellectual capital are well worth the time and energy."
In his book, Dr. Bontis offers different strategies for groups, organizations and institutions to acquire and preserve intellectual capital while avoiding the perils of information bombardment. Implementation of these techniques increases the chances of success for companies competing in the information age.
About the Author:
Dr. Nick Bontis was named a 2010 Top 5 speaker world-wide for management and one of the world's top management gurus of 2010, along with such luminaries as Jack Welch, Tom Peters, Michael Porter, and Jim Collins. He is an internationally sought-after management consultant and keynote speaker, hand-picked by the United Nations, the US Navy, Microsoft, IBM, Accenture, KPMG, Century 21, and others to help navigate the knowledge era. He is a popular TV and radio personality, a leading academic researcher and an award-winning, tenured professor of strategic management at McMaster University. As one of the world's most cited authors in the fields of intellectual capital and knowledge management, he has amassed over a dozen prestigious teaching and research awards. He was recently recognized as a 3M National Teaching Fellow, an exclusive honor bestowed upon the top professors in the nation.
For more information, contact Dr. Bontis at nick ( @ ) bontis dot com or visit www dot InformationBombardment dot com dot
"Information Bombardment" is available on Amazon.com.
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