Transfer IT Knowledge Before It’s Gone. 79 million Baby Boomers are set to retire and they’re taking 50+ years of knowledge with them.People – and their knowledge and capabilities – are an organization’s competitive advantage.With the baby boomer retirement looming, organizations need to invest in capturing employee knowledge before the employees leave.

74% of organizations do not have a formal process for capturing and retaining knowledge – which when lost will result in:decreased productivityincreased riskmoney out the door.

Losing employees in key roles without adequate preparation for their departure has a direct impact on the bottom line:disrupted productivitysevered relationshipsmissed opportunities. It’s estimated that Fortune 500 companies lose approximately $31.5 billion each year by failing to share knowledge.

Today, the value of an organization has less to do with its fixed assets and more to do with its intangible assets (e.g. patents, research and development, business processes and software, employee training, employee knowledge and capability, culture, reputation, and brand recognition).

In 1982, the value of publicly traded companies was made up of 62% tangible assets and 38% intangible assets. In 2012, the value of publicly traded companies was made up of only 20% tangible assets and 80% intangible assets.Don’t follow a one-size-fits-all approach to knowledge transfer strategy! Right-size your approach based on your business goals. Prioritize knowledge-transfer candidates based on their likelihood of departure and the impact of losing that knowledge.

Select knowledge-transfer tactics based on the type of knowledge that needs to be captured – explicit or tacit.

http://www.infotech.com/research/ss/transfer-it-knowledge-before-it-s-gone