Losing an employee comes at a cost, but technology could help employers to bring new recruits up to speed.
COST TO REPLACE A DEPARTING EMPLOYEE: £30,614
There are two key factors here: the logistical outlay of recruiting and absorbing the replacement worker, and the cost of lost output while a new employee learns the job. Source: Oxford Economics
TIME TO REACH OPTIMUM PRODUCTIVITY FOR NEW WORKERS
Large organizations: 28 weeks (more than half a year)
Medium-sized businesses: 24 weeks
Micro businesses: 12 weeks
A failure to adequately transfer knowledge is the issue. While explicit knowledge is easy to catalog (with handover notes and an onboarding process), it’s trickier to quantify, save and share implicit knowledge which relates to experience, context and interpersonal relationships.
How can businesses use technology to retain their knowledge and experience and could get up to speed almost instantly?
Anyone can now use chatbots and neural networks – inputting their own business’ data, in the form of old text messages and social posts, to create transferable skills.If your own company also has a lot of implicit knowledge data – ideally collected from your employees before they leave – AI tools can help turn it into something useful. The problem for many companies is knowing where to start.
How can businesses quantify, save and share implicit knowledge when an employee leaves?
Just think about the value that conversational technology can deliver to manage your company’s salespeople. AI can easily minimize the time for onboarding a new employee and the workload to transfer information in a structured way. Simply put: If a salesperson is expected to sell £100,000 every month, it’s crucial they get up to speed as quickly as possible. Otherwise, every month equals £100,000 in lost revenue. If you have 50 new salespeople, it becomes a £5m problem.
Also published on Medium.