Every job has its nuances. Every organisation has its own customs and culture. Every employee, therefore, ends up with knowledge that no one else has. And that “unique knowledge” is your company’s most valuable asset.
That knowledge is why the first month at a new job is so much harder than the twenty-first. But because this kind of knowledge is so open-ended, we rarely measure its value. And when we take stock of what makes our companies productive, we tend to overlook it.
Companies who preserve and share their institutional knowledge benefit from faster onboarding, higher productivity, and ultimately, a positive impact on the bottom line.
How much? The answers are unique for every business. But Panopto recently teamed up with YouGov to produce a first-of-its-kind Workplace Knowledge and Productivity Report. The figures in the report offer a compelling look at the value of proactive knowledge sharing.
The report showed that:
60% of employees think that it is difficult, very difficult, or nearly impossible to obtain information from their colleagues needed to do their job.
Employees spend 5.3 hours per week waiting for information. These delays have a major impact on project schedules — 66% will last up to a week, and 12% a month or more.
81% of employees are frustrated when they cannot access the information they need to properly do their job.
If you want to learn more, you can download a copy of the report here: