How To Stop The Knowledge From Walking Out Your Door

When it comes to the state of the U.S. employment landscape, it’s safe to say it’s a worker’s market. According to the U.S. Bureau of Labor Statistics, there were over 11 million job openings on the last day of April 2022. While this is great news for the millions of Americans looking to enter the workforce, change career paths or find new challenges in a new workplace, it means companies must work significantly harder to retain their valued employees.

The Bureau of Labor Statistics also found that 4.4 million people left their jobs voluntarily in April alone. Often, people take years of expertise with them, leaving a gap that is much more difficult to close than just filling a position. To mitigate this knowledge loss, we as leaders can take two primary courses of action: retaining employees and cataloging knowledge.