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When your employees stay in the same role for extended periods, they accrue institutional knowledge – or information and understanding about the systems, relationships and tactics that make your company run optimally.
This valuable combination of loyalty and insider expertise is one of the major long-term benefits behind the push to increase employee engagement and reduce turnover.
However, when a well-tenured person does retire or resign, a substantial reserve of company-specific insights may be lost.
That is, unless you have a system for regularly capturing institutional knowledge.
What is institutional knowledge?
Institutional knowledge refers to the information that only
