711122, 12.19 AME \What Isa Knowledge Transfer Plan? (Plus a How-to Guide) | Indeed.com “indeed wy (signin } Career Guide ~ | Search articles Q Career development > What Is a Knowledge Transfer Plan? (Plus a How-to Guide) What Is a Knowledge Transfer Plan? (Plus a How-to Guide) By Indeed Editorial Team Published July 21, 2021 y © fA eo To prepare for mergers or employee departures, companies transfer knowledge between employees, departments or businesses. Knowledge transfer plans are some of the most common tools for successful transitions. Understanding what a knowledge transfer plan is and how to complete one can ensure your company stays productive, even when key players choose different career paths or your company merges with another business. In this article, we explain what a knowledge transfer plan is and outline a how-to guide on creating a good plan for your company. Find the best companies to work for on Indeed [4 Get access to millions of company ratings and reviews What is a knowledge transfer plan? A knowledge transfer plan is a document or verbal strategy for transferring skills and expertise from one professional to their colleagues. Businesses use knowledge transfer plans when someone leaves the company to fill the gaps in knowledge that can exist after the employee's departure. A company can create a knowledge transfer plan that aligns with hips: www indeed. comieareeradvice/carcer-developmentwhatis-knowledge-ransfer-plan snoren, 1249 08 What Is a Knowledge Transer Plan? (Pus @ How-to Guid) | Indeed.com the departing employee's timeline to ensure the team remains cohesive and knowledgeable once they leave. Knowledge transfer plans also help when merging with other businesses. The transfer of knowledge ensures that everyone who needs to learn that knowledge gets an opportunity to do so in a way that's efficient and productive. These plans cover both explicit knowledge and tacit knowledge. Explicit knowledge is industry-standard or official knowledge that explains practices. Tacit knowledge is information that's more challenging to express directly, like personal wisdom or industry practices that everyone knows about but don't exist in official docurnents. A knowledge transfer plan typically contains these main components: Detailed knowledge sharing process Detailed knowledge storage or management system Communication tools, like project management software A dedicated person or people who specifically facilitate knowledge sharing Review process to determine the efficacy of knowledge sharing platforms and methods Read more: Knowledge Transfer Plans 3 Importance of a knowledge transfer plan A knowledge transfer plan is a crucial part of the departure process for employees or for merging with other businesses for many reasons. These include: Accelerating the accumulation and spread of knowledge across the company Creating knowledge transfer plans can accelerate the accumulation of important knowledge and aid in its dissemination across the company. Companies leverage their collective knowledge to make innovative changes in the industry, discover new opportunities to generate income or increase employee safety. This knowledge is valuable because it can generate action and significant changes in the company. This encourages everyone in the organization to seek new information to expand the company’s pool of knowledge and skills. A plan helps organize what information the business wants to acquire, when it wants to acquire it and how to acquire it for better organization during the process. hips: www indeed. comieareeradvice/carcer-developmentwhatis-knowledge-ransfer-plan 2n0711122, 12.19 AME \What Isa Knowledge Transfer Plan? (Plus a How-to Guide) | Indeed.com Related: What Is Tacit Knowledge? (Definition and Examples) % Encouraging assimilation with other ideas or departments Departments might combine with one another to create a more cohesive department using everyone's skills and knowledge. During such a merger, the plan can explain what knowledge each department can transfer to the other department and how that knowledge can transfer efficiently. The plan also works for ideas. For example, if two companies have different values for the workplace, the knowledge transfer plan can help them determine how to combine those ideas and find similarities for easier assimilation for employees. Stimulating interest in new skills and knowledge for team members Outlining how, when and what information the company wants to transfer can help employees seek new knowledge and share it with the company more easily, as this makes the process simpler and more effective. This helps create an environment that focuses on sharing knowledge instead of keeping it private. Many businesses thrive from knowledge sharing, creating a more skilled and knowledgeable workforce. Related: Communication Goal Examples for Effective Business Communication @ Creating a company culture around professional development and mutual respect Another important benefit of a knowledge transfer plan is that it helps the company create a culture of mutual respect and professional development. With such an environment, employees can focus on supporting one another, sharing and teaching new skills and applying their new knowledge to their tasks for better accuracy, efficiency and accountability. For example, a business with knowledge transfer plans in place might find it easier to downsize departments. This can mean that an employee's departure from the company won't create a skills gap because the employee's coworkers took the time to learn information about the position in order to find another person to best fill the position. Top job searches near you hitps:www indeed. comieareeradvicelcarcer-developmertwhatis-knowledge-ransfer-plan ano711122, 12:19 AME \What Isa Knowledge Transfer Plan? (Plus a How-to Guide) | Indeed.com Part time jobs > Full time jobs > Work from home jobs > ing immediately jobs > View more jobs on Indeed > How to complete a knowledge transfer plan Completing a knowledge transfer plan takes certain steps to maximize the efficacy of the plan and account for any setbacks. Here are the basic steps of completing a knowledge transfer plan: 1. Identify and collect information The first step to completing a knowledge transfer plan is to identify what knowledge the company or team needs and collect it. Cultivating knowledge is an important aspect of healthy company culture because it encourages employees to seek new knowledge whenever they can. You encourage a culture of cultivation with brainstorming sessions, seminars, new projects and assigning existing problems or challenges to different people. If you're collecting knowledge for a merger or employee departure, the process might look different. In either case, outline the knowledge you're assimilating into the company or losing with the employee's departure. Identify key skills or points you want to reinforce or remove from the company altogether and collect as much information about them as possible, With this information, you gain a better understanding of what you might lose or gain with a departure or merger. 2. Store knowledge Ifyou collect thousands of written or digital documents of information and store them correctly, you can access that knowledge at any time. Part of creating a knowledge transfer plan is creating a storage plan as well. Think about how you want to store that knowledge hips: www indeed. comieareeradvice/carcer-developmentwhatis-knowledge-ransfer-plan anoren, 1249 08 Wats Knowedge Transfer Plan? (Plus 3 How-to Guid) Indeed.com once you obtain it and how you can keep it secure within the company. Consider how you might keep industry competitors or outsiders from obtaining that knowledge. You might find that your company already has the right tools in place or needs to upgrade to more modern tools, like cloud storage. Read more: hat Is Knowledge Management and Why Is It Important? @ 3. Transfer and share knowledge After you identify, collect and store your information, you can transfer it and share it with others in the organization. This is where you outline the exact practices the company uses to share knowledge across departments and employees. For example, if an employee departs from the business and you collect knowledge about their unique filing system for company documents, you can host a training session with their colleagues on how to use the system. Technology can also help make the sharing process easier for large companies, such as videoconferencing or project management software that facilitates frequent and accurate communication within the company. 4. Apply knowledge The success of a knowledge transfer often depends on the methods by which the company and its employees apply the knowledge. Leaders in the company might monitor employee behavior over the next few weeks or months to determine if they're using the knowledge and how it's affecting the company's processes and culture. This provides a basis for the company's leadership to measure the results of the knowledge transfer and take steps to improve the process. 5. Measure results Measuring the results of the knowledge transfer using KPIs, or key performance indicators, helps the company understand how effective their process is. KPIs are factors that companies use to measure how effectively the company or its employees are meeting objectives. For a knowledge transfer, a company might use their increase in sales revenue since the transfer as an indicator that the knowledge was useful. Measuring accurately also helps a business rework its knowledge transfer process to make it more effective in the future. The company might find that it needs new tools, like project management software or a more knowledge-focused company culture, to succeed in future knowledge transfers. hips: www indeed. comieareeradvice/carcer-developmentwhatis-knowledge-ransfer-plan sno711122, 12.19 AME \What Isa Knowledge Transfer Plan? (Plus a How-to Guide) | Indeed.com Read more: 16 Examples of KPIs for the Workplace @ 6. Create new knowledge The last step in the process is developing new knowledge for the company. After applying knowledge and measuring its results, the business creates new knowledge based on those results that it transfers to the employees and the process begins again. New knowledge helps the company move forward, learn from setbacks and successes and create a culture of continuous development and knowledge-sharing. This helps reinforce the idea that knowledge sharing is a positive event for the business. Incentivizing new knowledge is a great way to encourage employees to create it. You can offer prizes, days off or bonuses for employees who bring new knowledge to the company that helps make the company more efficient or improves the workplace. Is this article helpful? \@ Yes! 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