A new study by Jive has revealed that many UK businesses are suffering from corporate amnesia – when information, knowledge and content is misplaced or lost due to the departure of employees, data overload and an increasingly distributed workforce.
In the UK knowledge workers represent 60 per cent of the overall labour force and are the single fastest growing segment. But, in time of profound technological change, which in theory should be fuelling huge improvements in workplace efficiency, the UK remains in a productivity slump. Unproductive, inefficient and overwhelmed, the survey gets to the bottom of the ‘corporate amnesia’ epidemic amongst global businesses.
The global survey conducted online by Harris Poll on behalf of Jive Software in December 2016, includes data from global knowledge workers based in the U.K., U.S., France and Germany. The key findings from the research were:
- ‘Corporate amnesia’ is costing companies an estimated £354,000 per employee on top of ‘the usual recruitment replacement costs.’
- UK employees spend over a quarter of their time each day searching for information
- 34% of UK workers feel overwhelmed by the number of work emails they receive on a daily basis, five points above the global average
“Corporate amnesia becomes a rising problem when organisations fail to put their most valuable asset, their people, at the center of their digital transformation,” said Elisa Steele, CEO of Jive Software.
“Without an effective solution to document, categorise, share and access the ever-growing mountain of information being accumulated globally, businesses risk collapsing under the weight. What’s worse, far more organisations are experiencing the detrimental side effects of institutional knowledge loss than is being reported by employees—this is just the tip of the iceberg.”
With automation, machine learning and AI set to disrupt what we consider ‘work’, businesses need to be better prepared. Ensuring your workplace is equipped to capture, manage and surface knowledge, freeing employees up for more valuable, non-routine work, is critical to future success.
Read more on the Jive company blog.
Head to our Knowledge Management section for guides and toolkits to help avoid corporate amnesia.