The Forbes.com headline reads, “With Staggs Out, Disney Investors Left Wondering Why Bob Iger's Succession Plan Fell Apart.” When one person can move a stock price for a company like Disney by 2% over night I call that Talent Risk. We have many clients who are struggling with this problem - key executives playing critical roles appear irreplaceable.
In a previous blog, we talked about how we can use knowledge transfer to mitigate talent risk by creating an ecosystem of experts who can provide backup for a departing executive. I mentioned that one of our clients was preparing to replace a retiring executive. They had identified his
As part of our continuing eBook series launched earlier this year, today we’re releasing our second complimentary, short eBook from our own Steve Trautman: KNOWLEDGE TRANSFER 101: An Introduction.
Nearly all of us have worked for a well-meaning, relatively capable leader who does his or her best each day but still falls short. It is not their fault, really. They are the manager, but that doesn’t mean they can be experts in the details of every job function in their chain of command. The orchestra conductor may also know how to play the violin, but may not have as much clarity on the mechanics of playing the wind instruments. It is an age-old problem.
One solution is
DEFINITION: A mentor is an expert (“subject matter expert,” “SME,” “domain expert,” “pro,” “guru,” “go-to person,” “rock star,” “buddy,” “genius,” etc.)—in any industry or line of work—who has unique, business-critical knowledge and needs or is asked to teach that knowledge to others. The knowledge can be explicit or tacit. And, a mentor can be any age and have 50 years seniority in an organization or one day. The essential factor is that the mentor knows something that others in an organization need to know in order to be successful.
There’s a common misconception in business that many subject matter experts are unwilling or unable to transfer their knowledge to coworkers.
All of us in business learn our jobs by being on the job. No matter how much classroom education we may have had, we learn how to do our jobs by watching, listening to, and being mentored by the more experienced people around us. In fact, studies have shown that, regardless of occupation, most adults learn their job roles through 10% classroom training, 70% on-the-job training and mentoring, and 20% other sources (called the 70-20-10 Rule). If you are the experienced employee who is setting the on-the-job standard for the right way to do things in a job role (a mentor), knowledge transfer best practices can help you to help your apprentices speed their learning.