We are talking all about institutional knowledge today, and some of you may be wondering, what is institutional knowledge? Well, listen in today as we talk about what institutional knowledge is and why it’s important, offering personal examples along the way such as something that happened on Karamel’s recent trip to St. Lucia (not Croatia)!

As we explain on the show, institutional knowledge is the sum of information a company and its employees possess, including but not limited to techniques, expertise, policies, data, skill sets, processes, and experiences. We also explain that there is an important difference between explicit knowledge and implicit knowledge and touch upon why that distinction is important.

We also explore the importance of consistency, effective training systems, and clear communication in establishing a successful business foundation. Learn how empowering employees, fostering cross-training, and implementing standard operating procedures can lead to fewer information gaps and smoother operations, the power of embracing shared knowledge and the role it plays in overcoming challenges, how to avoid over-reliance on a single individual's expertise, and so much more!

We really hope that you enjoy today’s conversation and get some great insight out of it! Please feel free to reach out to us with your thoughts; we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

 

Time Stamps

[0:52] - Karamel was just in St. Lucia!

[1:22] - Today’s conversation is around institutional knowledge.

[2:14] - Karamel offers an example of institutional knowledge.

[3:08] - Hear a definition of institutional knowledge.

[4:49] - Karamel explains the difference between explicit knowledge and implicit knowledge.

[7:04] - Turnover can happen very quickly!

[8:45] - What are the benefits of implementing institutional knowledge?

[10:18] - Michele discusses the difference between practice and policy.

[11:18] - Michele is learning that everyone thinks and operates differently.

[12:30] - Karamel moves toward talking about efficient onboarding.

[13:25] - Continuity of service is another benefit of institutional knowledge.

[14:38] - Hear how Michele brought in institutional knowledge during her banking days.

[17:01] - Having institutional knowledge also leads to employee satisfaction.

[18:47] - Michele argues that children fare better with the truth.

[20:50] - Credibility builds incrementally over time.

[22:39] - Institutional knowledge is required for scaling and growing.

[25:13] - Michele really loves numbers.

[26:44] - Michele emphasizes the importance of your vision and mission.

 

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

Valamis - “Human Resources: Institutional Knowledge”