Knowing = Growing
A survey, conducted by hrzone.com in 2016, of more than 2,300 employees found that 81% believed nepotism occurred in the workplace. However, whilst who you know, through family, school and LinkedIn might get you a foot in the door, most of us also believe that it is our talent and skill which keep us there. In fact, 61% of CEOs saw retention of skills and talent as a key issue over the next five years*.
An increasingly important focus for many sectors will be how to process, manage and interpret the vast quantities of information available in a digital world. Seeing new avenues for market growth, disrupting existing industries, and developing new technologies are all founded on excellent intuition and knowledge. Amazon has grown to dominance off the back of data and analytical skills that mean this data can be used to bring about market advantage. The new Amazon 4-star store in New York shows this so well, it is equipped with digital price tags to keep prices fully up to date based on current online prices. Trends are fast and furious, and the information that drives them is instantaneous. The technology that drives all this is rapidly evolving, and to keep pace means you need to stay up to speed with the latest information.
Career growth will increasingly be driven by knowledge networks, not personal networks. An employee who understands the relationship between technology and information and how to utilise that relationship for business growth is far more valuable than one who simply has connections. A willingness to commit to training in this area needs to come from both employer and employee. Both need to see the potential for personal growth and enter into an understanding on this from day one. The training itself then needs to be spotlighted. According to Training Industry Magazine spend is increasing at roughly 14% per year on employee training in the USA, but is the ROI keeping track with this spend?
Career growth will increasingly be driven by knowledge networks, not personal networks.
Employers – invest in people by equipping them with the knowledge they need. Update this as regularly as possible to maximise knowledge transfer within the organisation, and to stay ahead of your competitors. Knowledge will produce genuine understanding, which in turn will lead to greater expertise and innovation.
Employees – push yourself to find out more, become more valuable to the business as you expand your knowledge and understanding. Specific development training to help you become an expert in your field will increase your confidence, value and output.
Knowledge is power (if remembered, understood, applied correctly, used intelligently…) - clearly knowledge being present is not enough, but it is the first step to making future actions possible. This is important for those influencing the strategy of a business, as much as it is for the employee making day-to-day decisions. If knowledge of the business and industry is not present you can be assured that employees will feel demotivated, disengaged and dissuaded from developing themselves or the business they work for.
A collaborative approach around knowledge acquisition and retention should lead to improved performance, competence, and ultimately to a healthier bottom line.
So the next time someone says to you “it's not what you know but who you know”, make sure to challenge the basis of their assumption. As American historian Daniel J. Boorstin points out, “the greatest enemy of knowledge is not ignorance, it is the illusion of knowledge”.
“61% of CEOs saw retention of skills and talent as a key issue”
* PwC’s 18th Annual Global CEO Survey
About the Author
Keith Grafham
Chief Commercial Officer
Keith has great experience growing organisations and the people at their heart. Keith is determined to share the insights Feed Your Elephant have gathered to bring about sustained change in organisational learning initiatives.
