eGain and Deloitte Release Study on Corporate Knowledge Loss
A new joint report by eGain and Deloitte warns of a $9 trillion "knowledge exodus" as the Baby Boomer generation retires. The study found 92% of companies are failing to capture critical knowledge before employees depart.
Software company eGain and consulting firm Deloitte have released a joint report addressing a growing knowledge crisis facing companies worldwide, driven by the mass retirement of the Baby Boomer generation.
The report, titled "The $9 Trillion Knowledge Exodus: How Companies Can Turn the Tide of Baby Boomer Retirements into a Competitive Advantage," highlights potential productivity losses ranging from $6.9 to $9.6 trillion. Critically, 92% of surveyed companies are not effectively capturing institutional knowledge before employees retire.
The study outlines a five-step framework designed to systematically capture, structure, and deploy institutional knowledge. This approach aims to transform the risk posed by retiring employees into a strategic advantage for businesses.
The report includes case studies demonstrating successful knowledge management practices. One European telecommunications company significantly improved its customer service by consolidating knowledge repositories, and a major airline's cargo division achieved substantial gains in knowledge capture efficiency.