Question

The latest in Talent Management has been the issue with attracting and retaining millennials in the workforce. So much, that companies have updated job descriptions or changed work cultures to cater to the generation. Have you worked for a company or have you heard of companies struggling due to the "loss of institutional knowledge" or struggle to attract and retain millennials?

Answer 1

Ans- Yes, I worked for a company who struggled due to the loss of institutional knowledge. It was during my internship time that I came across such situation where the company was struggling because of lack of institutional knowledge. The company was a small real estate company with 10-15 employees. When a company faces lack of institutional knowledge means that your most knowledgeable and intelligent employees leave the company. So the company where I worked as an intern faced a similar situation. One of the senior employee who had closed many deals of the company left. As I was just an intern I did not knew much about that employee and after all he was not my supervisor too. But I came to know that he got some high paying job elsewhere and so he left. But our the head and owner of the company was facing difficulties then as maximum of the deals were closed by that employee. He was very smart and knowledgeable too. After that the head of the company tried every way to recruit a candidate like that previous employee but all in vain. There was no one compared to that previous employee.