Unexpected (but true) things about sharing knowledge with your team

You've probably heard the saying Sharing is caring, but did you know that a culture of knowledge sharing is just as important as having the best knowledge management tools and software?

But first, let's start with the definition of knowledge-sharing:

It's the exchange of information within the organization - between team members and employees.

If we look closer, knowledge sharing in the workplace is about creating a space for open communication regarding shared successes, common challenges, and collaborative plans. Without a comfortable environment for team members to share openly, results can suffer.

Research shows that businesses can lose up to $31.5 billion each year due to a lack of knowledge and resource sharing among employees.

Studies consistently show that sharing knowledge within an organization boosts employee productivity, and when employees are productive, it paves the way for sustainable company growth.

John J. Murphy, author of Pulling Together: 10 Rules for High-Performance Teamwork says:

Each individual has unique gifts, talents, and skills. When we bring them to the table and share them for a common purpose, it can give companies a real competitive advantage.

Benefits of sharing knowledge within a team

Teamwork has a lot of positive effects on the working atmosphere. Some of these influences are well-known to everyone.

However, there are many more positive things that teamwork brings that you may not have considered.

Knowledge Sharing Secrets - Strategies for building Unicorn team

Businesses lose a huge $31.5 billion every year because they don't share knowledge and resources with their employees, according to studies. This problem is even worse in small teams where each member is vital.

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Organizational transparency is a result of knowledge exchange

Transparency - both inside and outside a company - is more important than ever.

As a customer, you’re likely to prefer a company that communicates openly and honestly. The same goes for the workplace; when team members are transparent with each other, it builds trust and strengthens collaboration.

Employees care a lot about internal transparency. It allows them to build strong bonds and they are open to sharing their expertise with the team.

If your company fosters a culture of open and transparent communication, it not only helps employees perform their jobs better but also gives you the chance to attract and keep top talent.

No "Brain – Drain"

Throughout their time in an organization, employees gain a wealth of valuable knowledge and experience. If they don’t document or share that knowledge with their team, it leaves with them when they go.

It’s estimated that making up for that loss is not cheap.

Replacing a staff member takes a significant amount of time and effort to help the new employee get settled in. The process can cost the company up to $30,000, which translates to a loss of about 29 weeks of productivity as the new hire learns everything they need to know.

Employees are more determined to do their jobs

From the research conducted by McKinsey, you can find out that employees spend 9.3 hours per week searching and gathering information.

With the rapid pace of technological development, it’s no surprise that people are spending more time on online research these days.

In the daily race for information and data, lost time is only part of the problem.

When knowledge and information are not shared and stored appropriately, work takes longer, mistakes are repeated, employees are stressed, and results and quality often lag.

However, when employees have access to the data and information they need, they perform their work faster, more thoroughly, and with less stress.

New employees find their way faster

Imagine stepping into a completely new and unfamiliar workplace that has been around for years. You’ll definitely need time to adjust to your new environment.

What everyone needs during those moments is a supportive community that welcomes them. A community that greets new colleagues with a smile fosters a culture of knowledge sharing.

In such communities, the work environment is positive, and healthy relationships thrive. Teams genuinely support each other, share their knowledge, and work together to tackle any challenges that come their way.

This is also supported by Gallup's study which shows that organizations with highly motivated and engaged employees outperform competitors with less engaged workers by an incredible margin of 147%.

Increased creativity

Stale solutions often arise when people work in isolation.

When more team members collaborate to solve problems or brainstorm new strategies, innovative ideas emerge more quickly. This happens because of the diverse perspectives each person brings, leading to better solutions and results.

But it’s essential to highlight that this can only happen in teams with open and collaborative communication.

Lead by example

To cultivate a healthy collaboration culture it’s important to remember the difference between saying: “You can do this” and “We can do this together.”

Leading by example is a leadership style where you model the behavior you want to see in your team members, and that includes doing the following:

Companies that combine a culture of knowledge sharing with knowledge management tools make their employees happier and more loyal, and each time a team member leaves, the team gets over it more easily.

Final notes

Many studies around the world have confirmed that knowledge-sharing and collaborative culture in companies naturally boost employee productivity. Such an atmosphere provides numerous business opportunities, keeping the organization successful and competitive.

By nurturing knowledge-sharing initiatives, you create more chances for growth and development.

So why not invest in a strategy that will pay off in the long run? It’s a win-win for everyone!