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5 Benefits of Knowledge Sharing with Your Professional Services Firm

06-27-24 Benefits of Knowledge Sharing - Banner

A crucial goal for organizations in 2024, according to an online article by Reworked, is to start spreading the wealth of knowledge that your employees have. Firm growth stagnates and employee retention suffers when information is hoarded and not shared. In today’s constantly evolving economic landscape, leadership at professional services firms should embrace the idea of knowledge sharing, setting clear expectations, and creating a culture of trust. Let’s check out 5 key benefits of knowledge sharing for your professional services firm. 

#1 Promotes Innovation

By enabling employees at your professional services firm to access the collective knowledge of their team and other teams, knowledge sharing promotes innovation. When employees can hear the ideas of others and see new perspectives, new solutions can be imagined and new approaches to problems can be taken. Shared knowledge from others removes silos and draws employees together to collaborate creating even more energy.

Then, with this collective knowledge, everyone at your firm can see the bigger picture. This wider view helps challenge existing norms or offers thinking outside of the box and exploring unconventional options. Access to diverse insights encourages the generation of new ideas and promotes a more creative environment which leads to innovation at your professional services firm.

#2 Enhances Employee Engagement

When professional services firms create a culture of collaboration and shared learning, employee engagement is enhanced. Sharing knowledge ensures that everyone at your firm feels like a part of the organization. Specifically, hearing how certain decisions are made empowers employees, and keeping them in the loop lets them know that their voices are heard.

When employees feel valued and involved, they are much more engaged in their tasks. Furthermore, those employees sharing their expertise additionally feel valued for their contributions to your firm. They then are more likely to actively participate in sharing more knowledge. This sense of belonging enhances employee satisfaction and leads to a higher retention rate and a more positive workplace.

For example, at Full Sail Partners, we host quarterly all-company meetings. One section of these meetings is “Top Cool Things to Know” where employees submit the cool things that they discovered the previous quarter. This can include new items they’ve built for clients or a new process to help within their work day. We spend a few minutes during the company meeting sharing these “cool things.”

Having an intentional opportunity to share experiences and proactively planning collaboration time is also critically important with remote working professionals, like our crew.

#3 Supports Learning and Development

Knowledge sharing supports learning and development because employees are allowed to acquire new knowledge and skills from their other teammates at your firm. Enhancing their skills and competencies allows employees to grow and develop. This creates room for more creativity and further development enriching the culture of your professional services firm.

Employees being given access to best practices, lessons learned and expertise at your firm facilitates professional growth and learning. When employees feel encouraged in their quest for knowledge, they are motivated to keep learning. The more learning that occurs the more these employees are even better equipped to contribute to your firm’s overall success.

One way to support learning and development in an on-demand, remote work environment is by recording bite-sized training videos. As you onboard a new employee take a moment to record the different processes they are learning. Keep the videos short and focused on specific processes like how to enter their timesheet, or how to add a new contact to the database. Then store these bite-sized training videos on your intranet or a shared drive. This will allow all employees access to the information when they need it.

#4 Enhances Company Culture

The culture at your professional services firm will be enhanced with knowledge sharing as it promotes transparency and trust. Freely sharing knowledge breaks down barriers between departments, promoting collaboration and working across your teams. When employees can leverage the expertise of others, there is an increase in productivity which creates a harmonious working environment.

Moreover, for newly onboarded employees, knowledge sharing makes them work efficiently from the beginning as they feel valued at the outset. For the more seasoned employees, sharing knowledge helps them move on knowing that they are leaving a legacy. What knowledge they have acquired during their tenure will remain with your professional services firm.

#5 Builds Firm Wide Knowledge

Building firm-wide knowledge through your teams sharing their expertise only brings greater value to your professional services organization. All this vital information shared can be captured and preserved in a reservoir of learning. This is especially useful in the world of remote or hybrid workplaces.

Using technology or in-person methods of knowledge sharing will both yield powerful results. Your professional services firm can leverage digital platforms to store and share this knowledge. Additionally, face-to-face knowledge-sharing sessions can be organized and recorded. Whether your employees are in the office every day, several days a week or only working remotely, knowledge sharing can be accomplished to build this wealth of knowledge available firm-wide.

Positively Impact Employee Retention and Growth with Knowledge Sharing

There are many benefits for leadership at professional services firms to encourage knowledge sharing. It boosts the standard of the workforce. Knowledge sharing encourages employee collaboration, fosters a culture of learning, and creates a safe environment for innovation. Furthermore, when employees at your professional services firm can share their expertise, and other employees can build on their skills, it will help reduce the skills gap, widen the talent pool, and promote retention. Click the image below to go in-depth on upskilling and reskilling your employees.

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