There are about 100,000 Baby Boomers retiring from the workforce every day. Organizations across all industries face an imminent threat of losing invaluable institutional knowledge as their most experienced employees leave in droves.
Despite this troubling yet inevitable reality, a survey by Accenture found that nearly half (45 percent) of the organizations do not have any formal workforce planning processes and tools to capture knowledge from their retiring employees. Twenty-five percent of the organizations even admitted to letting their employees retire without any knowledge transfer.
However, with the current exodus of retiring baby boomers, businesses cannot afford to ignore the urgency of knowledge management needs to capture and document the wealth of expertise from their outgoing employees. Failure to document industrial expertise is highly likely to endanger business continuity and success due to the potentially massive scale of knowledge loss.
Preserving industrial knowledge from your retiring experts using video
Lucky for modern-day organizations, there is a widely scalable, cost-effective and engaging medium to capture, document and preserve critical knowledge and expertise from retiring experts: video.
Your organization can use video to quickly and creatively capture knowledge, utilize it for succession training, and preserve it for the years to come. Not only this but video is also one of the most popular and engaging learning mediums among millennials – the generation of digital natives replacing your retiring Baby Boomers.
Resolving video challenges in a single platform
Despite its wide-ranging benefits for scalability, cost saving, time-efficient knowledge transfer, and engagement – video is not easy to manage.
Video requires specialized expertise to stream, store, manage and distribute to a large workforce in a centralized, scalable and cost-efficient solution.
Following are the challenges organizations can expect to encounter when they first start using video:
- Video takes up enormous storage space on your servers
- Video streaming uses up too much intranet bandwidth
- Video files come in many different formats
- Video has to be optimized for playback on various devices
- Video encoding can be painfully slow
- Video sharing and distribution has to be secure yet easy
- You cannot search inside video content (without the right technology)
- You cannot calculate video ROI or monitor user engagement without detailed video analytics
- Professional video production can be very costly
- And most importantly, your entire video investment goes in vain if your viewers cannot access the media smoothly, when and where they need it!
Considering this, it is best to leave video streaming to the experts.
VIDIZMO, for instance, offers a complete video streaming solution for end-to-end video capture, upload, streaming, storage, processing, search, and distribution. With this, VIDIZMO resolves all video related challenges in a single enterprise video platform that can be deployed in your company’s cloud, on-premises or hybrid model that leverages both.
Before you hit record
Knowledge transfer needs differ based on the organization, industry, and retirement timelines. However, successful knowledge transfer has to be backed by a standard set of preparatory work before you start making the videos. Following are some pointers to keep in mind:
- Determine critical skills or expertise of each retiring employee to define what needs to be documented
- Identify retirement timelines for employees to prioritize recording schedules and timelines
- Select the optimal video presentation method – talking head video, screen capture, PowerPoint/ graphics supported video, field training video, demonstration, expert interviews, panel, etc.
- Prep the presenters with notes and presentation skills to ensure a smooth video recording experience
- Plan and allocate video recording slots for different employees to avoid scheduling conflicts.
*Most companies prefer to execute pre-production activities in-house but if you need professional services, VIDIZMO can facilitate your company with pre-production planning or even end-to-end project management services.
5 steps to using VIDIZMO enterprise video platform for knowledge management
Once you have laid the preparatory groundwork, it is time to follow a few simple steps to capture, document and share your videos across the organization using VIDIZMO enterprise video platform.
- Record and capture: Record and upload videos from any external camera/ recording device or record a screen capture video alongside your talking head video directly through VIDIZMO. Similarly, supplement your video presentation with PowerPoint slides, graphics or documents for greater engagement. Users can also shoot video straight from their smartphones using VIDIZMO mobile application, which supports complete video capture, upload, search and management capabilities. Once recorded, ingest and upload the video to VIDIZMO media library. With wide-ranging support for all video file formats, you can use any recording device and integrate with the encoder of your choice.
- Store and archive: Securely store all recorded videos in VIDIZMO video library and retain the videos as long as needed. Avail infinitely scalable video storage in the cloud, on-premises or hybrid cloud to support storage and archival of large video files for long or short-term use. With this, you can document and preserve the knowledge from all your retirees in a consolidated video library accessible to all or selected employees, depending on the need. VIDIZMO also supports auto-archival of videos depending on a set duration of expiration, which helps optimize storage.
- Organize and manage: Organize videos into categories to help your users search and locate the content in seconds. Create categories based on author or presenter name, content type, target audience, or any specific topic, subject or field that helps identify the video. You can also assign multiple tags to allow quicker search and navigation. To compile videos with supporting digital assets such as images, presentations, and documents, you can create a collection to help manage, access and track all digital assets collectively. Your users can also create their own learning plans by adding all their choicest videos in a personal folder that they can track to monitor completion and progress.
- Search using metadata or spoken words in video: Video content search plays a critical role in the utilization of the documented knowledge. Your efforts to document and preserve institutional knowledge and expertise are a waste if your employees cannot find what they need, when and where they need it. With VIDIZMO’s powerful metadata search, your employees can quickly search for the right video using keywords, tags, metadata categories such as author, topic, title, description, etc. or any other custom metadata categories you would like to assign to your videos. Not only this but to make search highly efficient and useful, we offer smart video search to help your users search inside the videos, so they can quickly jump to relevant portions of the video instead of watching it as a whole when looking for specific information.
- Share, assign and track: When it comes to succession training, the ability to quickly and conveniently share training content is crucial. Moreover, in the case of individual or group training, an outgoing employee should be able to assign his/ her videos to any number of employees who might need to learn from them. Not only this but any assigned training video consumption can be monitored using detailed video analytics, which can track user engagement with precise details of who watched what, when, how much, and more.
Other than this, you can use VIDIZMO enterprise video platform to:
- Make the videos viewable on any device, including smartphones and tablets.
- Support all videos with automatically generated transcripts and closed captions.
- Assign various user roles and permissions to different users, thereby restricting who can create, moderate, edit, publish, view or share content.
- Edit videos by trimming the beginning, middle, end or clip longer videos into shorter, microlearning videos.
- Include quizzes in your video to make them more engaging and interactive.
- Create gamified learning courses with scores, badges, certificates, awards, ranks, leaderboards, etc. to create a competitive learning environment.
- Send out reminders for employees to view any unwatched videos from their assigned videos.
- Conduct live video training sessions accessible to any number of employees across the organization.
If your organization uses or would like to use video as a knowledge management tool to document expertise from your ageing or retiring workforce, we can help! Additionally, VIDIZMO offers specialized video solutions for a range of other enterprise video use cases, such as corporate communication, sales and marketing, live events, and more.
To learn more, read our blog about using video for knowledge management or visit our website for details. To know how we can help solve your organization’s video challenges, contact us today or request our free 30-day trial to experience the platform.