Knowledge management can be defined as converting raw material information into useful information. This useful information is then used in place of other knowledge for the benefits of same kind of experiences. KM mainly contributes to numerous ideas, problem- solving, innovative projects and products which lead towards productivity. It is more than about what organization has learned in the past because it is all about creating a link between people and information to a point which is complete more than the just sum of all small parts (Liebowitz, 2019). Organization faces problems for knowledge management because of changing technology, measuring employee’s knowledge contribution to organization, shared information is up to date and accurate etc. This report consist of various issues which company faces related to knowledge management, different patterns of working in 21st century and what are their implications on IHRM managers. At the same time, it has also been observed that knowledge based economy is maximizing because now-a-days knowledge is entirely based on ideas. Different types of working patterns are been changed with the change in technology i.e. all working patterns are been shifting from traditional ways to modern ways i.e. through digitalization.
According to Hislop, 2018, management faces numerous issues related to knowledge management in their organization. It can be observed that with the changing patterns of work, there requires useful knowledge which is based on new ideas. It becomes challenge for the organization to keep such big data stored and share on the same frequency. It is very typical for management to keep motivated employees in order to share all their works and ideas as it will lead to success of whole management and maximize company’s productivity. Another challenge for company related to KM is that keeping up with ever- changing technology. It has been observed that technology are changing and upgrading from day- to- day is the most typical task for managers. Other challenge which is faced by company is that the knowledge is something which cannot be quantified (Webb, 2017). It should be under stable that when it comes to knowledge contribution, than focus is on shared purpose rather than its results or efforts.
Donate, 2015 argued that organization faces many challenges in keeping KM but there are solutions also present in order to resolve all the issues. KM for individual help in doing their work efficiently and it also useful in saving time in order to take better decision and help in problem solving. It helps the company in building bonds among the employees and also keeps people updated from time-to-time. KM for community helps in promoting professional skills, maturing in peer-to-peer monitoring. It also provides more effective networking and collaboration among employees in the organization. It also fosters professional code of conduct which includes all ethics and moral values which are then followed by all the members in the company. It also ensures that one common language should be used which will solve all the problems in diversified workforce. KM for organization is useful in assisting drive strategy in order to achieve goals for company (Liebowitz, 2016). It settles down all the problems as quickly as possible. Also, help in upgrading knowledge which is already embedded in products and services.
• KM should be present in every organization even retention of KM is having many issues but on the other hand, it is having many benefits too;
• KM help organization upgraded, accurate and up-to-date information which must be passed from correct channels with due permission from high authority. This will be helping organization to use knowledge in order to ensure better usage of information for preparing better strategies;
• Companies should use changing patterns of work in their company because this is what now liked by employees. In this way, company can even attract higher number of employees for their company;
• For employees, who wants to work as per their wishes can definitely use new patterns of work i.e. freelancers job, flexitime job etc. in order to earn higher.
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