SME Succession Planning and Knowledge Loss Assessment

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Author(s): Susanne Durst (University of Skövde, Sweden), Jessica Yip (The Hong Kong Polytechnic University, Hong Kong)and Rongbin W. B. Lee (The Hong Kong Polytechnic University, Hong Kong)
Copyright: 2015
Pages: 17
Source title: Knowledge Management for Competitive Advantage During Economic Crisis
Source Author(s)/Editor(s): Patricia Ordoñez de Pablos (University of Oviedo, Spain), Lluis Jovell Turró (Universidad Autónoma de Barcelona, Spain), Robert D. Tennyson (University of Minnesota, USA)and Jingyuan Zhao (University of Toronto, Canada)
DOI: 10.4018/978-1-4666-6457-9.ch016

Keywords: Business Science Reference / Knowledge Discovery / Library & Information Science / Management Science

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Abstract

The aging workforce will soon lead to a number of retirements in Small and Medium-Sized Enterprises (SMEs) that cannot be compensated for by the decreasing pool of succeeding individuals. Consequently, SMEs need to find ways to cope with the demographic challenge and its possible consequences. Otherwise, its capability to act is at risk in situations when critical staff is leaving. This clearly illustrates the need for a proper succession planning. One that takes into consideration the knowledge at stake. The aim of this chapter is to draw attention to the danger of knowledge loss as a consequence of an aging workforce and to discuss three approaches SMEs can use to better understand the knowledge at risk. Set against the importance of SMEs in most of the world, the study´s results provide relevant insights into how to cope with knowledge at risk in order to secure the firms´ survivability.

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SME Succession Planning and Knowledge Loss Assessment

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