A modern approach to knowledge management is proposed to resolve one of the major challenges to knowledge management lifecycle, which is people involvement and buy-in. Human motivation and participation directly influence the success of knowledge management activities and outcomes in any organization especially in Petroleum Industry where knowledge has become a cornerstone to daily operations from exploration to distribution. Knowledge management is a dynamic system that organizations use to identify important information, collect it from those who possess it, store it and share it with others. Organizations use such information to improve their processes, customer relations, decision-making, employee morale, performance and profit. This paper proposes a rating and recognition technique that can foster employees' engagement and participation during the knowledge management lifecycle. An automated rating is used for each potential knowledge, which are information that can evolve into useful knowledge to the organization. Rating is based on the summation of points given to potential knowledge entering the lifecycle. Rating based knowledge management lifecycle proposed in this paper links knowledge Phases with knowledge lifecycle actions. Knowledge phases are knowledge creation, knowledge sharing, knowledge structuring, knowledge utilization, and knowledge auditing. Knowledge lifecycle actions are created, stored, shared, used, and reviewed. Helpdesk IT support is used in this paper as a study case where points are granted to potential knowledge when a support case solution is submitted, used for current incident, used for other incidents, resolved an incident, rated by customer, and rated by other support personnel. Effective knowledge management system requires effective participation of knowledge provides. Management should keep knowledge contributions consistent by rewarding knowledge contributors. Knowledge contributors are not only people who help transforming information to knowledge but all members who contribute to the knowledge management system processes such knowledge users, evaluators and others who help the knowledge to evolve. This approach engages employees through positive competition. It motivates employees to provide good quality solutions that can build a knowledgebase.