Peter Drucker- Guru of Modern Management has mentioned in his writings that Performing Employees are the most important Asset of a Company. It is the Knowledge and Employee's capability to apply it appropriately, that makes them an important asset. Thus, it shall not be any exaggeration if it is said that Knowledge is a biggest capital in any Company, though invisible in Balance sheet.
The Knowledge comprises of Tacit Knowledge (Intuitive, experience based undocumented knowledge contained in heads of individuals) and Explicit Knowledge (Formalized, documented in form of procedures memos, guidelines etc.) (Polanyi 1966). When Tacit Knowledge complements the Explicit Knowledge the aggregate organizational Knowledge multiplies. On the contrary, if the Tacit Knowledge is not aligned with Explicit Knowledge the combination may become counterproductive. Since Tacit Knowledge is acquired through experience over the years and individual traits, it may not align with Explicit Knowledge when a new experienced person is recruited in the organization. By aligning Tacit and Explicit knowledge, the aggregate benefits to the organization are enhanced. For the existing employees alignment of Tacit and Explicit Knowledge is less challenging but it does play a role in improving organizational efficiency. This paper focuses on:
The strategies to align Tacit and Explicit Knowledge for newly recruited experienced personnel as well as existing employees.
Improving the effectiveness of Explicit Knowledge with appropriate strategies of its storage, update and linkage with relevant organizational function.
While the Companies have generic policies for Knowledge Management, this paper focuses on the efforts within departments to enhance Knowledge pool and its effective use to achieve organizational excellence. Knowledge Management within departments can be tailored for specific needs and benefits are manifold.