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from JPT Group   |   September 2022   |   Vol. 15 No. 9

He Belongs in an Institution

    Most people wholeheartedly will agree that knowledge is a good thing. No argument here. But, are some forms of knowledge more valuable than others? Are some forms of knowledge more easily transmitted than others? Intriguing thoughts to be sure.

    All of this brings us to this month’s topic: institutional knowledge (IK).

    Let’s start by getting some agreement as to what institutional knowledge actually is. According to eduflow.com, “Institutional knowledge is the collective information an organization and its people possess… Some of it is intentionally developed while other information is learned on the job and possibly even intuitive.”

    The importance of IK typically rears its ugly head when individuals leave an organization and take their knowledge with them and there is no effort to capture what they know before they leave. There are tangible forms of IK which are easy enough to identify (i.e. reports, data, forms, etc.) and subsequently store and transfer. It’s much more difficult to retain the intangible forms of IK such as context, skills and intuition. These typically must be transferred through some form of personal interaction such as mentorships or direct training.

    A study by Panopto estimated the cost of inefficient knowledge sharing for U.S. businesses varied with the size of the workforce. They estimated that the annual cost to an organization with 1,000 employees at $2.7 million. With 30,000 employees, the cost rose to $79.6 million.

    McKinsey notes that some employees spend, on average, 20 percent of their workweek looking for internal information or finding the right colleague to help with specific tasks.

    To prevent losing IK, many experts point to documentation and creating a collaborative workforce. The problem with trying to minimize the damage from lost IK is that it’s usually personal, meaning it varies widely from employee to employee, from organization to organization. That, and you may not realize that you’ve lost it until you need it. And by then, it’s usually too late.

“Between calculated risk and reckless decision making lies the dividing line between profit and loss.”

—   Charles Duhigg
 

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BUSINESS UPDATE

Noteworthy Business 

In 1946, Stella Pajunas, from Cleveland, Ohio, became the fastest typist in the world, achieving an incredible top speed of 216 words per minute. See her in action.

typist

There is no one, right answer

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“If they want you to cook the dinner, at least they ought to let you shop for some of the groceries.”

—   Bill Parcells

    More and more, email marketing is becoming a major force in 21st Century business. The advantages are many; the downsides can be treacherous (and expensive.) At the end of the day, done right, email marketing can raise your business to new heights.

    Recently we undertook a review of the various bulk email platforms on the market today (of which there may be dozens of viable options.) It should go without saying that there is good news and bad. Our conclusion was that there is no one, right answer to fit everyone’s needs, budget and functionality.

    What makes a successful email campaign? Let’s start at square one: content is king. If your content stinks or is directed at the wrong audience, you’re probably wasting your money. Second is a hold over from the conventional, hard-copy, through the Post Office direct mail. You’re only as good as your list. If your recipients can’t help you, rest assured they won’t.

    As a public service therefore, we thought it would be best for you to review and make up your own minds. Here are two short videos to help ascertain the landscape.

5 Best Email Marketing Software in 2022 (16 Services Reviewed)

BEST Email Marketing Software 2022

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What’s so great about that?  Lake Michigan is the only Great Lake that doesn’t border Ontario. Lake Ontario is the only Great Lake that doesn’t border Michigan. 

—   Geography King   

 

Work. Work. Work. Just 27 percent of U.S. employees used all of their paid time off (PTO) in 2021.

—   Qualtrics    

Don’t rain on their parade.  Weather forecasters are wrong more than any other profession.

—   Half as Interesting   

The new Mr. Big.  Chinese metaverse company NetDragon Websoft recently appointed an AI-powered virtual humanoid robot as its CEO.

—   Oddity Central   

Stuck on you.   Adding oil to your pasta water will not prevent the noodles from sticking.

—   informationisbeautiful.net   

Don’t bug me, man.   While investigating a burglary, Chinese police noticed a smashed mosquito on a wall in the victim’s apartment. From the remains, they obtained DNA which led to the capture of the robber.

—   The Global Times   

A real buttload.  A butt is an actual unit of measurement for a cask of wine. A buttload is roughly 108 Imperial gallons.

—   Mental Floss   

Shortest flight on record. From Westray to Papa Westray on the Orkney Islands in Scotland. The distance for the entire flight is 1.7 miles and is scheduled for two minutes from takeoff to landing.

—   knowledgestew.com   

Yeah, but, how many Americans actually speak English? China has more English speakers than the United States.

—   greatfacts.com   

The Month of August

Month of the Month

    Don’t leave home without it: September is National Passport Awareness Month. It’s also National Coupon Month (don’t leave home without those either.) And, if you find yourself passing your day humming a tune, it might be because it’s Classic Music and National Piano months. Last, we know you love us all the time but September is Be Kind To Editors & Writers Month.

    If you don’t believe us, look it up. Today – September 15 – is “google.com” day… and Felt Hat Day.

Question of the Month

What do John F. Kennedy, Marco Polo, Batman and John Lennon all have in common? 

     Go ahead. Take a flyer at this answer.
 


Quote of the Month

“The fact that an opinion has been widely held is no evidence whatsoever that it is not utterly absurd.”

—   Bertrand Russell

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