How valuable is knowledge for your emerging franchise system?
When franchise brands approach their HR strategy from a high-level, one of the key concerns that are integral to a sustainable business model is knowledge management. When you bring aboard new talent, especially as older workers retire or other key staff moves onto new job opportunities, there’s invariably going to be a knowledge gap-unless you put the right strategies in place to ensure your business and specific departments retain critical, position-specific knowledge.
Why Knowledge Management is So Important
In today’s business space, knowledge and information are rapidly transmitted across multiple channels and bring decision-makers in touch with facts and figures that can have a major impact on the success of their businesses.
A Forbes article highlighted the fact that managers are confronted with huge volumes of data on a daily basis. For instance, a study cited by Forbes found that the amount of data people face on an annual basis is roughly the equivalent of reading 174 newspapers every day. No matter how well-organized your management team is, that’s an excessive amount of information that can inject inefficiencies in workflows.
So, knowledge management is a strategy that enables your business to create, handle, share and apply knowledge in a systematic way. For the franchising industry, developing systems to increase efficiency and improve operations is a central tenet of the business model. From the management team to customer-facing staff, ensuring each member of the organization has access to the most accurate and up-to-date information about their role and core responsibilities.
Having a knowledge management system in place is fundamental to an operationally functional franchise brand. However, integrating this strategy with hiring is another critical element.
What Role HR Technology Serves
As your franchise system grows, you need to have a scalable strategy for enabling knowledge management that extends to hiring. Especially for emerging brands, the experience of the first employees is going to be irreplaceable to help inform how your system develops further down the line. Through experiential learning, key knowledge about improving operations should be passed on to other staff-and, possibly most importantly, to those in charge of hiring.
Your HR staff should be leveraging the knowledge of employees in your franchise system to identify the talents, character traits and practical skills that your brand should look for in future hires. According to Talent Management, many organizations are capturing information about their workers, including performance and learning history, as well as personality assessments. But, there hasn’t been a consistent effort to make this information applicable to building a better business.
The first step in the process is ensuring your hiring software gives your franchise brand the tools necessary to learn as much as possible about prospective employees. With tools like pre-screening surveys and candidate assessments, you’re able to dig deeper into an applicant’s background and capabilities and compare them with current all-star employees. This helps ensure you’re not only hiring for talent but culture as well, which is something far more difficult to build into an employee once they’re hired. At the same time, the right technology will help you identify the skills that you’ll likely have to foster and develop in a prospective candidate if they’re the right fit for a specific role. Meanwhile, you’ll be adding fuel to your knowledge management strategy by building a track record of hiring success through data-driven candidate sourcing.