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One source of competitive advantage is to diffuse throughout a company the unique, proprietary knowledge about customers, competitors, products, and techniques that resides in the minds of its employees. But many efforts at knowledge management have failed to deliver that advantage, because they haven't focused on the creation and broad exchange of knowledge within a company. Establishing an internal knowledge market with its own unique approaches to pricing, exchange, market facilitation, and competition can solve that problem and boost productivity.
More from the author This article is adapted from "Mobilizing Minds: Creating Wealth from Talent in the 21st-Century Organization," a book by McKinsey partners Lowell Bryan and Claudia Joyce. These Quarterly articles are also based on their research:
Better strategy through organizational design Making a market in talent Strategy in an era of global giants The new metrics of corporate performance: Profit per employee The 21st-century organization
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US investment banks are cutting costs by shrinking employment, but they can trim other types of spending without causing serious damage to their culture or morale.
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