Everyone works in private equity industry must be very familiar with Henry Kravis and gives hug honor to him. No wonder since this person is one of the pioneers of private equity industry. For more than thirty years, Henry Kravis has been taking part in shaping private equity into the global business scene. Through his life and career, Mr. Kravis has made some notable records. His successful education continued with successful career as both professional and businessman. Started his career as professional in corporate finance department at Bear Sterns & Company; Henry Kravis made a milestone in his life when we, along with some colleagues, founded Kohlberg Kravis Roberts & Co in 1976. This firm becomes the most successful private equity company in the world with top reputation as global alternative asset manager. This company has made a major influence in global financial industry with their inspirational methods in acquisitions.

But Henry Kravis is more than just successful businessman. He also has outstanding reputation for what his done for the community. He founded New York City Investment Fund, a non-profit organization dedicated to create jobs and help small business in this city. Not to mention his active involvement on several cultural and educational institution. Another outstanding legacy of Henry Kravis is the Kravis Institute of Leadership he founded at McKenna Claremont College. This is one of the foremost institutions in this country for promoting leadership values in business and professional life.

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Knowledge Management focuses on the organization-specific body of knowledge and skills that result from the organizational learning processes and is concerned with both flow of knowledge and the making of profits.  ‘Knowledge Flow’ represents the ways in which knowledge is transferred from people to people, or from people to a knowledge database. Knowledge Management is intended to capture an organization’s collective expertise and distribute it to “wherever it can achieve the biggest payoff”.

Knowledge Management is about storing and sharing the accumulated collective understanding and expertise within an organization regarding its processes, techniques and operations.  Because it treats knowledge as a key resource Knowledge Management is a key component of intellectual capital, which allows HR practitioners to influence the area of people management.

One of the major requirements for Knowledge Management is to integrate the link between people management practices and organizational performance in professionally-run organizations.  The organization has to monitor how HR contributes to the creation of tangible value in the form of knowledge-based outputs.  For instance, in professional service organizations, the knowledge held by their staff is the key to the development of intellectual capital.  Such organizations “sell their people because of the value they add to their clients”.

Though the concept of Knowledge Management is of recent origin, interest in it has grown rapidly with the development of information technology (IT).  Accordingly, a Knowledge Management system will require carefully prepared, structured management information systems (MIS) in which information is recorded, stored and made available to those who need it.

The essence of Knowledge Management then, is the need to have designated ‘knowledge developers’ to design the computer software to control the knowledge database, and the ‘learning options’ that will guide users in finding, at any given time, information that will serve their personal development and  work needs.

A sophisticated Knowledge Management system aims not just at information-sharing, but also in meshing the assumptions and beliefs of the learner.  Tacit Knowledge—expertise that is stored in people’s heads—can be clarified and shared with others, eventually becoming ‘newly created knowledge’, which is understood and accepted throughout the organization.

Depending upon a person’s position within the organization, and his/her viewpoint, encouraging a team approach to sharing knowledge and skills may benefit all employees, or may even prove to be a strategy by which the senior management can extract individuals’ key knowledge in order to take advantage of  the ‘knowledge creation pool’ existing within the organization.  However, in an organization which is aggressively competitive and rewards individual achievement rather than teamwork, employees may be reluctant to share their ideas for a new service with their manager, simply to avoid the manager receiving a performance bonus for someone else’s idea(s).

Therefore, an organizational climate of trust and mutual respect would seem to be essential in developing effective Knowledge Management Systems.

Finally, knowledge creation in an organization assumes that employees, especially at the middle and senior levels, actually know more than what they are perceived to know, even though they may not provide solutions to all of the organization’s ills.  Hence, the imperative for organizations will be to create an organizational climate wherein tacit knowledge can replace existing/traditional systems of knowledge-sharing; such a climate necessitates systematic training interventions appearing alongside the routine scheme of things.  This will offer exciting new horizons for HR practitioners and managers at all levels, ultimately contributing to enhanced employee performance and organizational well-being and effectiveness. Price Comparison Services

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