HR and recruitment technology company Xref says a strong corporate memory can make all the difference when it comes to  a business making informed decisions and avoiding past mistakes.

Corporate memory is an organisation’s collective storage of knowledge and information, from formal records to implicit knowledge like processes, culture and, critically, people.

It can encompass many different corporate artefacts, like design documents, training videos, and exit interviews – all of which ensure a company functions according to certain guidelines and, therefore, to its full potential.

“By building corporate memory, organisations can systematically and efficiently access the insights, experiences, and technical skills required to help them flourish and grow,” Xref (ASX:XF1) CEO and founder Lee-Martin Seymour said.

Critical candidate and employee metrics

Corporate memory becomes even more critically important when it comes to a company’s greatest asset – its people. Through data collection of a wide variety of critical candidate and employee metrics, Xref’s Enterprise platform can help build corporate memory especially related to talent.

“The Enterprise is a full-service, hire-to-retire enterprise SaaS platform for employers” Seymour said.

“It allows employers to manage employee data from candidacy through to employment, engagement, company exit, and even possible re-hiring. This re-hiring element is particularly helpful because, without carefully curated corporate memory around talent, a company won’t have the knowledge of which high-performing talent left on great terms and might now be ready to return.

“By collecting critical candidate and employee metrics, we can help organisations improve their attractiveness to employees, better compete for talent, expand talent pipelines and speed up the hiring process.”

Culture is a key factor

Using advanced analytics, companies can work towards improving organisational metrics by uncovering how their employees feel about issues such as diversity, inclusion, culture and career growth opportunities.

“We empower organisations with people-focused feedback, so they are set up to make great decisions,” Seymour said.

“The platform can identify and address key organisational insights that impact a company’s talent journey.

“Drilling down into specific metrics or looking at a specific period of time can help us to gain a clearer picture of how an organisation has performed over time – and what can be improved.

“This data can help any organisation hire better talent, improve onboarding, and reduce attrition.”

This article was developed in collaboration with XREF Limited, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.