Most organizations want to hire people who not only have the right experience and skill set, but who are also a good "cultural fit" for the organization.
This makes sense since intangibles assets like organizational culture and values are the source from which competitive advantage flows, or is destroyed.
If you're using competencies to evaluate employee performance, develop critical skills, and monitor workforce strengths and potential, you need more than just a basic list of behaviors and skills.
You need competencies that help your organization to stand out from the competition.
This is why cultivating and managing competencies is important in terms of fostering employee and organizational high performance.
Speaking the "language" of talent management
Competencies are sometimes referred to as the "currency" or "language" of talent management because a strong competency model forms the foundation of your talent management processes.
When you have a strong competency model it enables you to:
- ensure your culture and values are reflected in your talent management processes
- track performance over time
- provide a framework for building future leaders
- compare the talent and potential of your workforce
A strong competency model allows you to define the skills that are both unique and critical to your organization's success, or to the effectiveness of a particular role or function.
Put another way, competencies help define your talent's role in business strategy execution. They also help make sure you have consistent performance standards for employees.
With the right competency framework in place, your organization is in a better position to hire people who will help the organization move forward.
And hiring individuals who are deemed a good fit are likely to be more motivated, interact more easily with other employees, and be happier on the job.
Our Competency Management Center of Excellence offers a wide range of resources that cover everything from the basics of competency management to how to create a competency framework. You also read real-world success stories about how companies like CarVal Investors and The Bank of Oak Ridge are successfully cultivating competencies in their organizations.
I invite you to learn more by visiting our Competency Center of Excellence today.