Having clearly defined competencies allows employees to know exactly what is expected of them and how they should perform their duties. Examples of competencies include communication, customer orientation, entrepreneurship, technical competence, and more.
In a competency survey conducted by the Society for Human Resource Management (SHRM), 93% of 500 senior managers stated that competency models are highly effective and important for organizations to perform successfully.
What are the benefits of integrating competency management into your organization?
- The competency model allows HR to have a concrete understanding of all employee talents and skills. Determining what skills are required for a job allows HR to better identify candidates who will be successful in a vacant role.
- Employers can develop the skills of the employees by evaluating skills in the organization, determining the areas of development for an employee, and providing the necessary training. The model allows HR leaders to more accurately identify learning and development needs in the organization.
- It increases employee retention rates. Employees who feel that their organization is investing in them are more likely to stay in their jobs by increasing their skills and knowledge.
- An effective competency model paves the way for a leadership team that is talented, loyal, and abides by the strategies of the organization.
- Employees can spend their time more efficiently by mastering the necessary skills after identifying and clearly sharing the values and skills needed to succeed in their roles.
- A strong competency management culture adds value to the organization by ensuring the development of both employees and organizational competencies.
- Effective competency management makes a difference in recruiting and retaining the most talented employees over time.
- It allows organizations to keep track of what skills employees have so that strategy and planning teams can work towards the skills that may be needed in the future.
- It provides a consistent and fair measurement system for performance evaluation. It draws attention not only to what the goal is and how much of it has been achieved but also to the method of achievement.
If you want to learn more about competency management and its effects on an organization, download our booklet “What is Competency Management?” now!
