Identifying and defining competencies – the desired knowledge, skills and personality traits of your employees – are important first steps in the development of any effective talent strategy. Competency models are key to assessing the talent your company manages every day. They should be the foundation upon which every phase in your talent strategy is built. But competency models are unique to every company. To be truly effective, competency models must be customized.
- Core principles or values are high-level competencies defined by the CEO or senior management. They are used universally to evaluate and coach every employee in the company, set the company culture and also help shape the company brand.
- Leadership competencies are defined attributes, skills, behaviors and knowledge that organizations use to assess and develop leaders within the company.
- Functional competencies are job-specific and drive high- performance, high-quality results for a given job position.
- Career path competencies are much more job- or role-specific than functional competencies. Employees build upon these specific competencies throughout a career.
- Recruitment and Sourcing: Finding talent with the right mix of skills, behaviors and culture fit ensures top performance in your organization.
- Professional Development: Discovering employee strengths and weakness allows you to build a better workforce, foster professional development and increase retention.
- Performance Management: Measuring performance based on role, responsibility and business goals specific to each employee across your enterprise.
- Rewards and Compensation: Promoting and rewarding top performance based on objective and clearly defined benchmarks created for your organization.
- Succession Planning: Planning and developing key personnel who will lead your company into the future.