A Closer Look at How Competency Management Can Have a Positive Impact on Your Business This Year

Do you have a vision for your business that includes retaining highly skilled employees, improving performance, and developing leadership from within?  This competency can be a reality.

Competency-driven organizations are able to determine exactly where employees shine and who they need to recruit. They feel confident that their workers are proudly mastering and developing their talents, and most of all, it is clear that the entire organization is working together to achieve their goals.  Not there yet? It is time to step up your competency management in 2021.

Let’s take a closer look at competency management and the positive impact it can have on your business this year.

What is Competency Management?

Let’s start with a definition of competency. We believe competency is defined as the overall skills, qualifications, behaviors, and knowledge an individual has that is important to their job performance and happiness. We also add in credentials and compliance to address the regulated environments many businesses must adhere to. This is a crucial element in lifelong learning, which is vital in our quickly evolving global marketplace.

We all know that the success of any organization depends on the competence of its people. A well-managed individual competency program  – creates organizational competency. The modern world is constantly changing the way we work. Technology has created a need for more complex roles. The talents of employees are evolving with new competencies that allow them to keep up and stay in the game!

An effective competency management system recognizes that one training course or platform is not always one size fits all. Training must meet learners where they are and provide versatility in form and content. Providing employees with flexible training options and modes of participation is the best way to encourage and facilitate growth. Organizations must establish an employee development program that addresses all layers of job expectations. There is a difference between trained vs competent employees. Identifying competencies for a role or even a culture normalizes the workforce towards the desired result. Developing competent employees guarantees your workforce is prepared and confident.

What are the benefits of Competency Management?

A Competency Management program requires a company to think through all of the characteristics required for employees to succeed. This is a huge and often overlooked value.  When the core competencies of a role are identified, a stronger employee emerges. Time is more productively spent when the values and skills of that role are clearly communicated. Time is not wasted trying to figure out expectations. Job performance can be assessed by observable outcomes rather than subjective opinions when job-specific competencies are established.

Building a strong workforce is critical.  An effective competency management plan allows for employers to make better hiring decisions and ensure that new employees are a good fit from the start. Skills, abilities, knowledge, behaviors, and experiences are all important in determining job fit and performance. A strong culture of organizational competency will develop. Organizations develop a clear vision of how they want their business to run and what they want to accomplish. People pay attention to what is being measured. Behavior is shaped when leaders set the example and people are recognized for their value and achievement.

Competency management provides clear pathways for advancement by benchmarking milestones for training, promotion, and increased salaries. This transparency appeals to the current young workforce of millennials in their pursuit of advancement in their careers. Goals, advancement, recognition, personal growth, and salary increases are all outcomes that employees experience.

Are you ready to make a 2021 resolution to be a more competent and robust company? At CABEM we offer a solution called the Competency Manager. Competency management is a journey that all businesses are on whether formally or informally. Our application embraces this philosophy.   Delivered as a framework it is relevant for small to large companies no matter where you are in the competency management process. We believe the implementation of a program is a matter of prioritization within the journey as influenced by the company culture and executive commitment. If you are ready to add the benefits of competency management to your business this year, click here to learn about our product or contact us.