Competency management has been around for decades. Yet, has been viewed as an HR objective rather than a business objective. Managing and assessing the competencies of employees should be a top priority for leaders. Doing so is not only vital for ensuring that a company’s objectives are met but also for retaining great talent.
Companies and organizations face many challenges today. Especially when it comes to managing human capital. Keeping great employees is becoming a losing game for those without a competency management process.
To manage the performance levels of your employees, you must first be able to manage their competencies. And know exactly where their skills align with business goals. An effective competency management system ensures that your employees have the necessary skills for their role. In turn, it ensures their satisfaction and success within the role.
Keeping track of employees’ competencies is important for optimal talent management solutions. When a company is aware of its employees’ competencies, it identifies skill gaps. Using this information, leaders can better prepare for future talent capability.
Competency models should be a core part of the talent management process. A competency model is a framework that defines what success looks like for various roles. HR professionals can use insights from competency management when searching for new hires. These insights will also determine how to develop, manage and coach these employees.
There are many advantages to tracking the competencies of your employees. It helps in tracking performance levels and identifies opportunities for employee development and succession planning.
The main advantages that your business will receive from an effective competency management model are:
When business goals align with the employee competencies, it leads to better engagement and performance. Make sure to define the core competencies that each job role should have. This allows employees to get a clear view of what is expected of them and how their skills can achieve goals.
Collaborate with employees when defining the competencies needed for a role. Keep your employees updated on how you track their abilities. This will keep them motivated and engaged in their role.
Competency management also determines opportunities for employee development. A competency model facilitates necessary employee training and flags critical skill gaps. Highlighting strengths that need further development leads to higher employee satisfaction.
This can also benefit a company’s succession plan. When succession planning, a company can determine how employee competencies will align with a new role. Competency tracking determines an employee’s readiness to move to a higher position.
Tracking competencies improve how you retain employees. Knowing where an employee’s skills lie helps you when managing their lifecycle in the company. Employees that feel supported and receive development opportunities experience increased engagement.
Employees are more willing to leave a company if they don’t feel that they’re receiving the support they need. Competency management can achieve more productive employees and less employee turnover.
Managing the competencies of employees will improve their performance levels. With a clear vision of how they fit into the big picture, an employee’s motivation and engagement will rise.
When the performance of an employee increases, so will organizational performance. Businesses can ensure that employee objectives are being met while retaining great talent.
Adopting a competency management strategy isn’t difficult once you have the right tools. If your company is new to managing competencies, it is important to start small. Use a simplified management system that is right for you.
Build out a list of the core competencies needed for each level of the organization. Then determine why they are important for your business. Competency mapping helps you to determine which job roles align with core competencies. Having this mapped out will help you assess the abilities of employees and determine whether they are right for the position.
It is important to make competency management a high priority for your business. Investing in an online performance management solution can be beneficial. This allows you to track an employee’s performance and development from a central location. Without a tracking system, it is hard to assess the progress of core competencies and define employee strengths.
The success of our businesses is driven by the competencies of our employees. Managing these and supporting employees will drive achievement for the business. Without an effective competency management system, companies may fail in retaining talent and performance levels.
Sprigg understands the importance of driving success for your business and your employees. If you are interested in learning more about how our solution can help, request a free demo today!