By Kathy Bahrambeigian
Senior Advisor, TLG
Competency modeling, also referred to as Skill-Based Talent Strategy, is at the heart of your talent management strategies if your organization is seeking to remain competitive and agile in today’s fast-paced business environment. This article explores the concept of competency modeling, its benefits, and the urgency around it.
Competency modeling involves identifying and describing the specific competencies (a combination of skills, knowledge, abilities, and behaviors) that are critical to the success of our organization’s performance. These models are used to ensure that employees have the necessary capabilities to meet the organization’s goals and objectives.
Let’s look at why:
- It provides employees with a roadmap for success, resulting in increased performance and productivity.
- It helps organizations identify the right candidates for the job and develop learning and development programs that address specific needs.
- It helps align your training and development with the skills your organization needs to drive business goals.
- It enables organizations to identify current and future bench strengths; unfortunately, most organizations don’t think about succession planning until it’s too late.
Now let’s look at the urgency around competency management: There is a skill revolution as AI will be replacing millions of jobs, and in just a few years, about 50% of employees will experience changes to their core skills: Future of Jobs 2023 Skills.
To be prepared, organizations must act on having effective competency management in place. Through careful planning, implementation, and ongoing maintenance, competency models can provide a solid foundation for building a capable and high-performing workforce.