Its Importance and Benefits
The practice of determining the essential skills for an employee to reach optimal performance according to their job descriptions and adjusting those skills to best meet the goals and the strategy of a business is called competency management.
But, understanding what competencies are is key to be able to understand the meaning and importance of competency management. Luckily, the ultimate SFIA skills and competency management company in Australia and around the world – SkillsTx – is here to help you understand everything needed. Just read on and find out more.
What are Competencies?
Namely, competencies are also referred to as skills, behaviours, or values, and stand for the way tasks should be accomplished. When employees have clearly defined competencies, like customer focus, integrity, digital ability, etc., they are well aware of what they are expected to do and how should they perform and complete the tasks within their job descriptions. In general, there should be up to ten competencies, but seven at least, for each role.
What’s more, competency management doesn’t only focus on employees, but on businesses too. In other words, every business should have their own competency framework consisting of four to six key competencies which help organizations present their core culture and differences from the competition.
Why is Competency Management Important?
The truth is, competency management is becoming more and more important year after year. Organisations and businesses are facing difficulties in trying to keep skilled employees in today’s competitive market while improving performance and productivity at the same time.
With competency management, such issues can be easily overcome. Plus, it will help businesses enjoy plenty of other benefits including:
- With competency management, especially with the SFIA framework, businesses can easily identify which skills should an employee improve to reach optimal performance and successfully perform tasks within their job descriptions.
- The job of the Human Resources team is made far easier since identifying essential competencies means that they can easily select job candidates that can perform well in their role.
- Competency management allows businesses to evaluate employees’ skills and identify which are lacking and which should be improved by proper training which leads to increased productivity and reduced errors.
- Businesses investing in training to strengthen and improve skills show employees that they are appreciated and respected by the organsation which increases the chance of them staying in the same organization. In short, competency management boosts employee retention.
- Competency management also creates leadership opportunities within the organization which is usually important to employees because they can progress in their career. In return, employees’ engagement and satisfaction are increased.
Fortunately, SkillsTx’s SFIA framework and competency management services can help you define capability, set standards, and build a highly skilled and fluid workforce to deliver on organisational strategies and add value to the company as a whole. So, don’t hesitate and contact SkillsTx today!