Human resources is a big factor from differentiating an organization from its competitors. Organizations and industries have a trend today to copy each other products, services etc. especially in the world of business. Yes, ideas can be copied but the source of ideas cannot. That source of ideas are people. It is the human capital that gives edge over the competition.
Talent is an unlimited resource. It is inexhaustible and can be categorized as a renewable energy. As our world continues to advance, problems being dealt by organizations not just in businesses also increase such as labor movement. That is why the war of talent is increasingly being competitive today. This is the reason why management of talent and skills of people has been a great factor in attaining success.
The approach called competency modeling was originated 30 years ago and up to date is being used in mostly every field of work. It has become a mainstream practice in managing human resources. Over the years, the methods used has evolved. The trends used in the approach of competency models in education, training, assessments and development of workers has changed mainly because of its response to the changes that also occurs in the organizations and different workplace. It may also change because of the needs of the people. During those years, there has been a growing interest in competency based performance systems to use in measuring success. The approach and process is very important since it helps in determining the needs of business and employers and the requirements of workers. This research paper further discusses the meaning of competency and competency modeling, the building blocks of competency modeling, how to develop competency models and some future trends in it.
Definition
First discussed and assessed by McClelland in the early 1970s, competencies, or individual characteristics, were recognized as significant predictors of employee performance and success,
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