Competencies serve as the barometer for evaluating employees’ skills and are the building blocks for a quality performance management program. Competency modeling, when completed effectively, will help support the strategic thinking and objectives, as well as the business priorities and organizational environment of an organization – the very things that are continuously changing. Because the organization is continually changing, it is imperative that companies make certain that the competency structure also evolves to keep up with those changes.
Adjusting and reviewing your core competencies periodically is paramount because it will:
- Allow you to gather new research to build and improve your existing model.
- Allow you to maintain what is effective from the existing model.
- Allow you to better evaluation your employee’s performance.
- Allow you to recognize the degree of change in the organization and sum up the spirit of new business priorities.
The main drawback to updating your current competencies is the time and associated cost investment required from management to do so, however, the benefits of a good core competency program far outweigh the drawbacks.