Standards for hiring and competency models for roles benefits the firm when it is time to develop competency building systems. With clearly defined deliverables and expectations for team members, developing skills and training for skill gaps becomes a more scientific and precise process, preventing waste in training expenditures and misunderstandings about the purpose and potential of training programs.
Competency models and standards help employees and employers alike with developing meaningful career plans and career paths. Building proficiencies for success in current and aspirational roles provides workers with direction and motivation for continuing the employment relationship, a key incentive when companies are competing to maintain their talent pools. With quantifiable performance standards, companies can also separate truly high performers from other staff members, allocating development and training dollars where there is the greatest potential for long-term returns on the development investment.
These competency models need not be static entities. Instead, once standards have been put in place, it lays the foundation for a continuous improvement model. Both organizational and individual performance standards can be upgraded and enhanced with time, ensuring that the organization remains on a path to growth, market leadership, and competitiveness.