Define competency and competency modeling. Explain their importance as alternatives to job analysis
What will be an ideal response?
Answer: The term competency has become an increasingly important topic in HR practice because of the changing nature of work. Competencies build on the use of knowledge, skills, and abilities, which we describe with job analysis, to describe work. Competency modeling specifies and defines all the competencies necessary for success in a group of jobs that are set within an industry context. Competencies refer to an individual's capability to orchestrate and apply combinations of knowledge, skills, and abilities consistently over time to perform work successfully in the required work situations. Traditionally, as we have seen, work has been described by many dimensions including knowledge, skills, and abilities. Indeed, although this is largely still the case, HR professionals have embraced the ideas of competencies as the field has increasingly taken on strategic importance. Oftentimes, HR professionals' identification of competencies is derived from an analysis of the overall strategic statements of companies. For example, GE emphasizes three strategic goals for corporate growth: Globalization, Product Services, and Six Sigma (quality improvement). The purpose of job analysis is to obtain answers to six important questions: What physical and mental tasks does the worker accomplish? When is the job to be completed? Where is the job to be accomplished? How does the worker do the job? And, why is the job done? In a nutshell, competencies and competency modelling focus on employee characteristics while job analysis mainly focuses on job content such as tasks and duties.
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Which of the following questions would be more important for Intensity financial managers to evaluate when deciding the best method for the firm to raise funds?
A) What percentage of stock is owned by the CEO of Intensity Games? B) How will Intensity finance expansion of its Russian facility in five years? C) What type of debt financing would be most economical for Intensity? D) At which bank does Intensity do the majority of its business transactions?
What is the expected NPV of the project if the option to expand is not considered?
A) $39,539 B) $86,924 C) $236,924 D) $134,309