A competency development plan enhances your workforce skills, reduces frustration in employees, and strengthens the team for higher performance. It is also an effective way of providing the right learning and training for building a highly responsive workforce for sustainable profitability.
Why Does Your Company Need a Competency Development Plan?
A strategically drafted competency development plan helps in bridging the gap between workforce skills as well as organizational goals.
Besides that, it improves the abilities of employees to fulfil their job responsibilities through training. It also provides them with the necessary certifications and compliance endorsements.
Having a competency plan also helps employees to have a sound retirement or succession plan.
How to Create a Competency Development Plan
1. Decide Your Existing Core Competencies
Identify your current combination of skills and resources that act as your competitive advantage in the industry. If you do not have one, then decide on what type of core competency you need to have.
2. Decide Your Competency Needs
Identify the gap between your employee skills as well as business objectives. List down these improvement goals as the required competency needs.
3. Match Your Development Plan with Organizational Goals
Make sure to include only those competency development initiatives in your plan which are in line with the company’s future goals and objectives.
4. Decide on the Management Systems
Every competency development program needs a system that can ensure effective implementation, accountability, as well as employee participation.
5. Initiate the Skill Development Processes
After identifying skill development techniques and activities, you need to implement them with effectiveness to ensure employee development, career progression, and alignment of business goals with these initiatives.
6. Employee Related Plans / Individual Development Plans
Apart from building new skills and improving existing ones, your competency development plan should also cater to individual career development, retirement, and succession planning.
An employee development plan is essential for every organization looking to achieve a resource-backed competitive advantage powered by employee skills and talent.
Furthermore, on going feedback and evaluation are necessary to ensure that your plan is effective and adding the optimum value to your company.