Need for Comprehensive Competency Building in the Knowledge Economy

Abstract

Competencies or skills are the most important factors for the people in an organization, irrespective of an established firm or a startup firm. We can categorize competencies or skills across five different dimensions namely - Domain, Technical, Functional, Process and Behavioral Skills. Normally, we will find people possessing one or two of these skills as an expert in a specific area or job function, by virtue of their learning or work experience. However, this would not be sufficient or scalable in the long run. Organizations need to invest in comprehensive competency building for their people or employees, which involve building their skills across each of the five different dimensions of competencies namely - Domain, Technical, Functional, Process and Behavioral Skills. This paper covers the need for Comprehensive Competency Building in the Knowledge Economy, along with the key challenges and best practices, based on my learning and experience.