The Power of Competency Models

An article in the latest edition of T+D (Training and Development) – almost seems written for our talent management system from Thinkwise! The article highlights the power of leadership competency models to help organizations operate more effectively. A couple of excerpts:

“Our research proves that organizations that use a leadership competency model are three to four times more effective, and sometimes as much as six times more effective, than companies that don’t use models. Yet we have found that fewer than 20 percent of companies use this more effective integrated approach.” Josh Bersin, CEO and president of Bersin & Associates

Using competency models to target training needs leverages a powerful asset to promote a workforce that is equipped and prepared to succeed. As McManus emphasizes, “I can’t imagine doing my job effectively without competency models.” Cindy McManus, Director of Leadership Development at Bristol-Myers Squibb

The article discusses the power of competency models and some of the approaches and challenges in developing a model. Not mentioned in the article, but worth pointing out is that small and mid-size organizations can reap the same benefits of an integrated approach to talent management – being smaller actually improves the likelihood of success (see the ‘What Makes Competency Models Effective’ box).