Businesses are always looking for ways to rise above their competition. This age of the “great resignation” has been eye-opening for many companies hoping to retain their talent.
The reality is that today’s employee is looking for much more than higher pay, they desire a company that shares their ethical and moral standards. They also want to work for an organization that continues to challenge them and help them grow.
A successful company is one that understands its continued growth and prosperity depends on the values it lives by and the core competencies every employee needs to demonstrate.
Let’s start by defining the terms:
Core competencies identify the key strengths shared by everyone in the organization, regardless of the job they perform. Supporting those shared core competencies enable an organization to differentiate itself in a competitive marketplace and define the behaviors that support those differentiators.
Values identify the beliefs or ideals shared by everyone in the organization. Whether they are organizational or personal, our values define the things we believe are important, meaningful, and right.
While core competencies and values have significant areas of overlap, there’s a key difference between them:
Values are intangible, based on feelings, perceptions, preferences, and priorities—an internal code that influences how we experience and interpret the world.
Core competencies are tangible and define on-the-job behaviors that can be objectively observed and measured by the people around us.
Examples of core competencies are:
- Quality of work
Examples of company values are:
Every company, no matter the size, should take the time to understand the values it needs to embody to be successful. Make it clear to both current employees and job candidates what your values are and ensure you demonstrate them consistently.
Businesses are challenged with how to manage employee performance and increase employee engagement. By identifying core competencies, those employees who don’t satisfactorily exhibit certain competencies can be provided with guidance on developing needed skills.
Marzano Human Resources Consulting works with businesses on defining the values that drive the business and in identifying the core competencies that increase employee engagement and grow the bottom line.