Abstract
Competency models are prevalent within various industries in business. Their popularity is due to the value they add to employee development and organizational capability. The popularity of competency models and specifically competency-based approaches are covered in this chapter. Competence-based approaches and how businesses in the market use them for gaining and maintaining a competitive advantage are also covered. How competency-based approaches have evolved into a new area of performance management that allows businesses to integrate existing organizational systems into a single performance system where they make more use of knowledge and become knowledge management organizations through competency that is modeled in their business is also covered. The chapter sets the tone of the book.
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