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Wednesday, January 20, 2010

Career and succession planning

It involves assessing employees’ readiness or potential to take on new challenges. Determining a person job fit can be based on matching the competency profile of an individual to the set of competencies required for excellence within a profession. Individuals would know the
competencies required for a particular position and therefore would have an opportunity to decide if they have the potential to pursue that position or not by recognizing and rewarding effort. Competency pay is the best way to do so.

Various elements are considered for arriving at compensation increase. Enhancement in competencies has to be one of them. There is a need for competency based compensation system
• To reward for results and competencies developed
• To motivate employees to maintain and enhance their skills and competencies regularly
By rewarding employees who develop relevant competencies the organization can benefit by improving its own capability to face the future

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