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Adopting a talent strategy based on competencies, not skills

September 15, 2022

Via: LSE Blogs

Perhaps skills are the labour market’s currency. If that were true, skilled employees would stay with companies and fair hiring practices would spread across industries. On the other hand, maybe knowledge, skills, attitudes, and abilities, or “competencies”, are the portfolio assets that companies should invest in for employee belonging and retention.

Unsurprisingly, the coronavirus pandemic changed the labour market. It sparked debates about people quitting and the need for new talent management strategies. For example, more than forty-seven million Americans quit in 2021, costing businesses over $1 trillion. According to a recent US Bureau of Labour Statistics report, there were 10.7 million open jobs at the end of June 2022 compared to 7.3 million in June 2019.

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