WHY CORE COMPETENCY DOES MATTER?
Core competencies help an organization to distinguish its products from it’ rivals as well as to reduce its costs than its competitors and thereby attain a competitive advantage. It helps in creating customer value (Management Study Guide, 2017). Furthermore, core competencies decide the future of the organization including features and structure of global competitive organization and the development of new goods and services. It opens way to innovations so that new technologies can be developed and ensure delivery of quality products and services to the clients.
Having experiences in developing corporate universities of several companies including its curriculum, BINUS CREATES is believed to help a multi finance company in redefining its core competencies that is not be easy to imitate, provide differentiation that customers find exceptionally valuable, and is sustainable within the culture of the organization for the next five to ten years.
In this case, our experts from BINUS Business School specializing in human capital and organization development and learning development elaborate key questions to understand the business direction and current organization condition. Understanding millennials, the future trends, and generation gap are several components to be aligned with the “uniqueness” beyond the company itself. The reformulation should not give a sense of being a totally new company; meaning “it seems not the DNA of the company itself”.
Example definition and key behaviours of core competencies “Strive for Excellence” (taken from BINUS CREATES in progress report, 2017)
By having a complete set of core competencies and other function/ technical competencies, a company can apply it to the whole human capital system as below.