What does competency management in Cornerstone involve?

Competency management in Cornerstone entails the process of defining and tracking employee competencies that are essential for their roles within the organization. This involves identifying the specific skills, knowledge, and behaviors required for success in various positions and ensuring that employees possess or can develop these competencies.

Through effective competency management, organizations can align their workforce capabilities with their strategic goals, enhance employee performance, and identify training and development needs. This systematic approach allows businesses to cultivate a skilled workforce that meets the demands of their roles, thereby improving overall organizational effectiveness.

The other options, while important aspects of employee management and HR practices, do not directly pertain to competency management. Attendance policies focus on employee punctuality and presence, referral programs target recruitment through employee networks, and databases for job applications facilitate the hiring process rather than the tracking and cultivation of individual employee competencies. Each of these elements serves different operational needs within an organization but does not encompass the comprehensive framework that competency management provides.