The significance of competencies in corporate competitiveness and in education

Human resources (hereinafter referred to as HR) have always been playing a decisive role in economic life. The company’s competitiveness, success and market position greatly depends on its human factor organising and running it from the background. Although competency-based HR practices are rather expensive, it is worth the price as the costs spent on recruitment can only be covered when the most suitable, the most competent applicant is hired. On the other hand, retraining, restructuring and stressing the role of competencies in Human Resources Management are also in the centre of attention and are becoming more and more “fashionable” today. In our opinion companies should invest more money to improve their human resources by means of trainings and education, because it pays off even if in the long run and finally results in comparative advantages. Besides, competencies can also contribute to the employment of young starters or graduates of higher education.