Competency-based approach to human resources management

The paper deals with the competency approach to human resources management. The approach is seen as one of the possibilities to effectively manage work performance. The paper focuses on defining the term competency, components of competency, types of competencies, and on identification of competencies. The paper also focuses on the competency models, their types, approaches to them, and the procedures of their creation. Finally, the paper summarizes the possibilities of the use of the competency approach in various spheres of management of human resources, and it describes the connection of the competency approach with the strategic management.