While there is a study that shows the relationship between employee competency and their stress-levels and overall performance, here are some more benefits for implementing this useful tool:
The competency matrix helps the company to see which competencies they fall short of, highlighting the need to hire fresh talent and fill positions for the desired new competencies, in order to achieve organisational success.
Clearer career paths
By listing the competencies required by employees, matrices help identify where there are opportunities for growth.
Tailor skills training needed for company goals
By highlighting competency gaps, managers can identify where there are employee training opportunities.
Assemble productive teams and task forces
Managers can rely on the competency matrix to put together more productive teams and select the right employees for the right roles and tasks.