1. What are the core competencies that produce value?
Answer:
The core competencies of an organization which produce value are:
i. Marketing: Every organization produces a product or service for a consumer and marketing is the function which makes the paying client. If there is no competency in this function the organization would possibly have no consumer.
ii. Operation: This comprises of every skill which is needed for producing the product or service as per the requisites and requirements specified by the organization’s marketing endeavor and then making them ready and accessible for procure or deliverance. This function is a very important core competency which if handled well will produce good value for the organization.
iii. Human resource department: An organization’s functions are carried out by people and skill in employing and making the workers trained is required by every organization which hires a number of people at a time. This function can become a a good core competency in case the organization is constantly successful in developing and retaining excellent staffs.
iv. Accounts: Every organization should keep an account of and check the organization’s profits as well as expenditures and financial reports must be prepared on a regular basis. At the least, every organization should be able to check and sort these transactions time and again. Actions taken as per the accounts are going to affect the organization’s value as well.
v. Payroll. Every organization requires people to work and each of them have to be given their remunerations accordingly. Hence each organization should track and keep check of the number of hours which the employees work for, the salaries they are permitted to accept for their job and the amounts owed to the salaried people. This function though may not serve as a core competency function, but still holds significance with regards to the employee satisfaction