Company competencies and individual competencies in the prism of social capital

  • In today’s business practice, but also in academic research the aspect of competencies has gained remarkable importance. Competencies are not only a central part of the strategy process of a company. Corporate Strategy literature states that that human asset in particular can fulfil the criterion ’of a sustainable competitive advantage’ (Storey, 2007). The utilization of competencies is a key target of companies, as it is important in realizing a full return on investment. The paper analyses the state-of-the-art of competence theories with a specific recognition to the aspect of social capital. The author argues that the management of company competencies is a contributor to the utilization of competencies and links these aspects to social capital. In order to achieve the main goal of the underlying work the paper is structured as follows: first, the presentation of the state of the art in the area of competencies and social capital based on literature review; afterwards, the discussion is made in order to prove the main hypothesis. As a result the author concludes with a model showing the key bond between company competencies, individual competencies and social capital. With this, the paper contributes to a deeper understanding of the phenomenon of competencies for business managers and scientist. The findings are valuable to contribute to the utilization of individual competencies especially in the prism of social capital which will pay off for industrial companies and employees in long term. This is especially valid in an environment of skilled worker shortage.

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Author:Britta Bolzern-Konrad
Parent Title (English):Proceedings of the International Conference NEW CHALLENGES OF ECONOMIC AND BUSINESS DEVELOPMENT – 2013, Riga, University of Latvia, May 2013.
Editor: Faculty of Economics and Management, University of Latvia
Document Type:Contribution to a Periodical
Publication Year:2013
Tag:commitment and retention; competence management; organizational and individual competencies; social capital; utilization of competencies
faculties / departments:Fakultät für Chemische Technologie und Wirtschaft
Dewey Decimal Classification:6 Technik, Medizin, angewandte Wissenschaften / 65 Management, Öffentlichkeitsarbeit