According to Bruce Mayhew Consulting, key competencies are the strengths that an individual presently has in a competitive marketplace; they should be perceived as unique and should relate to the company's objectives. Core competencies usually include a set of skills, technologies, knowledge or expertise that has been achieved as a result of a long-term commitment to development processes and experiences.
According to the University of Victoria, an individual's competencies are skills, knowledge and attributes that he has developed in various aspects of his life. Experts at the university have identified 10 key competencies that are valued across all economic sectors, which are communication, personal management, research and analysis, managing information, teamwork, project and task management, professional behavior, commitment to quality, continuous learning and social responsibility. A prospective employee who posses most of these core competencies has a greater chance of employment than one who lacks most of the competencies. Experts at Project Smart group the key competencies required within an organization into administrative competencies, supervisory competencies, communication competencies and cognitive competencies, which are all critical for managerial and supervisory effectiveness. Bruce Mayhew Consulting recommends that each organization develops a core competency strategy that enables the organization to exploit its competencies and distinguish itself from its competitors.