[citation needed] In competency-based recruitment, candidates' storytelling abilities serve as key indicators of competency, prioritizing concrete examples of professional experience over other traditional markers, such as references.
[1] Core competencies are the set of skills which are crucial to a business, for them to gain a competitive advantage in their market.
This means that they must come up with a set of competencies which truly affect their competitive advantage, as this will save them time in the long run when it comes to hiring employees.
This is because, if they hire too many people it could lead to money being wasted on staff income (wages are the highest costs to business).
On the other hand, if they hire too few people, it could lead to inefficiencies and large costs for the small business in the long run.
The best approach for small businesses will be to have a job preview, assess whether individuals are capable of learning the skills needed by the company.
They can be time-consuming, as it takes a long time to gather the data needed to decide which competencies are relevant for the job profile.