A strategic competency is rarely if ever a single thing. It is usually a mix of three elements:
Skills: A skill is any manual or mental activities that result from talent, training or practice.
Process: A process is any manual or mental systematic series of actions that are directed toward some end. Include any significant "know-how" resident in your credit union.
Knowledge: Knowledge includes any information, data, or understanding of facts, or principles resident in your credit union.
A strategic competency must be strategic in nature. For example, if you are the best at how to hold an employee birthday celebration, it doesn’t have much strategic value, because such celebrations are not going to directly improve your relationship to your members, or your competition.
A strategic competency is something that can be used over a long period of time, and it usually knowledge based. It is something that should elevate you above the industry norms and provide an advantage in the marketplace.
A strategic competency must pass four specific tests:
Is it a combination of skills, process and knowledge?
Does it differentiate the credit union from the competition?
Does it create strong value for the member?
Is it difficult to copy?
If you don’t get a resounding "yes" to each of these questions, you should be skeptical that you have a strategic competency.
-- Russell
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