What is 'competency library' in SAP LOD-SF-PM - Performance Management?

competency library - Overview

• Component: LOD-SF-PM

• Component Name: Performance Management

• Description: A repository of prepared competencies available for use in various talent management forms and tools.

competency library - Details

• 
  Key Concepts: 
  A competency library is a collection of competencies that are used to evaluate and develop employees in SAP Performance Management. Competencies are defined as the knowledge, skills, and abilities that an individual needs to perform a job successfully. The competency library contains a list of competencies that are relevant to the job role and can be used to assess an employee’s performance. 
  How to Use It: 
  The competency library can be used to create job profiles for each role in the organization. The job profiles can then be used to evaluate an employee’s performance against the competencies in the library. The library can also be used to develop employees by providing them with training and development opportunities that are tailored to their specific job role. 
  
  Tips & Tricks: 
  When creating a competency library, it is important to ensure that the competencies are relevant to the job role and that they are up-to-date with current industry standards. It is also important to ensure that the library is regularly updated with new competencies as they become available. 
  
  Related Information: 
  The SAP Performance Management module provides tools for creating and managing competency libraries. It also provides tools for evaluating employees against the competencies in the library and for developing employees based on their performance.