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I believe there is room for both. It's truly a tomAto/ToMAto situation. I see competencies as things a person has to know to be good at their specific job in their specific functional area (i.e. finance, sales). Principles are values or behaviors that are threaded throughout every role in the company and are required for success no matter what function the role plays. In other words...two models. Use the principles model for recruiting, performance, workforce planning. Use the competencies for promotions, functional training and evaluation. Does this help?
Thank you. I think your comment about principles values or behaviors helped. I realized I was only thinking about them as being values.