In knowledge based economy, organizations face critical issues of survival and competence. By implementation of competence based management system organizations can increase the capability of managing and utilizing the talent of the employees to achieve superior performance. Like any other organization, the educational institutions are also thinking seriously towards their competence management. As with the emerging knowledge, the teaching profession has become a very challenging. The role of the faculty member is no more demands knowledge transferring process but it has become a knowledge sharing process. Hence, there is need for the educational institution to improve their academic quality by incorporating the knowledge creation and knowledge service to the society. The paper explores the various competencies and their relevance to educational institution. The competencies
represent the personality, ability, knowledge and the skills factors. It provides the guidelines for the various stake holders of educational institutions for assessment and gap identification .The paper presents the developed competence model for the faculty members. It presents the various behavioral indicators to assess the identified competencies and their importance. It analyses the future benefits of the
competence model in succession planning and career graph growth.