Competencies are what is required to perform in a given job-role. They are the basis on which the goals are assigned. They are the traits, abilities and attitudes which enable an employee meet his/her expectations.
Competency requirements are simply the leadership competencies and specified technical/domain skills which are required for a particular position. They must be mentioned in the detailed job description. They must also be part of the employee's goals sheet. For example, good communication skills and knowledge of credit in small and medium enterprises could be a set of competency requirements for a position of a Relationship Manager in an industrial lending finance company. They are critical enablers for the execution of the performance by the employee. HR must ensure that they are not only mentioned in detail in the job-description but are assessed thoroughly when interviewing a potential candidate. The whole program of Learning and Development is geared towards developing these competencies.