Competency$-$based selection has been described as $$probably the most common interview style for Fortune $500$ companies today.$$ This is because using competencies in the hiring process:

Takes less time for managers to prepare the selection process and thereby reduces the time to fill positions.

Makes it easier for employees to qualify for the job. Competencies lower the stringent selection criteria versus specific education or experience requirements.

Helps increase diversity because fewer candidates from traditionally underrepresented groups have degrees and experience in desired areas, so it$$s easier to find and hire diverse candidates.

Allows the questions to be reused multiple times and for multiple positions, it favors diversity, and can help identify transferable skills among candidates.