Hi Anuja,
The project that you are doing for your summers is exactly what I am doing!! Even I am working for an IT company!! The first thing that you will have to do is identify the job responsibilities at various levels in the organization and on the basis of that find out the competencies at these various levels. Once the competencies are identified, you will have to prepare a competency model for each of these levels so that the competencies required for various levels are right in front of you at a glance.
If you want a list of competencies that might be required in an IT industry, I can provide you with them. Otherwise, you can also get it from various sites. After the competency model is made, you will have to link it with the recruitment process and various other processes in your organization. So you will have to make this competency model a base for all the other departments under HR. If a model is set, the recruitment team can easily hire individuals at various levels because they know what they need to look for. The PMS team knows which are the individuals with what set of competencies and can easily arrange for the appraisals and promotions. They can also set standards based on this competency model for a promotion. The learning and development team knows who are the people at which level lacking which competency and can train them accordingly.
I hope this will be of some help to you. If you need anything else, please do let me know. I would love to help you, and since our projects are the same, if you find something, then do share it with me so that I can also work on my project.
Thanks and regards,
Sharmistha