The main purpose of this study was to develop a communication competency model for Keshavarzi Bank human resource managers, based on qualitative method and grounded theory. Data gathering tool was semi-structured interviews with 15 human resource managers of the bank, selected through snowball sampling strategy. Competency codes and components (80 key concepts, 29 sub-categories, 12 core categories), acquired from the interviews, were summarized and formulated in the context of the conceptual grounded model. The final model has been developed with regard to the central theme of the research (communication competencies of human resource managers), with two appropriate behavioral dimensions of structure and content, and with regard to some other categories including: causal conditions (individual and organizational factors), contextual conditions (comprehensive government reform plan), mediating conditions (political behavior, environmental conditions, showcase management, cultural intelligence), strategies (coordination and empathy strategies, adaptive transformation strategy), and outcomes (lively work environment, and facilitating communications).