The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 63 Establishing Core Competencies for Fintech Competencies: Valuing the “How” In human resource terms, how a person uses their skills, knowledge, and abilities to contribute to an organization’s performance are that person’s competencies. For example, two candidates might have the same technical skill, and one of them is perceived as being significantly more open to receiving feedback. All other factors being equal, the candidate with the competency of receiving feedback gracefully is more likely to be hired. Competency models are frequently used in organizations to define the “how” they want their strategies and goals to be accomplished, and having a defined competency list helps them to recruit, manage, and appraise people according to how well they fit into the organization’s culture 6, 7 . Competencies are distinct from goals. Goals are concerned with what has been accomplished; whereas competencies are concerned with how it was accomplished. “Knowledge, skills and abilities described in behavioral terms that are coachable, observable, measurable, and critical to successful individual or organization performance.” 6 Mansfield, R. S., “Building Competency Models: Approaches for HR Professionals”, Human Resource Management , Vol. 35, No. 1, 1996. 7 Caldwell, R., “HR Business Partner Competency Models: Re-Contextualising effectiveness”, Human Resource Management Journal , Vol. 18, No. 3, 2008.