The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 84 Application of Competencies in Talent Management Exhibit 29 Common applications of a competency model and benefits from implementing a competency model among participating fintech organizations Competency application in the fintech industry For organizations with a competency model in place, our survey results indicated the model is widely used to facilitate their decision-making in performance management, recruitment and selection, career development, rewards management, learning and development, and employee engagement (Exhibit 29). A majority of organizations reported benefits from the application. Particularly, the competency model helps to increase clarity of behavioral expectations, improve talent identification, and helps new hires to better engage with the organization’s culture. These findings reinforce the usefulness of competencies and the benefits of adopting it in talent management practices. Areas where competencies are applied Reported benefits from implementing competency model Performance management Recruitment and selection Career development Rewards and incentives Learning and coaching Employee Identify the right talents Provide more clarity on performance expectations Provide a more systematic approach to identify high/ poor performers Improve learning experience Better understand behavioral expectations for success in the organization Improve cultural fit for new hires Provide a structured career path for employees Percentage of organizations Percentage of organizations 76% 71% 68% 66% 63% 61% 63% 59% 56% 54% 51% 49% 49%