The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 89 Appendix Organizations looking to develop an effective end-to-end talent management program typically first consider establishing a competency model to serve as the common thread for all talent management. A competency model can be used in many facets of talent management, ranging from selection, development, performance management, and organizational strategic planning 9 . 9 Campion, M. A., Fink, A. A., Ruggeberg, B. J., Carr, L., Phillips, G. M., and Odman, R. B., “Doing Competencies Well: Best Practices in Competency Modeling”, Personnel Psychology, Vol. 64, 2011. Succession Planning Workforce Planning Leadership Development Career Development Performance Management Selection Compensation COMPETENCIES Training & Developement • Identification and evaluation of advancement candidates • Planning for future leadership needs • Screen for selection • Foundation for interview questions • Position profile and job descriptions • Foundation for performance conversations (expectations setting and delivering feedback) • Developmental goals based on competency gaps • Recognition based on demonstration • Leadership incentive pay based on demonstration • Roadmap for career development • Leadership competency profiles • Development activities that address gaps • HiPo criteria • Competency assessment tools • Development activities that address gaps • Targeted coaching • Talent/Skills forecasting • Organization gap analysis Exhibit 30 Applications of competency model