The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 90 Appendix Workforce Planning Workforce planning entails a comprehensive and strategical understanding of an organization’s own capability requirements. It requires organizations to understand the capabilities and competencies they have now compared with those that will be needed in the future. Assessing employees against the necessary competency proficiency levels will help identify gaps where organizations need to develop workforce planning and capability development initiatives. Selection Role profiles can include competencies which can then be used as the framework for recruitment and selection. Competency-based interviews are structured around the competencies listed in the specification. This allows organizations to hire candidates who can better fit into the new environment and culture. Performance Management Competencies in performance management are used to ensure that performance reviews do not simply focus on outcomes, but also consider the behavioral aspects of how the work is carried out that determine those outcomes. Performance reviews conducted on this basis are used to inform personal improvement and development plans and learning programs. Reward Management The ability of an employee to successfully demonstrate the required competencies of their role can also act as a mechanism to inform and evaluate the potential for salary increment and incentive pay. The linking of competencies to consequences is an effective mean to drive behavioral change. Career Development Competencies identify the role-specific skill requirements and behavioral requirements of those skills which allow employees to own their career planning. The existence of competencies enables people to self-assess against the specified requirements for the role or roles they might want next. They can evaluate whether they want to take on the role, and if so, what competency development they should pursue to prepare themselves before submitting development requests to their manager.