The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 91 Appendix Training and Development Competencies included in role profiles can be used to assess the levels of competency achieved by individuals and therefore identify their learning and development needs. Learning events can be based on competency analysis related to an organization’s competency framework. Competencies are also used in development centers, which help participants build up their understanding of the competencies they require both now and in the future so that they can plan their own self-directed learning programs. Leadership Development By using a competency-based approach to leadership, organizations can better identify and develop their next generation of leaders. When selecting and developing leaders, organizations can consider the competencies that the individual possesses and compare those to the ones that need further development for success in a leadership role. By looking at his/her current competencies and comparing those to the skills necessary to fill a leadership position, organizations can make better informed decisions in hiring, developing and promoting leaders. Succession Planning Succession planning is an ongoing process that identifies necessary competencies, then works to assess, develop, and retain a talent pool of employees. This ensures a continuity of leadership for all critical positions. It is also an effective process for recognizing, developing and retaining top leadership talent. The following illustrates how organizations can incorporate the competencies in different people programs. Selection and Assessment: Organizations can design assessment methods to elicit and evaluate the behaviors described in the competency, for instance: • Behavioral event interview: A competency-based interview aimed at eliciting evidence of a candidate's behavioral fit against specific job-related competencies through a structured set of questions. Typically, a candidate will be asked to report an incident in which they had displayed certain behaviors in their daily work, and the outcomes associated with it. • Competency-based personality assessment: Leverage the competency model to measure the suitability of candidates for a role based on the required personality characteristics and aptitude/cognitive abilities, as well as identify candidates’ hidden traits that are otherwise difficult to elicit during a face-to-face interview.