The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 92 Appendix • Business simulation: Design exercises that replicate real-world challenges faced on a regular basis, requiring candidates to display the necessary skills and competencies to accomplish tasks they are likely to encounter in the field. This exercise is particularly relevant to recruit business leaders. • Learning and development: Organizations can include competencies as part of employees’ learning syllabus and provide relevant learning opportunities. • Classroom training: Enroll employees on a training course to instill in them the core concepts and competencies required for effective operation and project management. • Coaching: Assign experienced professionals to provide guidance and feedback to junior team members on how to leverage the relevant competencies required to succeed in their role and stimulate professional growth. • On-the-job training: Provide opportunities for employees to work on a variety of projects to enable individuals to utilize relevant competencies in a practical setting. Performance management: Evaluate and recognize employees’ performance in the defined behaviors, for instance: • Goal settings: define not only the “what” (the goals), but also identify the “how” (the competencies) to achieve them together. Employees are evaluated on how they achieve the objectives, with the required knowledge and skills, together with the demonstration of desirable behaviors. • Feedback: Diversity of feedback is encouraged. Feedback collected from multiple sources such as fellow peers allows line managers to construct a more accurate profile of an employee’s behaviors, skills, and potential knowledge gaps. • Resolving low performance, maintaining high performance: If certain members of staff are underperforming, it may be an opportunity to re-evaluate their suitableness to their assigned tasks and/or their fit to the organization. Finding out if their weak performance is due to dissatisfaction at work (rather than personal issues) could lead to insights into areas where the corporate culture could be improved. At the same time, in order to retain staff who consistently contribute solid and/or outstanding performances, appreciation that comes in monetary form (e.g. appropriate bonus amount, promotion opportunities) and non-monetary form (e.g. recognition, appreciation) will go a long way to keep them in your organization.