A Competency Model provides the framework for businesses to clearly articulate their workforce needs, to demonstrate the commonality of the broad knowledge and skills needed. They articulate the essential competencies required for licenses and certifications, the credentials that ensure that a worker has the necessary skills to be successful. Competency models lay the foundation, workplace and technical competency areas require. They serve as a framework for linking stackable credentials that workers can obtain to verify that they have attained the various competencies in the model, also by showing the commonality and inter-connectedness of basic personal, academic, and workplace skill, it becomes possible to demonstrate how the attainment of those competencies supports upward mobility and progression along a career pathway.
The finance model is a collection of competencies that together define successful performance in a particular work setting. Competency models are the foundation for important human resource functions e.g. recruitment, training and development, and performance management because they specify what is essential to select for or to train and develop. Competency models can be developed for specific jobs, job groups, organisations, occupations or industries.
Competencies enable employees to achieve results, thereby creating value. It follows that competencies aligned with business objectives help foster an organisations success. Companies must understand their core competency needs, the skills, knowledge, behaviours and abilities that are essential for people in key roles to deliver business results. At International Treasury Services, we will work with you to design, develop and implement an effective financial competency framework, identifying the skills gaps and aligning these to knowledge solutions.
Our Financial Competency Portal aligns the skills, certifications and competencies an employee should have across various job roles, job responsibilities and business functions.
Take a look at our Financial framework: