Competencies are the appropriate knowledge, skills, attitudes and behaviors required and derived from the financial sector, which when combined, will enable an employee to carry out an assigned role. IoF has designed its competency framework along two types:
Soft competencies: often described as behavioral competencies, these are the transferable skills and knowledge required to carry out the interpersonal aspects of an assigned role such as communication, influencing and problem solving competencies.
Technical competencies: job specific knowledge and skills required to carry out an assigned role such as financial or IT roles where specific knowledge of an area is fundamental to the execution of the role.
The competency framework addresses employees at various levels, from foundation and junior levels, to mid and senior management levels.
Benefits of competency framework:
Competency-based approach to talent management has many advantages, especially in the learning and development area.
For individuals, competency framework supports employees through the following:
- • Clear performance expectations
- • Insight into organizational strategy
- • Greater engagement
- • Increased motivation
- • Clear direction for learning
- • Increased personal recognition
- • Improved job satisfaction
organizations (banks, insurance companies, investment companies, financing companies, etc.), competency framework supports human resources, learning and development professionals, and overall company in the following:
- • Enhanced training efficiency
- • Improved work quality
- • Regular evaluation of skill levels
- • Enhanced communication
- • Framework for feedback
- • Clear job standards
- • Transparent employee career paths
The Institute of Finance aims to develop full financial sector competencies and make sure they are adapted by the market. IoF will continue to review, update, and develop competencies spanning the financial sector. IoF will work with various stakeholders to ensure awareness, participation, contribution, and the adaption of competencies.