How to Identify Competencies for a Financial Organization
- 1). Identify your key business processes. These are the operations essential to your success, such as your ability to raise funds for clients, provide an analysis of tax law or negotiate terms on a loan. Include not only skills but also advantages such as extensive contacts in your city's financial community or success in hiring top talent.
- 2). Identify the competencies associated with your key tasks. Look for both behavioral and functional competencies. Functional knowledge includes the technical skills and expertise you need to accomplish a task; behavioral competencies include the ability to listen or to build an effective team.
- 3). Evaluate how much value different competencies bring to your organization. The more benefits a particular competency provides your customers, the more important it may be to your success. Other factors to consider are whether particularly competencies are hard for your competitors to match and whether they can be leveraged into new services.
- 4). Inventory the competencies your organization has and compare it to the list you've drawn up. If your organization comes up short in certain areas, start work on a training plan for developing the competencies you need. Compare your staff's existing competencies to see whether you're using them to their best advantage.