Competency Mapping - An Instrument for Enhancing Excellence among Financial Sector Employees

Abstract

Financial organizations require executives with updated skills and a modern understanding. They must assess the competencies of their employees through mapping and implement plans to enhance these capabilities, positioning the organization for success. They should identify and cultivate a pool of internal talent based on their competencies to tackle new business ventures and establish a career path leading to senior management roles. Competency mapping is now a critical factor in the survival of financial companies. Competency evaluations aid in aligning staff experience, skills, and talents with employee retention, recruitment, performance management, training and development, and reward management. The analysis of these skills allows for their systematic integration and efficient use by employees in fulfilling their responsibilities. A commitment to excellence enables employees to achieve their desired success.