An Examination of Competency Based Systems Essay

Competencies are one of several factors, including performance results in determining annual pay adjustments.What Is Competency-Based Pay?Valuing the how (high impact behaviors) of performance as well as the what (results). Reinforcing high impact behaviors through pay delivery. Critical to success, but a bad place to start a good place to continue.Competency Based SystemsSkills KnowledgeAttitude Motives TraitsNecessary for Top Performance but not Sufficient to Guarantee it Personal Attributes and Behaviors that Predict Longer-Term SuccessAligning Work Value and PayKnowledge Skills AbilitiesCompetenciesResultsBase SalaryIncentive PayMerit PayWhat Does it Measure?Job measurement is designed to calibrate organization roles. One compared to another. Focus is on the job, not the person in the job. The person is very important to us, but how the person is performing in the job comes later. The most critical feature of a job is what are its outputs. What are we asking the job to do for the organization.Compensation BasicsCompensation system design is not just about how much you pay but the relative relationship between roles and pay. When it comes to compensation, individuals are rarely objective about the impact of their own role or performance in that role. People, by nature, like to keep track of their career progress. Titles are important. Organization status is important. Pay is important. It is how we keep track. There is never enough money to go around. Compensation management is about balancing the allocation of a very scarce resource for the organization. It is difficult and controversial in every organization.List of Competencies for FinanceIndustry Model Personal Attributes A.Insight and Judgment B.Integrity and Ethics C.Continuous Personal Improvement D.Commitment and Performance Stability E.Interpersonal Orientation F.Project Management Skills G.InnovativeCreative Thinking H.PresentingSpeaking I.Business Writing J.Professional Demeanor Leadership Qualities A.Strategic Thinking and Planning B.Facilitating C.Negotiating and Persuading D.Teamwork E.Coaching and Empowerment F.Problem Solving G.Decision Making H.Cross-Functional Perspective Broad Business Perspective A.The Organization and Industry Knowledge B.Internal and External Consulting C.Business RelationshipsPartnerships D.Current and Emerging Management Practices E.Best Practices F.Risk Management G.Mergers, Acquisitions and Strategic...

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