Competency Management

There's a saying in hockey circles (and I suspect other sports) that goes "get good players, keep good players."

The same applies in operational management. The best teams in hockey, those that build dynasties, or at least remain competitive for a decade or more share one common characteristic. They draft and develop their players better than their peers.

What is the analog for asset-intensive organizations? Certainly talent management is a big part of recruitment in human resources. These same organizations have a mixed record when it comes to professional development. Retention of talent is always a challenge.

I believe most people will do the best they can given what they have to work with and what they're asked to do. I'm an optimist. Yet competency management remains an issue. Human capital is vastly underutilized.

What do we expect from our people? Are we clear? What tools do we give them to do their jobs? What training do we provide? Do we test their skill? How high do we set the bar? HR can't do this alone.

Luckily, there's a formal set of globally recognized credentials coming in asset management, complete with specific competencies. I hope our organizations are ready.