- Extensive support for the related areas of Continual Professional Development (CPD) under both the Retail Distribution Review (RDR) and the Insurance Distribution Directive requirements (IDD)
- The ability to manage and track the required activity to attain a ‘Statement of Professional Standing’ (SPS)
- An individual to have a CPD plan within which to record their activity, learning objectives and reflective learning
Competency-based training shows what employees can achieve after undergoing training or gaining relevant experience in the workplace. When employees are deemed to be competent, this means they can carry out individual tasks effectively, manage a number of different tasks, resolve problems, respond to unforeseen challenges and deal with all the responsibilities that have been assigned to them. Without competence training solutions in place, companies and organisations working in the finance sector can risk missing their targets and falling short of expectations in an increasingly-regulated industry.
Benefits For Employees and Employers
Training can be divided into units. When each one is completed, a full qualification can be gained. Competence training benefits both employers and employees and can strengthen relationships between the two. Employers can ensure training and development activities are targeted towards specific goals, ensure frameworks for assessments are established, improve communication standards between themselves and their employees and enhance the quality of their services. During training, skill acquisition can be recorded and tracked effectively, and the costs attached to poor performance can be reduced, with productivity and staff morale being optimised.
Tracking Employee Achievements
Employees can learn vital additional skills that their employers’ value and require, and relax in the knowledge that their achievements are being tracked and recognised by their employers. In addition, it enables employees to gain an extra insight into the strategy of the workplace, acquire a deeper understanding of what is required of them and make better, more informed decisions.
Choose The Pace of Training
Competence training is not usually restricted to a fixed time period. It aims to show employees what is required to complete specific activities in the workplace to the highest standard. Training can be completed at a pace that suits employers and employees. Rather than receiving grades, employees are simply deemed to be competent once they have met the aims outlined by their employers. Assessments can be repeated until targets are met. During competence training, employees may respond to questions, complete writing activities, create documents or be assessed whilst they are actually showcasing their skills.
Competence and Compliance
Competence is the key to success. This is especially true within FCA regulated firms. When competence management is of the highest standard, your business can demonstrate professionalism in everything it does. Competence training can enhance your reputation, help you nurture your team and meet your compliance expectations. Today, firms are required to have clear systems and processes to ensure competency management is effective. Solutions are available that ensure competence tracking is ongoing, assessments are carried out in a thorough manner, records are kept accurately and your team have the market and technical knowledge that they require to fulfil their duties convincingly.
Getting In Touch With Redland
At Redland, we can come to your assistance if you require solutions for competence training to benefit employees and employers. Contact Redland today and find out more about our competence training solutions, get in touch with us via +44 (0)1527 871938. You can also reach us by sending a message to firstname.lastname@example.org.