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Competency Framework

Workshop Southeast Actuaries Conference

Friday June 21, 2013

Curtis Robbins, Rich Junker,

Co-Chairpersons

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Introductions

Why did we do this to open the meeting?

Individual focus

Participatory

Leadership

Relationship Management

Curtis and Rich

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Objective of Workshop

Develop and Plan Personal Competency Program for Building Actuarial Skills

Determine how an actuary can use the Competency Framework in daily work

Individual focus

SOA Competency Framework for Actuaries Video

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Workshop Planning

Main points

• Definitions

• Why?

• Where will you be in five years?

• What is your call to action?

What is your company’s call to action?

Group Breakout Session and Recapitulation- Personal Self-assessment and Competency Framework Workbook

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Definitions

Competency

• • A demonstrable ability (the synthesis of skills, knowledge

and behaviors) that contributes to

• an essential outcome (product or service) that defines an

individual as qualified.

Competency framework (model)

• A meaningful organization of competencies that may be

organized by content, role, position or combination and are used

for a variety of purposes and processes.

• The synthesis of the skills, knowledge, behaviors, attitudes and

attributes that contribute to outstanding job performance.

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Source: Society of Actuaries

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Competency Framework (Tool)

The SOA's Competency Framework for

Actuaries is a tool to help actuaries make

decisions related to their individual professional

development and career management plans. It

applies systematic, sound approaches to selecting

professional development opportunities, focusing

on the skills needed to go beyond technical and

specific actuarial analysis.

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Source: Competency Framework.docx

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Why did the SoA Design the

Competency Framework?

Strategic benefits

• Integrate education and career development

• Focus and prioritize continuing education and support to

members

• Foundation for professional development

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Source: Society of Actuaries

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Where will you be in five years?

• Individual contributor

• Manager

• Director or vice president of a department

• C-level executive

• I’ll be retired and living off my travels and Tai Chi practice.

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Source: Society of Actuaries

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What is your call to action?

Looking five years into the future, to be

valued for my professionalism, technical

expertise and business acumen, I will…

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How a Skill Fits to a

Competency--Example

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Business Analytics

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Today’s Desired Outcomes

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Explore

Reflect

Consider

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People with high Career Wellbeing are more than twice as likely to be thriving in their lives overall

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*Adapted from Wellbeing: The Five Essential Elements

Tom Rath and James K. Harter, Ph.D.

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People who are actively disengaged in their careers are nearly twice as likely to be diagnosed with depression, have higher stress levels, and have a greater risk for heart disease

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*Adapted from Wellbeing: The Five Essential Elements

Tom Rath and James K. Harter, Ph.D.

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What is Positive Psychology?

“

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“A branch of

psychology that

studies the

strengths and

virtues that

enable individuals

and communities

to thrive.” Wikipedia

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“We must remember that casting a critical eye on our weaknesses and working hard to manage them, while sometimes necessary, will only help us prevent failure. It will not help us reach excellence…you will reach excellence only by understanding and cultivating your strengths.”

Marcus Buckingham, Now Discover Your Strengths

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Marcus Buckingham, Now Discover

Your Strengths

Cultivate Your Strengths

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36.4

21.3

9.16.6 5.3 4.2

-5.5

-26.8

-40.0

0.0

40.0

Emphasis on

Performance

Strengths

Emphasis on

Personality

Strengths

Emphasis on

Specific Outcomes

of Formal Review

Emphasis on

Specific Suggestions

for Doing the

Job Better

Emphasis on

Skills and

Behaviors Needed

in the FutureEmphasis on

Long-Term Career

Prospects

Emphasis on

Personality

Weaknesses

Emphasis on

Performance

Weaknesses

Each bar presents a statistical estimate of the maximum total impact on employee performance each strategy will produce. The

total impact includes the strategy’s direct impact on performance as well as any indirect impact it may have through employee

attitudes. The maximum total impact is calculated by comparing two statistical estimates: the predicted performance level for an

employee who scores “high” on the strategy and the predicted performance level for an employee who scores “low” on the

strategy. The impact of each strategy is modeled separately.

Change in P

erf

orm

ance

Source: Corporate Leadership Council 2002

Performance Management Survey.

19,000 interviews in 34

companies and 29 countries

36.4

21.3

9.16.6 5.3 4.2

-5.5

-26.8

-40.0

0.0

40.0

Emphasis on

Performance

Strengths

Emphasis on

Personality

Strengths

Emphasis on

Specific Outcomes

of Formal Review

Emphasis on

Specific Suggestions

for Doing the

Job Better

Emphasis on

Skills and

Behaviors Needed

in the FutureEmphasis on

Long-Term Career

Prospects

Emphasis on

Personality

Weaknesses

Emphasis on

Performance

Weaknesses

Each bar presents a statistical estimate of the maximum total impact on employee performance each strategy will produce. The

total impact includes the strategy’s direct impact on performance as well as any indirect impact it may have through employee

attitudes. The maximum total impact is calculated by comparing two statistical estimates: the predicted performance level for an

employee who scores “high” on the strategy and the predicted performance level for an employee who scores “low” on the

strategy. The impact of each strategy is modeled separately.

Change in P

erf

orm

ance

Source: Corporate Leadership Council 2002

Performance Management Survey.

19,000 interviews in 34

companies and 29 countries

A Strengths Orientation

Accelerates Performance

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Group Breakout Discussion Format

How many have completed the assessment?

Twenty minutes in groups of five, varying seniority

Summaries by Table Head chosen by the group

Opinions from the floor

Rich and Curtis observations

Fortified and Inspired, let us Adjourn to Lunch!

L’Chaim!

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Annual Meeting and Spring Meeting

Sessions—Competency Framework

Workbook

The workbook contains worksheets for the 2010, 2011

and 2012 Annual Meeting sessions, with all

professional development offerings listed by their

primary competency

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Comments on Completing the

Self-Assessment and Personal

Development Plan Worksheet

Multiple versions: identifying current versus prior drafts is not easy.

Intermediate save feature is missing

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Resources for Communication

Enter notes obtained from the audience discussion, in the

competency page below that applies

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Resources for External Forces &

Industry Knowledge

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Resources for Leadership

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Resources for Professional Values

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Resources for

Relationship Management & Interpersonal

Skills

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Resources for

Results-Oriented Solutions

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Resources for

Strategic Insight & Integration

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Resources for Technical Skills &

Analytical Problem Solving

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References How to Become a Better Actuary

http://www.soa.org/files/pdf/comp-framework-bubke.pdf

SOA Competency Framework for Actuaries

http://www.soa.org/Professional-Development/Competency-Framework/default.aspx

Road to Success…How the Competency Framework developed

http://www.soa.org/library/newsletters/the-actuary-magazine/2009/june/act-2009-vol6-iss3-eadie.aspx

Self-Assessment Tool and Personal Planning Workbook

http://www.soa.org/professional-development/competency-framework/self-assessment-tool.aspx

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Avinu Malkeinu

http://www.youtube.com/watch?feature=player_detailpage&v=0YONAP39jVE

Sunny Afternoon http://www.youtube.com/watch?v=81ycZbD4bKg

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Related Links

www.soa.org/professional-development/competency-framework/self-assessment-

tool.aspx

Competency Framework

Self-Assessment Tool

Personal Planning Workbook

Competency Framework for Actuaries

Article: Rod Bubke's take on actuarial betterment using the Competency Framework

Article: Nate Worrell discusses how Toastmasters and the Competency Framework can

benefit actuaries

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Please remember to complete the

workshop evaluation

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