A Comprehensive Talent Strategy

Such an integrated framework is important for capturing and evaluating professional skills based on competencies, Tolentino says. Currently, his organization is aligning standards for the recruiting process with competency development. In addition, Tolentino is working to include the specific needs of internal audit in the evaluation model. The organization's goal is to have the same standards in recruiting, competency development, and performance evaluation. 

The bank's training curriculum has three levels — basic, intermediate, and advanced specialty — totaling 160 hours of coursework. The basic level reinforces areas of knowledge the new employees already should have, such as internal controls, risk management, and The IIA's International Professional Practices Framework. The intermediate level covers emerging needs like data analytics and Agile methodologies, while the third level includes specialized areas such as cybersecurity and market or credit risk.

What has the bank learned? First, required competencies and learning outcomes need to be linked; and second, the curriculum needs to be responsive to changing circumstances. Finally, the department needs to be creative to deal with reduced budgets, for example, by using employees who have training experience, Tolentino says.

Talent Management in the New Normal

Hiring managers, including those in internal audit, will face challenges recruiting workers in the post-COVID-19 work environment, making it imperative for them to have a comprehensive talent management strategy. They will need to look for a mix of skills and backgrounds in their recruits, and importantly, will need to look for recruits with curiosity and a desire to learn — traits that will be a necessity as organizations navigate the new work landscape.

And just as importantly, managers will need to maintain a positive, supportive culture. They also will need to be flexible in the changing environment, supporting their employees and at the same time challenging them to develop their career, even if it means those employees eventually leave the organization.