Proficiency levels in superannuation funds work by categorising the specific skills, knowledge, and behaviours required for roles into progressive stages, ranging from foundational understanding to expert mastery.
This structured approach allows funds to ensure that every team member – from member services to investment analysts – meets the rigorous technical and compliance standards necessary to manage retirement savings effectively. By defining these levels clearly, we can identify development gaps and align individual capabilities with the fund's strategic objectives.
Key takeaways
- Proficiency levels provide a standardised language for assessing technical skills and soft behaviours across different fund functions.
- A clear framework supports compliance with regulatory requirements by ensuring staff are competent in their specific roles.
- Mapping proficiency helps leaders identify 'single points of failure' where critical knowledge is held by only one or two people.
- Regular assessment of these levels enables targeted professional development and more accurate succession planning.
- Modern workforce intelligence tools help automate the mapping of these skills to save time and increase data accuracy.
Superannuation is a highly regulated sector where the stakes for accuracy and compliance are incredibly high. For a fund to operate smoothly, it isn't enough to simply have a large team; you need to know exactly what that team is capable of doing. This is where proficiency levels come into play. They act as a yardstick for measuring how well a person can perform a specific task or apply a certain piece of knowledge.
In most funds, we see these levels broken down into a four or five-point scale. A level one might be 'Developing', where the person requires significant supervision. A level five might be 'Expert' or 'Lead', where the individual is not only proficient but is also capable of teaching others and setting the fund's strategy in that area. This granular view is essential for managing risk, especially in areas like financial advice, insurance, and internal audit.
When we talk about how proficiency levels work in superannuation funds, we are really talking about workforce intelligence. It is the process of turning vague job descriptions into measurable data points. By doing this, we can move away from 'gut feel' hiring and promotion and toward a model based on verified capability. This ensures that the fund remains resilient in the face of changing market conditions and legislative shifts.
One of the more interesting aspects of proficiency frameworks in the superannuation space is the balance between technical expertise and behavioural traits. Technical proficiency is often easier to measure – think of it as the 'what' of the job. Does a claims officer know the latest legislative requirements for Total and Permanent Disability (TPD) claims? Can an investment analyst build a complex financial model?
However, behavioural proficiency – the 'how' of the job – is just as critical. This includes things like communication, empathy in member services, and ethical decision-making. In many cases, a person might be a level five in technical knowledge but only a level two in their ability to collaborate with a team. A high-performing fund needs to balance both to maintain a healthy culture and high member satisfaction.
At Compono, we’ve spent years researching how these different elements intersect. We use the Compono Culture, Engagement & Performance Model to help funds understand how individual behaviours and proficiencies contribute to the broader success of the organisation. When you understand the natural work personality of your team members, you can better predict how quickly they will reach higher proficiency levels in specific areas.
For many funds, the member services team is the front line. The proficiency levels here often focus on communication, problem-solving, and a deep understanding of the fund's products. A 'proficient' team member in this space must be able to explain complex topics – like the difference between accumulation and defined benefit accounts – in a way that is easy for the average member to understand.
As you move into more specialised areas like risk and compliance, the proficiency levels shift toward analytical thinking and attention to detail. An Auditor, for example, would naturally gravitate toward tasks that require high levels of precision and methodical review. Their proficiency is measured by their ability to spot inconsistencies and ensure that the fund is meeting its legal obligations without fail.
A successful framework also takes into account the different stages of a career. What we expect from a junior administrator is vastly different from what we expect from a senior manager. By setting clear benchmarks for each level, you provide your staff with a transparent roadmap for career progression. This not only helps with retention but also ensures that you are building a pipeline of future leaders who are deeply familiar with the fund's operations.
Once you have defined your proficiency levels, the next challenge is assessing where your current team sits. Traditionally, this was done through annual performance reviews, which are often subjective and backwards-looking. Modern funds are now moving toward continuous assessment and workforce intelligence platforms to get a real-time view of their capabilities.
By using data-driven tools, we can see exactly where the gaps are. For example, you might find that while your overall investment team is highly proficient, you have a significant gap in ESG (Environmental, Social, and Governance) expertise. Identifying this early allows you to either upskill your existing staff or target your next hire specifically for that skill set. This is a much more efficient way to manage a fund than waiting for a crisis to reveal a lack of expertise.
This is where Compono Develop can be particularly useful. It helps you map out the skills and proficiencies within your team, allowing you to create personalised learning paths that move people from 'developing' to 'proficient' more quickly. When you align individual development with the fund's strategic goals, you create a more engaged and capable workforce that is ready to handle whatever the market throws their way.
Ultimately, the reason we care about proficiency levels is that they directly impact the fund's performance and its ability to meet member needs. A team that is highly proficient is more efficient, makes fewer errors, and is better equipped to innovate. In the context of the 'Your Future, Your Super' reforms, the pressure on funds to perform has never been higher. Having a clear understanding of your team's proficiency is a key part of meeting those performance benchmarks.
From a compliance perspective, having a documented proficiency framework is also a powerful tool. It shows regulators that you have a systematic approach to ensuring staff competence. If an issue does arise, you can demonstrate that you have the right people with the right skills in the right roles – and that you are actively working to address any gaps. This level of transparency is becoming increasingly important as the spotlight on the superannuation sector continues to intensify.
It also helps with team morale. When people know exactly what is expected of them and what they need to do to reach the next level, they feel more supported and empowered. This reduces turnover and helps you attract top talent in a competitive market. People want to work for organisations that take their professional development seriously and provide clear paths for growth.
Key insights
Proficiency levels are the foundation of modern workforce planning in the superannuation sector. By moving away from vague expectations and toward a structured, data-driven framework, funds can better manage risk, improve member outcomes, and foster a culture of continuous improvement. Whether you are looking at technical skills in the investment team or behavioural traits in member services, a clear understanding of proficiency is essential for long-term success. Using platforms like Compono allows you to automate this process and gain the intelligence needed to build a truly high-performing team.
Understanding your team's proficiency is the first step toward building a more resilient fund. If you're ready to see how workforce intelligence can transform your organisation, we're here to help.
The best place to start is by identifying the core functions of your fund and the critical skills required for each. We recommend focusing on one department first, such as member services or compliance, and defining what foundational, proficient, and expert levels look like for those specific roles before scaling across the organisation.
A skill is a specific ability, such as 'financial modelling' or 'dispute resolution'. A proficiency level describes how well an individual can perform that skill. For example, a junior might have the skill of 'report writing' at a foundational level, while a senior executive has the same skill at an expert level.
While an annual review is common, we recommend a more continuous approach. In a fast-moving sector like superannuation, skills can become outdated quickly. Regular check-ins – perhaps quarterly – or using a real-time workforce intelligence platform ensures your data remains accurate and relevant.
Yes, they are essential for it. By mapping the proficiency of your entire team, you can identify 'high-potential' individuals who are approaching expert levels. This allows you to intentionally mentor them for future leadership roles, ensuring a smooth transition when senior staff move on.
Absolutely. Soft skills – or behaviours – like leadership, empathy, and communication are just as important as technical skills. Defining proficiency levels for these traits helps you build a more balanced team and ensures that your culture remains strong as the fund grows.