<![CDATA[Employee performance is a primary indicator of organizational success; however, the effect of human resource investment on performance is often indirect. This study aims to analyze the effect of training effectiveness and competency on employee performance, with job satisfaction as an intervening variable, at PT Permodalan Nasional Madani (PNM) Medan Branch. The study employed a quantitative associative approach using a survey method. The population and sample consisted of 50 employees determined through saturated sampling (total sampling). Data were collected using a five-point Likert-scale questionnaire and analyzed with Structural Equation Modeling based on Partial Least Squares (PLS-SEM) using SmartPLS, covering the evaluation of the measurement model, the structural model, and mediation testing. The results show that training effectiveness and competency positively and significantly affect job satisfaction. Competency and job satisfaction positively and significantly affect employee performance, whereas training effectiveness has no significant direct effect on performance. Mediation testing demonstrates that job satisfaction fully mediates the effect of training effectiveness on performance and partially mediates the effect of competency on performance. These findings confirm that job satisfaction is a key psychological mechanism translating training investment into performance, while competency contributes to performance both directly and through job satisfaction. The study contributes theoretically by reinforcing human capital theory and social exchange theory in the context of a state-owned microfinance institution, and practically by guiding management to design employee development programs oriented toward job satisfaction.]]>
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