Software

Jack Henry adds Performance Scorecard to program

March 4, 2022

Jack Henry & Associates Inc., a software-as-a-service provider for the financial industry, has added its Performance Scorecard tool to its Independent Community Bankers of America Preferred Service Provider Program. With this scorecard, banks can streamline their incentive compensation system, improve tracking and create performance updates at the individual, department and enterprise level, according to a press release.

"Community banks need a reliable way to measure and reward performance to improve employee satisfaction, motivation, and recruitment in today's tight labor market," Kevin Tweddle, EVP of Community Bank Solutions, ICBA, said in the release. "ICBA is proud to offer this solution from a leading industry provider that understands community banks and empowers them with technology to strengthen their competitive position and retain their most valuable asset — their employees."

With this tool, banks can automate performance processes, thus removing the need for in-house spreadsheets. They can also customize the scorecard for different objectives.

"Retaining, recruiting, and rewarding employees has never been more important. By using our new Performance Scorecard, community banks can link performance directly to their financial results and model different levels of achievement to understand the impact on incentive compensation," Matt Riley, president of ProfitStars, said in the release. "We are working in conjunction with ICBA to help ensure that their community bank members prioritize the role of appropriate incentives to strengthen their competitive edge."