ICBA Adds New Performance Scorecard from Jack Henry to Preferred Service Provider Program
Jack Henry & Associates (NASDAQ: JKHY) has introduced its new Performance Scorecard tool as part of the Independent Community Bankers of America (ICBA) Preferred Service Provider program. This tool assists community banks in automating their incentive compensation systems and provides timely performance tracking. With customizable features, it connects compensation to performance metrics, enhancing employee retention and satisfaction amidst labor market challenges. The Performance Scorecard can function independently or integrate with the Financial Performance Suite for improved data consistency.
- Introduction of the Performance Scorecard tool to streamline compensation systems for community banks.
- Enhancement of employee retention and satisfaction through improved performance tracking.
- Customization options allow banks to align incentives with specific performance metrics.
- Integration capability with the Financial Performance Suite enhances operational efficiency.
- None.
MONETT, Mo., Feb., 28, 2022 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) today announced the addition of its new Performance Scorecard tool to the Independent Community Bankers of America (ICBA) Preferred Service Provider program.
The Performance Scorecard helps community banks streamline and automate their incentive compensation system, improving tracking and creating timely performance updates at the individual, department, and enterprise level.
"Community banks need a reliable way to measure and reward performance to improve employee satisfaction, motivation, and recruitment in today's tight labor market," said ICBA Senior Executive Vice President of Community Bank Solutions Kevin Tweddle. "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."
The tool helps community banks tie compensation to performance and automate more of the process, reducing the use of cumbersome in-house spreadsheets for a more precise and efficient way to document, monitor, and project performance goals. Performance Scorecard is also customizable, allowing community banks to adjust in-score weightings and objectives and model different achievement levels.
Matt Riley, President of ProfitStars, said, "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. 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."
The Performance Scorecard can be utilized as a stand-alone solution or integrated with the Financial Performance Suite (FPS) from Jack Henry. Community banks that choose FPS reduce the use of previously siloed systems, enabling more consistent and actionable financial performance data for improved decision-making.
Several of Jack Henry Financial Performance Suite solutions are endorsed by ICBA, including the company's CECL Solutions, Forecasting and Financial Reporting, and Profitability and Pricing.
About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ:JKHY) is a leading SaaS provider primarily for the financial services industry. We are an S&P 500 company that serves more than 8,000 clients nationwide and goes to market through three distinct brands: Jack Henry Banking® provides innovative solutions to community and regional banks; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
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SOURCE Jack Henry & Associates, Inc.
