Feb. 28, 2022
Washington, D.C. (Feb. 28, 2022) —The Independent Community Bankers of America today announced its expanded relationship with Preferred Service Provider Jack Henry & Associates to include its Performance Scorecard tool, which 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,” ICBA Senior Executive Vice President of Community Bank Solutions Kevin Tweddle said. “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.
“Retaining, recruiting, and rewarding employees has never been more important,” said Matt Riley, President of ProfitStars, a division of Jack Henry. “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.
The Independent Community Bankers of America (ICBA) is the nation’s voice for community banks with its mission to create and promote an environment where community banks flourish. We are dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and innovative products and services.
With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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 approximately 8,500 clients nationwide through three divisions: 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.