Branch Performance Management Scorecards
Scorecards are the surest way to measure and improve the employee behaviors that support a financial institution’s strategic goal. They serve as an objective statement to employees as to what is important and, when linked to incentives, they drive the behaviors that drive profitability.
Impact 360 Scorecards allow you create one or more scorecards for each role in your company, from teller to regional manager. Each scorecard can include metrics that are specific to the employee or branch and can also include rolled up metrics from supervised employees. For instance, a Branch Manager scorecard might include the overall profitability of the branch as well as a score for referrals that averages the scores for each of the tellers in the branch.
Scorecards can be viewed by employees and managers. They are updated nightly and available each day so they act as progress indicators during the month and provide early warning of negative trends.
Other metrics (called source measures) can be imported from virtually any other system that can produce data in the required format. Once source measures are imported, the scorecards administrator defines the formulas for each KPI (key performance indicator) that is to appear on a scorecard. KPIs include the formulas for interpreting the source measures and present the results as easy viewable and actionable guides to employees for each goal-related task.
Verint Systems offers branch scorecards in two classes:
- Basic Scorecards. This introductory solution includes pre-packaged KPIs from Impact 360 Workforce Management and reports actual scores and trending as well as history graphs and details. Basic scorecards also provide employee summary comparison for regular feedback and to encourage self-motivation.
- Advanced Scorecards. In addition to the capabilities of Basic Scorecards, Advanced Scorecards report performance against goals and peers, provide for periodic assessments, and assist communications via notes incorporated with each scorecard. These tools also trigger alerts against goals—if a particular KPI falls above or below a pre-defined value, as alert is sent out. Advanced Scorecards include the KPI editing features that allow you to create your own KPIs and formulas.
Additional Performance Management products and services are also available. These include a Scorecard External Integration Adapter and Scorecard External Integration Services to create connections to external systems.
Financial institutions can gain significant benefits by rolling out and actively using branch scorecards. These come from improved employee productivity and effectiveness as well as from early warning of negative trends.
For individual employees, the use of scorecards can also deliver positive results, including:
- Elevated employee skills
- Increased manager productivity
Contact Verint’s branch operations team to learn more today.