Although all of Navient’s business areas currently use a monthly scorecard to help employees evaluate their progress throughout the year, the education loan servicing and asset recovery company recently introduced this process to its new hire program and implemented a new hire scorecard tool for one new hire line of business.
Program Details
The scorecard evaluates new hire employees on multiple aspects of performance such as attendance, conduct, adherence to compliance, assessment scores, and scoring of five core competencies that are key to a high level of performance within the department. The five core competencies are:
- Active Listening
- Action-Oriented
- Perseverance
- Results-Driven
- Functional/Technical Skills
The Training Team consulted with Operations supervisors to gather a comprehensive list of competencies that are observed in new hire employees who quickly demonstrate a high level of performance once they reach their production environments. Training and Operations worked together to rank the competencies into a list of the top 10 and then conducted focus group discussions to narrow it down to the final five.
Each competency is ranked weekly from a score range of 1-Never Demonstrates to 5-Always Demonstrates. Depending on the course curriculum each week, an employee can achieve a maximum score of 45 to 85 points. Employees then are ranked by score and recognized for top ranks and for showing the most improvement over previous weeks.
Results
- New hires are getting performance feedback earlier than they had prior to the scorecard, which gives employees an early opportunity to adjust and show improvement.
- Gives trainers a forum to provide feedback and promote behavior change.
- Promotes a clear understanding of core competencies linked to success.
- Recognizes participants in training for positive performance and skill development in addition to classroom participation.
- Helps the production manager quickly assess developmental needs once the employee is assigned to a production team.
- Fosters a competitive performance environment.
- Increases new hire engagement.
- Participants have shown up to a 10% additional increase in performance to goal when compared to tenured employees.
Due to the positive impact experienced within the business line, Navient is exploring other business lines for implementation.
