You can't tie employee metrics to comp because of Goodhart's Law. But it can be useful to identify who's in trouble. Metrics exist as a technique of information compression that is valuable because as you go from the farmer inspecting a specific plant to an industrial farmer managing acres of plants you lose sight of the individual plants. That's not because you don't care about the plant. You do. You just also have to care about the other plants. But your scarce resource is attention and time.

If you use the metrics to optimize your systems good for you. If you use it as a punitive/remunerative system, the org will optimize against your metrics.