Objectives and Key Results (OKRs) are goal-setting frameworks that many organizations use to set goals that are measurable. OKR was first introduced by Andrew Grove, the past CEO of Intel. Creating OKRs is relatively straightforward. All you need to do is identify objectives/goals and have 3-5 key results that can be used to measure the success of achieving these objectives.
So, where is the real challenge? It lies in OKR tracking. Most OKRs don’t succeed as effectively as envisioned because they are not tracked and monitored regularly. This takes us to the next question – why is tracking OKRs important? Keep reading to know the importance of tracking OKRs.
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Let’s say you set objectives and make a list of key results to follow up. Almost all OKRs have a set timeline. Here are reasons why it is important to track the progress of your OKRs.
Tracking and monitoring are both important in every task you take up at the workplace. They give a sense of accountability to the employee and keep the management aware about what’s happening.
Now that we have established it is essential to track OKRs, the next question is how to track OKRs. How can you track the progress of the objectives and how often should you do that? We’ll explain more of this in the next section.
Meanwhile, if you want to get started on OKRs for your team, here is a great blog to help you.
According to experts, a good OKR tracker needs these three steps.
Let’s start with each of these OKR tracking steps in detail here.
You need to define two main factors here – objectives (O) and key results (KRs).
Objectives are the goals that you intend to accomplish, while key results are metrics that can help you know how successfully you have reached your goals. You might understand this better with an example.
Ask yourself four questions when you set your objective to know if it will work. If the answer to all these questions is a ‘yes,’ then proceed to fix that objective.
Your objective may be perfect. However, when it comes to tracking OKRs, unless the key results too are scripted well, the objective may not matter.
“Objectives and key results are the yin and yang of goal setting.” – John Doerr
Keeping this in mind, make sure you spend enough time on creating the right key results too. This will ensure that the next steps of your OKR tracking process are worth the effort you put in.
One of the main factors of key results is measurability. Intangible KRs are best avoided when it comes to OKRs. Check out some of the measurable and vague examples of KRs to understand this better.
|Vague OKRs||Good OKRs (measurable OKRs)|
|Increased customer base||40% increase in customer base|
|Increased website traffic||50% increase in organic website traffic|
|Increased user return||Getting 30% of users to return in 2 weeks|
The next step in the list of how to track OKRs is to create transparency. What is transparency? It lets all employees and managers know about the key results and gets their consent and active participation when you create your OKR tracker.
Here are a few pointers to keep in mind when you think of transparency.
How do you do all these? Invest in the right tools to create transparency.
Take, for instance, the OKR PMS from PossibleWorks. Our tool is designed to encourage transparency and set priorities right in your OKR framework.
With the help of our tool, we:
Our tool is agile and can be easily customized to fit your existing setup. The objectives are clearly visible on a company-wide platform, making it easy to cross-verify and share OKRs whenever needed. Tracking OKRs has never been easier and more straightforward than now.
This is the final step in OKR tracking that involves achieving the objectives. When you think about it, this is what matters the most. Here are ways in which you can successfully achieve the objectives.
Also, have you checked out our latest blog on constructive and positive workplace feedback examples? There are so many reinforcing and redirecting feedback samples here for you.
Is OKR tracking worth the effort? Absolutely yes. OKRs are great ways to align individual objectives and goals with that of the company. They help set realistic goals and offer measurable key results for these goals too. If you have been worrying about how to track OKRs, then these three easy steps may help you with the process easily.
OKR tracking is also a great way to let employees know that their efforts are being monitored and measured. This can help improve the efforts they put in. Such a tracking process will help the management to make informed decisions quickly and early on. With OKRs in place, the organization can move towards holistic growth, well-defined accountability, and transparency.
PossibleWorks specializes in custom-designed frameworks and tools that help set and achieve OKRs effectively. If you think you need help with your OKR framework, get in touch with our experts today.