OKR's and Goal Management
Driving Success in Your Organization
Setting goals and objectives is critical to the success of any organization. However, it’s not enough to simply set goals; you need to have a strategic plan in place to achieve them. That’s where OKR’s (Objectives and Key Results) come in. In this article, we’ll explore how OKR’s and goal management can help drive success in your organization.
Enabling better organizations
Clear and measurable goals
Alignment with company objectives
Focus on results
Regular tracking and evaluation
Improved communication and collaboration
OKR is composed of two components
Objective
Which is qualitative and defines what one wants to achieve
Key results
Which are quantitative and define how you will measure progress to achieve the objective.
Prioritize Objectives. Track Key Results. Align Teams, Stretch For Excellence
OKRs have helped lead us to 10X growth, many times over.
OKR is a goal management framework adopted by companies as a collaborative goal-setting tool. With an OKR Software, cascading goals are kept transparent and set the work cadence for the organization.
Make goals agile, dynamic and drive performance management with OKR Software that bridges the gap between strategy and execution.
Priorities, Transparency & Alignment
- Establish priorities
- Align individual employee goals with organizational goals
- Drive engagement through transparency & alignment
- On-board employee to organisational purpose
Agile Goals & Initiatives
- Adopt Cadence: Annual for Strategic, Quarterly for Tactical & Weekly for Operational outcomes
- Use SMART for clear and objective goals
- Define initiatives for each goal for focused execution
- Remove subjectivity and drive objective performance assessment
Continuous Feedback
- Intuitive chat based conversations for coaching & timely course correction
- Review employee performance frequently
- Incident Management for critical inputs
- Check-ins for competency development
Company Objectives
Achieve an NPS (out of 10) from our customers
Increase customer retention to from 70% to 98%
Take 2 new products to market
Raise 250 million in funding
CEO Goals
OBJECTIVE: Raise 250 million in Funding
Identify possible sources of funding by Q1 and start initial discussions
Submit Information Memorandum and shortlist 5 possible parties Complete negotiations and raise funds
PossibleWorks' OKR Performance Management System
By clearing the line of sight to everyone’s objectives,
OKRs expose redundant efforts and save time and money.~ John Doerr
Goal setting for Organizational Alignment
- Objectives & Key Results Framework
- Agile and Dynamic Goals periods with frequent reviews
- Transparent companywide visibility of cascaded objectives
- Tasks for early visibility of performance and success for each goal
Objective & Frequent Performance Reviews
- Real-time tracking for continuous assessment
- Monthly/Quarterly Reviews with interim milestones
- Facilitate quick and powerful conversations between Manager & Employee
- Encourage coaching & mentoring opportunities
- Periodic qualitative assessment on behaviors and competences
- Conduct Regular 1-on-1s
Focus on Initiatives to Deliver Outcomes
- Initiatives are actions that help achieve the goals taken
- Initiatives provide an early visibility of performance and likelihood of success
- PossibleWorks uses Initiatives and milestones to forecast the possibility of success at each goal level and at an aggregate organization level
Benefits of adopting
OKR Performance Management Platform
01
Focus on prioritizing organizational goals that matter today.
02
Achieve organization wide alignment.
03
Drive agility through shorter goal periodicity.
04
Adopt data driven quantitative performance assessment.
05
Provide big picture to employees.
Highlights of Possible Works' Journey
The PossibleWorks Advantage
Measure and Manage OKRs – FAQs
How do we track employee performance using OKRs
OKRs provides useful insights about what needs to be achieved and what’s happening within the organization towards those outcomes. It helps to track employee performance on a consistent basis and ultimately helps them stay aligned with the business goals. In other words, OKRs facilitate increased visibility of business goals.
How do OKRs enable us to prioritize the important tasks
With OKRs each employee is aware of what needs to be accomplished every week/month/quarter. Keeping the final objective in mind, each employee is inspired to work towards it and plan the work accordingly.
How do OKRs help to engage, motivate and inspire employees
With clear priorities set-up, each employee aligns well to the company purpose and is more engaged and feels that their contribution matters thus resulting in proactive action and productive employees.
How do we make informed decisions using OKRs
OKR allows you to make data-driven and informed decisions as the results are measurable and can be tracked frequently. Such progress also triggers on-going conversations facilitating timely course corrections and realignment.
How do OKRs help to align and organize employee actions
OKR helps the team to line-up their objectives in sync with the organizational objectives thus eventually helping them to be more focused, aligned, and organized to drive the organization forward.
How do I set-up an effective OKR
As you begin setting up OKRs, start by defining 3-5 key business objectives that you want to achieve during a specified time period. The objectives should be specific, measurable, achievable, and time-bound. These objectives help in designing actionable SMART Goals that help the business achieve desired outcomes.
How do I define the key results
Specify 3-4 key results under each objective. Remember key results are the primary activities that need to be accomplished to attain an objective.
How do OKRs enable us to plan out business activities
OKR framework allows identification and documentation of activities that employees need to take to accomplish on a weekly and monthly basis to stay in-line with the overall business objectives.
When do I review the OKRs after setting them
It’s best to view Key Results at the end of the month or a quarter, you can review the OKRs to see for yourself how much have you accomplished and what you can improve on.
Can OKRs be modified/updated periodically
Objectives are ideally set for a year and should be reviewed on a yearly basis. Key Results being monthly/quarterly in nature should be reviewed and updated appropriately. The advantage of setting shorter Key Results enable businesses to adjust quickly in line with business requirements.
How do I stay on track with the OKRs
Make sure you skim through the progress of OKR every week, so you do not forget an OKR that was setup. Creating a weekly ritual can help your team ensure you are on track.
Is there a limit on the number of OKRs
Having too many OKR can cause chaos within the teams because the focus is diverted towards many different activities. So, it is mandatory to prioritize 3-4 primary OKR that needs to be accomplished within a quarter or a year.
What would be considered a big fail in setting OKRs
Failing to keep the bigger picture in mind leads to improper utilization of the resources. It is essential to have clear communication with the team leads to the role they play in a larger scheme of things and eventually the employees will understand how their tasks help achieve the team goals.
