The success of your company is defined in relation to the goals you set. Did you also know, though, that the type of goals you set can be the very key to reaching that success?
What are OKRs?
The OKR (Objectives-Key Results) Method is a goal setting framework engineered by former CEO of Intel Andy Grove that can not only clarify the mission statement of your business, but can in and of itself help your team reach it. Incredibly successful corporations like Walmart, Microsoft and Netflix owe some of their prosperity to their dedication to OKRs.
On the surface, the OKR method is straightforward. You come up with an overall company Objective, which is the target that you want your company to reach within a particular (quarter to year) period of time. You then name three to five shorter term Key Results, which are plans that, in their completion, serve to attain the Objective.
From the company OKRs, teams and individuals can create their own OKRs so all goals – and consequently, all work – is aligned with the overall company mission. In the age of COVID-19 and remote workforces, keeping your goals consistent and your employees aligned with your company can solve problems of uncertainty.
Now, the biggest difference between a set of OKRs and an everyday list of goals is their measurability. Each of the Key Results, whether through numbers or steps, should be able to be tracked and measured. A Key Result that wouldn’t belong on the list above would be something like, “More thoroughly address employee complaints submitted to HR,” because it’s difficult to tell if and when this can be considered finished.
How do you write an OKR?
Here’s an example of a typical OKR list from a marketing business:
Objective – Increase market awareness, market share and leverage globally
Key Results: Develop a comprehensive go-to-market plan
Enroll 100 new customers
Structure 5 strategic revenue-generating partnerships
Execute a global user conference
Once this team has executed their four Key Results, their Objective will be complete.
As the business leader, don’t be afraid to make your Objective a bit more aspirational — your mission may be further “out there” than some people think is possible, but the further your team reaches, the more they’ll accomplish.
Remember to check in with your staff and their direct reports about how they are doing with their goals and Key Results of the quarter when you can. Keep progress transparent by keeping the whole team updated on how far along the Key Results are and what should be done to keep up the momentum.
Check out our E-book, “OKRs for Company Success,” that delves deeper into the world of OKRs and how HelloTeam can assist you in completing them. If you want to take action now and learn how HelloTeam can help you leverage OKRs and goals setting, you can get started by: