What do companies like Amazon, Google, Intel, Facebook, DropBox, and Deloitte have in common? They all use OKRs, a strategy that entails setting and achieving goals within a specified timeline. Just to tell you more, OKR is an acronym for Objectives and Key Results.
On the one hand, the Objectives refer to short, qualitative statements that specify what you want to improve or achieve. On the other hand, the Key Results are more specific, quantitative, and measurable statements defining a particular goal in depth.
Now that you know what OKRs are, let us look at how you can set them for your business.
1. Develop Solid, Ambitious OKR Goals
It would be best to aim high when developing your OKRs to ensure that your business gets the most out of these cycles. All OKR goals you come up with should be inspiring and bold and go beyond what seems standard for your business.
Steer clear of objectives that ask your workforce to simply do what they have been doing, for example, “maintain the current trend.” Rather, break into new territory by setting OKRs that are out of the norm for your business.
2. Keep Things Concise
This is especially true for the objectives since you want something that is to-the-point and bold enough. Besides, avoid setting tons of objectives- three to five of them are enough. The idea is to provide your employees with a thinner list of options, avoiding confusion and losing track.
3. Ensure That Your OKRS Are Specific
Even though your objectives should not be as specific as the key results, you still want to develop some very specific ones. Setting a goal like “improve work” is not as detailed as “improve work in the customer care department,” which is what you want here.
As for the key results, they must be even more specific. So, include numbers and everything you need to make them measurable. All the same, ensure that your OKRs are clear and easily recalled.
4. Clarify and Communicate
Once your OKR goals are ready, clarify and communicate them to your employees. After all, your OKRs are only as good as your employees’ knowledge of them. So, you want to bring everyone on board to ensure that the execution of the same is flawless.
You want to pay attention to what your supervisors and the rest of the employees say about your OKRs. Then, make any necessary changes if required.
5. Monitor Your OKRs and Recognize Success
Just because your OKRs are up and running does not mean it is time to slack off. You want to keep tabs on things to ensure that your organization’s employees are actually working towards achieving them.
Remember, the idea is not to attain 100% success here; rather, something in the range of 60-70% completion.
When this milestone is realized, recognize it and acknowledge your team members’ efforts. This way, you give them the drive to go on to achieve further success. This is also an excellent time to gather feedback on your objectives to know where to adjust for the next cycle.
Set OKRs and Empower Your Team to Work Towards the Right Business Metrics!
If you want to streamline your workforce as you work towards various goals, the OKR methodology is an excellent consideration. Use our guide to get started with your OKRs if you have trouble setting up yours. Most importantly, be flexible and don’t hesitate from taking full charge of your business today!