Objectives and Key Results (OKR), a management tool, is essentially a goal-setting framework with which organizations can define goals and objectives and track the outcome. OKRs have all members of the team and leaders work towards a common goal, by connecting the organization, team and personal goals to measurable results.
OKRs are used for goal-setting for both individuals and teams. The process of creating SMART goals within OKR system provides an easy framework for creating a clear, precise goal on a timeline. And it can be executed well (using OKRs) by keeping focus, measuring frequently and celebrating achievement.
Goals are the fuel in the furnace of achievement.
Following is a check-list for setting Objectives and Key Results:
- Objectives and Key Results when tied to broader organizational goals, it steers the organization and all employees towards a common goal.
- Make sure to communicate the Objectives and Key Results to everyone in the organization
- Only if it can be measured, is it a valid Key Result
- Key Results are results, or outcomes, not tasks.
- Review the OKRs regularly, as needed. If anything changes, the organization, team, or personal goals, be flexible and change the Objectives and Key Results as well.
- Do an assessment when the Objectives and Key Results are complete, of what worked well and what didn’t, and make changes as required.
- Make sure that the objectives were sufficiently ambitious, and the key results measurable, if any OKRs were ignored, and if they stay aligned with the business strategy and the organization.
- Make a note of the learnings, and use that learning for the next OKR.
- Put the customer first.
Profit.co’s OKR Framework for ensuring outcomes based on goal setting
With Profit.co’s structured framework for targeting efforts and achieving SMART goals, organizations can grow their business with our OKR based comprehensive modules. Profit.co has the OKR Software that helps businesses execute their strategy by doing the following:
- Focus on Goals.
- Measure Progress.
- Achieve Results.
|OKR Management||Task Management||Employee Engagement||Performance Management|
|Implementation to drive results and achieve goals||Align goals with appropriate tasks and timelines.||Associating goals with right recognition and reward framework||Set goals and processes which enable teamwork and higher performance.|
Let’s go over these in a little more detail:
- OKR Management framework and achieving goals
- OKRs and Task Management to track set goals
- OKRs as a reward and recogtion tool can lead to higher Employee Engagement
- OKRs goal setting framework for delivering higher Performance
1. OKR Management framework and achieving goals
“Setting up goals and execution using OKRs framework sets up the organisation on its path to a successful implementation of its strategy delivering the desired outcomes”.
Organizations have been using OKR as a management strategy to stay on track in a fast-paced, ever-changing industry, while also staying ahead of the game. One of the ways in which OKRs have been used is as a goal setting strategy by organizations as these have become one of the most popular frameworks for teams looking to plan and measure the success of their work. Companies set goals and execute their strategies using OKRs to stay relevant, innovate and stay ahead of their competitors.
Profit.co’s OKR solution helps organizations stay laser focused on their businesses. It helps companies prioritize goals, save time, engage employees & execute strategies with limited resources, thereby fostering an effective leadership and a high-performance culture.
2. OKRs and Task Management to achieve set goals
“OKRs can align goals with appropriate tasks and corresponding timelines which will help track progress towards set goals.”
Task management is an integral part of Project Management. It is a way of breaking up the entire project into a series of tasks that need to get done.
Setting goals and practicing task management techniques are two necessary elements for success. Once the goals have been set, one can set a schedule so that certain tasks can be associated with the goals which will ensure realization of the goals in an efficient manner.
Task management comes into play in a big way with the measurable and timely aspects of goal setting. And this is just what Profit.co offers. Along with OKRs, Profit.co offers a state of the art task management system that can monitor all the tasks involved in the various stages of a project from the development of an idea, planning, tracking, testing, monitoring, right through to the completion of the task. It’s a very useful tool to have as it can accommodate real-time changes and helps actualize goals in the most efficient manner.
Profit.co’s task management tool can help capture, organize and assign every task and subtask that needs to be done to complete the project, all while eliminating the need for searching through emails, sticky notes and other apps for to-dos, and figuring out priorities.
3. OKRs as a goal setting tool, can lead to higher Employee Engagement
“Associating goals with right recognition and reward framework can improve engagement and motivate employees.”
Employee engagement is the commitment employees have towards their work, and the goals and values of their company. Not because they are paid to do their jobs, but because they are passionate about their jobs and are invested in it emotionally.
OKR helps employees understand the purpose of corporate goals and how impactful it can be when everyone in the team commits to using this goal-setting system. It helps employees stay focused on their work, and the goals and values of their company and they feel acknowledged, appreciated and seen.
Employees whose managers help them to set goals are fully engaged, because when goals are set collaboratively, employees can see how their work contributes to corporate objectives and team missions.
Profit News feed highlights a number of things like the OKRs created, check-ins made, created and assigned tasks, and many more. There’s a virtual award system that allows employees to be awarded when goals are achieved, which in turn, increases performance and productivity, and as a result, benefits the organization.
4. OKRs goal setting framework for Performance Management
“Well-defined OKRs help teams set collective goals, which enables teamwork and higher performance”
Performance Management was developed to increase the productivity of a company. Measuring employee performance is an important and challenging role for HR. Every organization is different, so there is no one size fits all approach.
The key to effective performance management is ensuring employees have clear and meaningful goals. When employees have goals, it gives them a sense of purpose, clarity, and strategic direction. Goals also provide the basis for providing effective feedback and making the right talent decisions.
Profit.co’s has an effective performance management solution that allows managers to review employee’s work objectives and focus on their career goals, provide on the go counseling and cater to their development needs.
Achieve your set goals using OKRs.
OKRs are easy to implement and simple to use. OKRs, when used by organizations, teams, and individuals, can set challenging and ambitious goals with measurable results. OKRs in the context of goal setting can help track progress, create alignment, and encourage engagement around measurable goals.
When reviewed on a regular basis to keep a tab on progress, it can go a long way in helping businesses stay on track in a fast-moving environment, while still having room and the bandwidth for innovation.
To find out more about Profit.co’s intuitive OKR software, book a free demo with our OKR experts today.