If you’re looking for a performance and task management goal-setting tool that critically frames your goal and strategically organizes that saves time, energy and action, then you should definitely try OKRs. OKRs help you map out your organization’s objectives and the team key results that help the management track the progress of each and every employee. OKRs not only help by aligning goals, but also help teams to complete their tasks on time with measurable, time-bound KPI targets. Read examples of Marketing OKRs to get a better understanding of how to get started with OKRs.
Time management should be on the forefront of your mind when setting goals. Many people struggle with this aspect of the process, and approaches vary depending on the goal. No matter how much time the HR department spends culling out talent, employee productivity will be different for everyone in the company, even if they’re united under the same goals.
Setting goals is necessary to manage time. Some companies set goals by the day, and some set them monthly, quarterly, or annually. The important component of the SMART employee goal-setting process is the plan of action developed to bring that goal from an idea to a reality. This is where OKRs helps you to manage tasks and let you measure the performance of yourself and your colleagues as you achieve key results.
When you run a business, its efficacy index is what matters the most. This is why you should ensure that things go according to plan so that your targets are accomplished without delay. This is why you should always compare your results against what you wanted to achieve in the first place, to determine what needs to be changed. In this way, you will have better control of your future results.
How Do You Calculate this Variance?
The capability of efficient planning is crucial for most businesses. The appropriate amounts of resources (namely time and money) ought to be allocated. This is the key to being confident that you’ve made the right decisions in this respect. Timesheets can track useful and practical information concerning the hours that go into the completion of a project, and whether that project brought the expected results or not.
Planned vs Actual Hours Variance = Time Estimate – Spent Time
If a project takes less time to complete than estimated, the variance is positive. On the other hand,if a project takes more time to complete than anticipated, then the planned vs. actual hours variance would be negative. This isn’t something desirable, as it implies that more time and resources were spent for a project than planned.
This doesn’t necessarily mean that a positive variance is always a good thing. In some instances, it might reveal some errors, such as the fact that the company isn’t promoting the correct work ethic. Alternatively, a positive variance might also mean that the company has used a different strategy, such as depending on the junior resource for fulfilling the target, whilst still addressing the strict specifications of the agreed timelines and budget.
Monitoring Your Progress
It makes sense to focus on enhancing the overall efficacy index of your planning strategy. Not only does this mean you’re improving the quality of your services, but you are also optimizing your profitability. Your ultimate goal should be to meet your firm’s forecasts as well as the client’s expectations. Using OKRs will put you on track to accomplish your targets on time with highly effective results. It can be tedious to monitor the progress of teammates manually, that is when using OKRs will actually help you keep track of what employees are up to.
Focusing on your primary goals will allow you to build more confidence and reliability. To run an efficient workplace, it is mandatory to focus on ensuring that your staff is deployed effectively. Of course, it is difficult to anticipate what strategy would work best from the start – which is why it makes sense to test out different strategies and to compare the importance of planned vs. actual hours variation over time.
This way, you’ll focus on identifying the department that functions most efficiently. This valuable information can be further communicated to potential investors or shareholders who want to find out specific data about the firm’s core operations, and whether targets are consistently met.
So OKRs, being a popular goal management methodology, helps you to advance your goal management strategy and helps your team develop with confidence and skill in your goals. OKRs will prepare you to spend your office hours effectively. Instead of getting caught up in tasks with no interest, try to use your time wisely. Ensure planned hours for completing a task or goal and the actual hours match up more and more as you develop as a company. Aim for success, and keep yourself and your team motivated by effectively managing time and constantly improving.