$1M is wasted every 20 seconds collectively by organizations around the globe due to the ineffective implementation of business strategy.
It was estimated that 67% of well-formulated strategies failed due to poor execution.
70% of chief strategists express little confidence in their ability to close the gap between strategy and execution.
Focus:
OKRs create focus on what matters.
Alignment:
OKRs align teams to a common goal
Commitment:
OKRs to engage and motivate employees
Tracking:
OKRs enable measurement and tracking of key results
Stretching:
OKRs drive and build a high-performance culture
In simple terms the acronym stands for
“Objectives and Key Results”.
(the O in OKR) are qualitative, inspirational, time-bound goals to be executed by a team (say, Recruitment) or an individual. Clear and Easy to understand statement of a goal.
(the KR in OKR) quantifies the Objective and breaks it into specific metrics that can be used to measure the achievement of the desired Objectives.
OKR (Objectives & Key Results) | Other Mgt Systems (MBO, KPI,) | |
|---|---|---|
| A powerful goal setting framework backed up with a robust implementation process. | Other Mgt Systems are usually good goal setting tools following the traditional top down hierarchy. | |
| Aligns the employees to a common goal.OKRs build engagement which motivates employees and drives performance. | These are output based systems reflecting the performance of the organisation | |
| OKR framework helps to successfully execute OKRs, bringing transparency between the teams, individuals, as well as leadership | These mgt. systems work in silos. | |
With Profit.co OKR software you can start right away to frame OKRs for your teams!