Benefits of OKR - Why should you use it?
Objectives and Key Results methodology has become more popular in the business world day by day. A significant portion of the most successful companies started to use this system including Google, Microsoft and Amazon. Especially, Google has been using and taking advantage of OKR methodology for a long time adding more popularity to this goal management approach.
OKR approach provides a clear and simple framework for setting goals. When an OKR is prepared, it becomes visible with a line by embodying a target. At the end of the day, the company and its employees can measure their own success. However, the benefits of OKR are not restricted to only that. There are several benefits that the OKR methodology that we will talk in detail now.
The first benefit of the OKR approach is the increased focus. Now, each employee knows what to do in the specified time interval and regulates their work accordingly.You can determine objectives on the basis of employees, teams and departments. Therefore, the progress of each team or department is easily trackable. This helps you to identify the bottlenecks of your company, which are the points that you should focus on.
The agility of OKRs lies in the impact on the outcome and the people. Objectives and Key Results are less of a contract and more of a collaboration between various parts of a company, its teams and employees. OKRs facilitate synergy between profits and ideas. Not only do they help provide insight into your own business, they let you know exactly which areas you are being successful in and which areas need improvement and redesign. OKRs help inspire employees and promote a healthy, organic growth of the company.
The third major benefit of using OKRs is that it offers a transparent and intuitive way of managing a company. OKRs are a communication tool. Setting company, team and individual Objectives and Key Results aligns the business in a way where all people focus their efforts on the same important issues. It communicates where the company is moving and how it is maturing. This helps promote a healthy culture of fellowship and unity among employees on all levels. And that, as we know, is good for business.
The team will never misunderstand the expectation of the company with a clear and simple goal priority dashboard to as well as how they can contribute. One important feature of the OKRs that you should be careful is that they should be clear. Therefore, when setting an OKR you should avoid ambiguous discorses as much as possible. Instead you can use more clear and numeric objectives.
Engagement and Efficiency
People achieve outstanding results when they engage in the process with a purpose. With a clear definition of the objectives and key results, it becomes clear for everyone what to focus on. As a result, you can communicate your goals to everyone in the company and receive deeper engagement.
OKRs are usually set in the following way throughout the company: Company OKRs are set quarterly, Team OKRs are also set quarterly and Individual OKRs or initiatives are set weekly. Depending on the size of the business, whether a 2-person startup or a 1,000-strong company, this may change to accommodate your current growth dynamics. On the other hand, the monitoring process is usually on a weekly basis.
Unlike the rigid annual planning, OKRs let you adapt and respond to change. They allow for flexible goal setting and progress tracking. Because updates for OKRs are usually provided weekly, it is easy to track progress during their life cycle. You may start tracking your progress even by creating your own simple OKR template.
Transparency is one of the most beneficial features of OKRs, providing dialogue and clarifying the objectives of the organization. The target in each level determined takes its place in the real-time dashboard, and thus, can be used for employees at all levels. To obtain transparency, OKRs should be visible to everyone so that the people are aware of what others are working on.
Well, the benefits of OKR seems to outweigh the difficulty of implementing a new methodology, right? Using Corvisio's OKR tool is actually a good way of smoothing away the hardship that the implimentation process brings with.