The acronym OKR stands for Objectives and Key Results, a goal setting framework widely used by many companies. Each OKR consists of one Objective and up to 5 Key Results. In addition, each OKR can also have Initiatives. You can use it to set, track, evaluate your company goals and key results. Furthermore, you can set them weekly, monthly, quarterly, or yearly.
What is an OKR?
The goal of Objectives and Key Results (OKR) is to define how to achieve objectives through concrete, specific and measurable actions.
Larry Page, the CEO of Alphabet and Google, says OKRs helped them grow 10x. Moreover, he says it made the company goals achievable.
OKRs are typically implemented using specialized OKR software.
You can check out our blog post "What is OKR?" to learn more.
Structure of OKRs
1. Objectives are defined as a goal to be achieved.
2. Key results measure progress towards the objective.
3. Initiatives describe the work required to drive progress on the Key Results.
What is an Objective?
Objectives are mainly the steps you have to take to achieve a goal. Besides, they have a short time frame and a specific definition. On the other hand, Goals are the main results that your company wants to achieve. They have a long time frame and a broad definition.
What is the key result?
Key Results are brief statements that are clearly defined, specific, and measurable. Therefore, they make it easier for employees and their leads to monitor progress. For best results, Key Results must have the following characteristics:
KRs are specific. Organizations that have successfully used OKRs see to it that they use specific language that is common to all their employees when drafting their key results and objectives.
Click here for more information on key results.
How to use OKRs?
Review OKRs regularly, as needed. If your company, team, or personal goals change, feel free to change the OKRs as well.
See the OKR examples page for some examples on how OKRs look in the real world. See here how OKRs can be implemented in minutes using the leading OKR software.
Benefits of OKRs
- Focus on the tasks that have the most impact on the business.
- Achieve high impact on company goals after you complete the objectives.
- Let your employees prioritize the tasks to bring the highest positive impact on the company.
- Set goals for your company.
- Assign goals to your employees.
- Let Corvisio Business Performance and Efficiency software automate the goals and tasks for you.
Spend your time making plans more effective or more strategic.
- OKRs make sure that every employee in the company align their work, move in the same direction and reach a common goal.
- Delegate each task to your employees.
- Get periodic brief performance reports of your employees and objectives.
- Make sure that for each strategic goal you have assigned at least one employee to own it.
- People achieve outstanding results when they engage in the process with a purpose.
- Use wording that everyone will understand.
- As a result, you can communicate your goals to everyone in the company and receive a deeper engagement.
When to use OKR?
OKRs are simple to use and do not take much time to implement when set up and used regularly. You get better at setting OKRs with experience. Often, it takes just a few times to check and review your OKRs, although you should check them to keep up with progress and mark said progress on a weekly basis.
Getting started with OKRs is easy and simple by following this guideline:
What is an OKR template?
An OKR template is a spreadsheet that helps to visualize your company’s target and summarizes its achievements by percentage.
You can click here for detailed information about the OKR Template.