Corvisio OKR Software helps you to align your company with your vision and mission
Objectives and key results, OKRs, is a strategic management system used by companies ranging from the small startups to the larger companies like Google and Intel. The aim of OKRs is to connect company, team, and personal goals to measurable results while having all team members and leaders work together in one, unified direction. OKRs are typically implemented within specialized Free OKR Software.
Andy Grove, who had worked with Intel had carried out the development process that the OKRs have undergone to become the present. And, people also know him as the father of OKRs. John Doerr expressed the main idea of Andy Grove for OKRs as in the following words.
Today, organizations such as Oracle, Twitter, Zynga, and LinkedIn are using OKR. Because it helps to define goals, adapt at the enterprise, team or workforce level, track progress, and set goals across the organization. OKRs actually provide strategies and targets for organizations and teams in a certain time. And at the end, OKRs provide a reference to see how well done they have been in achieving the goals. OKRs appear as a driving force for the development of the company. This is an approach that produces tangible results in many ways. Because it provides both the company and employees with the motivation to achieve their goals. Additionally, OKR approach provides the opportunity to monitor their progress with measurable results.
OKR Software improves overall productivity and employee loyalty. This helps build a culture of transparency and shared achievement helping everyone follow and support the contributions of others in the quest for the organization’s success. Considering all of these together, OKR, which is a popular approach in target management, creates a common framework for employees, departments and the company to realize their strategies to companies.
Determine your Vision and Mission
Determine or revise your vision and mission as a company. This is important because OKR Software work will be based on that.
Set Your Company Objectives
You can set your company OKRs with free OKR Software module of Corvisio on a quarterly or yearly basis. Objectives will be broad statements like "Being most customer centric company in our field".
Set Your Company Key Results
Key Results are SMART (Specific, Measurable, Actionable, Relevant, Time Bound) metrics that will determine if you have achieved your broad-stated objective or not.
Let Your Departments and Individuals Set Their Own OKRs.
Once you have determined company-wide OKR Software settings, now it is departments' and individuals' turn to set their own OKR Software settings based on that information. By doing so, every single person in the organization understands and contributes to more important priorities of your company.
Set New OKRs Every Month/Quarter/Year
Once set, it is very important to follow up on progress made on OKRs at least once a month. You can evaluate overall performance of your Company OKRs quarterly, track and set new OKRs. Every year, it is a good practice to make at least one overall OKR evaluation company-wide and set new ones for the upcoming year.
How the OKR Approach Works?
The OKR methodology is an important tool for setting priorities, determining the success achieved and measuring the individual work of the employees and the results of the paths made by the departments of these employees. Thus, thanks to OKR, companies can take action on what their strategies are producing and do them in a measurable way. Likewise, it enables companies to move from an output-based approach to a result-oriented approach to work.
An OKR is an abbreviation consisting of objective and key results. As you can understand from its name, it contains a list of 4-5 high level objectives that define the purpose to be fulfilled. And a maximum of 3-5 key results that measure the stage in this direction. You should determine these objectives based on the internal dynamics and priorities of the company. You can measure each key result on a score of 0-100% or 0 to 1. Each OKR also includes assignments that define the work that needs to be done to step on critical outcomes.
What is OKR?
How Do We Define Objectives?
Each company sets some goals and attempts to achieve these goals. The purpose of the setting a goal is to put certain stops on the way to accomplish long-term goals, to reveal what you expect a task to be done after a certain time. Moreover, to set a clear route to achieve this goal.
Choosing the right goals is one of the most difficult steps, and it takes a lot of effort to think and do the good.
It is much more difficult for small companies that could not observe. For this reason, it is important for the OKR approach to set a goal that you can define as success and is not very easy to do. It is contrary to the OKR approach to set simple goals that are easily achievable, and will not be seen as a success when achieved. Easy-to-reach objectives do not trigger employee and teams.
“At which point should we be located after a few years?”
The answer to the above question is the target, and this answer should establish a clear direction.
How Do We Define Key Results?
Key Results are strategical and measurable key assistants on the way to the desired goals. As it is measurable, you can make observations in the process concretely. Numerically definable expectations reveal measured and scored results.
The key component here is measurable success. Since general statements about progress and development are subjective, they are not sufficiently successful in describing the situation of achieving the goal. Unmeasurable KRs prevent the capacity to be used sufficiently meaning that KRs have a different meaning for everyone.
“How to achieve the goal?”
The answer to the question expresses Key Results. In fact, you can think Key Results as GPS devices that help you to reach the desired location. Key Results are a measure of how close we are to the goal, as it shows the current location.
How Do We Define Assignments?
Assignments, on the other hand, are the work that you have to do to realize KRs. In contrast to the critical results that clearly demonstrate the progress towards the goal with numerical returns, the assignments are the hypotheses that you determine to create the desired effect.
Assignments are similar activities that are not directly related to specific tasks, projects or the progress of the goal, but are related to OKR. Regularly checking interventions with critical results can help decide whether interventions are producing expected results. If the assignments do not contribute to the desired goal, you may considere to review and change if necessary.
"What should we do to get there?"
The answer to this question marks the attempts to achieve the goals.
Benefits of OKR
The 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, depending on where they stay.
Focus: You can determine objectives on the basis of employees, departments and companies. And everyone should be keep objectives in focus. Thus, everyone knows what to do in the specified time interval and regulates their work accordingly.
Agility: Shorter goal cycles allow faster adjustments and better adaptation to change, increasing innovation and reducing risks and waste.
Alignment: The use of shared OKRs improves collaboration among different teams, solving interdependencies and unifying competing initiatives.
Clear Communication: 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.
Engagement and efficiency: People achieve outstanding results when they engage in the process with a purpose.
Monitoring: Since OKR is a flexible methodology, the progress achieved is often monitored on a weekly basis.
Transparency: 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.
Most Common OKR Mistakes and How to Avoid Them
Implementing Corvisio OKR Software for your business is a good step to manage your business wisely. However, you need to be careful about making the most common OKR mistakes. Here, we listed them for you and gave some tips to avoid those mistakes.
Distracting Yourself from the Main Goals by Setting Too Many OKRs
Confusing the Key Results with Objectives
Setting the Metrics Wrong
Misalignment of the Organisation
Set It and Forget It