OKR, stands for Objectives and Key Results, is a goal setting framework widely used by many companies. Therefore, it is a simple and powerful goal system that creates alignment and focuses the effort around measurable goals. To illustrate, Google, LinkedIn, Intel, Oracle, Twitter, and other companies such as Walmart, Target, The Guardian and ING Bank use OKRs as a goal setting framework.
OKR is a common management strategy in the modern business world due to the fact that OKRs help you join the ranks of global companies. On the other hand, thanks to enabling alignment and focus OKRs help you to unite teams and entire organizations together.
The goal of OKRs is to define how to achieve objectives through specific and measurable actions. Likewise, each member of the team will know what is expected of them. Besides, they will know which objectives they need to accomplish in order to reach the company goals.
For an in-depth analysis of how OKRs work and why they have been successful for many companies, read the Ultimate Guide.
“How to do OKR works?” And “How to set up?“
OKRs help company employees prioritize, focus, and measure the results of their work. Therefore, the approach of OKRs helps companies to communicate their strategies in a measurable and actionable way.
As the name implies, OKRs consist of Objectives that define the goal to be fulfilled and 5 Key Results (each Objective contains up to 5 Key Results). Besides, each OKR also includes Initiatives that need to be taken to progress on Key Results.
Objectives: It is a qualitative definition of what you want to achieve. It is important to be short but extensive and impressive.
Key Results: It is a set of quantitative and measurable metrics that you have set to achieve your objectives.
For detailed information on how to set up your OKR in Corvisio, you should watch the video.