OKR stands for Objectives and Key Results. They are used to track progress towards a goal. OKR’s help companies regardless of size break down big goals into achievable bite size, challenging but doable steps.
Some facts about OKRs:
- Some stay the same for year after year, and others change every quarter.
- They are clearly measurable.
- They can be set at all levels of the organization – company OKRs, Department OKRs, Product Based, Function based and Individual based.
- Organizations can choose to add more granular OKRs as the organization evolves and grows.
Some DOs and DON’Ts when using OKRs:
- DON’T Set unreasonable expectations
- DO make sure they link back to company goals
- DO make them credible and motivating
- DO create a balance between stretch goals, available resources and employee abilities
- DO limit the number of OKRs
- DO make them be ambitious enough to stretch but not break
- DON’T Skip check-ins
- DO evaluate OKRs regularly
- DO Make them public. They increase transparency and make them stick better
- DO make them visible across the organization
- As leaders, DO publicly review the company’s OKRs each month
- DON’T Skip Celebrations
- DO celebrate wins along the way – recognize your employee’s hard work
- DO use OKRs to build a cohesive team
Based on Forbes article: Want to Set Goals like Google? Use OKRs
Image Source: http://www.statuspath.com/okr/