What are OKRs?
OKRs stand for Objectives and Key Results, and usually refers to the business strategy tool/framework that can be used to measure and track progress towards specific objectives.
Why use OKRs?
The main reason for using OKRs is to improve focus and alignment within organizations. By having a clear and defined set of objectives, it becomes much easier for everyone to understand what needs to be done to contribute towards the overall goal. Furthermore, by continuously measuring and tracking progress, it becomes possible to make course corrections along the way to ensure that the organization is on track to achieve its objectives.
How to set up impactful OKRs?
There is no one-size-fits-all answer to this question, as the best way to set up impactful OKRs will vary depending on the specific organization and its goals. However, some tips can be useful for setting up effective OKRs:
- Make sure that the objectives are SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.
- Make sure that the objectives are aligned with the overall strategy of the organization.
- Make sure to involve all relevant stakeholders in the process of setting up the OKRs.
- Make sure that the objectives are challenging yet achievable. It is important to set ambitious goals to motivate employees and encourage growth, but if the goals are too unrealistic it can lead to frustration and a feeling of hopelessness.
Here are a few examples of effective OKRs:
- Increase market share by X% within the next Y months.
- Launch new product/service in Z markets within the next A months.
- Reduce customer churn by B% within the next C months.
- Achieve D Net Promoter Score within the next E months.
- Increase employee engagement by F% within the next G months.
Continuous measuring and tracking
It is important to continuously measure and track progress towards the objectives to ensure that the organization is on track to achieve its goals. There are many different ways to track progress, but some common methods include using software platforms or tools, conducting regular Net Promoter score surveys, and holding company-wide or team-wide meetings.
There are many different software platforms or tools that can be used to help with setting up, measuring, and tracking OKRs. One of the best OKR software is huminos to start with which is free for small teams and SMBs. Each platform has its unique features and benefits, so it is important to choose the one that best meets the needs of the organization.
Using an OKR software can help in several ways:
- It can make it easier to set up impactful OKRs by providing templates and tools for goal setting and tracking progress.
- It can help to improve focus and alignment within the organization by providing a centralized place for everyone to see the objectives and track progress.
- It can make it easier to measure and track progress by providing features such as graphs, charts, and reporting tools.
- It can help to improve communication by providing a platform for collaboration and discussion.
- It can help to save time by automating tasks such as sending reminders and generating reports.
huminos is a popular software platform that can be used for setting up, measuring, and tracking OKRs. It has several features that make it well-suited for this purpose, such as templates, goal setting tools, progress tracking, reporting, and collaboration.
There is no one-size-fits-all answer to the question of how to set up impactful OKRs. However, some tips can be useful for setting up effective OKRs: make sure that the objectives are SMART, aligned with the overall strategy of the organization, and involve all relevant stakeholders in the process; make sure that the objectives are challenging yet achievable; and continuously measure and track progress towards the objectives. There are many different software platforms or tools that can be used to help with setting