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Objectives and Key Results | Meaning

What is the OKR framework?

The full form of OKR is objectives and key results. Additionally, it is a performance management system that provides a framework for setting measurable goals and tracking progress. Furthermore, companies like Google, Facebook, and Intel use the OKR framework as a popular goal-setting system. If you’re thinking of implementing an OKR system in your own company, it’s important to keep in mind that there is no one-size-fits-all approach. Hence, the major benefits of using OKR are listed below:

  • Clearly define your goals, track progress and take feedbacks.
  • Then, keeps everyone aligned on what the company’s priorities are
  • Measure progress and track goal attainment
  • Encourage transparency and collaboration within the company.
  • Increase focus and motivation as individuals can see how their efforts contribute to the organization’s objectives.
  • Linking objectives to specific data sources or performance indicators enables better decision-making.
  • Help leaders measure and review progress towards objectives regularly 

Example

Likewise, there are a few different ways to structure OKRs, depending on what works best for your company. Thus, here are a couple of examples to give you an idea of how others have approached setting goals with this method: 

  • Increase website traffic by 25% in the next 3 months
  •   Achieve a 50% customer satisfaction rating in the next 6 months
  •   Double the number of leads generated from social media in Q2
  •   Reduce manufacturing lead time by 20% in Q3 

Moreover, each objective should include at least one measurable metric to track progress. Additionally, these metrics are typically reviewed monthly or quarterly to evaluate whether the objectives are being achieved. Hence, if they are not, action plans are implemented to realign efforts and get back on track.

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