What to know about OKRs
The workplace is made up of individuals with varying backgrounds, training and experience and this poses the greatest challenge to any employer. Getting the work done and ensuring that the team is working seamlessly towards the same goal with minimal conflict. Teamwork is crucial in enhancing creativity and communication yet individuals might not agree on the methods.
Not just meditate on differences in output, the manager has to ensure that the team is working and ensure that they utilize their skill set, generate value for the company, maximize profits while minimizing costs. It is necessary that they do not just attain the goal but they do it in an efficient and cost-effective way. This is why companies need to learn more about OKR and adopt the OKR framework.
What is OKR
OKR is an acronym for objective key results. Introduced by Intel President Andy Grove in 1968, it was initially Objective and Goals. OKRs are a goal management framework used to implement growth strategies in companies. It is a structured framework that ensures that the team leader and their team are working towards the same goal, and they also ensure that there is discipline and transparency. The concept has also been employed by top Silicon Valley companies and internet startups.
The teams use different tools that enhance implementation of the company’s goals rather than conventional methods that are time consuming. OKRs provide a clear plan; and use ample goals that are necessary in steering the company towards its intended vision. They also measure the outcomes to determine if the key goals were attained.
An ambitious concept
The OKR framework is quite an ambitious operation. The tasks are challenging and are measurable to ensure that key results are quantitatively measured to obtain a tangible measure of the goal. This ensures that the company can determine if there is organic growth in the business. The ambitions of a business are stretched and this is to ensure that the operation is a success. An OKR management framework plan is not conceptualized in ideal conditions; it ensures that the team contributes to the growth of the company by going the extra mile.
Why it should be company strategy
OKRs should align with company goals and strategy. It should involve all departments and regularly communicated to all employees. This is to help the company to strategize depending on the overall outcome to ensure there is better performance and growth of the company in general. As part of employee evaluation, compensation should not be a factor. This is to ensure that the employees’ effort should be out of their own ambition not because it is company policy and this also means that it should not affect their performance review.
Therefore companies should communicate their corporate goals clearly. Contrary to most management systems that emphasize procedure, OKRs aim at key results. Employees should set their objectives and implement their own methodology. The aim of OKRs is to set ambitious goals for employees and this is necessary to ensure that they are determined in their individual output and it is probably why the OKR management framework is considered difficult to implement.
Story by Brad Bernanke