Objectives and Key Result (OKR) is a strategic framework formed by a set of goals and measurable activities or results. A plan based on OKRs ensures teams, partners and customers remain focused, aligned, and engaged.
OKRs make long term strategic goals actionable and measurable. The objective answers what we want to accomplish. Meanwhile, a key result or activity indicates the metrics we need to fulfill to achieve the objective. Determining our goals, tracking the process and having measurable results are the main factors for a successful team.
What will having an OKR Plan change?
Establish more accountability and commitment. The main challenge for teams is that they don’t use a unified framework for action plans. This leads to plans which are vague, unmeasurable, and not actionable.
Most action plans are focused on answering ‘What?’, but not ‘How?’. OKRs will help you to achieve your goals by defining specific actions which lead to the fulfillment of your objectives. Having an OKR plan guarantees everything is measurable and actionable.
Every objective will be defined by actionable tasks and activities (Key Results) leading to more accountability and commitment.
Key results will indicate if you are doing the right things to achieve your objectives.
Here are some of its benefits:
Determining targets collaboratively.
No ambiguity in your plan, commitment is up for discussion.
Accountability among team members responsible for specific tasks.
Time to celebrate intermediate success.
What are the benefits of OKR?
Create clarity and direction inside and outside of your organization.
Celebrating success boosts the mental state of the team because everyone loves to win. Not only can colleagues increase their self-esteem, but it will also help attract winners to your organization.
Consecutive alignments ensure the overall process is on-track without losing sight of low-priority tasks.
Setting up goals from bottom to top improves autonomy and accountability. When setting goals, transparency and simplicity let everyone easily understand the goals and priorities of the organization.
OKR Plans are result focused. Instead of completing to-do lists, team members devote time into brainstorming effective solutions.