Achieving Goals with OKRs
June 18, 2021 | Beli Loew
Objectives and Key Results (OKR) is an increasingly popular method of tracking business objectives.
- Achieving Goals with OKRs
- What are OKRs?
- How do OKRs work?
- Best practice examples
- How to use the template
- 1. create a new OKR
- 2. Define Objective
- 3. Adapt Key Result
What are OKRs?
OKRs (Objectives and Key Results) are a framework for goal setting and performance management. They were developed by Intel in the 1970s and popularized by Google in the 2000s. The basic idea of the method is to define some goals to work on over a period of time. An objective comprises an abstract goal (“what”) made measurable by a few key results (“how”). For more information, see okrcircle.org.
How do OKRs work?
An OKR consists of a goal (Objective) and several measurable results (Key Results) that contribute to the achievement of the goal. The objective and results should be formulated in such a way that they are challenging but achievable. The results should be quantitative and verifiable. The use of OKRs can help organizations to define their goals in a clear and measurable way and to track their progress.
A goal should be a qualitative expression of what a company wants to achieve. It should give a clear idea of what the company aims to achieve and why. A good goal should be motivating and spur the team to work ambitious to achieve it.
Key Results are the quantitative outcomes that will be measured to achieve the goal. They should be specific, measurable, achievable, relevant and time-bound. They should also be worded in such a way that they accurately track progress towards achieving the goal.
Best practice examples
- Google: Google has been using OKRs for many years and has made them an important part of their corporate culture. An example of an OKR at Google might be:
→ Key Results:
- Increase the number of daily active users by 5%
- Increase the number of new sign-ups by 10%
- Increase the time users spend on the site by 7%.
- Intel: Intel was one of the first companies to implement OKRs. An example of an OKR at Intel might be:
→ Key Results:
- Increase number of units sold by 5%
- Increase market share by 2%
- Increase average price by 3%
By using OKRs, companies can clearly and measurably define their goals and track their progress. In this way, they can ensure that their goals are achieved and that the company is successful.
How to use the template
1. create a new OKR
To use this template, you can delete or overwrite the contents of the existing OKRs and add more by creating a new OKR.
2. Define Objective
To set a successful OKR, enter a clear and easy-to-remember goal on the title line of the OKR table. Ensure that your objective is specific, measurable, attainable, relevant, and time-bound. Avoid using complex terms and jargon, since it may confuse your team. Instead, use simple language that everyone can understand. Remember to keep your objective top of mind throughout the OKR process to stay on track and achieve your goals.
3. Adapt Key Result
The objective should include several concrete and measurable key results to monitor its progress. To complete the details of a key result, use:
Details. In the content area, you’ll be able to write your notes.
Beli is an IT project manager, tool enthusiast, entrepreneur and has organized his whole life with Notion. His news sources are release notes from tools. There is (almost) no feature or shortcut that he does not know.
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