The main goal of every company is to improve their business and grow their profit. There are many strategies companies use i.e. different kinds of business strategies or some marketing strategies. Nowadays, many companies including Facebook and Google use OKR strategy. In this text, we are going to introduce you to the basic of OKR and its benefits.
OKR or Objectives and Key Results strategy is a tool that helps employees create their own goals and strive to them. One of the main problems that individuals are faced with is that they often lose their focus and can’t see how their actions affect the overall business of the company. That’s were OKR strategy comes in handy. The main goal of this strategy is to help employees focus on their task. It also teaches them how to prioritize, and helps them improve their responsibility.
Let’s break it down. What do the Objectives and Key Results stand for? Naturally, an objective is the main goal of your business. It is always beneficial to present one main goal to your employees and help them set their own smaller goals. This way they can see how the achievement of their own goals contributes to the achievement of the company’s main goal. Key Result is the mechanism that is used to measure one’s completed work and it also indicates how far or near they are from the main goal. OKR also includes an initiative which helps you determine your Key Result.
The main benefit of OKR strategy is that it motivates employees thus improving the overall business and profit of the company. Research has shown that the employees who used OKR were more effective in their work and thus more productive. When it comes to the company itself, the main advantage of OKR is the shift from output to outcome i.e. the company focuses on the quality of their products and services instead of only quantity.
Before implementing this strategy, think about what your main goal is and what methods you can use to reach that goal. Talk with your subordinates, think of a goal together and make sure everyone agrees with it. Also, think about the problems your business is faced with and how OKR can help you solve them. How to implement OKR? Well, with the help of OKR software as well as OKR examples. Set up 3 or 4 key results and review them quarterly or annually. This software will help you define the objectives and key results of your company. Use the OKR software and planning and make sure to adjust your OKR with your manager’s one. Moreover, with the help of software, you can monitor your employees’ progress. Using the software, you can check how efficient they are, did they reach their goal and how near or far are they to completing it. In addition, this software will also make your managers’ job easier, since they can also track the progress and efficiency of the workers.
In recent decades, this strategy has become extremely popular, and as mentioned above is used by many successful corporations. If you opt for implementing this strategy, you will quickly improve your business and ensure its growth.