Companies achieve a greater velocity in the execution of tasks when everyone is working coherently and consistently towards the same objectives. A well-established, proven method of achieving this is by implementing OKRs.
OKRs – objectives and key results – is a process for setting goals and defining when those goals are achieved. OKRs are such an effective tool because they provide clear direction towards a company’s goals.
These five steps will help you kickstart the OKR cycle in your company.
1) Define your strategic priorities for up to two years (sometimes three). It is easier to set quarterly OKRs when the longer-term priorities are understood.
2) Review your organisation's structure to ensure it is suitable for achieving your strategic priorities.
3) Begin planning your OKRs halfway through the prior quarter. As the process matures, you will be able to complete it in shorter periods of time.
4) Regularly review your progress. Early on you want to regularly connect with teams on their progress. For the first few quarters, aim for every two weeks.
5) Complete the loop and start again. Towards the end of the quarter, review, reflect and assess your performance. Take away some key learnings and start the OKR process again.
The key to successfully implementing OKRs is to stick with them. You won’t get it perfect first time round.
When implementing your OKRs, you should consider these best practices:
Get management buy-in; they must be engaged
Those team members who are most engaged in OKRs should be appointed as OKR champions
Softly link OKRs to remuneration, but manage it carefully and link other factors as well
Commit to a minimum of three quarters; don’t give up too soon
Don’t set objectives that are greater than what your resources can deliver
TAKEAWAY: Implementing OKRs successfully will see your company moving with common cause in the same direction. Following this five-step guide and best practices will lead you and your business on the path to success.