The OKRs methodology is a system for identifying, cascading and communicating goals within the organization in a standardized manner. As the name implies, OKR has two components: the Objective and the Key Results. It is a great way to set goals and track progress.
Objectives are qualitative descriptions of what we want to achieve. It should be short, motivational and engaging so that the team can perform as expected. It also helps in understanding how their role impacts company goals and growth.
Key Results have to be quantitative and measurable, it is a set of metrics that measure the progress towards the Objective. Each objective has 3-5 key results and each key result should be a way to define success and measure progress toward success.
OKRs create clarity and focus so that it has a small number of clearly defined objectives. This will help everyone prioritize tasks at all levels.
It creates the culture of ownership, transparent OKRs let everyone know what's going on in their team and throughout the company as a whole. Transparency leads to less duplicated work and a culture of ownership. It is a short-term goal, typically three months long. This gives employees more chances to assess and improve at work. A culture where problems are solved quickly, and every contribution matters. This will result in better and more consistent results
When employees have their own OKRs, they have very clear expectations. They also have a context of why their work is important. OKRs empower employees to make decisions on their own, with context and reason. OKR progress is updated weekly, giving the entire company a sense of progress, and also roadblocks, as they occur.
It should not be considered as a task list, one should use OKR to measure if it is adding value, not if one is delivering tasks.
Setting too many OKRs is one of the most common mistakes one needs to avoid. Rather than writing down every single thing you do just as a task list, with OKR you list your top priorities. OKR defines what is most important during that quarter.
Follow up - without regular follow-through, you will never achieve them.
To know more about OKR, refer to these links:
We, at OpenGrowth, are constantly looking for innovative and trending start-ups in the ecosystem. If you want to have more information about any module of OG Hub, then do let us know in the comment section below.
Contributor: Akriti Verma
She is a creative, ardent and vivacious individual. She is passionate about bringing change through technological innovation by challenging the status quo. Through OpenGrowth University she envisions to empower and enable individuals with innovative ideas to pursue and excel in their entrepreneurial journey. She loves to paint and write poems.
*Note: The content published above was made in collaboration with our members.
The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups. Feel free to connect to us.