OKR is an abbreviation for Objectives and Key Results. The Objectives here are the desired outcomes for your company. It is a description of what you want to achieve.
Now, the question arises. How will you achieve said objectives? The answer lies in the other half of the concept – Key Results. Key Results are the metrics that allow you to measure and track your progress towards reaching the objectives described earlier.
Objectives Answer the question – What do I want to accomplish? On the other hand, Key Results are an answer to – How will I get it done?
OKR is a widely-used technique that allows a company to define its objectives and communicate the same to the team members and employees in a quantifiable and precise manner. With a well-planned ORK strategy, you can achieve your goals faster and more effectively.
OKRs should be simple, flexible, transparent, and concise. They should be in line with the overall goal of the company and should be limited in number. Setting too many objectives at the same time can prove to be counter-productive for the company. You know your OKRs are working when they encourage your employees to venture out of their comfort zone and aim higher.
What are the benefits of OKRs?
- Lead to the effective utilization of the company resources.
- Enhance employee engagement and increase employee productivity.
- Allow your employees to be creative and innovative and give them the flexibility they need to work efficiently.
- Provide guidance and direction to employees. OKR is the most effective method to convey the company goals and avoid any communication gap.
- Allow you to monitor the performance of your company and employees and take requisite measures.
- Allow you to break down a large goal into smaller achievable objectives.
Are you looking for an okr template to define your objectives and track your key results? Stackby is here to your rescue! Considering the effectiveness of the OKR technique, Stackby has developed an OKR Tracking Template.
This user-friendly okr template with customizable columns is your go-to solution for any OKR related issues. Get rid of the multiple spreadsheets and track everything from one place with our okr template!
Using Stackby’s tracking template, you can now:
- Create your list of objectives for your company.
- Assign a priority status to each objective (High/ Medium/ Low).
- Monitor the completion percentage of the objectives and add notes to each if necessary.
- Assign a lead team member to each objective to facilitate coordination among team members and the company.
- Track the key results associated with each objective.
- Record the percentage completion of each metric and the quarter for which it is being measured.
- Add notes and comments for a better description.
- Add and remove objectives and key results as and when required.
- Monitor and update the data regularly.
Collaborate with your team and develop an OKR strategy for your company with Stackby’s OKR template!