What are OKRs?
Objectives and key results (OKR) is a goals-setting methodology used by individuals, teams and organization to set ambitious and challenging goals with measurable results. OKR is a simple yet powerful tool, as it is helpful for large companies and startups to execute their strategy with focus and alignment.
OKR is a goal management system used to collaborate and achieve goals through a framework that requires check-ins, feedback, continuous learning, and collaboration on a regular basis to identify and solve problems.
What are the Components of an OKR?
OKR consists of 2 main components:
Objective is basically what is to be achieved. They should be qualitative, time-bound, and inspirational goals so that a team or an individual can execute them. Remember that your objectives must be measurable so that you can regularly track and monitor them.
Key results are benchmarks on how to achieve set objectives. While presenting the objectives, it’s necessary to ensure that everyone understands what they are and how to achieve them and the KRs are perfect measures to do that. Good KRs are specific, realistic, aggressive, and verifiable. They can be set quarterly and evolve as the work progresses.
For your better understanding, following are some of the common OKRs used by organizations, refer to them and create your own set of OKRs to improve your organization’s functions.