by Sharon Jones
Objectives and Key Results (OKR) is a system and tool that is used by companies to create alignment and engagement around measurable goals. Put simply, an objective is a memorable qualitative description of what is going to be achieved, and key results are a set of metrics that can be used to measure progress towards an objective.
However, if OKRs are not monitored on a regular basis, then it is surprisingly easy for them to fall into the background, and this can have a negative impact on productivity. One way to ensure that OKRs are working for your team is to carry out weekly check-ins on your OKR journey.
So, let us discover how conducting regular check-ins can help your company to track its OKRs and make real progress.
Set Your Objectives and Define How to Measure Your Key Results
One of the most important things to remember about your weekly check-ins is that they are an excellent opportunity to create, discuss and edit your OKRs. OKR structure is extremely streamlined and therefore these sessions are a perfect time to write down your objectives and to assess any steps taken towards these goals so far. Some people find it helpful to think of objectives as a memorable and qualitative description of what they want to achieve. By the same token, key results are a set of metrics that can be used to measure progress towards an objective. Most companies that utilise OKR frameworks also now use OKR Tracking Software to keep tabs on how developments are coming along.
When setting objectives make sure that they are short, inspirational, and engaging. OKRs should motivate and challenge your team and describe what exactly you hope to achieve. Accordingly, your key results need to show what will be done in a set period of time. One of the major benefits of using key results is that quantitative measures and numerical data make it easier to keep track of progress. For example, if an objective is to raise profits by 10 percent, a key result might be to source 10 new customers a week or to launch a social media campaign to boost progress from the previous quarter.
Try Not to Focus Too Much on Scoring Your Key Results
Some companies score their key results at the end of each quarter. In essence, scoring involves giving grades to a key result using a range between 0 and 1. Expected values usually lie between 0.6 and 0.7 on average. That being said, there are some inherent problems with scoring key results in this way and therefore if you want to track your OKRs more efficiently, you might want to consider avoiding this method altogether. Moreover, value based key results that measure delivery of value to customers, or to the company itself, are not easy to score numerically.
Essentially, by defining your OKRs at the start of the quarter and scoring them at its climax, failure is often inevitable. Some weeks are always more successful than others and therefore taking measurements on a more regular basis by carrying out weekly check-ins is a far more effective way to track progress. It is also no secret that the scoring process itself is extremely subjective. By abandoning scoring altogether and instead measuring your actual results, your team should find it easier to understand their OKRs so that more time can be spent on other tasks.
Structure Your Check-Ins
The most commonly used model for check-ins consists of four essential elements. Firstly, a team must discuss the data at hand. This step determines how each key result currently measures up, and whether anything has changed since last time. Secondly, comes an assessment of confidence. This stage involves considering all information available to ascertain how high confidence levels are with regards to reaching each key result. Some companies find that a traffic light system works best here.
Remember to discuss anything that is not reflected in the data. For example, perhaps a related project is running late, and this is having a knock-on effect. Thirdly comes impediments. Are there any impediments that are slowing things down? There might even be an external factor that could improve results if resolved. In addition, this is a good opportunity to identify whether introducing new tools could boost progress. Finally, it is time to discuss initiatives. By asking what can be done to improve results, check-ins can be used to go beyond measuring numbers and further plans can be put into place.
Ultimately, in order for your OKRs to be achieved, there needs to be a concerted effort to follow your goals from conception to completion. Above all, as with any transformation in business culture, your goals are unlikely to be reached overnight. Nonetheless, by modifying company dynamics, and aligning and engaging your team around aspirational objectives, your business can benefit significantly.
Investing in OKR software is one way to manage your goals more efficiently. If you would like more information, take a look at this article about the benefits of some of the most popular types of business software.