Objectives and Key Results are the backbones of leader-team member relationships. Managing a team the right way is critical to your development as a leader & as your brand progresses.
Leaders that use the OKR system are more likely to organize their teams better and achieve success in a shorter time and with fewer expenses. Here is how you can manage your team better & be successful with OKRs.
How does the OKR model help leaders manage their teams better?
OKRs help in creating a more engaging and collaborative workplace
OKRs are used by companies like Google, Facebook and LinkedIn to set goals for their employees. The main idea behind OKRs is that they help create a more engaging and collaborative workplace where everyone works towards the same goal.
OKRs can foster better employee communication
OKRs help to foster better communication within your organization. They help in creating more engaging and collaborative work as OKRs encourage employees to communicate with each other about their projects and goals. This can be especially helpful for teams that have members from different parts of the world or departments within your company, as it allows them to exchange ideas on how best to achieve the goal together.
Tracking progress with OKRs
OKRs are a great way to track progress on any goal. OKRs can be used to track your company goals, employee goals & team-based goals.
Align company goals with employee goals with OKRs
As a leader, you must understand that employee engagement and workplace culture are key factors in your success as a manager.
That is why it is essential to align company goals with employee goals. By creating an environment where people feel connected and engaged with the company’s mission or vision – as well as each other – they’re less likely to stray from their day-to-day responsibilities due to clear expectations at every level within the organization.
OKRs are great to improve your team management abilities as it allows you to create a more engaging, communication-friendly and transparent professional environment.
How to use OKRs to become a better leader?
OKRs help you become a better leader. OKRs help you set goals that are challenging but achievable & create a framework for success and focus on what is important. OKRs also give you the energy and motivation to stay focused on your goals to achieve them. Finally, OKR helps make better decisions by giving you data points on how well or poorly the company is doing at executing its strategy or business plan.
OKRs help leaders to become better by helping them observe other organizations with similar goals and outcomes—and then learning from their successes or failures in achieving those same results. This can be a great way for leaders to make necessary improvements based on their experiences with similar situations.
If you’re a leader, the data-driven aspect of OKRs can help you make better decisions. As a manager, it helps you understand your team’s strengths and weaknesses. It also gives insight into what is working and what isn’t when it comes to meeting the company’s objectives.
In addition, knowing how your team is performing against their OKR goals will give you an idea of where they need more support or training to reach those goals faster than expected.
Tips for implementing OKRs successfully as a leader
Set objectives that align with your company’s mission and vision. Misplaced ambition is as good as no ambition. Ensure your goals are tailored to achieve the company’s end game to boost time efficiency and focus among team members.
Avoid stagnation by making sure your objectives facilitate continuous actions. Every part of the team should be consistently working towards reaching the goal & regular checks should be done to ensure it.
Use clear metrics to create a culture of accountability and bolster commitment among team members.
Set key results that value outcome-driven rather than output centred. Meaning it shouldn’t be about how many ads are created but how many leads are generated.
Conduct regular check-ins to make sure every team member is on track. This will help maintain focus and help those struggling with certain objectives.
Ensure all departments present their OKRs, so each department can know how to restructure their plans to help other departments meet their Objectives.
For maximum efficiency, ensure OKR reviews are conducted quarterly when enough time has been given to work on objectives. Note that check-ins should be regular, while in-depth reviews should be quarterly.
Objective: Increase annual recurring revenue by 5% from a new business line.
- Generate 15 new leads each month
- Increase average monthly sales to $25,000
- Generate 15-20% of total revenue
Objective: Create an extensive product strategy for newly launched businesses
- Conduct competitor analysis of 10 top competitors across 5 markets
- Identify the USP and competitive product features lacking in the market
- Create a detailed product strategy roadmap
Objective: Increase brand awareness & Marketing Qualified Leads in 5 new markets
- Find in-market buyers in real-time and curate marketing content tailored to solve their needs.
- Generate 10 MQLs from each new market per month
- Increase unique website visitors from 200 to 450 visitors.
To sum up, OKRs are an effective tool for leaders who want to be more effective. When used properly and consistently over time, they can help you manage your team efficiently and develop as a leader.