5 Steps to Create an Effective OKR System
If you’re looking for a way to improve your business performance, you may want to consider implementing an OKR system. OKRs (Objectives and Key Results) are a great way to set goals and track progress. They can be used by businesses of all sizes, and they can be adapted to fit any industry or company size.
One of the benefits of using an OKR system is that it can help you to focus better on your team’s efforts. By setting objectives and key results, you can ensure that everyone is working towards the same goal. This can help to improve communication and collaboration within your team. Additionally, it increases productivity as everyone will know what needs to be done and by when.
Here are the five key steps in creating an effective OKR system:
Define what you want to achieve – be specific and set measurable goals
An important aspect of goal setting is making sure you’re specific about what you want to achieve. For example, if you aim to lose weight it’s a lot less clear and measurable than saying I want to lose one kilogram per week by not eating chocolate, cutting out takeaways, and running for twenty minutes every day. Also, be realistic – can you run for 20 minutes every day? If so, set a schedule in which you’ll do it. Making sure your goals are measurable makes them actionable: once you hit them, you know whether or not you have succeeded. Having specific goals also makes it easier for other people to help support your progress.
Create a timeline for each goal – make sure they’re realistic and achievable
A great way to start is by setting out specific goals at both individual and team levels. Huminos OKR software allows you to quickly set OKRs with a timeline for each one. But how do you set realistic timelines? You need to make sure your goals are realistic, which can be easier said than done. One good trick is setting separate deadlines for your progress metrics, which will let you measure your results more frequently. Key result: An actionable item that helps drive towards achieving a company or personal goal. To help ensure they’re attainable, it’s best to keep them in alignment with current performance—in other words, don’t expect huge leaps forward if you haven’t already seen steady improvement in recent months.
Assign each goal to specific team members – make sure everyone has a role in achieving them
As we’ve stated before, for an OKR system to be successful, each goal must have a specific owner who is accountable for its success. An easy way to do that is by assigning goals and objectives to individuals. Let your team know upfront that they will be held responsible for making sure each of their goals and objectives becomes a reality. If you don’t assign owners, then everyone will feel like everything is someone else’s job. You want your team members to take ownership over their goals because it forces them to think about how they can contribute and what skills they need to develop to achieve those goals.
Track progress and revise as needed – adjust your goals based on results achieved
An important part of creating a successful OKR system is tracking progress and revising them as needed. If you’re not reaching your goals, it’s time to reevaluate what’s working and where you might need additional support. Check in with yourself every month – are you still excited about your goals? Do they align with your company’s vision? Is there a better way for you to reach them? If so, now is the time for a change!
Remember that even small changes can have big impacts – sometimes all it takes is adjusting one goal or shifting around how you define success. For example, if you want to increase sales by 10%, but only achieved 5% growth after 3 months, maybe it’s time to adjust your target number or set more realistic expectations. Or perhaps you want to reduce operational costs by 10%, but realized after 3 months that while costs were decreasing they weren’t decreasing fast enough.
Celebrate successes along the way! – acknowledge everyone’s hard work when goals are met
The beauty of a goal-based, results-oriented culture is that it encourages people to celebrate successes along their journey. Although you might hold off on celebrating until goals are met (something we encourage), don’t forget to acknowledge your employees for milestones along their way. This helps them feel recognized and motivates them for future success. For example, if someone has been working hard towards a deadline, send out an email or chat with them in person to say Hey I saw how hard you were working yesterday – keep up the good work! It can be as simple as that! Letting someone know they’re appreciated can go a long way in creating trust and motivation within your team.
How can huminos help in implementing OKRs in your company?
Huminos has everything you need to implement OKRs in your company. It is a complete OKR software with advanced features such as reflections & calibration, employee feedback management, powerful reporting and more. With huminos it gets easier for people working on collaborative tools such as Microsoft Teams or Slack, as it integrates directly with them, and makes the OKR implementation and tracking pretty seamless.