Companies today find that following an OKR model allows them to measure employee performance and ensure higher profitability and better retention rates.
Using objectives, key results, and resources (OKRs) is not new. It has been used in education to promote higher academic scores and measure student success.
However, business employers now see that this same concept can work for their companies – giving them an edge for productivity and financial gains. To understand how OKR works, you have to consider the involved tasks and how they relate to the objective and critical results (KRs) for a project.
An OKR task represents one actionable objective a team uses and focuses on to improve business performance. When you concentrate on one specific task, you can measure your progress precisely while making any needed adjustments.
Streamline the OKR Process Using Profit.co OKR Software
You’ll naturally streamline the OKR process by having the right technology, such as a program like Profit.co OKR Software.
For instance, you can use this software when testing product engagement. By examining different and specific ways to increase engagement, you can see which method works best with a customized software program.
For instance, a company might make it their objective, short-term, to increase their volume of leads, while, in the long-term, they might make it their goal to increase their user base to 100,000 customers by the end of the year.
Defining Your KRs
Your key results (KRs), in the above example, represent the results that will accompany each objective. In this case, you might make it your goal to increase revenue by the end of the year to 50%.
When you use software for your objectives and KRs, you can do so with measurable outcomes. There are no ambiguities. By using today’s technology, you can instantly check what methods work best and where you may need to realign your strategy.
The software will also help you establish the resource for each task or specify the individual team members action to achieve a critical result and objective. When you use a software program, everyone stays on the same page, as you can all view the stats and results as a team.
For instance, if you’ve made it your goal, as noted above, to increase your revenue to 50% by year’s end, you’ll need to customize your software program accordingly.
To achieve this KR, you’ll have to assign a resource for each task. While you might have one employee create content to shoot up pageviews, you might have another employee develop ads on the pages to increase revenue.
By using OKR software, you can set up your OKR tasks to realize your goals more quickly. Using the technology improves both collaboration and communication and boosts productivity.
Keep Everyone “In the Know”
Using OKR software allows you to break down your business’s goals into actionable objectives and key results so you can assign or “resource” roles to team members for the tasks. If you want to expand and grow as a business, you need to keep everyone “in the know.” OKR software can do this for your business.