Growth is essential for every business to remain competitive and profitable. For some businesses, however, growth is slow due to a number of reasons. One of the reasons is that many businesses set safe goals that are easy to achieve. Nowadays, there are objective frameworks that allow people and teams to set ambitious but achievable goals. One objective-setting framework is the OKRs which is an acronym for Objective and Key Results.
Nowadays, OKRs has become a popular framework for companies to manage their goals. Traditionally, companies set goals every year but employees forget about them after a short time. This traditional ways of setting objectives result in passive management since managers and team leaders cannot track progress and achieve goals. It becomes difficult to know who is achieving, underachieving or overachieving.
Unlike traditional ways of setting objectives, OKRs framework makes it easier for companies to implement a strategy. There is better alignment, improved focus, and enhanced transparency. At the same time, there is increased engagement and efficacy since managers are able to know the team members who are highly engaged and the ones who are disengaged. With the OKR framework, you set goals and then get a definite way to achieve them.
Some of the popular companies such as Google and Facebook have successfully implemented the OKR framework and achieved tremendous growth. However, all types of businesses are utilizing the OKR framework to achieve growth. With this framework, you achieve success by getting beyond your perceived limits. Therefore, you need to set objectives that will make the teams push further.
Today, setting your OKRs has been made easier by the use of software applications such as Workboard software. Implementing the application will enhance collaboration and productivity. As a result, you work smarter not harder. Even when you don’t achieve the goals but get near the goal line, you will have made big strides.
In traditional objectives frameworks, people set safe objectives that they can achieve easily. This is different from OKRs since people are encouraged to set tough and bold objectives but not impossible. Achieving 100% of the goals would be difficult but getting near will be a great performance.
Also, OKRs will be reviewed regularly unlike traditional objective setting frameworks. In traditional ways, objectives are set annually and performance is reviewed when the year comes to an end. With OKRs, reviews and updates are performed quarterly and sometimes monthly. However, OKR has become a better alternative, especially in this fast-paced world.