WHAT IS OKR?
Objectives and Key Results is a popular performance management method. The aim of the OKRs is to ensure that all team members work together in a simple way in line with a main goal, especially in Agile Methodology.
- OKRs should be open to all, so the whole team works towards the same goal and everyone is clear about what is expected of them.
- OKRs usually consist of 3 to 5 targets. There are roughly 5 key results within each target.
- Each Key Result is measured with 0-100% or a score between 0 and 1.0.
- While OKRs are often part of the quarterly planning process, some companies can also set annual or monthly OKRs.
- OKRs also provide strong benefits to the corporate culture by creating efficiency and focus.
HOW IS OKR CREATED?
Most organisations have a mission and vision, but often they are difficult to understand and can be confused. OKR allows you to transform your mission and vision into an ultimate and tangible goal.
At the organisation level, OKRs represent your strategy. These are, for example, 3 or 4 goals you have decided to achieve in 12 months.
Most organisations review their strategies annually and determine the time span of their OKR. When you decide what you want to accomplish, it is important that all team members have a chance to present their input in the next step.
One of the best ways to do this is to start with an OKR workshop where all key stakeholders responsible for the company strategy ask and collect information about what they think their priorities should be.
The aim of this workshop is to reach an agreement on what the organization should achieve at the beginning of the following year.