OKRs: What business leaders need to know before implementing
5 Key Questions and Answers For Business Leaders
As a busy business leader you’re constantly on the hunt for education, solutions, and tools to streamline your every day, as well as that of your core staff. If you’re discovering the concept of Objectives and Key Results as a value add to your organizational strategy, keep reading for five important questions for business leaders, and the answers central to your setting up your teams for success:
- What exactly are OKRs?
OKRs optimize a business’ need to align its core asset -- its people -- with business goals that will help drive individual performance, incentivize continued acceleration, and support organizational growth.
Most companies that adopt this methodology, though, tend to work with spreadsheets and Google Docs. Over time, that simply doesn’t work, especially as companies get larger. A formal OKR solution enables companies to create stronger organizational alignment with top-down and bottoms-up cascading, and ensure every team and individual is working together towards the top priorities of the organization.
- Why are OKRs a valuable addition to my existing organizational strategy?
OKRs provide a formalized path to orchestrated performance management that the teams can see and share in. OKRs enable companies to maintain their visions by providing always-on transparency of objectives and goals so they are accessible and referenceable. OKRs provide an efficient and helpful record for tracking individual and group progress, as well as a streamlined method for completing performance reviews.
Particularly for organizations with a wide variety of not only teams but functions, it’s become a new imperative for savvy leaders to understand the central role that cross-group collaboration plays in business today.
- How should our business get started and get in on the value of OKRs?
Since adopting OKRs isn’t always easy for companies that previously used other methodologies (or nothing at all), consider the importance of a streamlined implementation by tapping into a solution partner that offers training and consulting services with online and on-site coaching. Set your teams up for success from the jump with a dream team at your back.
- How can our business communicate the value of OKRs to our employees?
Develop an evangelism plan to excite your employees about the new venture by prioritizing the value in it for them. Provide a list of your commitments to be transparent and comprehensive by adding this new workflow to formalize performance management. It’s also helpful to emphasize the added incentive of creating stretch goals, which can boost individual and team morale, and provide a healthy benchmark for your employees to strive for, both at the individual and team level.
- How will we prepare to roll out a new solution?
Rally your dream team: Bring together your HR leader or manager, your systems managers, and other pertinent stakeholders to develop a plan that works for your company calendar and factor in your goals for the future. Consider your intentions and hopes from the implementation in 3, 6, or even 12-month increments.
If you're interested in learning more about OKRs and how to use OKR software to maintain transparency, align your leaders, and empower your team, you can try Ally.io for free. It takes under 30 seconds to sign up here.