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Setting Company Objectives and Key Results: 7 Steps to Take!

If your company has implemented the Objectives and Key Results (OKRs) methodology, then congratulations! OKRs are a tried-and-tested method for setting and achieving goals as a team. However, no goal-setting approach can thrive without buy-in and alignment at all levels of your company.

 

 

Executives set overarching goals. Depending on your employer, these could be annual, quarterly, or even monthly. What matters is that the goals are communicated clearly to managers, who are then in charge of creating their Objectives and coordinating their teams. Only then will employees be able to set their own goals for which they will be held accountable.

It takes tremendous talent to set goals that motivate your team and generate results. On the other hand, employees may find it challenging to discover Objectives that are measurable and match with the larger picture of what your firm is trying to accomplish.

It’s easy for employees who aren’t familiar with OKRs to become overwhelmed. That is why we have compiled the following tips to help you get started:

 

Step #1: Keep It Simple and Clear

Concentrate on goals you know you can achieve in the time allotted. Many employees believe they must contribute to every department’s goal, and as a result, they spread themselves too thin. Prioritize your goals based on the most pressing demands of the company. Remember that there is no magic number for how many objectives you should have; it all depends on the complexity of the goals and the time and resources you have available.

 

Step #2: Be Specific

When establishing objectives, consider many approaches to achieving the desired outcome. Create an action plan to help you be more detailed about how you’ll reach your goal. Think about how you can measure performance for each significant result. Expectations will be more precise if you are more specific. With clear Objectives, you’ll know what you need to accomplish your aims.

 

Step #3: Align Your Objectives

Struggling to see how their professions contribute to overarching organisational goals and achievement is common for employees to set targets. What can a payroll clerk do to assist their organisation in reaching 10,000 users? The solution is to cascade your goals from the corporate level to the departmental level to the individual level.

 

Step #4: Make Sure Goals Are Measurable

A unit of measurement is required for crucial outcomes. It doesn’t matter what it is. It may be writing ten blogs each month or earning $10,000. What you’re attempting to avoid is a circumstance in which you’re unsure whether or not a goal has been met. Managers and staff can meet one-on-one to add metrics to measurable objectives.

 

Step #5: Set Stretch Goals—But Don’t Overthink Falling Short

Goals should be reachable but challenging. Managers are sometimes concerned that setting simple goals may demotivate employees. Are stretch goals, on the other hand, a good idea? It all depends on their level of realism. Employees will not like being given unachievable assignments if bonuses are used to inspire them. Ambitious objectives are excellent, but they shouldn’t be set up to fail.

Set stretch goals that your team might be able to achieve, but not too often. Don’t stress if they occasionally fall short. As long as big goals aren’t constantly being unmet, just adjust your strategy and move on!

 

Step #6: Break Down Important Outcomes Into Smaller Objectives

Within your preliminary results, set mini-goals. Knowing what you need to accomplish to attain your key results helps you narrow down your goals. These mini-goals serve as checkpoints on your journey. When your goals are too broad, it’s challenging to keep focused on accomplishing them; following steps will help you stay on track.

 

Step #7: Recognize and Celebrate

When you attain a goal, give yourself and others a pat on the back—positive reinforcement aids in the maintenance of best practices. Don’t only acknowledge work at the end of a project—celebrate incremental progress as well. Encourage all your coworkers to share their OKRs with the rest of the team and form a support system.

 

The Wrap Up

Objectives and Key Results is a technique that can help speed up your company’s growth after you’ve found a product-market fit or to narrow down your search while you’re still looking. It is highly recommended for everyone who wants to get remarkable results.

 

How SKILLFIRE Can Help You

SKILLFIRE is a leader in OKR coaching and training. With our help, you can easily define and track goals for teams and individuals. Take your goal management to the next level with our 8-week OKR QuickStart! Contact us at +613 9099 0776 to learn more!