Every successful business and a household name in the industry knows that the key to success is staying on top of the company’s progress from top to bottom. Every role has important actions to play, but ensuring everyone is on the same page becomes muddier with bigger organisations.
That’s where Objectives and Key Results (OKRs) come into the picture, a form of goal system used by tech giants like Google, Amazon, and more. It’s a simple system that engages different teams and ensures everyone’s parts align to meet a greater purpose for the company, promoting synergy and better performance across teams.
What’s in an OKR?
Factor #1: Structure
Every solid organisational chart needs a structure to set its foundation, so one of the most critical elements for OKRs is identifying the corporation’s structure. The structure is the backbone that reveals critical players in the future levels of your OKR.
Your OKR enables organisational alignments and cross-functional collaboration with a clearly defined structure, allowing different departments to engage effectively and reveal measurable goals. When preparing the OKR, the structure typically involves various levels of the company — from the business units, support departments, and more.
Factor #2: Strategy
Now that you know what your OKR involves by preparing its structure, the next step to identifying key metrics of your performance is to incorporate a strategic element into your mission, vision, and objectives. Strategizing as you move forward reveals areas that need improvement, allowing you to realign your efforts to create a results-driven OKR.
Factor #3: Systems
The strategy marks your direction as you scale your organisation and move forward, but knowing your systems on a deeper level should offer valuable insights into your existing measuring tools. These methods should track your progress and give your team a solid basis for measuring your OKR’s effectiveness and organisational alignment.
Factor #4: Staff
The OKR is a powerful, goal-setting tool that helps corporations work together to reach high performance, but it’s not necessarily the methodology that drives success for the company. Keep in mind that the OKR is only a tool; it’s the people involved that drive better results for your bottom line.
The OKR may set the overarching theme of your goals, but it’s your hard-working team that gets you closer to the dream. With that in mind, it’s only right for the final pillar of an effective OKR preparation to be about your staff.
The Bottom Line: Exploring Four Key Pillars Behind a Solid OKR Preparation
Brilliant minds work together to innovate the industry, but the overall message can get lost in translation when passing down top-level strategy to the team’s execution. OKR bridges the gap between the managers and team members, allowing all talents to share each other’s vision for the company.
How can SKILLFIRE Help Grow Your Business?
Helping your team develop a wide range of skills is the key to reaching your Objectives and driving Key Results for your bottom line. It’s all about honing your leadership capability and increasing effectiveness in your strategy, so your team can maximize their productivity and strive for organisational alignment with the help of our training services OKR Quick Start.
With our client-centric, agile consultancy and the highlights of Silicon Valley, we can create high-impact teams and next-level executive leadership. Get in touch with us at +613 9099 0776 and see what we can do to bring you closer to your goals.