OKRs refer to "Objectives and Key Results". OKRs are a great way to communicate what you want to achieve and what milestones you must reach to get there. Organizations worldwide use OKRs to establish and enact their strategic plans, and they are becoming more popular and widespread.
What is an OKR?
OKRs stands for "Objectives and Key Results". OKR is a goal-setting process used collaboratively by teams and individuals to set challenging, ambitious goals with measurable outcomes. OKRs are used to track progress, promote alignment, and inspire involvement around quantifiable goals.
OKRs at a glance:
Objectives tend to be ambitious and may seem unattainable.
The key results should be measurable and easy to grade. In Google, the scale is 0-1 with a step of 0.1.
All OKRs are public, so everyone in the organization can see what is being accomplished by others.
If someone consistently meets their objectives, their OKRs aren't ambitious enough, and they should think bigger. The OKR grade should be 60 to 70 percent in order to be considered a success.
Consequently, grades below expectations should be viewed as data that will help refine future OKRs
An OKR is not the same as an employee evaluation.
It may seem that OKRs are like a shared to-do list, but they're not.
By aiming for highly ambitious targets, OKRs differ from other goal-setting techniques. With this strategy, OKRs can help teams focus on the big goals and accomplish more than they imagined, even if they fail to reach the stated goal entirely. In addition to helping teams and individuals move outside of their comfort zones, OKRs can also help them prioritize work and learn from both failure and success.