Big companies tend to rely upon KPIs that not always speak about what is really happening inside an organization. If there was only one strategy of measurement inside a company, i would definitely use OKRs- Objectives & Key Results, as they really "Measure What Matters" (by John Doerr) - and here is a 2 minutes summary of this great book! Enjoy!
OKRs (Objectives & Key Results) allow organizations and teams to continuously set, track and achieve goals in a transparent and accountable way, and when combined with regularly having conversations with employees about their performance -instead of once per year, OKRs can bring a healthy and high performance workplace culture.
- OKRs began inside INTEL, they identified their goal and the steps to achieve it.
- OKRs allow companies to stay focused on reaching their goals and keep alignment of key activities to the general corporate strategy.
- 3 things for OKRs: 1) Have only a handful of OKRs per time range and communicate them from top to bottom. 2) Define 3 to 5 KRs per objective 3) Set a time frame to achieve them, every 3 months to review them, set new ones or change them to the new reality.
-When tracking OKRs, share the progress in 4 dimensions: continue, update, start, stop.
- Have Stretch objectives and Committed objectives. Committed are the day to day activities that can be measured and should be achieved to 100%; and, Stretch: are part of a bigger picture idea, not achievable to 100% but their pay-off is bigger.
- CFR: Conversations, Feedback and Recognition, these are the OKRs of Human Resources and should happen every 3 months.
-CFRs + OKRs = better workplace culture, and more successful company.
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