Growth is very important for every business. However, growth will not come easy and businesses should strive to achieve their goals for them to realize any growth. However, many businesses have only seen little growth as a result of setting safe goals that they can easily achieve. As a result, employees cannot push themselves harder or aim higher. However, businesses are now adopting better ways of managing their objectives.
Traditionally, companies set their objectives at the beginning of the year. However, employees will easily forget about such goals. Also, leaders can hardly measure or track how the goals are achieved by employees leading to passive management. Therefore, it becomes difficult to know the individuals or teams that are achieving or underachieving. However, these challenges are being eliminated by implementing software applications such as Workboard software that allow you to manage your goals effectively.
With the implementation of a goal management framework, a company will be able to implement its strategy. Nowadays, Objectives and Key Results or OKRs has become a popular framework for managing a company’s goals. This framework was successfully implemented by now big companies such as Google, which have experienced huge growth.
Today, however, all kinds of business are utilizing OKRs framework to manage their goals. In this case, success is usually marked by going beyond the perceived limits. Therefore, the first thing is setting goals such that individuals and teams can push themselves. Although the goals may not be achieved 100%, getting near the goal line will be a great achievement.
The main difference between OKRs and traditional objectives is that OKRS encourage individuals to set ambitious goals. In traditional objectives frameworks, people set safe objectives that they can achieve easily. With the OKR objectives framework, the goals are bold and tough but achievable. The aim of OKRs is to inspire people such that they aim higher and push their boundaries.
On the other hand, OKRs are quantitative. In most cases, objective-setting frameworks will only focus on the objective but not how to achieve it. With OKRs, the KR means that you focus on quantitative results which will define your success. Because of this, there is absolute clarity on success and how it looks like, as well as the steps or actions that should be taken to deliver success.
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Also, OKR is separate from a bonus decision which makes it a great objective framework. If performance is tied to compensation, skewed behaviors may arise. As a result, people can play it safe to receive their bonus.