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Getting Started With Objectives and Key Results (OKRs)

What are OKRs? OKR stands for “Objectives and Key Results". It is a collaborative goal-setting methodology used by teams and individuals to set challenging, ambitious goals with measurable results.

Organization OKRs: Typically, these are set annually and are a direct translation of the company's strategic plan and priorities.

Our Organization OKRs:

1) Revenue: Achieve $26 million revenue for 2022 (defined as annual recurring revenue, ARR).

2) Solution: Launch the Progress Learning brand and new platform in Q2.

3) Service: Deliver great service and migrate existing customers to the new platform, beginning in Q3.

4) Organization: Complete the integration of EG and USATP by Q3.

Department & Individual OKRs: Utilize your Department Operating Plans to create Department OKRs. Additionally, you can utilize employee job descriptions and employee IDPs for Individual OKRs.

Why Managers Should create Objectives (OKRs):

  • Overcome costly and time-consuming performance problems. By integrating coaching in your organization, you can identify performance problems much faster. This gives you more time to take the appropriate measures, like re-aligning employees’ objectives, or offering mentoring to help your employees succeed.
  • Strengthen employees’ skills. Coaching allows managers to pass on valuable skills and knowledge. Eventually, this boosts productivity. Paying close attention to employee performance also means there’s a better chance of noticing employee skills and potential you weren’t aware of. You’ll be more informed about the competencies of your team and able to make better decisions in future.
  • Improve retention. If employees are coached, supported and encouraged by managers—they’ll be more productive, more engaged and less likely to jump ship. This is especially true if coaching is a two-way conversation, where employees feel their voice is really heard. With closer relationships, managers are also in a better position to make key succession planning decisions.

Checking into OKRs:

Typically, it is recommended that you check into your goals on a weekly basis; however, this depends on what makes sense for your department. Some teams may only receive metrics on a monthly basis or may work in two-week intervals so it may make more sense to check into their goals on either a monthly or bi-weekly basis.

Closing & Iterating OKRs

At the end of each quarter or OKR cycle, it is recommended to close out your OKRs with a reflection and retrospective and to iterate on them for the next quarter. Providing your team with a template for this “check-in” and for "closing" during 1-on-1's helps nudge this process.

Training:

Training will target Executives, Managers, and Employees:

  • Executives: While all training sessions should cover the “why, what and how”, it is critical that your Executive team in particular have strong “buy in” to the OKR approach, as they are creating the Company OKRs that set the stage for a successful rollout. The more the Executive team walks the talk, the stronger the adoption of the OKR process will be.
    • Build Departmental Objectives
    • Build Individual Objectives (optional during phase 1) 
    • Check-in on Objectives during 1-on-1s - Employee and Manager 
    • Closing Objectives - Manager
  • Managers: Managers will need support as the “translators” of those OKRs into Department goals and they will be responsible for coaching their teams to create their individual OKRs.
    • Build Departmental Objectives
    • Build Individual Objectives (optional during phase 1) 
    • Check-in on Objectives during 1-on-1s - Employee and Manager 
    • Closing Objectives - Manager
  • Employees: Individuals will need to understand the WIIFM (what is in it for me) in how OKRs connect their work to the purpose of the organization.
    • Check-in on Objectives during 1-on-1s - Employee and Manager

Suggested Implementation of Objectives (OKRs) within Paycor - Performance Insights:

  • Use this guide to see examples of Objectives and Key Results.
  • Managers will ensure that every employee should have three to five objectives per quarter/year.
  • Checking into objectives is recommended weekly, bi-weekly or monthly at a minimum to keep them front of mind. These cadences are designed to ensure we don’t “set it and forget it” and greatly enhance the likelihood of people achieving their goals. Utilize your 1-on-1s to check in on these objectives.
  • It’s ok to publish your OKRs without them being ‘perfect’; iterate along the way in your 1-on-1s to ensure they are relevant and accurate throughout the quarter.
  • Employees and managers are responsible for updating objective progress through "check-ins".

Use this guide to create Departmental/Individual Objectives in Paycor.

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