A look at what are OKRs and why we should use them.
What are OKRs?
A framework that allows teams to focus on achieving a goal (Objective) and measuring their progress toward that goal based on impact (Key Results).
OKRs are comprised of the following components:
Why Use OKRs?
Focus: A single objective/problem stays with a team until the strategy changes
Increased velocity in achieving company goals: OKRs help teams to identify the single most important problem to tackle and to define the results they intend to achieve for the cycle in addressing that problem
Innovation and agility: A hyper-focus on objectives and results puts specific solutions in their rightful place as a means to an end - sparking creative thinking and preventing attachment to any one solution
Accountability: KRs are quantifiable goals the team has challenged themselves to reach during the quarter - A high performing and ambitious team should hit about 70% of their KRs; teams that hit 100% aren’t challenging themselves enough
Problems > Solutions
The problem the team is focused on and the impact of their work is the focus
Potential initiatives are not discussed until OKRs are finalized
People grow attached to the problem, rather than specific solutions
A problem focused outlook allows people to assess potential solutions with scientific objectivity