The OKR framework fits perfectly to the Talbit ideology where we believe strategy belongs to everyone and each employee should have the autonomy to contribute to it through personal development.
What is OKR?
OKR – a strategic goal-setting framework consisting of an Objective, which tells you where to go, and several Key Results, which are the results you need to achieve to get to your objective. It is said that OKR helps companies bridge the gap between strategy and execution and move from an output- to an outcome-based approach to work. Generally, OKR creates and communicates your strategy in a transparent, measurable, and agile way for the whole organization.
O stands for Objective and is a description of something that you would like to achieve in the future. It sets the direction - like a destination on a map. Importantly, it should not be technical and should not contain a metric, so everyone understands where to go. Overall, O is a clear, motivational goal that answers the question WHAT.
KR stands for Key Result and is a measurable outcome required to achieve the O. It measures progress towards the O - like a signpost that shows how close you are to your O. KR always contain a metric with a start and target value, and in general, it answers the question HOW.
OKRs can be done at the company, business unit, team, and employee level. Each level connects its O to the previous level’s KR. However, it is noted that though the employee's plan follows the OKR-framework, Os are now referred to as Goals and KRs are Milestones, connecting to the Team or Company OKRs. Besides, depending on your organizational setup, you may have 1 – n levels and follow the OKRs on a quarterly, 4-month, or bi-yearly cycle or whatever timeframe works best for you.
There is no textbook example available, only guidelines. You need to do the trust the process:
Create OKRs with Talbit
Below, you will find a simplified example of how OKR is used to build a company strategy and how the Marketing team will contribute to it. This example company is originated from Finnish and planning to expand to Sweden. They need to come up with a concrete and measurable plan to take the needed steps.
Does your Talbit look similar? Get in touch with the Talbit Team if you need any assistance in setting up your first OKRs.
You can also download Part 2 of Talbit 101 Series here.