The year 2020 brought many uncertainties and disruption in the way organizations conduct business worldwide. Managing remote employees became very challenging, especially when it comes to goal-setting. This is mainly because the goals set in 2020 were not too relevant and practical for the times ahead and no one could predict that this pandemic would last this long.
While we are still unsure of what the future holds for us, it is in the best interest of companies to incorporate an agile goal-setting system to bring transparency in their goal-setting process and track the progress of their employees for the set goals. Hence, it is believed that 2021 is probably the perfect time to switch to OKRs for Employee-centric Organizations.
What does an OKR Methodology entail?
An OKR (Objective and Key Results) goal-setting system is the definite solution to employee mismanagement, unclear goals, poor collaboration and compromised productivity in remote workspaces. While big companies such as Google, Dropbox, Intel, Zynga, etc have implemented OKR in their work policies, many organizations have started adapting this agile goal-setting framework lately.
OKRs ensure company-wide alignment to corporate strategies. Organizations set objectives for a certain timeframe, say a Quarter or a year, and track the key results attained by their employees towards those goals along the way. On an average, 3-4 objectives are set and for each of these objectives, clear key results are featured with up to 6 measurable outcomes for that duration.
Even if all the goals set for a duration are not fulfilled, the success rates are analyzed, which allows teams to set better OKRs tailored to their challenges and learnings from the previous quarter and stretch themselves for attaining higher success rates.
The Benefits of OKRs
Many companies have started doing their 2021 annual planning with OKRs for the various benefits it brings to the table.
Clear Alignment of Goals
OKRs help in connecting and aligning employees to their organization’s objectives. This provides employees with a clarity on their roles and expectations for that time frame and encourages them to take the required action for achieving their goals.
This methodology gives employees a freedom to make strategic decisions on their own and set their goals according to the vision and objectives of their company. As a result, they feel more inclined and motivated to accomplish their tasks and give their best performance. Therefore, employees feel involved and valued throughout the process as OKRs provide them with a clarity on how their contribution plays a significant role in their company’s success.
Cohesive teams and Increased Accountability
When teams understand and acknowledge their combined and individual goals, managing tasks and responsibilities gets simplified. OKRs help teams collaborate with each other to set their individual OKRs and understand each other’s plans and struggles well.
Each and every department is required to keep their employees’ goals transparent so that their team members are aware of their team’s goals to steer clear of redundancy.
Moreover, OKRs help employees stay accountable for their responsibilities and tasks in the given remote working scenario. Since managers cannot request updates all the time, employees are responsible for updating their progress in the regular meetings and discuss their hurdles and challenges with their team and get it addressed.
Performance tracking is easier
With the OKR framework in effect, performance tracking has never been easier. It’s no more about getting through some mundane tasks at work and waiting for the quarter to get over and jump to a new one without motivation. OKRs enable complete transparency in terms of task progress and key results for the set goals and lets employees review and track their own performance throughout the time-frame and adjust their strategies and goals if some things don’t work out as expected.
Additionally, managers could track the progress of their teams very effectively, and provide feedback for their performance appraisal by analysing their competencies and achievements. They can monitor how frequently their team is checking-in on their OKRs. They can also learn about the strengths and weaknesses of their team and even ask them to modify their OKRs if needed by providing inputs for improvement.
Summing it all up
It’s no wonder OKRs is the sure-shot solution to ineffective goal-setting and poor employee management systems. It can bring several benefits to an organization in terms of increased transparency, improved productivity and better goal-alignment. Moreover, the job-satisfaction rate will increase even in a remote workspace.
While planning out OKRs annually or Quarterly for your company is possibly the best approach to goal setting and ensuring top-notch performance, it is also important to invest in a Performance Management Software that makes the whole process easier for HRs and Managers and automated. Bizex is an agile Performance Management Software that allows employees to create, collaborate and manage goals and tasks with its interactive interface and collaborative workspace. It enables access to the insights of employee performance and allows them to address obstacles in a real-time environment.