OKR has become increasingly important in recent years as organizations strive to become more agile and responsive to change. OKR provides a framework for setting goals, measuring progress and aligning personal & professional goals. The key benefits of OKR are its clarity and transparency. OKR makes it easy for everyone in an organization to see what needs to be done and how well they are doing. This makes it easier to identify areas where improvements need to be made. OKR also encourages a focus on results rather than on process. This can lead to more innovative thinking and a greater sense of ownership of outcomes. OKR is therefore an essential tool for any organization that wants to stay ahead of the competition.
4 OKR tips:
- 3 KRs per Objective should be set
- OKRs should be reviewed weekly or bi-weekly
- They should be Public
- There should be some ambitious goals
Examples of OKR product management:
Research early-stage customers’ expectations and needs so that improvements can be done.
- Watch 50 early-stage product usage recordings and summarize learnings
- Get 20 interviews from early-stage customers and find if there is any problem/suggestions regarding the product
- Analyze all the learnings and work on the 3 main areas at a time
What is OKR tracking?
OKR tracking is a process of monitoring the progress (in detail) of assigned OKRs.
Why should you track OKRs?
- Regular alignment of teams
- Avoid any errors in future
- Define a clear path for everyone
- Provide any guidance to employees
Here are the challenges one might face while tracking OKRs-
- Not tracking weekly progress
Not tracking progress for many weeks can be detrimental to the entire team. Not only does it make it difficult to identify what is and isn’t working, but it can also lead to a loss of motivation. A lack of motivation can then cause even more problems, such as a decline in productivity and an increase in absenteeism. If your team establishes targets at the start of the quarter during quarterly planning, make sure to check in on progress regularly. This will help ensure that everyone is on track and that the goals are being met. Not checking in regularly can ultimately lead to the undoing of all the hard work that was put into setting the goals in the first place.
- Setting too many Objectives
Setting too many objectives is one of the most common mistakes organizations make when trying to implement OKRs. While it is essential to have a clear and ambitious vision for your company, it’s also important to focus on a few key objectives that will help you achieve that vision. Trying to track too many OKRs can quickly become overwhelming and can distract teams from what’s truly important. It is essential to have a clear and concise goal for each team and to make sure that everyone is aligned on those goals. Setting too many objectives can quickly lead to confusion and frustration, so it is very cruicial to focus on quality, not quantity.
- Lack of resources
When a team is asked to undertake a task without the necessary resources, it can lead to a lot of problems. For one thing, it can cause the team to become frustrated and unmotivated. It can also lead to errors and mistakes being made. This is why it’s so important for managers to ensure that their team members have all the resources they need before undertaking any task. By doing this, employees can avoid problems and ensure that the team works to the best of its ability.
You might face some of the above challenges while tracking your OKRs but you can avoid these mistakes by being alert and using proper OKR software. Huminos is the best software for you which can improve the overall performance of your company in the flow of work.