Objective and Key Results Examples to Help Your Company Set Effective Goals
Objective and Key Results Examples
It’s not enough that you have goals for your company. If your numbers are not moving the graphs up, clearly it’s either you’re targeting the wrong goals or the way you set goals isn’t helping you to go the right direction.
The way companies sets goal matters. It may seem trivial but having an ineffective goal setting framework affects many companies like yours in impactful ways.
Another telltale sign that your goal setting method isn’t helping your company to reach its optimal performance is when your departments and teams are uncoordinated while missing deadlines left and right, working on different unrelated projects, and uncertain about the collective directions that you set for your company.
As the leader of your company, if you want to fix this, you have to focus on the heart of the problem – your goal-setting framework. This is where OKR steps in.
Using Objective and Key Results (OKRs) is probably the easiest and most efficient way of setting company goals. Big companies like Google, Intel and Zynga have been using it for a long time. They all recommend this framework to any organisation that wishes to scale up fast and drive promising results in their undertakings.
Right below, you can get some overview of this framework plus objectives and key results examples to help you understand how to write it effectively.
What is Objective and Key Results (OKRs)?
Objectives are statements of a company or individual’s goal for a specific period of time. They answer the question “Where do I want to go?”.
Before writing your objectives, take note of its following characteristics:
- It should be exact and specific.
- It should be easily understandable.
- It must be brief and straight to the point.
- It must be tangible.
Key Results bring your company closer to its stated objectives. They are your stepping stone. Completing each key result means being one step closer to your objectives. Below are the key qualities of the most efficient KRs:
- They are significant. They’re not just a to-do list. They are results of those small steps taken that make up an objective.
- KRs should be easily understood without the need to interpret.
- They are time-bound. There’s always a due date for every key result.
- KRs are scalable.
Writing down your OKRs for the first time can be challenging. You may have many doubts. Are you doing it right? Are you setting specific goals and key results? Are your OKRs ambitious yet achievable?
OKR at Google – ne of the best OKR practices by Google and many other organisations is writing down 3-5 objectives per level (e.g. per person, per team, or per department).
Going above this limit can be counterproductive as it could cause you or your team to be distracted with so many things to do. OKRs are a great tool for prioritisation.
Since you only get to work on a few objectives per quarter, say for instance, you will be able to allocate your time, efforts and resources properly.
Another best practice when writing OKRs is to use common language that your team understands. Contrary to your company mission and vision, OKRs are specific and measurable. While they are inspirational, they have to be clearly understood by anyone in your team.
If your OKR statements trigger confusion among your employees, you need to revise it.
Objective and Key Results Examples
Check out the following objective and key results examples as a guide to come up with your own:
Objective: Lower Attrition Rate by 10%.
- Drive engagement among team members through an incentive program.
- Facilitate bi-weekly coaching sessions to low performers.
- Create an upskilling program for members who want to develop their skills.
Objective: Make our customers happy.
- Conduct a monthly survey to get customers’ feedback.
- Perform a weekly calibration session for QA involving selected team members.
- Increase customer retention by 85-95%.
- Obtain an NPS score of 9.
Objective: Establish a friendly, “family” like Company Culture.
- Achieve a 95% score in monthly employee PULSE survey.
- Expand employee recognition program.
- Launch a monthly Town Hall wherein employees can openly ask managers and leaders about anything and talk about their concerns.
- Celebrate small wins and progress each week.
Objective: Raise revenues by 20%.
- Offer 40% discount for two consecutive weeks.
- Join at least 10 mall bazaars this month.
- Reduce distribution cost by 15%.
- Re-calculate product cost and markup.
Objective: Improve the training process.
- Put up a dedicated L&D Team.
- Centralise training process for all departments and teams.
- Create a playbook for the new training process.
- Assign an L&D Representative for each department.
Objective: Open 25 stores by December 2018
- Complete all necessary permits and documents for all 25 locations by February.
- Buy materials and start store renovation/construction by March.
- Promote stores opening via radio and television until launch.
Objective: Hold company-wide retreat in September.
- Ensure funding will be properly allocated for the company-wide retreat
- Double production by 20% to reach quota that will cover the expenses for the retreat
- Hire and train sub-contractors to participate in the production while employees on the retreat
Launch company cross-skilling to support seasonal roles.
- Identify a pilot group for the cross-skilling experiment.
- Create a cross-skilling playbook that can be used by any department or team.
- Identify key responsibilities of team leaders and POCs.
- Assess scores (QA and productivity) of the cross-skilling pilot group.
Objective: Grow the company 4X bigger!
- Speed up hiring process without compromising quality.
- Hire 100 employees by end of the year.
- Hire a new Marketing VP by August.
Objective: Improve our SEO
- Improve website design. Incorporate relevant tags and backlinks.
- Increase website loading speed by 95%.
- Invite guest bloggers and hire content writers to regularly update the site.
- Assign a dedicated online marketing team to monitor our SEO ranking.
Objective: Increase Monthly Newsletter Engagement Rate by 50%.
- Revamp the layout of newsletter.
- Add more contents that customers will find useful, apart from the regular product updates and special offers.
- Feature one interesting article each time.
More Tips to Writing Good OKRs
- Get insights from your employees. Their feedback is valuable for you to come up with challenging OKRs that truly make an impact to your company. Hold a meeting that is dedicated for brainstorming OKRs per team.
- Pull up your historical data. When setting objectives, you want to look at your company’s historical data. It will guide you in coming up with realistic “stretch” goals and key results, especially when you’re looking to increase numbers such as profits, staffing, and the like.
- OKRs is a “bottom-up” process. Empowering employees to make their own OKRs is one of the best ways to drive engagement, get buy-in, and ensure that everyone is working together to achieve the overall goals of the company.
- Be clear about your KRs. Use common words that everyone will understand. If anything seems vague, edit or revise it.
- Setting goals is a key organisational process. With these objectives and key results examples, you should be able to draft your own in no time!
So are you ready to start working on your OKR? Not so fast! Check out our Organisational Mastery Quiz to uncover other chain balls that are holding your company back. Best five minutes you can spend on your company’s growth.
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