Objectives and Key Results (OKR) is a framework for defining and tracking objectives and their outcomes. OKR is quite an efficient way to plan and track high-level goals. It also helps leadership teams see how the work of single individuals connects back to the overall business strategy.
OKRs can be seen as a method to break down and align goals between teams and individuals for a certain time period, most commonly a quarter.
While there can be overlap, these two concepts are really very different.
The main difference between OKRs and KPIs relate to reporting and time frame. KPIs are meant to measure the health of the business so they are used primarily for reporting on business results. Additionally, KPI tend to more long-term oriented. OKR, on the other hand, are primarily used for setting specific and measurable goals and tend to be short-term (monthly or quarterly).
OKRs: Objective - increase company revenue by 30 percent. Key Result 1 - Convert 50 leads into paying customers. Key Result 2 - Increase customer retention to 85 percent.
How to use the OKR planning process?
Creating your own OKRs is about defining your key metrics, then bringing your team on board to raise the visibility of this framework company-wide.
The OKR process is quite simple and consists of these main steps:
Write down your Objective
Set a time period (usually from 30 to 90 days)
Assign three trackable Key Results for each Objective
Below is more info on each of the main components of the system.
Set goals and write them down. Objectives set a clear direction and should be very inspiring and ambitious (no numbers at this stage tho).
You may even feel somewhat uncomfortable because of how big and cool they are - that's the sign that you are setting the right Objectives.
Getting to 70% for an Objective after the defined period of time (30-90 days) is a good result.
OKR example: "make a development team stronger", "increase product loveability", "become the number one pastry maker in France".
🤞 Key Results
Key Results are specific measures used to track the achievement of each goal.
They are things you influence and they should be easy to grade with a number.
Pick just three to five objectives per quarter - more can lead to over-extended teams and diffusion of effort.
Use expressions that convey endpoints and states, e.g., "hire 1 CTO", "ship feature Y", "create 5 new cakes recepies".
Create and plan tasks (daily activities of your team) that will influence the Key Result. Tasks do not indicate success, success depends on the progress of Key Results.
Examples: "post CTO vacancy on social media", "kick-off the feature".
Why use the Fibery OKR tracker?
High-performing teams need a simple OKR system to know what their team and personal goals are.
Fibery OKR tracking template contains everything to support your planning process. It covers all the components of the system (Objective, Key Results, availability to connect tasks from other Spaces) in a single tool.
Improve employee performance by engaging them around common goals, committing to specific Objectives, and choosing objectives that will motivate the team to push themselves.
Ensure goal-driven development and more meaningful work by making sure every task is linked to Key Result and Objective.
Increase transparency and let everyone can see what the team is working on by measuring the results in public. See progress, track status using custom reports, share context easily. Allow colleagues to make updates easily and reporting on the status of OKRs.
Compared to an OKR spreadsheet or document, Fibery OKR tool requires way less experience with the OKR framework to come up with good Objectives & Key Results and align them with the rest of the company.
How to use the Fibery OKR template?
From the start, you have just two different Databases: Objectives and Key Results, same as the steps of the original OKR method.
These two Databases can be visualized as you want with boards, lists, tables, timelines, and, most importantly, reports. From the start, you have a pre-made Objectives by Quarter board, OKR Status board, a list with Current Objectives, and a Progress Overview report.
Here is how you can use this template, step by step 🚶♂️
Define some ambitious goals for the upcoming year on Objectives by Quarter board. Remember to avoid solutions at this point and only describe desired outcomes. Expand the Objective to description or comments. Linked Key Results and their state will automatically appear here too once you add them.
Add Key Results on how to achieve each Objective. Determine around three key results per each Objective. Do it from the Objective entity or from the OKR Status board. Don't forget to update each Key Result with assignees, notes, initial, current, and target values.
Move Tasks through a workflow on a Status board and see how the Objective progress changes.
Switch to Progress Overview Board for the visualization of each Key Result progress with charts.
To add new Views, navigate to the Product Management Space in the left menu and click the [+] icon.
Invite your teammates and ask themto start adding their OKRs to the Fibery OKR Space in real-time. Click Invite People link on the left to add more users. There are two global access levels: admin has full access to everything, a member can't install Spaces, add Databases, and do other system-level things. So far permissions are per-Space only. By default, Space is visible to all users. However, you can hide some Spaces from some people or give them various levels of access.
Complete everything with data and connect your company goals with more Spaces to track tasks.
It's not all thought — monitor OKRs on a regular basis to make sure you’re on track and formerly assess your wins and challenges every quarter. Did you meet your key results? Were you dreaming too big when you set them? Or, were they so easy that you were done in the first few weeks?
This flexible, growth-focused OKR tracking template can be used as a dashboard for keeping track of each of your team members' OKRs, and can be customized to fit whatever process makes sense for you. Use the built-in filtering, grouping, and search functionality to quickly see your OKR goals by quarter, or your key results by percent attainment. You can even create different views for each team or individual so everyone can easily zoom in on exactly what matters to them.
If you have a customization in mind, but can't figure out how to set it up, please reach us via Intercom — we are happy to help.