{"id":6540,"date":"2020-05-25T08:51:38","date_gmt":"2020-05-25T08:51:38","guid":{"rendered":"https:\/\/www.synergita.com\/blog\/?p=6540"},"modified":"2020-05-25T08:51:38","modified_gmt":"2020-05-25T08:51:38","slug":"okr-your-savior-in-crisis-time","status":"publish","type":"post","link":"https:\/\/newtest.synergita.com\/blog\/okr-your-savior-in-crisis-time\/","title":{"rendered":"OKR \u2013 Your Savior in Crisis Time"},"content":{"rendered":"\n

Organizations are confronting the most difficult challenges due to the COVID-19 outbreak. The pandemic has hit harder the start-ups, tourism, travel, and hospitality sectors. It is harder for the leaders even to predict the period these sectors would take to restore normalcy. There are higher levels of uncertainty in the business world. Now, the prime focus of the organizations is to rebound quickly from the damages caused and maintain the position of its product\/services in the market. The companies are also looking for ways to thrive in unprecedented situations like the COVID pandemic.  <\/p>\n\n\n\n

To make the businesses bounce back, you should adopt a novel goal-setting methodology to focus the people\u2019s efforts toward one common direction. Objectives and Key Results (OKR)<\/a> makes the business objective clear to the entire organization and also the outcomes needed to achieve the objective.   <\/p>\n\n\n\n

Why OKRs are needed in this time of crisis?  <\/p>\n\n\n\n

  1. Create focus and agility  <\/li>
  2. Set clear expectations  <\/li>
  3. Build mutual trust through open communication  <\/li>
  4. Transparent work culture  <\/li>
  5. Increase workforce\u2019s morale and makes them stay committed to their work  <\/li>
  6. Fuel innovation through engagement  <\/li><\/ol>\n\n\n\n

    When you can implement the mentioned qualities in your workforce, it will be easier to emerge stronger post COVID-19.   <\/p>\n\n\n\n

    Here are a few success stories of OKRs.  <\/p>\n\n\n\n

    A success story of OKR \u2013 Bill Gates\u2019 Testimonial  <\/h3>\n\n\n\n

    \u2018In the year 2000, Melinda and I put $20 billion into the Gates Foundation. Suddenly it\u2019s both a start-up and the biggest foundation in the world. And the way the payout rules work, it has to spend a minimum of a billion dollars a year. I\u2019d watched Andy Grove manage people on sub-goals [key results], and I watched the Japanese, and I learned how you deal with things when people fall short. I don\u2019t think I invented anything there, but I did watch and learn. Then Patty Stonesifer brought in OKRs, the green-yellow-red approach, and it worked. When we used OKRs with our grant reviews, I felt good about what we were going after. I was still running Microsoft, and my time was limited, and Patty had to make things very efficient between us, to make sure we agreed. The goals process was a big part of that. There were two cases where I turned down a grant in the end because the goals weren\u2019t clear enough. The OKR system made me confident I was making the right call. I\u2019m a huge fan of goals, but they need to be handled correctly. At one point, the malaria team thought we\u2019d eradicate the disease by 2015, which wasn\u2019t realistic. When a goal is too aspirational, it\u2019s bad for credibility. In philanthropy, I see people confusing objectives with missions all the time. A mission is directional. An objective has a set of concrete steps that you\u2019re intentionally engaged in and actually trying to go for. It\u2019s fine to have an ambitious objective, but how do you scale it? How do you measure it? I think it\u2019s getting better, though. Philanthropy is bringing in more people from high performance business environments, and they\u2019re tilting the culture. Having a good mission is not enough. You need a concrete objective, and you need to know how you\u2019re going to get there.\u201d  <\/p>\n\n\n\n

    -Bill Gates, this is an excerpt from \u2018Measure What Matters<\/em>.\u2019  <\/p>\n\n\n\n

    LinkedIn Achieved Something Bigger with OKRs  <\/h3>\n\n\n\n

    LinkedIn became a 20 Billion Company through the breakthrough IPO. The goal would have been a mere dream if they have not implemented OKR <\/a>in the organization.  Jeff Weiner, CEO of LinkedIn, praises OKR for LinkedIn\u2019s success as he used OKRs to create urgency in the organization and align the efforts and goals of talents toward What is important. They conducted weekly meetings to discuss the progress of OKRs of every team member and to ensure that everyone stays right on the track.   <\/p>\n\n\n\n

    OKR gives a clear picture of what is needed to be done (objective) and how are we going to measure the progress (Key Results). Jeff Weiner describes OKRs as, \u201csomething you want to accomplish over a specific period of time that leans toward a stretch goal rather than a stated plan. It\u2019s something where you want to create greater urgency, greater mindshare.\u201d  <\/p>\n\n\n\n

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