Hello, Amanda here from Think-team!
I can't believe it is almost July already and our upcoming Q2 review coming up!
This week we are reviewing mid year OKR - Objective Key Result.
Has our team been effective? How far have we a,ccomplished our objectives? Were our group's key results compelling?
There are many tools that have automatised the evaluation of OKR, but in general there are two different approach to do this. They're called confidence rating (qualitative) and grading (quantitative) aproach.
Both simple frameworks are generally used in new companies and more modest groups that are new to OKRs. In su-re.co, as we are just starting our annual goal with OKR , we essentially set key results which not only focused on our company vision and mission, but also mirrors the likelihood of the team accomplishing their goals.
The first approach is deal with assessing OKRs is known as the 'grading approach'. This is the framework utilized by Google. Toward the finish of each quarter, groups and people grade their outcomes utilizing collected and monitored data. A grade of 0.0 implies that they failed, 1.0 implies that the OKR was achieved, while a score somewhere in the range of 0.6 and 0.07 is the best score. Here we have grade 0 to 100, where 0 means not started and 100 means completed,
Having a score lower than this sometimes means that that the group isn't accomplishing what it should be accomplished and sometime it tends to be uncomfortable to be behind their objectives. However, the constrains with this approach is that we found it hard to define the standardised scoring criteria for each key results. And this would be the topic of dicussion for this month's retreat!
The second approach is confidence rating, which reflects the probability of their team achieving their objectives. This is more of a top down approach where individuals are regularly checked on their confidence levels have changed or not by evaluating OKR by simply Yes or No question . The heads track what they have done as such far in accomplishing their key outcomes, whether they are on target or behind schedule.
Through this approach, manager or head department is responsible for changing the confidence level to a higher rating as they are getting closer to the outcomes they want. The benefits of the confidence rating is that employees closely monitor their OKRs. Furthermore, this approach leads to meaningful conversation between teams as they discuss "What has gone wrong? What could have been done differently?"so they can reconfigurate ideas to correct the drop and get back on track.
Since they receive some information about their confidence levels week on week, they will have the drive to follow their own advance and guarantee that they are centered around their key outcomes. It's anything but a simple and powerful path for an organization to introduce the propensity for progress following.
The disadvantage in this confidence rating approach, however, is that a few workers may find "sandbag" system the framework by setting one simple objective, one hard to achieve goal, and one impossible target. In this case, the head has the significant role in guaranteeing this doesn't occur.
Get-together with your team for constructive criticism is found to be the most ideal way. Coordinated effort is the way to accomplishment in carrying out any change, process , or an improved management framework. From the start, it very well may be a struggle to find, evaluate and execute suitable OKRs system easily. Yet, with a well defined scoring framework set up, it ought to be simple for you to assess your OKRs.