Do you know why traditional performance management strategy is ineffective? Here are the few reasons-
- Feedback shared by supervisors during annual review sessions does not give enough time to employees to work on their areas of improvement
- Annual appraisals are also subjective in nature. They may involve opinions of people who may or may not have clarity about how well an employee performed in accordance to their job roles
- Due to absence of monthly or quarterly review meetings, employees may feel disengaged and demotivated
To overcome the above performance related challenges, implementing OKR framework is a viable option to unlock business success. By articulating the right goals, communicating the right strategy to teams, and gauging performance during check-ins, OKRs help accomplish the best possible business outcomes. Different ways that OKRs favor performance enhancement include-
- Boosting Engagement
Using OKRs as an effective performance management tool creates an opportunity to build engagement around teams as well as with the leadership. Instead of cascading goals only from top to down, individuals and teams must craft their OKRs in alignment to the company’s goals and vision. This gives a clear picture about the company’s expectations, making employees feel connected and satisfied in what they do and how they contribute towards business goals.
- Assessing Team’s Progress
Business leaders also adopt OKR methodology to assess their team’s progress at weekly, monthly, or quarterly basis. They measure performance based on the overall goal achievements, creating opportunities for everyone to learn, upskill, and perform. Managers can review OKRs and share constructive feedback with each and every member in the team on how to realign with the new goals to accelerate organizational performance and productivity.
- Motivating Low Performers & Recognizing Top Performers
Managers utilize feedback sessions as a great means to encourage low performers who could not achieve their OKRs. They even utilize the OKR framework to appreciate top performers during monthly or quarterly review meetings. Frequent employee recognition practices help boost employee morale, keeping them motivated and productive.
OKR framework makes it easier for businesses to iteratively focus on the intended goals, assess performance during check-ins, and measure improved business outcomes. In a nutshell, OKRs are not merely used for cascading or tracking business goals, but optimizing them to build high-performing teams that drive business success. Unlock:OKR is a simple yet powerful performance enhancement tool that can help your organization thrive to success. Want to know more on how to leverage your experience with this tool? Then, Book a Demo.
#OKR framework #OKR performance management
