OKRs - Goal Setting the Right Way

Video Overview:

In this video, we dive deep into the transformative power of OKRs (Objectives and Key Results), a goal-setting framework that has revolutionized businesses worldwide. We trace the history of OKRs from their origin at Intel to their adoption by industry giants like Google, Amazon, and LinkedIn. Learn how to create clear, actionable objectives and measurable key results, and explore the difference between committed and aspirational OKRs. We’ll also cover best practices for implementing OKRs, including regular progress reviews and maintaining transparency across teams.

Whether you’re just getting started or looking to refine your OKRs, our upcoming OKR Foundations course on July 29th will help you take your business strategy to the next level. Don’t miss out!

Video Transcription:

Today, we’re diving into a topic that can seriously transform your business, objectives, and key results. We’ll explore how the foundations of OKRs can revolutionize your strategy, improve team alignment, and boost overall performance. OKRs originated in the 1970s at Intel. where Andy Grove used them to help the company stay focused during times of rapid growth.

Grove’s approach was so effective that it caught the eye of a young John Doerr, who then brought the concept to Google. And well, the rest is history. Today, OKRs are used by some of the biggest names in the business world. Think Google, Amazon, and LinkedIn. Now, let’s break down what makes a good objective and effective key results.

Objectives are the big, broad goals that you want to achieve. For instance, become the market leader for sustainable products. Key results, on the other hand, are the specific, measurable steps that’ll help you get there. These could be things like, increase our sustainable product line by 30%. It’s like saying you want to get fit.

That’s your objective. But your key results would be more specific, like run three times a week, or cut down sugar intake by 50%. Clear, actionable, and measurable. That’s the key. Now, OKRs come in different flavors, and knowing which one to use when is crucial. First, we have committed OKRs. These are non negotiable and must be achieved.

Then, there are aspirational OKRs. These are stretch goals that push your team to think big. And what about scoring? OKRs are usually scored on a scale from 0 to 1. A score of 0. means you nailed it. 6 means you made progress but didn’t fully achieve it. 4 means you have some work to do. The OKR cycle is another critical component.

It typically runs quarterly, allowing you to set new objectives and key results, Track progress and review outcomes. This continuous loop ensures that your team stays focused on what matters most. Now let’s talk about some best practices and benefits. Regularly review progress and be open to adjusting your goals as needed.

And remember, transparency is key. Everyone should know what the company’s OKRs are and how they’re contributing to them. Now getting started is easier said than done. That’s why we at Hyperdrive are hosting an OKR Foundations course on July 29th. This course goes way deeper into OKRs than I discussed today.

And if you’re serious about leveraging OKRs to transform your business, you don’t want to miss this. And make sure to check out this video to learn some more about OKRs.