OKR Foundations

Video Overview:

Discover how OKRs can revolutionize your business strategy. Learn the difference between objectives and key results, the types of OKRs, how scoring works, and best practices for success. Whether you’re just starting or ready to go deeper, this is your guide to mastering OKRs.

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 doer 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 zero to one. A score of 0.7 to one means you nailed it. 0.4 to 0.6 means you made progress but didn’t fully achieve it. And below 0.4 means you have some work to do. The OKR cycle is another critical component. It typically runs quarterly, allowing you to send 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 host. Seen an OKR Foundation’s 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 wanna miss this. And make sure to check out this video to learn some more about OKRs.