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What are OKRs? A Super Simple Explanation Of The Objectives & Key Results Management Tool

When your organisation is looking for a way to set goals, you might want to consider the OKR (objectives and key results) process that Google, Twitter, LinkedIn and other high-achieving companies use. It is a simple management framework that helps everyone in the organisation see progress toward common goals. Organisations of every size and representing every industry are always looking for ways to drive performance. It’s been a widely accepted practice to set organisational, department and individual goals to plan where you want to go, but many organisations practice a top-down goal-setting framework that often ends up getting stuck in [...]

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OKRs vs BSC: What is the Difference?

If you’ve read anything about strategy and performance management lately, you might have come across the phrase OKRs (which stands for Objectives and Key Results). I’ve certainly noticed that OKRs are suddenly gaining real momentum. However, some people have noted that the OKR approach is pretty similar to the Balanced Scorecard approach (or BSC for short). In this article, we’ll look at how OKRs and BSC differ – and what they could learn from each other. Defining OKRs and BSC Let’s start by clarifying what the terms OKR and BSC mean. The BSC is a strategy framework that sets out [...]

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OKRs vs KPIs: What is the Difference?

Have you noticed that OKRs (management speak for ‘objectives and key results’) are getting a lot of attention lately? Credited with adding to the success of Silicon Valley companies like Google and Twitter, OKRs are making real waves in performance management literature. And for good reason. If you’ve heard anything about OKRs, you might be wondering how they differ from KPIs (key performance indicators). It’s certainly a question that I’m getting asked more and more. In this article, we’ll look at the distinction between OKRs and KPIs – and see how the two fit together. Digging into OKRs To start [...]

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10 Most Important Leadership Skills For The 21st Century Workplace (And How To Develop Them)

With the rise of the gig economy and with many companies adopting flatter, more flexible organizational structures, now is the perfect time to refocus on what good leadership looks like.[...]

How Google Sets Goals: The OKR Approach

Shortly after its first year of existence, Google adopted a goal-setting approach that they still use today. They rely on the Objectives and Key Results framework that founders Larry Page and Sergey Brin were first introduced to in 1999 by venture capitalist John Doerr. Although you might say, “Our company is not like Google,” the Objectives and Key Results framework works for any company in any industry. As a Young Startup Google Adopted OKRs When John Doerr, one of Google’s investors, shared the Objectives and Key Results framework with Larry, Sergey and their small group of employees he defined OKRs [...]

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OKR vs MBO: What is the Difference?

MBO (which stands for “management by objectives”) has been a popular management tool for decades. But there’s an alternative approach that’s gaining a lot of traction at the moment: OKR (or “objectives and key results”). If you’ve read anything about OKRs, you might have noticed it has some distinct similarities to MBO. However, as we’ll see in this article, there are some clear differences between the two. Defining MBO MBO was formulated by Peter Drucker in his 1954 book The Practice of Management as a way to improve organisational performance. In essence, MBO describes a process of defining specific and [...]

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What are the Pros and Cons of Using OKR?

I’ve written before about how OKRs measure up against other strategy and performance management tools, like BSC, KPIs and MBO. But, if you’re entirely new to the OKR approach, I thought it might help to explore some pros and cons of using OKRs – and how to get the best out of OKRs in your organisation. Er, what the heck does OKR mean? Let’s start by defining what OKR actually is. The acronym stands for “objectives and key results”, which pretty much summarises what OKR is all about: setting out what you want to achieve (your objectives) and what success [...]

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7 Benefits of a Balanced Scorecard

Research has shown that organisations that use a Balanced Scorecard approach tend to outperform organisations without a formal approach to strategic performance management. The key benefits of using a BSC include: 1. Better Strategic Planning The Balanced Scorecard provides a powerful framework for building and communicating strategy. The business model is visualised in a Strategy Map which helps managers to think about cause-and-effect relationships between the different strategic objectives. The process of creating a Strategy Map ensures that consensus is reached over a set of interrelated strategic objectives. It means that performance outcomes as well as key enablers or drivers [...]

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OKR Examples: Real-World Objectives And Key Results

If it’s good enough for Google, right? The Objectives and Key Results (OKR) management framework popularised by Google has gained enormous traction in recent years. But what does the OKR approach involve? In this article, I’ll give a very quick overview of the OKR process, followed by plenty of practical OKR examples. What are OKRs? I’ve written in depth about OKRs, so I’ll give just a very brief summary of the framework here. The OKR framework is a process for setting goals. It’s broken down into two parts: your Objective (what you want to achieve) and your Key Results (what [...]

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Six KPIs for an Entire Organisation? How Tesco Overhauled its Performance Management Framework

Tesco, the British-based international grocery and general merchandising retail group is the world’s third largest retailer by profit, with more than 6,500 stores and 475,000 employees. With an organisation of this scale, being able to communicate strategy and execution effectively is more important than ever. In this article, we’ll take a look at Tesco’s previous approach to performance management and see how the retail giant has massively streamlined its strategic objectives in recent years.Understanding Tesco’s previous “Corporate Steering Wheel” approachTesco used to use what it called a Corporate Steering Wheel for setting out strategic objectives. This performance management framework was [...]

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