How to Set & Track Your Business Objectives & Key Results (OKR) for Success in 2024 [4 Steps]

Setting and tracking objectives is not merely a matter of ticking boxes; it’s the compass that guides organizations towards their goals and ensures they stay on course. From enhancing product quality to fostering employee engagement, objectives play a pivotal role in driving growth and success.

In this blog, we’ll explore the significance of tracking objectives, delve into the concept of key results, and see how HR software like Horilla can make this process seamless and efficient.

What is an Objective?

An objective is a specific, measurable, achievable, relevant, and time-bound (SMART) goal that an organization sets to achieve its mission. It provides clarity and direction to the workforce, ensuring that everyone is working towards a common purpose. Objectives can be overarching goals that define the organization’s long-term vision, or they can be short-term targets designed to achieve specific milestones. Whether it’s achieving higher sales targets or improving customer satisfaction, objectives provide focus and direction to every member of the team. Additionally, personal objectives empower individuals to set and achieve their own goals within the broader organizational framework.

What are Key Results?

Key results (KRs) are the specific, quantifiable milestones that indicate progress toward an objective. Unlike objectives, which are qualitative and describe what you want to achieve, key results are quantitative, providing clear metrics to measure success or failure. They act as benchmarks throughout the process, enabling organizations to measure their progress and modify their strategies as needed.

For instance, if the goal is to improve product quality, key results could include reducing defective product rates, achieving high customer ratings, and improving manufacturing efficiency. In this example, the objective is to enhance product quality, and each key result outlines specific actions or metrics that contribute to achieving this objective. Tracking these key results enables the organization to monitor progress and take proactive measures to maintain or improve product quality over time.

To read more about what are OKRs, refer to our blog What Are OKRs (Objective Key Results) & How Do They Work in 2024

The Importance of Tracking Objectives

Tracking objectives is essential for several reasons:

1. Accountability: Tracking objectives holds individuals and teams accountable for their performance. When progress is measured and monitored, employees are more likely to stay focused and motivated to achieve their goals.
2. Alignment: Tracking objectives ensures that everyone in the organization is aligned with its overarching goals. It helps to coordinate efforts across departments and ensures that resources are allocated effectively.
3. Course Correction: By tracking progress, organizations can detect early warning signs and adjust their strategies as needed. This flexibility is crucial in today’s rapidly changing business environment.
4. Performance Evaluation: Tracking objectives provides valuable data for performance evaluations. It allows managers to objectively assess employee performance and deliver constructive feedback.

In summary, tracking objectives not only helps in achieving goals but also fosters accountability, alignment, adaptability, and enables effective performance evaluation within the organization.

Achieving Objectives with Horilla

Horilla is an advanced HR software that streamlines the process of setting, tracking, and achieving objectives.

Here’s how it helps you to achieve your goals:

1. Goal Setting:

With Horilla, employees can set objectives and define key results within the platform. HR personnel can assign objectives to relevant team members, ensuring clarity, measurability, and alignment with the company’s vision. Employees can easily view their objectives and update progress as needed.

Under the “Performance” menu in Horilla, there’s a submenu specifically for objectives. Here, you can create objectives, add key results, and assign them to team members. All this data can be easily monitored within the platform.

2. Progress Tracking:

Horilla provides real-time tracking of objectives & key results. Employees can easily update their progress, and managers can monitor performance dashboards to see how each goal is progressing. This visibility ensures that everyone stays on track and can take corrective actions if necessary.

By clicking on any objective, you can view all the assignees, the key results assigned to them, and the progress status of each. Assignees can also update their progress directly from this view.

3. Collaboration:

Horilla facilitates collaboration by allowing employees to share their objectives and key results with colleagues. This fosters teamwork and ensures that everyone is working towards the same goals. Team members can provide support and share insights, fostering a sense of unity and shared purpose.

4. Feedback and Recognition:

Horilla enables continuous feedback and recognition by allowing managers to provide feedback on employee performance directly within the platform. This promotes a culture of accountability and continuous improvement. When employees’ efforts are recognized, they feel valued and motivated, which boosts engagement and productivity.

To read more about best practices for creating effective OKRs, refer to our blog What Are the Best Practices for Creating Effective OKRs

Conclusion

Tracking objectives is not just a best practice; it’s a necessity for organizational success. By setting clear objectives, defining key results, and leveraging tools like Horilla, companies can stay focused, aligned, and agile in achieving their mission. In today’s competitive landscape, effective goal management is not a luxury it’s a strategic imperative for survival and growth.

With Horilla, the journey towards achieving your objectives becomes smoother, more efficient, and ultimately more rewarding. So, why settle for anything less? Invest in tracking your objectives effectively and watch your organization thrive.