What are OKRs and how are they related to business goals and company strategy?
OKR stands for Objectives and Key Results. When a company is looking to set goals for growth and development, it can rely on the OKR process. It is an achievement-oriented execution framework created to align and measure progress toward a company’s and individual’s goals.

As a simple and efficient management framework, it aligns employees with the company strategy. OKRs provide a way to convert broad and far-reaching business goals into specific and quantifiable objectives, as well as measurable key results. This makes it feasible to implement the company strategy at all levels of the organization, including the department, individual, and operational levels.

What is the history of OKRs?
The concept of OKRs was first introduced by Andy Grove, and it involves pairing specific objectives with measurable, time-bound key results to track company progress. As a CEO at Intel, Andy Grove borrowed the idea of MBO from Peter Drucker in the 1970s. He then upgraded it with the concept of Key Results. Thus, OKRs were born, making Andy Grove the father of the OKR framework. They were later publicised by Google, which adopted the execution-oriented framework successfully in the late 1990s. Since, then, industries, both large and small have been implementing OKRs.

Can OKRs be used for performance evaluations?
OKRs can be used for assessing an employee’s performance by setting specific objectives and ensuring that the employee strives toward progress. While this can measure how well an employee is performing, it cannot become a substitute for performance evaluations. Evaluation of performance revolves around an individual or team’s achievements over a certain period, potentially comprising input from others. OKRs aid in setting SMART goals that are compatible with the company’s overall OKRs; however, performance evaluations are more about measuring how effectively an individual is performing in their position.

Why are OKRs so effective?
Every business needs to have a clear sense of direction as to where it is going, what its goals are, and how it plans to achieve them. The OKR framework is a tool that helps businesses achieve these and more. This goal-setting framework also ensures that the task of measuring progress is not the burden of a singular employee. Teamwork, commitment, and good intentions for the business lie at the heart of this tool. OKRs also create a culture of accountability, where employees are responsible for fulfilling their objectives.

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