Carrying out regular OKR reviews is an essential part of the OKR process, and it’s the only way you’ll see real results. How do you know how to improve your business, if you don’t know where you currently are, compared to where you started?
Fortunately, the OKR review process is incredibly easy to implement. Once you make a habit of regularly reviewing your progress and your OKRs, your business will reap the rewards.
What is an OKR review?
Essentially, an OKR review is a type of health check for your OKRs. This is similar to a progress review.
This will help you to see how far away or how close you are to achieving your business goals and objectives, and you can discuss what needs to be done or changed to ensure these targets are met.
This process is essential for OKR success. Why? There are a few reasons:
- This will help you to see whether the actions you’re taking are really helping you achieve your long-term business goals
- You can cut out processes that are not productive early-on
- It helps to ensure everyone is on the same page when it comes to your OKRs
- It can highlight whether you need to change or adapt your OKRs to unforeseen circumstances e.g. the pandemic
What does an OKR review involve?
There’s no one way to carry out an OKR review. However, there are a few talking-points you should cover to ensure you’re getting an in-depth look at your OKR progress. This includes:
- Discussing Key Results progress (you can assign a status to your Key Results to make this easier)
- Reporting on the progress of your Initiatives. You should outline which team members will work on what
- Carrying out a health check on your KPIs – Are they working? Do they need to be updated?
- Discussing OKR confidence ratings
- Discussing Initiatives that are coming up in the future
This is a rough guide to the form your OKR review should take. In reality, you could discuss anything! All you need to do is ensure you’re assessing your current business position, relative to the position you were in when you conducted your last review. You should also form an action plan to make sure that anything that isn’t working is changed or eliminated.
Assigning confidence ratings to your OKRs is an essential part of the OKR review process. Confidence levels help you to assess how close or far away you are from reaching your objective.
There are 3 key confidence ratings to choose from:
- On-track – You’re 100% confident you’ll hit your OKR
- Off-track – You’re not 100% confident, but you still believe you’ll hit your OKR
- At risk – It’s highly likely that you won’t achieve your OKR
What should you do after your review?
In an OKR review meeting or call, there can be a lot of information to digest. Therefore, it’s essential to debrief and send a summary to all the relevant parties.
You may also need to update your OKR software or tracker to share your current progress with the rest of the team and to illustrate your plans for the future.
Who should participate in OKR reviews?
Depending on the size of your team, it might be difficult to get everyone together to review your OKRs. Therefore, it might be beneficial to carry out OKR reviews in smaller groups. This can help to ensure meetings aren’t too long, and everything is covered in an orderly fashion.
In many cases, individual teams or groups within your business will have their own OKRs that are linked to the wider company goals. In these scenarios, it’s best to carry out your OKR reviews in these smaller teams.
The review shouldn’t take very long, as you’re only summarising your business’ progress. Larger, more substantial queries should be reviewed at the end of the OKR cycle every quarter.
How often should you carry out an OKR review?
As a general rule of thumb, it’s best to carry out OKR reviews on a weekly basis. This will help you to spot any problems before it’s too late.
Depending on the size and availability of your team, this could be extended to a fortnightly basis. What’s important is to make sure that this process is regular and consistent, so that you can ensure your work is making a real impact.
OKR tools to track your progress
It can be a challenge to see where you are with your OKRs and plan for the future. However, the right OKR software can help to make this process a little bit simpler.
There are a whole host of different tools out there that can help you track progress on your OKRs on one intuitive platform. Even better yet, our Giants can help you to choose the right goal management software for your business!
Get in touch with a member of our team today to get started.