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How_to_set_OKRs.md

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How to set OKRs

Source: ElegantHack

It describes how to set OKRs at company level. First of all, It involves taking a hard look at your company, and it involves having a ton of difficult conversations about making choices about where the company should go

Before the meeting

  1. Few days before the meeting, solicit all the employees to submit the Objective they think the company should focus on
  2. Give a very small window to do it: 24 hours should be ok.
  3. Someone should collect and bring forward the best & most popular objectives
  4. Set aside 4.5 hours: 2 sessions with 30 minute break
    • Goal: Cancel the second session. Stay focused
  5. Each exec should 1 or 2 objective to bring to the meeting
  6. Have the best employee objectives written down in Post-It notes.

At the meeting

The meeting must be run with execs

  1. Keep the meeting small: less than 10 people
  2. It must include Sr. executive team
  3. Take away phones and computers
  4. Place the post-its up on the wall.
    • Combine duplicates
    • Look for patterns that suggest people are worried about a particular goal.
    • Combine similar Objectives.
    • Stack rank them.
    • Finally, narrow them down to three.
  5. Discuss. Debate. Fight. Stack rank. Pick.
  6. All the members of the exec team have to freelist as many metrics as they can think of to measure the Objective.
    • Freelisting is a Design Thinking technique.
    • It means to simple write down as many ideas on a topic as you can
    • One per post-it
    • Give the team 10 minutes
  7. Affinity map of the metrics
    • It is a Design Thinking technique
    • All it means is you group post-its with like post-its.
    • e.g If two people both write DAU (Daily Active Users), you can put those on top of each other.
      • Dau, Mau, Wau are all engagement metrics: you can put them next to each other.
    • You can pick your three types of metrics.
      • Write KRs as: "X first",
        • i.e. “X revenue” or “X acquisitions” or “X DAU” .
        • It’s easier to first discuss **1)**what to measure, **2)**what the value should be and 3) if it’s really a “shoot for the moon” goal.
      • Take a usage metric, revenue metric, satisfaction metric
  8. Set the values of KRs
    • Make sure that they are "shoot for the moon".
    • Confidence level at 50%
    • Challenge each other:
      • Is someone sandbagging?
      • Is someone playing safe?
      • Is someone foolhardy?
      • Now, it is time for debate and not halfway through the quarter.
  9. Take 5 minute to discuss the final OKR
    • Is it the Objective aspirational and inspirational?
    • Do the KRs make sense?
    • Are they hard?
    • Can you live with this for a full quarter?