The performance and growth of our team, and our company, is mostly organized through 2 mechanisms;
- Objectives and Key Results (OKRs)1 are reviewed quarterly. They’re a tool to set concrete targets for team members and align their objectives with those of the organization.
- Performance reviews happen every 6 months. They focus on the work performance of employees and directly impact raises, bonuses & promotions .
Objectives and Key Results (OKRs) help plan and measure objectives for teams and their members:
- Objectives define goals to be reached. We usually pick up to 3 objectives. These objectives are supposed to be ambitious and slightly out of reach.
- Key results define concrete milestones to reach objectives. We have 3 to 5 of them for each objective and ensure they are measurable outcomes (as opposed to activities).
Here’s what an OKR could look like for a marketing team;
Objective: Increase social media engagement by 35%
- Key Result 1: Research and identify 3 most popular social media sites among 2 new target audiences and develop engagement strategy by September 1
- Key Result 2: Identify & engage 30 Instagram influencers in our industry
- Key Result 3: Respond to new Facebook comments within 3 hours
- Key Result 4: Increase number of followers on Facebook & Twitter by 20%
We run 1-on-1 performance reviews every 6 months, between team members and their direct leader. We usually cover the following;
- Past performance; we go over the previous 6 months, review the work that has been done and the achievements that came out of it.
- OKR review; we take a look at the progress that was made against the individual’s OKR (and may make recommendations for adjustments based on the performance of the team and organization).
- Employee feedback; we gather feedback directly from the individual and try to identify issues or support he may be lacking.
2: SMART is an acronym that represents a framework for creating effective goals. It stands for five elements your goals should have: Specific, Measurable, Aspirational, Relevant, Timed.