The modern workplace is changing radically. In this post-pandemic world, there is a shift in how one feels valued at work. Organisations communicating clearly to their employees about goals are witnessing high-performance levels. Employees are happier and are more likely to be retained when communication is precise.
“Employees who feel included in more detailed communication are nearly five times more likely to report increased productivity.”
Companies with low power distance indexes find it very easier to communicate in a direct manner with their employees. In India, the power distance index, 77 is significantly higher than the world average, 59.
The objective and key results(OKR) methodology, is a simple way to develop alignment and commitment around ambitious and measurable targets. Here are 5 ways in which adopting the OKR methodology can help deliver the results you have been waiting for:
1. Sharpness of Thought and Understanding
A culture of success and productivity in work is built on trust. When employees understand their role and how their performance in that role is evaluated, they are extremely likely to increase their commitment.
John Doerr (worth US$ 12.7 billion) is an American investor and venture capitalist who came up with a formula for how OKRs are better than KPIs. Doerr’s Formula – “I’ll make (objective) according to what was measured by (this group of key results)”. Another important thing to remember is if the long-term goals are not being measured using numbers they are just a wish.
2. Responsibility and Acknowledgement
It is not sufficient to simply have an awareness of how performance is being measured. When employees take responsibility and deliver, they expect to be acknowledged and compensated for their efforts.
It is particularly hard to implement in a sub-continental workplace where the power distance is so wide. But, if OKRs are constructed well they can counter the problems posed in a power-distant workplace. The Indian model is the traditional top-down waterfall model which is not only time-consuming but also makes people feel invisible.
Adapting the OKR approach on the other hand will mean using a market-based approach which makes space for both top-down and bottom-up conversations to flourish at the same time. This model fosters commitment by providing a deeper comprehension of the plan, in addition to making the procedure less complicated and taking less time.
The Indian top-down model is unidirectional. It does not provide any scope for the flow of information and control to flow any other way. The absence of feedback loops complicates matters. Without feedback, learning and innovation are slowed. Future employees rate organizations based on value-added post-pandemic. People don’t want orders.
3. Transparency
Even if you aren’t sure what to tell your employees just yet, they desire greater confidence regarding the working arrangements that will be in place in this post-pandemic world. As a result of significant improvement in overall productivity, more and more businesses are embracing the hybrid style of work.
However, if there is no information on how this model will accept the changes in expectations that come with people working from home more routinely, then this method will not be sustainable. This lack of transparency in the company culture will hurt its long-term performance. Would using OKRs make things better?
OKR methodology creates the scope for employees to feel part of the process of determining policies and arrangements which are bound to have short and long-term effects. This sense of belonging and feeling responsible counters the anxiety of adopting hybrid models with no clear plan.
- Modern employees want flexibility. Well-defined OKRs allow employees to voluntarily modify or compromise for the interest of the group.
- Using OKR software will provide a thorough perspective of everyone’s performance and simultaneously educate everyone on your position.
- There is no need to be concerned about healthy competition occurring in the workplace. Using OKR software, businesses may tap into employees’ natural competitive spirit by monitoring their teams’ development.
4. Agility and Tenacity
According to Steve Jenkins at centricconsulting.com, Business agility refers to the ability of a company to quickly and effectively adjust to shifts in market conditions. It’s all well and good to accommodate workers’ needs, but setting yourself apart from the competition depends on how quickly you can do so.
Adopting the OKR model would result in workers’ needs being addressed promptly. A transparent team is also empathetic. An asset which is overlooked in high-power distant work cultures.
With OKR-specific software, everyone with a stake in the process would have a place to work together. This means that everyone with a complaint can feel comfortable coming forward and that problems can be quickly pinpointed and resolved through teamwork.
5. Constant Interaction and Introspection
You now have a group that can think quickly on its feet, is clear about what it wants, and collaborates well with one another to achieve its goals. Will they always hold onto those characteristics?
As we discussed before, a waterfall model isolates the workers because there is no mechanism for feedback to be shared. It is more likely that employees working in this model will not actively connect with the company in any way. They are continually questioning whether or not they are receiving adequate compensation for being subjected to such cold treatment.
On the other hand, this is something that can be fixed by instituting a culture that encourages regular communication and feedback loops. The importance of everyone being on the same page is frequently overlooked. There are certain key distinctions to be made when comparing the application of a funnel strategy by an individual to that of a team. A team would be working towards a goal by utilizing an OKR tool.
On a daily basis, open communication is used to accomplish this goal. Introspection and critical assessment of oneself are also encouraged on a regular basis. Thereafter, the team is informed of the findings, and by doing so, any member of the team whose actions indicate that they are veering off course may be instantly detected and corrected.
Summary
The Covid-19 pandemic has forced contemporary workers to reevaluate the importance of their many responsibilities. We are headed in the direction of a workplace that will be utterly unrecognizable from what it was before the pandemic. The hybrid model will very quickly become the standard model. There has been an overwhelming amount of interest in the businesses that are preparing to adapt to this transition.
The traditional model does not have the benefit over other models that it once did. As a bare minimum, prospective employees expect their potential employer to take a focused approach. Modern workers crave recognition for their contributions. They want to be a part of teams that are open and honest, where interactions are encouraged, and problems are dealt with as soon as possible. KPIs can no longer keep up with the rapid pace of change that is occurring in the business sector globally.