OKR Software: The Smart Solution to Performance Appraisals

Business goals and employee goals should not diverge if you want your company to perform well and progress. However, keeping track of both at the same time and making sure they align is an important and difficult task.

To achieve this with ease, an effective tool is the Objectives and Key Results Software (OKR Software).

Understanding OKR Software

A goal-setting and tracking tool, OKR Software breaks down each objective to be achieved into smaller trackable components that act as indicators. While they are useful for business goal tracking and projections, they also offer a lot of benefits as a Performance Appraisal Software.

Though 98% firms believe in the importance of a proper Performance Management System, barely 64% have a strategy to address this. Using OKR Software for performance appraisal is a step forward in this aspect.

By allowing users to regularly update their progress, they offer real time analytics and insight into how well each employee is performing.

Key Features of OKR Software

To meet the challenges of the industry, every OKR software should have the following features:

• Cascading Hierarchical Structure
• Analytics and Dashboards
• Suggestion and Commenting
• Progress Tracking
• Achievement Recognition
• One-on-One Sessions for Feedback
• Custom goal setting
• Integration with Other Workflows

Benefits of an OKR Software

Having Performance Appraisal Software is essential in the current business ecosystem.

By using OKR Software, you can unlock the following benefits:

• Better target setting for workers.
• Ease of aligning goals with the business.
• Fair, transparent, and accountable system.
• Data-driven decision making.
• Effective communication and better collabs.
• Sync between business tools and the system.

Will Deploying a Performance Appraisal OKR Software Help?

Performance Appraisals have a history of leaving employees unsatisfied. Plus, with most of the workforce currently joining the industry being Gen-Z, you have 73% people who will quit due to an unfair appraisal. On the other hand, with the right system, you can get 39% better at attracting and 44% better at retaining talent.

Plus, your company has the chance to outperform its competitors by 24% with proper performance feedback with a Performance Appraisal Software. To add, you also get to boost productivity, performance, and keep your workforce motivated.

Thus, an OKR Software has the potential to improve workflow and aid your organisation. However, this can only be achieved if people are familiar with the software, and the roles and criteria are well-defined.

Having a Successful Roll-out

An essential part of familiarising your workers with a new system, the roll-out process for performance appraisal software should have the following:

1.      Ambiguous goals are a hurdle; be sure to avoid them.

Set clear, monitorable, and trackable goals. These should have no room for misinterpretation, be concise, and defined accurately.

2.      Train everyone to use the OKR Software.

Often just because the workforce agrees to use a software it does not reflect their proficiency. Thus, it is essential to train employees at every level of the organisation to use and report using the OKR Software.

3.      Get clarity and remove any doubts.

Both employees and their managers should have clarity regarding the goals set, parameters that define these goals, and the software itself. Thus, it is always a good idea to conduct seminars and training sessions to make sure everyone is on the same page regarding the OKR software.

4.      Tailor OKRs to meet the job roles.

Not every parameter or skill is necessary for a given job role. Thus, based on the job role, it is important to be able to customise OKRs to meet the requirements for the given job.

Choosing the Right OKR Software for Performance Appraisals

Once you have decided to deploy a Performance Appraisal Software for your company, it is important to identify what you need and evaluate all available OKR Software against the same.

Thus, to select the right OKR software, you may try the following steps:

1.      Identify what you need vis-a-vis your organisation.

The short and long-term goals and requirements of your company should align with the functions offered by the OKR Software. Further, it should also be ready to handle the employee volume of your company plus more.

2.      Evaluate all available OKR Software.

Popular options today for OKR software are Staffcircle™, Perdoo, Workboard, 15Five, etc. Among these, Staffcircle™ has a comprehensive structure and wide functionality as an OKR software.

3.      Consider all parameters.

These include whether or not the below are available and applicable:

• User-friendly
• Customisable
• Scalable
• Affordable
• Functional
• Secure

All of the above are essential to evaluate if the Performance Appraisal Software is suitable or not.

4.      Check reviews and recommendations.

Client feedback on the official website and peer review platforms both help. Read through them carefully to root out which OKR software is going to be the best option for you.

5.      Speak to the OKR Software vendor.

Ask for a free demo to learn more about how the OKR Software works. Further, you can ask about the pricing models, customer support system, their compliance certifications, and more.

To Conclude

Every business looking to grow and expand needs a system that streamlines their functions. To address this, an OKR system provides an excellent solution. Further, when used as a Performance Appraisal System, these are highly effective.

Evaluate an OKR Software applicable to your company, train your employees, and prepare for a roll-out.