The goal of any business is to grow and succeed, and the most effective way to accomplish this is by setting smart goals and tracking progress. However, organizations have to differentiate between different goals in order to measure the success of each. Two of the most popular methods of goal setting are Objectives and Key Results (OKRs) and Key Performance Indicators (KPIs).
“KPIs and OKRs ensure that employees remain engaged with their work and with the overall goals of the company. They provide employees with the clarity and focus they need in order to achieve success,” Christina Cavanaugh, a performance consultant says, “They are essential tools to ensure the success of any organization.”
Although both tools measure success and track progress, they have distinct advantages and serve different purposes. If you want to learn the differences between OKRs vs KPIs (and how Hive can help you track them) keep reading, below.
What are OKRs?
Objectives and Key Results (OKRs) are a goal-setting framework used to help companies and organizations set ambitious goals and measure progress over a period of time. OKRs are defined by objectives, which are qualitative ambitions that relate to the company’s overarching mission, coupled with corresponding quantitative results which serve as yardsticks for success. The purpose of OKRs is to:
- Ensure that teams are focused
- Keep every team member’s mindset is aligned
- Make sure everyone is working towards a common goal
What are KPIs?
Key Performance Indicators (KPIs) are measurable targets used to evaluate the performance of teams and individuals. KPIs measure specific aspects of a team or individual’s performance such as:
- Sales revenue
- Website visits
- Lead conversions
They are usually quantitative and are tracked over a period of time in order to identify areas of improvement or trends in performance.
OKRs vs KPIs: How are they different?
Overall, OKRs and KPIs have different goals and outcomes. OKRs focus on qualitative and ambitious objectives, taken from the main mission of an organization. On the other hand, KPIs are focused on quantitative metrics that are key to the success of an organization, such as revenue or customer satisfaction. Furthermore, OKRs are formulated for larger projects with long-term goals that can take weeks, months, or even years to complete. They are not necessarily tracked over regular intervals, unlike KPIs which are tracked and measured on a regular basis.
Using Hive to Track OKRs and KPIs
Hive is a project management software designed to help teams and organizations track and measure their objectives and key results. Hive allows users to easily define and monitor OKRs and KPIs, as well as connect and collaborate with team members.
Using Hive Goals, you can even set individual goals and objectives, track progress, and measure performance against KPIs. We offer an easy-to-use interface that allows users to visualize their objectives and see their performance over time. We also provide tools to help teams like yours identify areas of improvement and collaborate with each other.
We can help your team:
- Differentiate between different goals in order to measure the success of each using Hive Goals
- Make sure every person on your team is focused and aligned
- Plan and execute company initiatives
Are you ready to track and measure your team’s goals and objectives? We’re here to help you easily define and monitor OKRs and KPIs, as and collaborate seamlessly with every team member. Try us for free, today!
