Get the whole picture about Pulse Survey. Learn from what, to how to conduct Employee Pulse Surveys with the right questions and following the best practices.
Leading the culture for your organization, employee engagement must have been a key priority for you, given its impact on the bottom line and other attributes of organizational success. While you may be focusing on augmenting experience, are you paying close attention to measuring engagement score to track and monitor progress as well? Invariably, the focus on employee engagement surveys has also been on the rise. To increase the efficacy of surveys, you must ensure that they are conducted in a way that makes them most efficient, results-driven and impactful. It is here that an employee pulse survey comes into the picture.
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Have you been following the conventional approach to survey largely focused on an annual methodology, collecting responses to all the questions together, once a year? If yes, then, a pulse survey is a radical transformation that you must explore. By definition, a pulse survey is short and frequent. On the one hand, they have fewer questions, preferably under 10, to ensure that stakeholders are able to answer them without any fatigue. Furthermore, you should conduct a pulse survey at regular intervals, and not wait for the year end to gauge stakeholder experience.
Types of pulse survey
A pulse survey is an overarching term and is not limited for use to any one type of target group. You may leverage pulse surveys to gauge the pulse, opinion and satisfaction of all their major stakeholders that directly have a business impact. Invariably, two main stakeholders groups that may be most relevant to you include:.
An employee pulse survey is a short survey with crisp and very limited questions that is shared with the employees on regular intervals. The objective is to gauge employee pulse on a set of parameters over a period of time and measure the performance of engagement efforts. You can use an employee pulse survey to get data-driven insights into the overall employee experience and track whether it is transforming for the better or worse.
A customer pulse survey plays a similar role as the one mentioned above, albeit for customers. This involves tracking customer satisfaction with crisp, to the point questions. Obviously, the frequency of customer pulse surveys may not be as high as the employee ones. You can conduct them more frequently than once a year, to also keep your customers engaged and gauge their relationship with the brand.
Resistance to change on anything is natural, and, therefore, your business leaders might question the rationale behind moving to a pulse survey over the long drawn tradition of annual surveys. Undoubtedly, the annual surveys have their set of merits and benefits, providing comprehensive and deep insights into employee pulse. However, in the face of a dynamic and uncertain work environment and market conditions, you may want to experiment with a pulse survey, by the virtue of being short and frequent. Following are some of the top reasons as to why you should leverage a pulse survey.
Pulse surveys by definition are short and crisp. Not only are the number of questions less, they are also to the point and don’t require a lot of thought. Hence, they take less time to complete and employees are able to respond to a pulse survey much faster than a regular long annual survey which requires greater time and attention.
Since pulse surveys are conducted on a frequent basis, they are able to deliver real time insights. This can help you address any issue from the very beginning, rather than waiting for the year to end. Real time insights from an employee pulse survey can empower you to make alterations and changes in the approach to engagement as early as possible and, subsequently, gauge whether they work on not, soon.
Owing to the fact that the number of questions are less, the rate of completion for a pulse survey is significantly higher. The reason is simple, it takes less time and effort and prevents survey fatigue from kicking in. When employees don’t have to answer lengthy subjective questions that run into two digits, you are likely to get more responses.
While the primary objective of an employee pulse survey is to measure engagement, they also gradually become a source of augmenting engagement. As contributing to these surveys becomes a part of one’s routine and employees see that their responses are actually making a difference in real time, their engagement is likely to go up and their commitment will also increase.
Finally, frequent surveys which define pulse surveys, showcase a commitment of the organization towards their employees. More often than not, annual surveys are considered to be a tick in the box and don’t excite employees. However, when surveys are frequent, employees see that you are making an effort to augment their experience, which is a direct display of how you value your employees.
Simply choosing a pulse survey over annual ones based on the reasons why a pulse survey may not be enough for you to create a leadership buy-in. Hence, let’s delve into the purpose of a pulse survey. A very obvious answer is that an employee pulse survey will gauge the engagement quotient and help you capture different aspects of employee experience. However, that’s not all, there are several factors which contribute to the purpose of a pulse survey, including:
The benefit of having shorter and more frequent surveys is to make sure that any challenges are addressed at an early stage itself. A pulse survey makes most sense in this case. It can enable you to gauge the problem, identify and implement a solution and again test the same to track and monitor progress. This means that you no longer have to wait for the year to end to see if your engagement practices worked or not, and then another year to fix the remaining challenges. Real time insights result in real time solutions and real time increase in employee satisfaction.
Another purpose of a pulse survey is to have directed focus. Your annual survey is likely to cover every aspect of employee experience and the focus on a few aspects of high importance diminishes. Pulse surveys, on the other hand, can help you work at a micro level and fix one employee experience parameter at a time with a directed focus. This way, you can give equal attention to each aspect of engagement to add to a positive experience.
Employee surveys can be an effective tool for you to communicate with the employees and gather their feedback. However, when surveys are conducted only once a year, their contribution to facilitating more pronounced feedback and communication is limited. On the other hand, with pulse surveys, you can offer employees an opportunity to share feedback and communicate with the organizational leadership on a regular basis. This will invariably foster a culture of feedback, empowering people to share their voice more frequently.
Finally, annual surveys are not just difficult to complete from an employee lens, but may be equally difficult for you to manage and analyze too. It is likely to be a tedious task for you to comprehend responses for 1000s of questions and garner insights from them to create impact. However, pulse surveys are easier to manage and analyze as the number of questions and types of responses are limited and uniform. This will help to develop the right insights and deliver impact-driven results.
How to create a pulse survey is a natural question that is likely to come to your mind when you are excited about conducting pulse surveys to gauge employee engagement. The secret recipe for creating an effective pulse survey lies in ensuring a fair balance for all the important parameters that make a pulse survey successful. You cannot simply throw in random questions to employees every month without a clear strategy. This will yield no result, leading to wastage of time, effort and resources. Here are some top tips to ensure success with employee pulse surveys:
Start by identifying the number of questions that should be a part of the pulse survey. Make sure they are on the lower spectrum of the number line, preferably, in a single digit. You may even have just one focused question, as we have seen that can be extremely powerful and impactful.
Based on the number of questions, you can decide how frequently the survey should go out. Invariably, length and frequency are inversely proportional. This means that the lesser the number of questions, the more frequently it can be conducted, without survey fatigue kicking in. For instance, if an organization just has one question, it can even send surveys on a daily basis.
Determining the frequency will also help in deciding the cadence. While an organization might decide that it will send the survey once a week, but also deciding which day of every week it should go is equally important. This invariably creates a recall value for employees, and they expect the survey on that particular day and are prepared to answer. Catching them off guard on any random day will negatively impact the completion rate.
To create a survey, it is important to identify the parameters that need to be measured. While a long survey might capture all parameters at once, a shorter one like a pulse survey needs to be crisp and direct. Based on the frequency and length, you can pick one theme like satisfaction or wellness or some other and share questions on the same for a particular time frame.
Any pulse survey you create must focus on the user experience it is able to deliver. Identify the device your employees most use to answer the survey and make sure the survey is calibrated for a positive experience. This would determine the number of words in each question, the format, etc. More often than not, employees finish surveys on their phones, and, therefore, making them mobile friendly is important.
Creating the right pulse survey questions is the key to success. As they are conducted frequently, the questions must be crisp and easy to understand. At the same time, answering them should also be simple. While some questions can be subjective, others should be objective, ratings or very short answers. You can also experiment with a measurement scale of agreement and disagreement. Here are a few pulse survey questions that you can use as a starting point:
The success of an employee pulse survey depends not only on the questions framed and the cadence, but on the entire process from start to finish. Unless you follow a robust and comprehensive approach, leveraging the benefits of a pulse survey will be difficult and the purpose of putting in so much effort will be defeated. To make things easier, we have compiled a list of steps that can help you to conduct a pulse survey successfully:
The first step is to have a very clear objective of what you wish to achieve out of the survey and draft questions accordingly. Since the survey is very directed and niche, each one should have targeted questions that help give an answer to the identified objective. For instance, if the objective is to gauge wellbeing, questions on work life balance, wellness benefits, mindfulness, etc. must be included.
It is also very important to get a buy-in across the organization with respect to the pulse survey. On the face of it, a frequent survey might come across as an added burden for employees which they may want to shirk away from. Create awareness about the benefits of the same and how it will in fact reduce the fatigue that sets in when employees have to fill those lengthy annual surveys. Across all levels of the organizations, indicate the rationale and create an acceptance for pulse surveys.
Once the survey is ready and so is the workforce, roll out the survey. However, especially for the first few times, only sending an email may not be enough. You must encourage your managers to personally communicate the same to their teams and having a small company wide announcement can also be explored. Additionally, send a couple of follow-ups and reminders to get employees in the habit of filling frequent surveys.
A pulse survey can come with a few obstacles that you should remove beforehand. For instance, managers should encourage their team members to set aside some time for the survey, based on the frequency. This would allow them to focus just on the survey and increase its effectiveness. Similarly, making it calibrated for different devices as well as making it user friendly can remove any experience obstacles.
Conducting a pulse survey doesn’t end with collecting responses. You must analyze the results and gauge where the performance has been decent and where there is scope for improvement. If many of the team members report poor recognition, it reflects that you need to step up the appreciation efforts to augment motivation. The idea is to study the responses to get actionable insights which can be implemented. Additionally, a plan of action must be created to bridge the identified gaps.
Being transparent is key to the success of an employee pulse survey. Therefore, you must share the results of the same with all team members. If you feel that sharing results might highlight your weakness, think again. Your employees are already aware of the same and talking about it openly will only lead to improvements. But, you must support the results with a potential course of action to address the challenges and open it for discussion. The idea is to not only understand the problems of employees, but also hear from them on how they would like them to be solved. Having a democratic approach can be beneficial here.
Invariably, when a plan of action is ready, there is no point delaying it. You should go ahead and take action. You might need to invest in new programs or resources, offering greater training and learning opportunities, etc. To ensure that employees’ confidence in pulse surveys and organization’s leadership doesn’t decline, implementing the decided action steps is important.
Finally, it is important to track and monitor progress based on the action taken. For instance, if you have invested in some tool to augment communication, it is important to again gauge the employee pulse on communication to check whether the needle has moved or not. The idea is to understand the effectiveness of any new practice and make alterations to the approach to achieve the initial goal.
Sustaining pulse surveys overtime can be a tedious task for organizations internally. Fortunately, a partner like SuperBeings can address all your challenges. It offers a customized solution for pulse surveys with one question a day. It can help you capture maximum responses, offers real time data driven insights to managers, aligned to industry benchmarks and helps track performance over different time periods to gauge progress and achieve maximum effectiveness. The bottom line is that the more frequently you measure engagement, the faster your organization will grow, contributing to an inclusive, positive and forward looking employee experience.
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The right compensation management practices and policies can make or break your employee experience. Of course, there is merit in linking compensation and performance to drive organizational success, it can lead to several questions and implementation problems as well.
Read on to get all your compensation management related questions answered.
Let’s start with the very basic question of why fair compensation is important and the merits it brings along. It is no surprise that if you are paid more and are compensated according to your efforts, you are likely to give in your 100% and stay with an organization longer. However, there are other factors that support fair compensation:
Thus, fair compensation as a part of compensation linked performance management has the potential to facilitate better employee outcomes such as engagement, experience and performance.
To make compensation fair and inclusive in all aspects, it needs to have a clear foundation. Most organizations have relied on performance reviews as a way of reflecting on performance as a means of compensation decisions. However, there are several competing views both for and against tying compensation to performance reviews.
Clearly, there are both sides to the story.
The most favorable outcome will be to keep performance as one of the parameters for compensation, but not the sole foundation.
Additionally, as one of the best practices, performance reviews can be conducted on a regular basis, where some are only developmental in nature and others can be tied to compensation management.
As discussed, focusing only on performance reviews for compensation management needs a relook. Working with growing organizations, we have curated a list of the top five performance and compensation management practices you can leverage:
Ensure that your compensation structure aligns with the market trends so your employees don’t feel underpaid and leave.
Provide complete transparency and clarity to your employees on what constitutes high levels of performance and what it will take to earn a raise or appraisal.
Have specific, well defined and measurable criteria for the compensation strategy to ensure that there is complete transparency.
Salary in hand or the pay check your employees receive is accompanied by a range of benefits that are a part of the compensation structure and cost to the company, but are often overlooked by employees. Make sure they are widely communicated.
Ensure that there is a base pay range for every role and profile with variable additions based on candidate competencies.
The idea of fair compensation and linking compensation and performance management, leads to a very interesting concept of distributive justice. On a broad level, distributive justice essentially focuses on ensuring that the compensation received by employees is fair and equitable and is based on objective and rational grounds which are uniform for all. Here are a few ways to ensure distributive justice:
Measure potential and market value of the employee in addition to experience and expertise to ensure distributive justice for high potential employees
Another interesting component of compensation and performance management that you must acquaint yourself with is pay transparency. Essentially pay transparency refers to how openly or freely employees within an organization can discuss their compensation with others.
This is not only limited to the check they take home but other perks and benefits they are entitled to. Invariably, many platforms today also enable individuals to anonymously share their salaries online and get insights from others doing the same. However, there are diverse views on when it comes to pay transparency for an organization.
Those who advocate for pay transparency believe that it can enable large scale impact for the organization across performance management.
However, there is a flip side to pay transparency too with some common pitfalls that need to be addressed proactively.
In the last section of this article, we will focus on how managers play an integral role in compensation and performance management and the best practices to guide managers to have effective compensation conversations with their team members.
Almost 58% organizations do not train managers on pay communications
This startling statistic clearly highlights how despite the apparent importance of compensation management, the focus on ensuring a seamless process is rather limited. However, organizations today can play a leading role in enabling their managers to have better pay communication and conversations by following these tips:
It is quite evident that compensation and performance management are intrinsically interlinked and if leveraged well, compensation has great potential to not only drive performance, but also facilitate engagement, retention and much more.
However, to ensure the same, you need to have a very structured, transparent and fair compensation strategy and policy. Furthermore, you must, don’t forget to invest in training your managers to bridge any gaps and constantly gauge and address employee pulse — to ensure fair compensation for all.
Talent development is critical for growing organizations which see the workforce as their biggest asset. Focus on developing their talent stack not only leads to a pleasant employee experience, it also augments the overall performance and productivity for an organization.
While you may come across many ways to facilitate talent development, leveraging the competency framework can help you move the needle very quickly.
Let's see how.
Before moving directly to how you can implement the competency framework, let’s quickly understand the 5 stages of talent development.
The first stage involves planning for your talent needs based on your organizational priorities and creating the position profile based on the skills, attitudes and other competencies.
Based on the position profile, you need to start attracting talent for the position. You can do so by spreading the word in the right networks, through job portal platforms, etc. The objective is to ensure that you are reaching out to the right network. You can also explore the right candidate for the position internally to considerably save hiring and training costs.
Once you have identified the right person, the next stage of talent development is extending the offer to the person after a thorough background check as well as a competency and expectation match. It also requires creating personalized onboarding plans for the first 30-60-90 days of the candidate’s journey within the organization. Read our guide to employee onboarding to learn more about onboarding do’s and don’ts.
The main focus of talent development starts with providing the right development and learning opportunities to your workforce. This can involve upskilling for both technical and soft skills, leadership building or any development intervention based on the need of the role and position.
Finally, talent development involves undertaking initiatives to retain your talent. While learning opportunities are important, facilitating engagement, wellness, motivation, etc. all contribute to employee retention.
If you are wondering how the competency framework aligns with talent development, you need to start by decoding what the framework actually stands for.
Put simply, a competency framework is a set of behaviors, skills, abilities and attributes that an organization considers imperative for creating a high performance culture.
The competency framework can be implemented at all stages of the talent development or the employee lifecycle within an organization. The idea is to ensure that certain core competencies are kept at the heart of the decision making that in any way impact the workforce.
Competency framework based talent development is very important for employee retention. Talent development practices when undertaken effectively have the potential to encourage team members to stay with the organization for long and at the same time become ambassadors to help attract high quality peers.
Here are the top reasons why competency framework based talent development matters:
Now that we have covered the basics of talent development and competency framework, let’s understand how leveraging the latter to advance the former can create a far reaching impact for organizations.
The first step is to create a competency framework which involves identifying the key competencies which will be instrumental in guiding all decisions around talent development. Depending on the nature of your organization, there can be categories within the competency framework that you seek to focus on. Your competency framework should focus on behaviors, skills and attributes which are critical for performance and overall success. The following steps can help you create a competency framework for talent development:
The responsibility of creating the competency framework is collective. It starts with involving the executive leadership to ensure alignment with the vision, people managers to ensure they are ideal for the culture you are trying to build and functional managers to ensure inclusion of right competencies for each role and position. Furthermore, involving those on the ground can be fruitful as they have the best idea of what competencies are critical and others which are good to have.
Once the competency framework for talent development is ready, the next step is to align it with your recruitment process to ensure precise and effective hiring. There are a few steps along the way:
The onus of implementing the competency framework during selection lies primarily with the HR team and recruiters who assess the candidates with different tests and assessments. Team managers and leaders also play a role in assessing functional competencies and fit.
Irrespective of whether an employee is onboarded before or after you have implemented the competency framework for recruitment, you need to ensure competency based performance management and development opportunities.
From a talent development perspective, the focus of the competency framework should equally be on developing employees for their next or subsequent role based on the specific competencies for the same.
The onus of aligning performance and development with the competency framework lies with team managers as they are best able to determine the performance gaps. Furthermore, employees with their managers can identify competency gaps for better performance and focus on the right learning and development interventions to bridge the same.
Finally, the competency framework must also impact the subsequent rungs of talent development where an employee moves up the ladder from one position to the next. Based on the organizational matrix and competencies for each level, you need to identify key attributes that differentiate one level from another and ensure the same is communicated to your employees.
In a nutshell, it is quite evident that the competency framework can inform and advance every stage of talent development for fast growing organizations. If you implement such a framework across the employee lifecycle, you will significantly reduce your chances of a wrong hire and will be able to nurture a workforce that aligns on the vision, goals and overall organizational culture.
A clear competency based talent development approach can help you achieve high levels of performance which is observable and measurable.
While most people managers are able to create a business case for setting OKRs as well as for the adoption of an OKR software by leveraging industry benchmarks and best practices, there is a need to explicitly decode the return on investment of using an OKR tool as well.
Unless they are able to clearly illustrate how the return achieved using a goal management software is greater than the investment, it becomes difficult to sustain the adoption and get long-term leadership buy-in.
Continue reading to strengthen your business case on the same.
Let’s quickly understand how the OKR framework is integral for an organization, especially high growth companies. Most fast growing organizations have competing priorities they need to focus on with limited resources at hand.
Therefore, simply setting goals by adopting a top-down approach without supporting parameters can lead to confusion and incompetence. OKRs help drive away this ambiguity by linking measurable key results for each objective and facilitating a collaborative approach to achieving goals.
Here are the top three benefits of implementing OKRs in an effective manner:
OKRs enable employees and leadership to have a very clear focus on what needs to be accomplished and what work is out of scope. The idea is to have complete clarity on —
The last part is extremely important as it helps create a sharp focus and set priorities straight.
93% of employees don’t really understand what their organization is trying to accomplish in order to align with their own work.
This illustrates that there is a big absence of clarity and focus amongst employees when it comes to what needs to be accomplished, which stands in the way of creating a high performance culture. Therefore, OKRs can help reduce such uncertainty and ambiguity, making it easy for the workforce to concentrate on what matters.
Taking cue from the first point, the second benefit or purpose of implementing OKRs foris a need for clarity of expectations and overall team and organizational alignment. In case of fast growing organizations, there is an overlapping of roles and responsibilities and a lack of clarity on expectations from each employee. This leads to lower than average outcomes, productivity and revenue growth and data backs the same.
97% of employees and executives believe lack of alignment within a team impacts the outcome of a task or project. Whereas, companies that regularly exceeded revenue goals were 2.3X more likely to report high levels of alignment.
By ensuring organization-wide goal visibility, OKRs help teams to decode what is expected out of each team member and their respective contribution towards achievement of the shared goals. Thus, increasing alignment and collaboration.
Finally, setting and implementing OKRs is often a collaborative process. Employees get involved in and participate during the entire OKR process and feel engaged in the same. This greater involvement and participation leads to deeper levels of engagement and ownership of key results which drive impact.
OKRs also enable employees to also gauge their performance and measure their progress in an effective manner. This motivates them to get more involved in achieving the common weekly, quarterly and annual goals. This higher level of engagement directly impacts key organizational parameters such as retention, productivity, profitability, etc.
The business case for OKRs is very clear. However, for companies that are scaling up, with limited bandwidth and competing priorities, often setting OKRs itself gets left behind due to other business priorities.
If an organization focuses on a manual approach to the OKR system, there are several steps which require a lot of time and effort including setting and writing, implementing, tracking, grading, evaluating and modifying OKRs.
Fortunately, today there are OKR tools in the market, which can help automate all of these aspects to help simplify the OKR journey. The right goal management software can help you maximize the realization of the return on investment for your OKRs. Following are the top five ways in which an OKR software makes a measurable difference on the bottomline —
First, an OKR tool can help organizations document or record the OKRs in a way that is visible and accessible to all. There is supporting evidence to show that what gets documented has a higher chance of being achieved, as what is out of sight is often out of mind.
Individuals are 42% more likely to achieve goals when they are physically recorded.
Therefore, the OKR tool can enable organizations to clearly define the business and team OKRs in a written manner which can be reflected on, seen again and again to create instant recall for employees.
OKR tools are great for creating alignment and accountability. On the alignment front, the OKR software can help achieve high levels of strategic alignment on what is the responsibility of each team member across organizations towards the key business goal achievement.
Highly aligned companies grow revenue 58% faster and are 72% more profitable than their misaligned counterparts.
The dashboard of a good OKR software can help you constantly gauge the level of goal achievement, ensure that team members are aligned on different phases as well as keep a track of when their responsibility is due. It creates high levels of transparency.
Moreover, greater alignment leads to high levels of accountability. Generally, since there is a lack of alignment on responsibilities, there is an accompanying lack of ownership and accountability, and most employees shirk away from taking accountability.
84% of the workforce describes itself as “trying but failing” or “avoiding” accountability, even when employees know what to fix.
A goal management software like SuperBeings allows you to integrate OKRs with regular meetings and check-ins to keep track of progress. Thus, driving a culture of accountability.
It is very common for companies to set OKRs and then evaluate them only at the end of the quarter/year. There is a lack of mid-term tracking which makes it difficult to gauge whether the progress is aligned with the key results or not.
40% of people that write down goals don’t check whether they’ve achieved them. Moreover, only 5.9% of companies communicate goals daily.
An OKR software can help you address this concern by facilitating day-to-day OKR progress tracking. A daily dashboard and history of 1:1 and team check-ins on OKRs, can help organizations track developments over time.
It can also help identify and resolve any performance issues that stand in the way of goal achievement preemptively. At the same time, even if organizations are tracking and monitoring OKR progress, doing so with a manual process is inefficient. An OKR tool can automate most of these processes to enable HR and people managers to spend more time on driving results.
Another major concern that organizations face when it comes to OKRs is being prepared and ready for the same. Many line managers and others struggle with writing effective OKRs. Many organizations believe setting OKRs once is enough. However, that is far from the truth.
Research says, companies that set performance goals quarterly can generate 31% more returns than those reassessing annually.
Using an OKR software can help eliminate all these challenges.
Finally, an OKR software can promote high levels of collaboration for goal achievement. For many organizations, the inability to collaborate leads to low levels of results, diminishing the ROI for OKRs.
86% of employees and executives cite lack of collaboration or ineffective communication for workplace failures.
Using a good OKR software makes collaboration seamless by aligning cross-functional projects and tracking cumulative progress. Invariably, an increase in degree of collaboration is a direct ROI of an OKR tool which can create far reaching impact.
In this final section of the article, we will talk about the key parameters that can help you gauge the ROI of an OKR software. While the above mentioned are primary impact areas, most of them have a qualitative aspect to them.
Gauging the ROI requires backing of data points from employee experience and business results, which the following parameters can help explain.
Organizations should start by gauging whether or not transparency and alignment on goals has increased. This can be measured using employee pulse surveys to understand their opinion on how well they have visibility of goals and clarity on what they need to work towards. Therefore, the first ROI parameter for an OKR software is to identify the increase in level of transparency to ensure everyone is working in the same direction and there are no gaps or overlap in efforts.
The main purpose of an OKR tool is to facilitate the effective and efficient achievement of the goals set by an organization. Thus, the next parameter to measure ROI should revolve around the degree and time period of goal achievement.
You can start by comparing the degree of goal achievement by leveraging OKR grading to see if there is a significant improvement in percentage terms as compared to pre-OKR tool period. Second, it is important to gauge whether or not the goals/key results have been achieved in a shorter period of time or not. Since the OKR platform facilitates better alignment, collaboration, tracking, etc., it can help organizations achieve or realize the goals faster.
Third, there are several administrative overheads that accompany the setting and implementation of goals/OKRs. These include tracking, grading, etc. for managers and providing inputs on the part of employees. The ROI of an OKR software can be gauged by mapping whether or not these overheads come down.
The next parameter for ROI calculation is to measure the change or increase in revenue after the adoption of an OKR software. Since an OKR tool seeks to enable organizations to achieve their goals faster, cost effectively and to a greater extent, there should be an increase in the revenue realized.
According to Larry Page, co-founder, Google claims that “OKRs have helped lead us to 10X growth, many times over.”
Finally, gauging the value of employee parameters like retention/turnover, productivity, engagement, etc, can cumulatively be leveraged to capture the ROI of an OKR tool. There are several ways to gauge these workforce parameters, along with factors like eNPS, etc. which have a direct business impact. Calculating them can help measure the ROI of the OKR tool for an organization.
It is evident that adoption of an intelligent OKR software is not only good to have, but integral for organizational success. Using the right tool has a direct business impact which can be measured in numbers using the ROI parameters mentioned in this article.
There are both qualitative and quantitative aspects to measuring the ROI and a balanced approach to both can empower organizations to align individual performance with business goals.
If you are considering implementing the right OKR software in your business, try out SuperBeings free 21 day trial. Book today. (No credit card or commitment required)