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Article : Leveraging OKRs And KPIs To Enhance Employee Performance

#contactcenterworld

Author: Bhagyashree Shreenath, Content specialist, Keka HR

Every organization would love to have an ambitious and enthusiastic workforce who seamlessly perform their functions. As tempting as it sounds, you need to be aware and accept that this might not be the case forever. As human beings, we are flawed and prone to errors occasionally, which means some days your employees may be at their productive best while the other days, they may encounter new hurdles in their path resulting in delayed deliverables.

This is when a Performance Management System comes into the picture, helping you streamline the organizational and individual goals and improve the overall performance of your organization. This will serve your employees as a source to discover their pain areas, improve and monitor their progress graph, making it easier for you to analyze and arrange training programs, as and when required.

However, there are various tools and techniques available when it comes to managing performance. No two performance management systems always look the same. Just as your organization and its culture, your performance management system will be unique and specific to your goals, objectives, and practices. One of the best techniques for enhancing performance is by utilizing KPIs and OKRs in your company. Before knowing how will you actually benefit from it, let's have a look at what these mean.

What are KPIs?

Key Performance Indicators (KPIs) also known as Key Success Indicators (KSIs), are a set of quantifiable metrics designed to gauge the performance of an individual, organization, process, or activity. KPIs will greatly help your organization define the strategic, operational, and financial achievements against those of other businesses in the same industry. In short, it is your health metric.

Moreover, these KPIs are subject to change according to the team or individuals associated with it. This not just enables you to effectively monitor your employees but also serves as a basis to make data-backed decisions without any bias.

Hence, KPIs can be referred to as the lagging indicators of how successfully your organization is attaining the set goals.

Here are the examples of some most common KPIs used across various departments in an organization:

  • NPS (Net Promoter Score)
  • Employee Turnover Rate
  • CAC (Customer Acquisition Cost)
  • Sales By Region

What are OKRs?

OKR (Objectives and Key Results) is a simple goal management framework that plays a vital role in building specific and measurable strategies ensuring that they redirect you towards achieving those goals.

Objectives are the entities that define where you want to be. They are often kept short and precise. These objectives should be clearly defined and be ambitious in nature as it is the most critical part of this exercise. If you do it rightly, then you will be able to identify immediately whether you have successfully achieved the set objectives or not.

Key Results are the deliverables that define your progress towards attaining the set goals. Each of your objectives should be accompanied by two to five key results which are easily measurable.

These greatly benefit your organization with its transparent nature and help align goals through all levels and departments to ensure everyone is aligned with a common goal. It facilitates efficiency and effectiveness in the process and builds a strong goal-management framework.

How are KPIs Different From OKRs?

Now that you are very well aware of what OKRs and KPIs actually mean, the next question that may come to your mind is, how are they different from each other? Or should they be referred to as similar entities?

While it is true that they do have some similarities, it is also evident that there are considerable differences between both of them.

One of the key differences in the nature of the function. KPIs are usually attainable metrics that signify the output of a process or activity already in place, while OKRs are aggressive and deal with building a roadmap to achieve the set goals. KPIs are more outcome-oriented, whereas, OKRs are concerned with the process as well.

OKRs are developed with a larger vision in mind – a big picture of what your company is actually trying to achieve, while, KIPs, on the other hand, are created with the intention of scaling or improving a certain project, plan or activity. KPIs are clear and specific in nature. OKRs are more general and only go into specifics with Key Results.

Nonetheless, it solely depends on you, whether to use KPIs, OKRs, or both to improve your business performance. If you are looking to enhance the performance of a certain project that's already been established, then KPIs might be a better option. But if you are looking for an overall improvement, then through OKRs you can have an in-depth view of your goals and plan how to reach them.

Are you wondering if you can leverage both to scale performance? Yes, its definitely possible to utilize both, OKRs and KPIs to improve the overall performance of your organization.

How to use KPIs with OKRs?

To answer the question more precisely, it is much easier than you think to seamlessly incorporate OKRs with KPIs. Let’s quickly dive in and understand how they best work together.

Example:

In this case, let’s say your goal is new customer acquisition. Ultimately, this will be your Objective and based on this you can quantify your Key Result as Increase new customer acquisitions by 30% by the end of the quarter.

Now, if you noticed, the KPI is already derived from the above-mentioned KR (Key Result), that is, new customer acquisition. It can be considered as a KPI as it serves the basic purpose of determining the success of your company through new customer acquisition.

Here is the whole OKR and KPI framework of a Customer Success team to help you understand better:

Objective: Streamline Customer Experience

Key Results:

  • Increase customer satisfaction score from 6.5 to 8
  • Increase customer retention rate from 75% to 85%

Hence, here the KPIs will be as follows:

KPIs:

  • Customer Satisfaction Score
  • Customer Retention Rate

Having said that, you may have noticed that the KRs are quantified. However, it is not always essential for KRs to be quantifiable in some cases. Also, we have compiled some best practices that will support you in successfully implementing the OKR and KPI framework and get the most out of it.

  • While establishing OKRs and KPIs, define your target-metrics that reflect your organizational priorities.
  • Link targeted outcomes to well-defined metrics to ensure that everyone is on the same page.
  • Make feedback a consistent practice so as to enable leaders to identify and discuss about the bottlenecks in the process.
  • Abide by the SMART (Specific, Measurable, Aligned, Relevant, and Time-based) principle while developing metrics for KRs or KPIs.
  • Select relevant metrics that you think will be best to assess the performance of your employees.

Final Words

Regardless of whether you use KPIs, OKRs, or both, the bottom line is to measure, improve, and review performance consistently. If you do not set appropriate goals or you set them but fail to review the status at the end of the quarter or year then you are missing the opportunity to learn and improve.

Therefore, make it a priority to implement performance metrics in your organization and you will be able to notice the impact it made on enhancing the performance of your company as a whole.

#contactcenterworld


About Keka HR:
Company LogoKeka HR is an end to end employee experience platform, an HRMS software with features like payroll management, attendance & time tracking, leave management, remote productivity tracking etc.
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Today's Tip of the Day - Connectivity

Read today's tip or listen to it on podcast.

Published: Wednesday, June 24, 2020

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2022 Buyers Guide Computer Telephony Integration

 
1.) 
Premium Listing
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.


2.) 
AMC Technology

DaVinci
DaVinci provides Computer Telephony Integration (CTI) to a library of pre-built applications + UXiPaaS (User Experience Integration Platform as a Service) built specifically for contact centers. As contact center needs evolve, organizations need to have access to extend or create new functionality, without waiting to be a part of a software roadmap. Get the benefits of CTI within your CRM like screen pop, click-to-dial, screen transfer, speed dial and more, but future-proof your contact center so you can expand and integrate how and when you want.

3.) 
ComSys S.A.

CLink for CRM and Call Center Integration
CLink by Comsys is a middleware that connects in real-time the CRM and the contact center applications. CLink enhances the CRM with interaction management capabilities from the contact center that allow agents to work more productively across all communication channels.
Comsys is a provider of οmnichannel customer engagement solutions that assist companies around the world in delivering unique customer experiences. For the last 15 years, Comsys designs and implements complex projects for clients from the outsourcing, financial services, telecommunications, and retail sectors. Comsys enjoys strategic partnerships with technology vendors like Cisco®, Aspect Software®, and Microsoft® for the delivery of innovative interaction management and contact center optimization solutions.

4.) 
Consilium Software

Consilium UniAgent™
Today’s call centers need their agents to work more naturally, and respond better and faster. Here, we talk about the innovations Consilium has made with the latest desktop and mobile agent releases of the UniAgent™ CRM connector. From small enterprises to Fortune 500 companies and governments across 110 countries, UniAgent™ comes into action right at the moment of reckoning, making every contact center experience engaging and personalized, powered by simplified customer identification and anticipating customer needs.
UniAgent™ provides CRM integrations between all the Cisco contact center solutions (UCCX, PCCE, UCCE and HCS-CC) and over 20 CRMs, such as Salesforce, Microsoft Dynamics 365...
(read more)

5.) 
IntraNext Systems

IntraNext Systems develops agent efficiency tools and data security software solutions for medium-to-large contact centers. Our Event Intelligence® Platform solutions include SmartCTI™, iGuard®, and SmartSIP™. SmartSIP is based on our patented SIP layer technology and provides a DTMF masking solution for VoIP environments.

6.) 
Megacall

CRM integration
CRM
We know how important it is for a business to obtain data from its customers and to manage them effectively, so we help small to large companies by integrating their CRM with the Virtual Switchboard.

This type of integration will simplify the work of your team and improve the management performance of the contact list and its information.

7.) 
NovelVox

NovelVox CTI Connector
NextGen Cisco Finesse, Genesys & Avaya Embedded CTI Connectors for Salesforce, Microsoft Dynamics, ServiceNow, Zendesk & more.

8.) 
PhoneIQ

PhoneIQ
What is PhoneIQ?
PhoneIQ is the modern cloud phone system and contact center platform built exclusively for companies on Salesforce. Our all-in-one cloud communications platform brings together power dialing, local presence, voicemail drop, Salesforce call routing, call recording and a complete PBX replacement that lives within your CRM. With support for desktop, mobile, and desk phones, PhoneIQ works seamlessly at the office or remote, logging all interactions in Salesforce and generating reports in real-time.

Best For
Companies using Salesforce and looking for a phone system, dialer, or contact center software that provides deep integration capabilities with their CRM and expert Salesforce support.

9.) 
PRILINK

Easy Contact Center Traffic Analytics (Ec2Traffic)
Prilink Ec2Traffic provides network traffic analytics (NTA) for Internet, SIP Trunk and WebRTC traffic for on-premises and cloud Contact Centers.

Ec2Traffic analyzes network layer 2 to 4, RTP and SRTP packet loss and SIP protocols in real-time from the demarcation point or network edge, generating NTA metadata and requires little telemetry bandwidth.

Ec2Traffic provides:

- Year-round NTA metadata

- Daily CSV files upload to Customer business applications

- Capture packet to Wireshark for Deep Packet Inspection (DPI)

- detect traffic anomalies

- and more ....

10.) 
Teckinfo Solutions Pvt. Ltd.

InterDialog UCCS
InterDialog UCCS - a robust contact/ call center software that helps organizations provide a seamless customer experience across all channels in the customer service journey. All interactions from various channels come to a single unified queue on the InterDialog platform. With unified view agents get to see all historical interactions , enabling him to give a resolution quickly. InterDialog UCCS is a comprehensive Contact/Call Center Software with robust CTI, Unified Q ( ACD), Reporting, Unified Agent Management, Administrator, Supervisor - Monitoring (Pmonitor)
 

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