Cookie Preference Centre

Your Privacy
Strictly Necessary Cookies
Performance Cookies
Functional Cookies
Targeting Cookies

Your Privacy

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences, your device or used to make the site work as you expect it to. The information does not usually identify you directly, but it can give you a more personalized web experience. You can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, you should know that blocking some types of cookies may impact your experience on the site and the services we are able to offer.

Strictly Necessary Cookies

These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site may not work then.

Cookies used

ContactCenterWorld.com

Performance Cookies

These cookies allow us to count visits and traffic sources, so we can measure and improve the performance of our site. They help us know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies, we will not know when you have visited our site.

Cookies used

Google Analytics

Functional Cookies

These cookies allow the provision of enhance functionality and personalization, such as videos and live chats. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies, then some or all of these functionalities may not function properly.

Cookies used

Twitter

Facebook

LinkedIn

Targeting Cookies

These cookies are set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant ads on other sites. They work by uniquely identifying your browser and device. If you do not allow these cookies, you will not experience our targeted advertising across different websites.

Cookies used

LinkedIn

This site uses cookies and other tracking technologies to assist with navigation and your ability to provide feedback, analyse your use of our products and services, assist with our promotional and marketing efforts, and provide content from third parties

OK

Upcoming Events

How To Get Published on ContactCenterWorld.com

HOW TO CELEBRATE INTERNATIONAL CONTACT CENTER WEEK

WORKFORCE MANAGEMENT

ARTIFICIAL INTELLIGENCE AND TECH SOLUTIONS

How To Enter the 2020 Members' Choice Awards - For Vendors

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.

Ring2 Dashboards & Wallboards Free Trial

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.
Company RSS Feed   Company Profile Page

Today's Tip of the Day - Do You Divert Calls Between Offices?

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

Published: Wednesday, June 24, 2020

Printer Friendly Version Printer friendly version

2020 Buyers Guide Call Routing Optimization

 
1.) 
Eastwind Communications

Eastwind sells Oracle, Ribbon, and Dialogic SBC and routing solutions for both premise-based and cloud-based deployments along with Microsoft Teams integration. Eastwind offers managed service offerings and complete 7x24 support.
PH: 508-862-8600

2.) 
Lieber & Associates

Call Routing and Contact Center Optimization
L&A provides consulting services to optimize contact centers, including call routing, skills-based routing, and multi-location routing. The firm's senior consultants have several decades of experience each in this area and work with all vendors' systems. L&A's president pioneered skills-based routing.
PH: +1-773-325-0608
 
Submit Event

Upcoming Events

15th annual Best Practice Conference - this is the contact center world's most highly rated event - a whopping 100% of delegates say they would recommend it!

100's of best practice tips and ideas from contact center professionals Read More...
 7
 8072 
Share

Survey - Online Event

Latest Americas Newsletter
both ids empty
session userid =
session UserTempID =
session adminlevel =
session blnTempHelpChatShow =
CMS =
session cookie set = True
session page-view-total =
session page-view-total =
applicaiton blnAwardsClosed =
session blnCompletedAwardInterestPopup =
session blnCheckNewsletterInterestPopup =
session blnCompletedNewsletterInterestPopup =