In the ever-evolving world of strategy execution, businesses are constantly seeking effective tools and techniques to drive results. However, according to Harvard Business Review, “Many strategy execution processes fail because the firm does not have something worth executing.”

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This is why frameworks such as OKRs (Objectives and Key Results) have gained momentum in recent years. OKRs have been adopted by multiple high-growth companies for structured strategy execution. Forbes states that:

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“Objectives and Key Results provide a framework for businesses to execute and achieve their desired strategies through simple, collaborative goal setting. OKRs have helped many organizations, including Google, successfully establish priorities, create internal alignment, increase accountability and reach their objectives.”

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While OKRs have gained popularity, their impact on efficiency is still being evaluated. Though many organizations have reported impressive results, the rise of newer performance management and goal setting frameworks begs the question:

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Is the OKR wave cresting towards transformation, or crashing towards a disillusioned shore?

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The State of OKRs - Strategy Execution Survey Report 2023-24 conducted by Fitbots OKRs sheds light on the latest trends, challenges, and opportunities surrounding OKRs. Based on extensive research and insights from over 3,200 industry experts, this report provides a comprehensive analysis of how companies are implementing and utilizing OKRs to drive strategic outcomes. 

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Overview of the Strategy Execution Survey Report and Key Findings

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The 'State of OKRs - Strategy Execution Survey Report 2023-24' is a comprehensive analysis of the current state of OKRs in organizations across various industries and sizes. The report is based on a survey conducted among a diverse range of companies and includes insights from experienced strategy and OKR practitioners.

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This research investigates the relationship between OKRs and their effectiveness in strategy execution and goal setting. It also explores the impact of OKRs on employee engagement, workplace culture, and alignment to strategic priorities.

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Beyond the numbers, the State of OKRs Report offers critical examination of questions that resonate deeply within the OKR community:

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• What measurable changes take place after OKRs are introduced? 
• What benefits do organizations and teams experience with correct OKR implementation?
• What is the future of OKRs?

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Key Findings of the Strategy Execution Survey Report

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The results of this survey highlighted a remarkable surge in transparency and alignment with company goals after OKRs were introduced. It was found that 89% of respondents recommend OKRs for strategy execution. Here are some of the findings on what has changed after OKRs were introduced:

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• 84% of respondents strongly align to company’s strategy with OKRs
• 84% of the respondents believe that OKRs lead to a positive change in organizational culture and dynamics
• Transparency, communication, accountability, and alignment saw a significant increase after OKR adoption

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The image below provides a quick overview of the impact of OKRs on strategy execution.

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The ROI of Implementing OKRs

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According to research from Bridges Business Consultancy, 48% of organizations fail to reach at least half of their strategic targets, and just 7% of business leaders believe their organizations are excellent at strategy implementation.

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Frameworks such as OKRs are known for massive ROI, with the constraint that OKRs require commitment. OKR Champions and sponsors are the backbone of successful OKR implementation. 

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Smitha Ram, the Co-founder and CEO of Rang De, offers advice to fellow founders considering the adoption of OKRs:

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“You can’t sprint the marathon. You can’t run OKRs for two months and expect some magic to happen. Let it be there, let the team members absorb it, let everyone see the impact that it has brought about, and then move forward. As founders, we are always in a hurry to see results. Give yourself and your team the time to absorb it, and you will see magic at the end of it.”

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What advantages do OKRs bring at different levels of maturity?

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OKRs bring diverse advantages at different stages of maturity within an organization. The industry-best practice is to attempt OKRs for a minimum of 90 days, then tweak the framework according to the organization’s culture requirements and integrate learnings from the first attempt into the second run. 

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Aditya Singh, Head of IBD at Titan Company, highlights the importance of taking learnings into the second OKR cycle in the Goal Getters podcast with Vidya Santhanam, CEO of Fitbots:

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“One of our learnings from the first cycle is that sometimes the results were being achieved, but the underlying milestones were not moving. So those results were being achieved, whether or not we completed the specific action that we had planned to take. We had to actually refrain from picking up such Key Results. So we learned the point of choosing the right metrics, and defining the milestones that actually contribute towards the achievement of those Key Results, that's critical. And we are still very happy and in the sense of the first days, even if some things were not right, it gave us a lot of learning. And all those learnings have been put into the second sprint, which we are having now."

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These insights are supported by the results of the State of OKRs - Strategy Execution Survey Report 2023-24. 

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In the initial phases of the OKR cycle, the ROI is shown with the following changes:

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• Clarity in business outcomes, which are understood by both teams and stakeholders
• Alignment to the mission, vision and purpose throughout the organization
• Clear goals and shared expectations/dependencies increasing teamwork and collaboration 
• Clarity of how daily activities contribute to the big-picture company growth
• Autonomy and ownership within teams to lead their contributions to company strategy

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As an organization progresses in its OKR maturity, additional benefits come to the forefront:

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• Team members within the company take the initiative to guide OKR achievement
• Shortened feedback loops with customers and stakeholders
• Development of cross-functional teams with active business involvement
• Regular retrospection of progress and implementation of improvement plans by cross-functional teams
• Enhancement in predictability of the achievement of organizational strategy

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To learn more about the various benefits that OKRs have brought to organizations across sizes and industries, see our Goal Getters podcast series.

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Hidden Gems of the Survey Report

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Fitbots OKRs recognizes that as businesses navigate the complexities of goal-setting and strategic alignment, understanding the consequences of adopting OKRs is pivotal. This report meticulously analyzes the post-introduction impact, emphasizing a remarkable surge in transparency and alignment with company goals witnessed across industries. Alongside the survey results, the report includes methods to successfully implement OKRs in any organization.

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Advice from Experts and Best Practices for OKR Achievement

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The survey report features expert advice and best practices from practitioners who have effectively implemented and utilized OKRs to drive strategic outcomes. These experts have championed OKRs and provide valuable insights and best practices for organizations looking to adopt OKRs or improve their current OKR practices.

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Click here to download the full report and find insights on the role of OKRs in the future of strategy execution.

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About Fitbots

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Fitbots is the leading AI-assisted strategy execution and performance management platform focused on enabling organizations to achieve their strategic goals with OKRs and our advisory services. We help teams in mid-large enterprises set aligned goals, receive actionable insights on week-on-week outcome progress, and maintain a culture of continuous feedback, appreciation, and conversations. Our technology-enabled approach has enabled companies to increase the achievement of strategic goals by 90%.

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With over 50,000 OKR goals crafted and sustained on our platform, and over 650 certified strategy execution and OKR practitioners as part of our network, we are the leading platform in the space of technology-driven strategy execution. 

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With Fitbots, your teams can achieve 10 times more by setting and tracking the right outcome metrics, save an average of 450 hours each quarter on report-making and clumsy powerpoints, and increase transparency by 100%. We have consistently rated and reviewed as a High Performer on G2 and are the proud recipients of multiple G2 badges.

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About the Author

Bani is an OKR enthusiast who anchors content and marketing at Fitbots OKRs. She loves spreading the love of OKRs to enrich workplaces and collaborating to create engaging content for her readers.