Criminals are always searching for new ways to breach digital systems. Exploits can generally be eliminated by patching them out of existence. However, in reality, old attacks persist because systems are not patched fast and thoroughly enough. With so much at stake, why do companies fail to close these gaps?
Setting shared goals
Most businesses have a process to set a strategy and annual shared goals. They also had a way to communicate those goals, printing it out on aesthetically designed posters that feature on office walls. At least they had, pre-2020.
When the pandemic hit, there was a general sentiment of ‘leave the strategy; we just want to make it through the next year’. That’s all good and well and probably the right call, but it leaves a business in a very awkward state of limbo three years later.
The difficulty with sharing
The challenge with shared goals is communication. A group of people need to be rowing in the same direction. Grammarly, a company purely focused on communication, estimates that as much as 86% of workplace failures can be avoided by improving team communication, and the challenge has been exacerbated through a remote-working environment. Communication is much less organic – no water-cooler talk, learning opportunities over a quick coffee or overhearing a conversation.
Even more so with strategic goals. Strategy usually brings about a change in the business, and changes need to be overcommunicated. Companies need to constantly talk about the rationale and implications, alleviating the fears and accentuating the benefits to create buy-in and ownership. It’s not easy and hasn’t become easier over the past three years.
An old solution to a new problem
Many technology companies have operated in a remote and hybrid environment for years. And companies such as Google and Intel have used a methodology called OKRs (objectives and key results) to drive goal-setting and strategy execution for almost as many years. In brief, the methodology sets goals for the organisation linked to the strategy and rolls them into the organisation, essentially setting goals for each team in the company. Here are some reasons why it works and the benefits for a hybrid environment.
Alignment
There are two areas where companies see the benefits. First, because goals at every level in the organisation are available, teams can see what other teams are working on, and teams can see where the company is going, creating strategic alignment. Second, a single formalised methodology is used across the organisation, creating alignment in language.
Urgency
Strategy creates a long-term view – the OKR methodology creates short-term goals for long-term ambition. In this way, a sense of urgency is created. This urgency is more necessary in a hybrid environment because the workforce isn’t physically in the office. They can’t feel that ’buzz’, the unspoken words, the energy in the office when significant changes arise.
Clarity
Central to the OKR methodology is how goals are articulated. Simply put, it articulates the business value (the outcome being achieved) and not the inputs or tasks. In this way, it creates clarity about what the result will look like. Many years ago, Steve Jobs believed companies should hire smart people, agree on the desired result, and let people figure out how to do it. OKRs enable a mission-command management approach that empowers employees and decentralises decision-making.
Successes
In a remote environment, teams spend less time on informal interactions with colleagues. The implication is that fewer bridges between colleagues are formed, and fewer bridges are strengthened. Within OKRs, there is typically a quarterly cycle where successes are celebrated, and stories are told. These celebrations don’t replace the typical social and informal interactions required but go a long way to build some of those missing bridges.
Iteration
Lastly, the OKR methodology is an ongoing discipline of execution. Tasks are planned regularly (usually weekly or fortnightly) and every quarter, the strategy is considered, and goals are set for the next quarter. In a changing and uncertain environment, it’s crucial to ensure the direction remains relevant.
Consider what leading tech companies have been doing for decades
Businesses have changed, but the change hasn’t been over the past three years only. It’s simply been accentuated and accelerated through what we’ve experienced during the past three years. Our management methodologies need to follow suit – how we formulate strategy, set goals and lead people. Luckily, we can learn from companies that have successfully transitioned into a new operating environment, balancing the complexities of executing strategic initiatives and managing a hybrid workforce.
AUTHOR
Paul Barker, FFA (Institute and Faculty of Actuaries), is the Head Coach at The OKR Group, which specialises in goal management and project management services
