12 customisable OKR examples for Finance Department
What are Finance Department OKRs?
The Objective and Key Results (OKR) framework is a simple goal-setting methodology that was introduced at Intel by Andy Grove in the 70s. It became popular after John Doerr introduced it to Google in the 90s, and it's now used by teams of all sizes to set and track ambitious goals at scale.
Crafting effective OKRs can be challenging, particularly for beginners. Emphasizing outcomes rather than projects should be the core of your planning.
We've tailored a list of OKRs examples for Finance Department to help you. You can look at any of the templates below to get some inspiration for your own goals.
If you want to learn more about the framework, you can read our OKR guide online.
Building your own Finance Department OKRs with AI
While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI generator below or our more complete goal-setting system to generate your own OKRs.
Feel free to explore our tools:
- Use our free OKR generator
- Use Tability, a complete platform to set and track OKRs and initiatives, including a GPT-4 powered goal generator
Our customisable Finance Department OKRs examples
You will find in the next section many different Finance Department Objectives and Key Results. We've included strategic initiatives in our templates to give you a better idea of the different between the key results (how we measure progress), and the initiatives (what we do to achieve the results).
Hope you'll find this helpful!
1. OKRs to enhance leadership skills in the finance department
Enhance leadership skills in the finance department
Achieve a 20% increase in leadership competency scores in finance team evaluations
Implement regular feedback sessions to identify improvements
Arrange weekly leadership development workshops for the finance team
Incorporate mentorship programs with experienced leaders
Implement a weekly finance-focused leadership workshop for potential leaders
Schedule a consistent time for the weekly meetings
Invite potential leaders to participate in workshops
Identify relevant finance topics for weekly workshops
Identify and mentor 3 high-potential employees for leadership roles
Begin one-on-one mentoring sessions regularly
Identify three employees showing leadership potential
Develop personalized mentorship plans for each
2. OKRs to enhance finance department's risk management initiatives
Enhance finance department's risk management initiatives
Implement a comprehensive risk monitoring system by end of quarter
Select appropriate risk monitoring software
Train staff on system usage and reporting
Identify key risk factors for ongoing review
Achieve a 20% increase in risk management staff competency through targeted training programs
Develop targeted training programs addressing identified skill gaps
Implement training programs and assess staff competency improvements
Identify specific areas requiring competency improvement in risk management staff
Reduce operational errors by 25% through improved controls and processes
Evaluate and upgrade existing tools and systems
Implement stricter quality control measures
Conduct regular staff training on operational procedures
3. OKRs to enhance risk management in the finance department
Enhance risk management in the finance department
Decrease risk-related financial losses by 15%
Strengthen internal audit procedures
Provide staff training on risk management
Implement regular financial risk assessment strategies
Develop and train staff on 3 new risk mitigation strategies
Identify and outline 3 new risk mitigation strategies
Prepare a comprehensive training program around these strategies
Schedule and conduct training sessions for staff
Implement risk assessment tools to identify 20% more financial risks
Choose appropriate risk assessment tools
Train staff on proper tool usage
Monitor and measure effectiveness regularly
4. OKRs to reinforce innovation within the finance department operations
Reinforce innovation within the finance department operations
Implement 2 process improvement technologies enhancing efficiency by 25%
Research the best technologies for enhancing processes
Identify areas that need improvement for better efficiency
Implement selected technologies and monitor results
Achieve a 15% increase in departmental productivity from continuous improvement initiatives
Launch team-building exercises for improved collaboration
Implement workflow software to optimize daily operations
Conduct regular employee training sessions
Conduct 5 innovative idea sharing workshops leading to 10 actionable strategies
Identify topics and structure for 5 idea sharing workshops
Plan and conduct each workshop targeting innovative idea generation
Select and finalized 10 actionable strategies from generated ideas
5. OKRs to optimize IT costs by reducing expenses by 20%
Reduce IT expenses by 20%
Analyze previous quarter expenses and identify areas for cost reduction
Determine cost-saving opportunities
Identify spending patterns
Review expenses
Implement cost reduction measures
Educate employees on cost-saving practices and enforce IT policies
Regularly remind staff of cost-cutting policies
Contain training sessions for IT policy adoption
Monitor employee compliance with IT policies and address non-compliance
Hold information sessions about cost-saving practices
Negotiate with vendors for better pricing
Research vendor's competitors and their rates
Highlight your previous purchasing history with them
Offer to sign a long-term contract for a discount
Ask for a volume discount based on the forecasted quantity
Implement solutions and track savings
Identify opportunities for cost reduction
Implement cost-saving solutions
Track and report realized savings
Prioritize solutions based on potential savings
6. OKRs to ensure compliance and adaptability of Finance department for long-term success
Ensure compliance and adaptability of Finance department for long-term success
Identify and prioritize areas for automation and digitization within the Finance department
Implement updated financial policies and procedures to meet regulatory requirements
Revise and update financial policies and procedures to align with regulatory standards
Conduct a comprehensive review of existing financial policies and procedures
Identify gaps between existing policies and regulatory requirements
Communicate and train employees on the updated financial policies and procedures
Train all Finance department staff on new compliance protocols and best practices
Schedule a training session for all Finance department staff
Conduct role-playing exercises to practice implementing the best practices
Assess the knowledge and understanding of staff through a post-training evaluation
Develop training materials and resources for the new compliance protocols
Develop a roadmap for integrating emerging technologies to future-proof Finance operations
7. OKRs to bolster Finance Department's role in Corporate Social Responsibility (CSR) drives
Bolster Finance Department's role in Corporate Social Responsibility (CSR) drives
Implement a department-led CSR training program for 90% staff participation
Schedule and execute department-wide training sessions
Develop engaging, comprehensive training materials
Identify department leaders to oversee the CSR training program
Reduce paper usage in the finance department by 30% through digitization
Implement a digital document management system
Train staff on digital record-keeping methods
Replace paper invoices with e-billing systems
Allocate 15% of department fund towards supporting local charity organizations
Distribute calculated amount among local charities
Determine total amount of department fund
Calculate 15% of the total fund
8. OKRs to establish robust financial structure for sustainability and growth
Establish robust financial structure for sustainability and growth
Increase organizational revenue by 20% through new client acquisition
Implement effective marketing strategies to attract potential clients
Train sales team on techniques for successful client acquisition
Enhance product or service offerings to broaden appeal
Implement a new budgeting system accounting for all departments
Create a standardized budgeting template
Identify necessary expenses for each department
Distribute and train departments on the new system
Reduce operational cost by 15% through streamlining processes
Implement lean strategies to optimize efficiency
Automate routine procedures to save manpower
Identify redundant tasks and merge them effectively
9. OKRs to enhance financial operations for continuous improvement
Enhance financial operations for continuous improvement
Minimize financial waste by identifying and reducing unnecessary expenses by 5%
Implement strategies to cut identified expenses by 5%
Identify non-essential expenses across all categories
Analyze all financial statements for last one year
Implement at least two efficiency-improving process changes in the finance department
Research industry standards for efficient practices
Introduce technology to automate financial processes
Identify inefficiencies in current financial operations
Increase quarterly profits by at least 10%
Implement cost-saving measures throughout all departments
Develop and execute an aggressive sales strategy
Expand product or service offerings to generate revenue
10. OKRs to develop and implement an impactful spending proposal
Develop and implement an impactful spending proposal
Obtain approval for the final spending proposal from all necessary department heads
Collect approval signatures from every department head
Arrange a meeting to present and discuss the proposal
Draft final spending proposal for department heads' review
Research and benchmark 3 successful spending proposals from like companies
Obtain and analyze these companies' spending proposals
Identify three similar companies with successful spending proposals
Record findings and draw parallels to inform our proposal
Assemble a comprehensive draft proposal with at least 30 operational line items
Create a list of minimum 30 operational line items
Include those operational line items in the draft
Write a comprehensive draft proposal
11. OKRs to boost customer loyalty and satisfaction in finance department
Boost customer loyalty and satisfaction in finance department
Improve retention of high-value customers by 10%
Develop loyalty programs offering exclusive benefits to high-value customers
Provide regular personalized communication and top-tier customer service
Implement feedback sessions to understand and address their specific needs
Increase our customer satisfaction survey results by 20%
Enhance customer service training for better client interaction
Introduce loyalty programs or customer rewards
Implement customer feedback for improved product/service quality
Decrease customer complaint cases by 15%
Implement improved product/service quality checks
Introduce more effective communication systems for customers
Develop customer complaint response training for staff
12. OKRs to successfully finish financial statement within the required timeline
Successfully finish financial statement within the required timeline
Finalize and review financial statement for completion by the fifth working day
Compile all necessary financial data
Draft the financial statement
Review and finalize the financial statement
Accumulate all necessary financial data within the first 2 working days
Gather data from online financial systems and reports
Compile and organize all collected data
Identify required financial data and relevant sources
Draft preliminary financial statement by the third working day
Review and finalize the draft by the third working day
Begin creating a draft of the financial statement
Gather all necessary financial documents and data
Finance Department OKR best practices to boost success
Generally speaking, your objectives should be ambitious yet achievable, and your key results should be measurable and time-bound (using the SMART framework can be helpful). It is also recommended to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.
Here are a couple of best practices extracted from our OKR implementation guide 👇
Tip #1: Limit the number of key results
The #1 role of OKRs is to help you and your team focus on what really matters. Business-as-usual activities will still be happening, but you do not need to track your entire roadmap in the OKRs.
We recommend having 3-4 objectives, and 3-4 key results per objective. A platform like Tability can run audits on your data to help you identify the plans that have too many goals.
![Tability Insights Dashboard](https://tability-templates-v2.vercel.app/_next/static/media/tability-insights-board.e70f9466.png)
Tip #2: Commit to weekly OKR check-ins
Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to get the full value of your OKRs and make your strategy agile – otherwise this is nothing more than a reporting exercise.
Being able to see trends for your key results will also keep yourself honest.
![Tability Insights Dashboard](https://tability-templates-v2.vercel.app/_next/static/media/checkins-graph.b2aec458.png)
Tip #3: No more than 2 yellow statuses in a row
Yes, this is another tip for goal-tracking instead of goal-setting (but you'll get plenty of OKR examples above). But, once you have your goals defined, it will be your ability to keep the right sense of urgency that will make the difference.
As a rule of thumb, it's best to avoid having more than 2 yellow/at risk statuses in a row.
Make a call on the 3rd update. You should be either back on track, or off track. This sounds harsh but it's the best way to signal risks early enough to fix things.
How to turn your Finance Department OKRs in a strategy map
The rules of OKRs are simple. Quarterly OKRs should be tracked weekly, and yearly OKRs should be tracked monthly. Reviewing progress periodically has several advantages:
- It brings the goals back to the top of the mind
- It will highlight poorly set OKRs
- It will surface execution risks
- It improves transparency and accountability
We recommend using a spreadsheet for your first OKRs cycle. You'll need to get familiar with the scoring and tracking first. Then, you can scale your OKRs process by using a proper OKR-tracking tool for it.
![A strategy map in Tability](https://tability-templates-v2.vercel.app/_next/static/media/tability_strategy_map.2ad25843.png)
If you're not yet set on a tool, you can check out the 5 best OKR tracking templates guide to find the best way to monitor progress during the quarter.
More Finance Department OKR templates
We have more templates to help you draft your team goals and OKRs.
OKRs to enhance application design by solution architect review
OKRs to enhance IT service delivery with 30% faster response time
OKRs to to enhance customer satisfaction, effort score, and net promoter score
OKRs to enhance performance of clients' paid campaigns
OKRs to establish robust connections to the Database via Pgadmin
OKRs to achieve complete precision in delivering print instructions
OKRs resources
Here are a list of resources to help you adopt the Objectives and Key Results framework.
- To learn: What is the meaning of OKRs
- Blog posts: ODT Blog
- Success metrics: KPIs examples
Create more examples in our app
You can use Tability to create OKRs with AI – and keep yourself accountable 👀
Tability is a unique goal-tracking platform built to save hours at work and help teams stay on top of their goals.
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