1 customisable OKR examples for Pay Equity
What are Pay Equity 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.
Formulating strong OKRs can be a complex endeavor, particularly for first-timers. Prioritizing outcomes over projects is crucial when developing your plans.
To aid you in setting your goals, we have compiled a collection of OKR examples customized for Pay Equity. Take a look at the templates below for inspiration and guidance.
If you want to learn more about the framework, you can read our OKR guide online.
Building your own Pay Equity 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 Pay Equity OKRs examples
You'll find below a list of Objectives and Key Results templates for Pay Equity. We also included strategic projects for each template to make it easier to understand the difference between key results and projects.
Hope you'll find this helpful!
1.ย OKRs to improve Compensation Plan
Improve Compensation Plan
Increase employee satisfaction by implementing pay raises based on performance evaluation
Improve cost efficiency by optimizing the compensation plan to decrease overhead expenses
Enhance equity by conducting a thorough analysis to identify any pay disparities among employees
Develop and implement strategies to address identified pay disparities and ensure equal compensation
Collect and analyze salary data to identify any pay disparities among employees
Conduct interviews or surveys to gather feedback on employee perceptions of pay equity
Compare compensation across different job roles to determine if there are significant gaps
Reduce turnover rate by revising the compensation structure to align with market standards
Develop a revised compensation plan that aligns with market standards and addresses employee needs
Review and analyze the company's existing compensation structure
Conduct market research to determine current compensation standards for relevant positions
Communicate the revised compensation structure to employees and seek their feedback and suggestions
Pay Equity 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 ๐
Tip #1: Limit the number of key results
Focus can only be achieve by limiting the number of competing priorities. It is crucial that you take the time to identify where you need to move the needle, and avoid adding business-as-usual activities to your 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
Having good goals is only half the effort. You'll get significant more value from your OKRs if you commit to a weekly check-in process.
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 Pay Equity OKRs in a strategy map
Quarterly OKRs should have weekly updates to get all the benefits from the framework. 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
Most teams should start with a spreadsheet if they're using OKRs for the first time. Then, once you get comfortable you can graduate to a proper OKRs-tracking tool.
![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 Pay Equity OKR templates
We have more templates to help you draft your team goals and OKRs.
OKRs to increase market penetration for DTC products
OKRs to expand content distribution through podcasts or videos
OKRs to enhance customer engagement and satisfaction in the existing client base
OKRs to enhance the efficiency of indirect purchasing
OKRs to improve website's SEO performance and user engagement
OKRs to implement automation in analytic reporting process
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 โ and keep yourself accountable ๐
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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