4 OKR examples for Compensation & Benefits Team
What are Compensation & Benefits Team 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.
Writing good OKRs can be hard, especially if it's your first time doing it. You'll need to center the focus of your plans around outcomes instead of projects.
We have curated a selection of OKR examples specifically for Compensation & Benefits Team to assist you. Feel free to explore the templates below for inspiration in setting your own goals.
If you want to learn more about the framework, you can read more about the OKR meaning online.
Best practices for managing your Compensation & Benefits Team OKRs
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.
Tip #2: Commit to the weekly 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.
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 below). 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.
Building your own Compensation & Benefits Team OKRs with AI
While we have some examples below, it's likely that you'll have specific scenarios that aren't covered here. There are 2 options available to you.
- Use our free OKRs generator
- Use Tability, a complete platform to set and track OKRs and initiatives
- including a GPT-4 powered goal generator
Best way to track your Compensation & Benefits Team OKRs
OKRs without regular progress updates are just KPIs. You'll need to update progress on your OKRs every week to get the full 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
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.
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.
Compensation & Benefits Team OKRs templates
We've covered most of the things that you need to know about setting good OKRs and tracking them effectively. It's now time to give you a series of templates that you can use for inspiration!
You will find in the next section many different Compensation & Benefits Team 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!
OKRs to boost comprehension in compensation sector via webinar and seminar attendance
- Boost comprehension in compensation sector via webinar and seminar attendance
- Apply learnt compensation strategies in two practical projects or simulations
- Attend a minimum of two compensation-related webinars per month
- Register for at least two webinars every month
- Attend and actively participate in the webinars
- Research and find relevant compensation-related webinars to attend
- Participate in at least one compensation-focused seminar or conference
- Attend and engage actively at the event
- Research upcoming compensation-focused seminars or conferences
- Register for a chosen seminar or conference
OKRs to enhance competitiveness in compensation and benefits program
- Enhance competitiveness in compensation and benefits program
- Implement 3 new competitive benefits proposed by employees after survey
- Review employee survey results for new benefit suggestions
- Announce and roll out new benefits to employees
- Develop and cost implementation plan for proposed benefits
- Conduct benchmarking study against 10 industry leading companies in compensation and benefits
- Compare and analyze collected data against our company's system
- Identify 10 industry-leading companies with top compensation/benefits packages
- Gather data on these companies' compensation/benefits
- Achieve 10% decrease in employee turnover tied to compensation issues
- Implement competitive salary matching based on industry standards
- Establish transparent, merit-based pay raises and promotions
- Conduct an internal survey to identify compensation dissatisfaction
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
OKRs to enhance employee satisfaction with total remuneration
- Enhance employee satisfaction with total remuneration
- Reduce employee turnover rate by 5% through competitive salary benchmarking and adjustments
- Achieve a 10% increase in employee participation in the performance-based bonus program
- Implement a feedback mechanism to address concerns and suggestions related to the bonus program
- Enhance communication channels to educate employees about the performance-based bonus program
- Offer incentives for employees who actively engage and participate in the bonus program
- Provide regular updates on performance metrics and achievements to increase employee interest
- Increase usage of flexible benefits by 20% through targeted awareness campaigns
- Develop engaging content and materials highlighting the advantages of flexible benefits
- Utilize multiple communication channels to promote the benefits and increase awareness
- Regularly monitor and analyze the campaign's impact and make necessary adjustments for improvement
- Create a comprehensive targeted awareness campaign strategy for flexible benefits
- Improve the average rating of employee satisfaction surveys on total compensation by 15%
- Regularly evaluate and adjust compensation policies to align with industry standards and employee expectations
- Implement additional benefits or perks to enhance the overall compensation package
- Conduct a comprehensive review of the current total compensation package for employees
- Communicate and educate employees about the various components of their total compensation
More Compensation & Benefits Team OKR templates
We have more templates to help you draft your team goals and OKRs.
OKRs to successfully launch and sell my online course OKRs to successfully launch website version 2 OKRs to develop robust metrics for social media content assessment OKRs to improve indirect purchasing to support HR's talent strategies OKRs to boost the billability rate of employees to 95% OKRs to secure $1 million for the pre-seed funding round
OKRs resources
Here are a list of resources to help you adopt the Objectives and Key Results framework.
- To learn: Complete 2024 OKR cheat sheet
- Blog posts: ODT Blog
- Success metrics: KPIs examples