2 customisable OKR examples for Compensation Strategy
What are Compensation Strategy 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 Strategy 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 our OKR guide online.
Building your own Compensation Strategy 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.
Our customisable Compensation Strategy OKRs examples
You will find in the next section many different Compensation Strategy 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 effectiveness as a Compensation & Benefits Specialist in team activities
- Enhance effectiveness as a Compensation & Benefits Specialist in team activities
- Improve team communication by conducting and documenting 2 effective team meetings per week
- Conduct structured, goal-oriented team meetings
- Document and distribute meeting minutes post-meet
- Schedule two weekly team meetings in the calendar
- Deliver 100% of benefit reports accurately and on-time for all team activities
- Regularly review and verify accuracy of benefit reports
- Implement strict deadlines for benefit report submissions
- Establish a reliable system for tracking and logging benefit activities
- Develop and implement one new beneficial compensation strategy by end of the quarter
- Research various successful compensation strategies in similar industries
- Implement the strategy within company and gauge its effectiveness
- Design a new compensation strategy based on these findings
2. OKRs to develop a fair, competitive salary, benefits and housing strategy
- Develop a fair, competitive salary, benefits and housing strategy
- Establish a housing assistance program for the 50% lowest paid employees
- Identify the 50% lowest paid employees
- Determine housing assistance budget availability
- Develop a robust housing assistance program
- Implement adjustments ensuring 95% of employees perceive their salary as equitable
- Conduct anonymous survey to gauge current salary satisfaction levels
- Implement salary adjustments based on survey and market analysis
- Analyze market rates for equivalent roles and experience
- Benchmark salaries and benefits against similar roles in a market analysis
- Identify similar roles in the market for comparison
- Research and compile salary data for these roles
- Compare benefit packages offered for each role
Compensation Strategy 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.
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.
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 Compensation Strategy 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
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.
More Compensation Strategy OKR templates
We have more templates to help you draft your team goals and OKRs.
OKRs to develop a voice-of-the-customer program OKRs to optimize and excel as an innovative agile team OKRs to successfully scale up our sales pipeline OKRs to strengthen sales representatives' client relationships OKRs to achieve successful completion of "testtest" project OKRs to enhance effectiveness of AD and email administration
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
What's next? Try Tability's goal-setting AI
You can create an iterate on your OKRs using Tability's unique goal-setting AI.
Watch the demo below, then hop on the platform for a free trial.