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What are Compensation 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 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 our OKR guide online.
The best tools for writing perfect Compensation Team OKRs
Here are 2 tools that can help you draft your OKRs in no time.
Tability AI: to generate OKRs based on a prompt
Tability AI allows you to describe your goals in a prompt, and generate a fully editable OKR template in seconds.
- 1. Create a Tability account
- 2. Click on the Generate goals using AI
- 3. Describe your goals in a prompt
- 4. Get your fully editable OKR template
- 5. Publish to start tracking progress and get automated OKR dashboards
Watch the video below to see it in action 👇
Tability Feedback: to improve existing OKRs
You can use Tability's AI feedback to improve your OKRs if you already have existing goals.
- 1. Create your Tability account
- 2. Add your existing OKRs (you can import them from a spreadsheet)
- 3. Click on Generate analysis
- 4. Review the suggestions and decide to accept or dismiss them
- 5. Publish to start tracking progress and get automated OKR dashboards
Tability will scan your OKRs and offer different suggestions to improve them. This can range from a small rewrite of a statement to make it clearer to a complete rewrite of the entire OKR.
Compensation Team OKRs examples
You will find in the next section many different Compensation 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 enhance effectiveness as a Compensation & Benefits Specialist in team activities
ObjectiveEnhance effectiveness as a Compensation & Benefits Specialist in team activities
KRImprove 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
- KRDeliver 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
- KRDevelop 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
OKRs to boost comprehension in compensation sector via webinar and seminar attendance
- ObjectiveBoost comprehension in compensation sector via webinar and seminar attendance
- KRApply learnt compensation strategies in two practical projects or simulations
- KRAttend 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
- KRParticipate 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 employee satisfaction with total remuneration
- ObjectiveEnhance employee satisfaction with total remuneration
- KRReduce employee turnover rate by 5% through competitive salary benchmarking and adjustments
- KRAchieve 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
- KRIncrease 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
- KRImprove 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
OKRs to improve Compensation Plan
- ObjectiveImprove Compensation Plan
- KRIncrease employee satisfaction by implementing pay raises based on performance evaluation
- KRImprove cost efficiency by optimizing the compensation plan to decrease overhead expenses
- KREnhance 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
- KRReduce 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 through competitive compensation and benefits
- ObjectiveEnhance employee satisfaction through competitive compensation and benefits
- KRImplement 3 new benefits programs focused on work-life balance
- Submit proposals for manager approval
- Research best practices for work-life balance benefits programs
- Create draft proposals for three new programs
- KRCreate 2 incentive schemes promoting professional growth and skill development
- KRAchieve a 10% increase in overall employee compensation
- Assess current compensation rates against industry standards
- Allocate increased budget for employee salaries
- Implement an effective performance-based reward system
OKRs to enhance competitiveness in compensation and benefits program
- ObjectiveEnhance competitiveness in compensation and benefits program
- KRImplement 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
- KRConduct 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
- KRAchieve 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 drive employee engagement through effective Compensation & Benefits strategies
- ObjectiveDrive employee engagement through effective Compensation & Benefits strategies
- KRReduce benefits-related inquiries by 20% through improving benefits communication
- Develop clear, comprehensive benefits documentation for employees
- Create a dedicated benefits FAQ section on internal portal
- Implement regular awareness sessions regarding benefits
- KRImplement a reward system leading to 15% more positive employee feedback
- Identify what truly motivates employees for suitable rewards
- Implement and communicate the new reward system companywide
- Create a clear, attainable, reward-based performance metric
- KRIncrease participation in compensation surveys by 25%
- Provide incentives for completing the survey
- Develop engaging marketing materials to promote compensation surveys
- Simplify the process to fill out surveys
OKRs to develop a superior compensation and benefits package within budget constraints
- ObjectiveDevelop a superior compensation and benefits package within budget constraints
- KRIncrease overall employee satisfaction with compensation and benefits by 15%
- Conduct employee surveys to assess satisfaction with current compensation
- Implement a comprehensive, revised compensation plan
- Research competitive benefits in similar industries
- KRNegotiate with existing benefit providers for a 5% reduction in expenses
- Identify all costs associated with current benefit providers
- Develop cost-cutting strategies and proposals
- Engage benefit providers in renegotiation discussions
- KRIdentify and implement cost-saving measures to fund improved benefits by 10%
- Analyze current expenses to identify potential areas for cost reduction
- Allocate saved funds to improve benefits by 10%
- Develop and enforce a cost-saving plan based on the analysis
Compensation Team OKR best practices
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.
Save hours with automated OKR dashboards
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 Tability to save time with automated OKR dashboards, data connectors, and actionable insights.
How to get Tability dashboards:
- 1. Create a Tability account
- 2. Use the importers to add your OKRs (works with any spreadsheet or doc)
- 3. Publish your OKR plan
That's it! Tability will instantly get access to 10+ dashboards to monitor progress, visualise trends, and identify risks early.
More Compensation Team OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to develop comprehensive USB chip for government use
- OKRs to improve customer satisfaction
- OKRs to establish monthly brown bag/office hours with IT
- OKRs to enhance security operation centre's monitoring tools
- OKRs to land and expand through product stickiness
- OKRs to streamline the issuance of agricultural licenses