As budgets tighten on college campuses nationwide, institutional leaders are looking for new and innovative solutions to become more efficient in their processes and spending. Their best bet, though, may be utilizing a proven methodology pioneered decades ago in Silicon Valley.
We’re talking about OKRs, or more formally, Objectives & Key Results. In a nutshell, OKRs are a framework that organizations like Intel, Google and Amazon have used since the 1970s to define, coordinate and realize even the most ambitious goals.
At MARKETview, we’re using OKRs to expand higher ed’s only real-time data set and deliver outsized outcomes for our partners. Here’s a quick look at how OKRs ensure all levels of an organization are aligned in pursuit of a common goal.
Other Hallmarks of the OKR Philosophy
Begin With the End in Mind: Clearly and specifically define what you ultimately want to achieve. In support of that goal, a common strategy is to have 2-3 Objectives, each with 3-5 Key Results.
Set Ambitious Goals: The principle here is that aspirational goals are more inspiring than objectives that are within reach. Because of this, OKRs are typically considered “achieved” when at least 70% progress is made.
Track and Measure Meticulously: Continuously assessing progress throughout the process allows for strategic adjustments along the way. And, in place of “5-Year Plans,” overall duration should be short – often on a quarterly or annual timeframe.
Rally Around a Common Purpose: By uniting the entire workforce, organizations (including colleges and universities) can get the most of their financial and human resources, which greatly increases their odds of success.
Want to learn more about OKRs?
If you’re an enrollment professional wondering if OKRs are right for you, check out MARKETview’s eBook: A Measured Approach to Achieving Ambitious Enrollment Goals. You’ll also discover how we’re constantly pushing ourselves to support our partners in reaching their most meaningful objectives!
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How MARKETview Can Replicate the OKR Framework at Your Institution
We start with your institutional goals in mind, mirroring the OKR framework beginning with “Objectives” at the top. Using our proprietary, real-time comparative data set, MARKETview identifies the specific opportunities for improvement that matter most to your goals (we call them Critical Elements). Think of these as the “Key Results” that ladder up to support your top line objectives.
MARKETview takes the tracking aspect of OKRs even further by constantly monitoring the progress of your goals as well as alerting you if you’re falling behind and need to pivot.
These factors all come together to ensure institutional alignment toward reaching your objectives. Just like OKRs, MARKETview doesn’t force you to overhaul the work your staff is doing — it enables you to point your efforts in the right direction to achieve your goals more efficiently.
Book a demo with our team to see how MARKETview’s real-time data can keep you in the know throughout the enrollment cycle on the student populations that matter most to your goals.