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The implementation of OKRs (Objectives and Key Results) and continuous performance management has significantly impacted Fortune 500 companies like Adobe. Adobe, for instance, found that annual reviews were costing the company 80,000 manager hours a year. In 2012, they dropped them in favor of continuous performance management. This system, combined with the quarterly goals and built-in tracking of OKRs, uses conversations, feedback, and recognition to lift everyone's achievement. This shift has allowed companies to be more agile, responsive, and efficient in their performance management.
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Continuous performance management is slowly taking the place of the annual review in HR systems. Ten percent of Fortune 500 companies have ditched the annual review. Adobe discovered that annual reviews were costing the company 80,000 manager hours a year and in 2012 dropped them in favor of continuous performance management. This is the younger sibling of OKRs; combined with the quarterly goals and built-in tracking of OKRs it uses conversations, feedback, and recognition to lift everyone's achievement.
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Expounding upon our recent Objectives & Key Results presentation, we bring you more insights on how OKR has helped world-renowned corporations and org...
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