Goal Setting Framework (OKRs)
Goal Setting Framework (OKRs)
Global Bank uses the Objectives and Key Results (OKR) framework to align individual performance goals with team, divisional, and organisational strategy. OKRs provide clarity, focus, and measurability, ensuring that every employee understands how their work contributes to the bank's strategic priorities.
What Are OKRs?
An OKR consists of two components:
- Objective: A qualitative, aspirational statement of what you want to achieve. Objectives should be ambitious, time-bound, and aligned to your team's or division's strategic goals.
- Key Results: Two to four quantitative, measurable outcomes that indicate whether the Objective has been achieved. Key Results should be specific, verifiable, and scored on a 0–100% scale.
Example
| Component | Example |
|---|---|
| Objective | Improve the client onboarding experience for Corporate Banking clients |
| Key Result 1 | Reduce average onboarding time from 15 business days to 10 business days by Q3 |
| Key Result 2 | Achieve a client satisfaction score of 4.5/5.0 on the post-onboarding survey by Q4 |
| Key Result 3 | Eliminate 100% of manual data entry steps through automation by Q4 |
OKR Cycle
| Phase | Timing | Activity |
|---|---|---|
| Drafting | First 2 weeks of January | Employees draft OKRs in Workday, aligned to team/division OKRs |
| Alignment & Approval | Third week of January | Line manager reviews, provides feedback, and approves OKRs |
| Q1 Check-In | April | Progress review; update Key Result scores; adjust if needed |
| Mid-Year Review | July | Formal mid-year check-in; score Key Results at midpoint |
| Q3 Check-In | October | Progress review; final adjustments before year-end |
| Year-End Scoring | December | Final Key Result scores recorded; input into annual performance review |
How Many OKRs?
- Each employee should set 3 to 5 Objectives per year.
- Each Objective should have 2 to 4 Key Results.
- At least one Objective should relate directly to personal development (e.g., skill acquisition, certification, or leadership growth).
Scoring Key Results
Key Results are scored at year-end on a 0–100% scale:
| Score | Interpretation |
|---|---|
| 90–100% | Fully achieved or exceeded |
| 70–89% | Substantially achieved; strong progress |
| 40–69% | Partially achieved; notable gaps remain |
| 0–39% | Not achieved; significant shortfall |
OKR scores are an important input into the annual performance review but are not the sole determinant of the performance rating. The line manager also considers how the employee demonstrated the Global Bank competencies (Client Focus, Collaboration, Risk Awareness, Innovation, and Integrity).
Best Practices
- Be ambitious: OKRs should stretch you beyond business as usual. Achieving 70% on a truly ambitious OKR is valued more than 100% on an easy target.
- Be specific: Avoid vague Key Results. Use numbers, dates, and percentages.
- Align upwards: Ensure your OKRs support your team's and division's OKRs. Ask your line manager for visibility of higher-level OKRs.
- Review regularly: OKRs are not a set-and-forget exercise. Use the quarterly check-ins to reflect, recalibrate, and seek feedback.
- Make them visible: OKRs in Workday are visible to your line manager and skip-level manager by default, promoting transparency and accountability.
Where to Manage OKRs
All OKRs are managed in Workday under Performance > Goals. The platform supports cascading goals, progress tracking, and commentary. For guidance on using the Workday Goals module, refer to the quick-reference guide on the HR SharePoint site.
For questions about the OKR framework, contact your HR Business Partner or the Talent Management Team at talent@globalbank.com.