Kiwibank’s growth strategy and changing markets prompted the implementation of OKRs to align teams on strategic pillars and achieve their best financial results yet!
Due to its expansion strategy and the changing nature of the market, Kiwibank realized the need to improve performance and alignment within the business. Objectives and Key Results (OKRs) were implemented by Kiwibank in order to meet their financial objectives and align teams around key strategic pillars. With the use of the OKR framework, companies can set challenging goals and monitor quantifiable outcomes. Here’s how Kiwibank leveraged OKRs to enhance performance and alignment:
- Setting Specific Goals: Kiwibank began by establishing specific and ambitious goals aligned with its growth strategy. These goals were created to promote development and take care of the bank’s top priority. For instance, plans can boost client satisfaction, increase market share, boost productivity, or introduce new digital banking services.
- Defining Key Results: Following establishing the objectives, Kiwibank chose several key outcomes that would signify the achievement of those goals. Key outcomes are quantifiable, time-bound outcomes that aid in performance tracking. They offer a concrete means to gauge development and guarantee team alignment. Metrics like revenue growth, customer acquisition rates, cost reduction targets, or customer satisfaction scores are important outcomes.
- Cascading Objectives and Key Results: Kiwibank distributed the organization’s objectives and key results. This required coordinating the objectives of all levels of management with those of specific teams and employees. The organizational levels each established their OKRs that aided in achieving the higher-level goals. This helped the bank succeed overall by ensuring that everyone was working toward the same broad objectives.
- Regular Check-ins and Progress Tracking: Kiwibank established a regular check-in schedule to monitor OKR progress. This made it possible for groups and individuals to keep track of their progress and make the required corrections. By regularly assessing progress, Kiwibank could spot any inconsistencies, difficulties, or areas for growth. These check-ins promoted an environment of openness, cooperation, and accountability.
- Putting an Emphasis on Learning and Adaptation: Kiwibank was given a framework for learning and adaptation through OKRs. Teams might analyze the underlying causes if they were running behind schedule and revise their methods as necessary. This made it possible to make quick decisions and concentrate on ongoing development. The growth mentality that Kiwibank promoted allowed teams to learn from both achievements and setbacks.
- Recognition and Rewards: Kiwibank honored and paid tribute to the groups and people who exceeded their OKRs. Celebrating success boosted self-confidence and inspired workers to deliver their best work. By connecting rewards and recognition to OKR accomplishments, Kiwibank emphasized the significance of coordinating efforts with strategic objectives.
Overall, leveraging OKRs enabled Kiwibank to enhance performance and alignment across the organization. The framework provided clarity, focus, and a shared understanding of strategic priorities. By tracking measurable results, Kiwibank could evaluate progress, make data-driven decisions, and adapt to changing market conditions. OKRs fostered a culture of collaboration, accountability, and continuous improvement, contributing to the bank’s best financial results yet.