OKRs Q&A Podcast Ep. 56: How OKRs Help With Employee Attraction & Retention Strategies | Tim Meinhardt, CEO of Atruity
In this exciting episode of the OKRs Q&A Podcast, Stephanie Meinhardt will be interviewing host Tim Meinhardt on the topic of finding and retaining great talent. They discuss how OKRs and a solidly run OKR program can play a key role in helping organizations create clarity, and how OKRs can help define the organization’s, manager’s, and employees’ priorities, which ultimately assists in the attraction and retention of employees. This is done through some of the principles of OKRs, because OKRs help to keep everyone engaged, empowered, aligned, focused, and ultimately, fulfilled. This leads to greater work satisfaction and career visibility, which creates organizational trust, attraction and retention.
As the President and CEO of Atruity, Tim is at the forefront of providing Objectives and Key Results implementation to enterprises. A successful entrepreneur, Tim has over 17 years of consulting experience, as well as expertise in operating and growing organizations. With Atruity, he is directly involved in mentoring and running OKR programs for organizations with a combined annual revenue exceeding $7 billion.
If you are interested in working with the Atruity team or have a question you would like addressed on the show, please email contact@atruity1.com or visit our website at www.atruity1.com
Tim Meinhardt:
Welcome everyone to another exciting episode of the OKRs Q&A Podcast, also known as the OKR Corral, where OKR insight is the king. I’m your host, Tim Meinhardt, President and CEO of Atruity, an OKR consultancy headquartered in our nation’s capital.
Before we begin, if you’re an OKR fan and enjoy our podcast, please subscribe, leave a review, and explore our website at www.atruity1.com. And finally, should you have a burning question you’d like addressed in future episodes, please drop us a note at contact@atruity1.com.
Stephanie Meinhardt:
In this exciting episode of the OKRs Q&A podcast, I, Stephanie, will be interviewing host Tim Meinhardt on the topic of finding and retaining great talent. We discuss how OKRs and a solidly run OKR program can play a key role in helping organizations create clarity, and how OKRs can help define the organization’s, manager’s, and employees’ priorities, which ultimately assists in the attraction and retention of employees. This is done through some of the principles of OKRs, because OKRs help to keep everyone engaged, empowered, aligned, focused, and ultimately, fulfilled. This leads to greater work satisfaction and career visibility, which creates organizational trust, attraction and retention.
This is an episode jam-packed with a lot of great information, so be prepared to take some notes. So, grab that cup of coffee, plug in those earbuds, and enjoy a very insightful conversation with Tim and I.
Hi, Tim, thanks for having me back to host the OKRs Q&A Podcast today; are you excited to get started?
Tim Meinhardt:
Yeah, absolutely.
Stephanie Meinhardt:
So today we’re going to chat about a very important topic: employees. We’ll be discussing the importance of keeping top talent, employee management, and consistent communication as we head into 2022. So, let’s talk about the largest challenge we’re seeing across the board right now, which is keeping top talent. Why do you think that employees are leaving organizations at such high rates and what can organizations do to try and keep their top talent?
Tim Meinhardt:
Wow, what a broad topic. I’ve actually done a fair amount of reading on this, and there is so much that’s being written on it that no matter what I say, I will probably only scratch the surface with this. But in keeping with the OKRs Q&A Podcast, I think the thing that’s most important that we kind of get our arms around a little bit here is that organizations can’t scale without great people, period, end of conversation. And so, this is a great talent chase right now. And what people need to understand is that organizations now are for the first time beginning to have their eyes opened up to this employee experience conversation and that, you know, employees want certain things that if you don’t offer them as a particular company, I think you’re going to fall further and further behind. Nothing makes that more evident than, I thought, Microsoft’s recent announcement, where they purchased an OKR software company and put it into this software offering called Viva. And Viva, as I’ve done my research, is about the employee experience, and they call it their Employee Experience Platform (EXP). That’s pretty powerful. So, when Microsoft steps in and says they’re making a change, or they’re bringing something to the forefront, big time. Organizations need to pay attention. And so, you know, you have these highlights, or I’ll call them lowlights, about the pandemic and what it’s done, and really, it’s accelerated a lot of things. You know, I read an article that talked about the acceleration of the resignations and that they were going to happen anyway. And I’m not so 100% sure on that, but I like the concept of it. And yet, you know, so how do organizations keep their top talent?
Well, first, I think it’s better to understand—just quickly, and again, I’ll make a quick summarization of this—first, I think people, regardless of how well we’ve tried, people now feel disconnected. They feel disconnected with the organization one way, shape, or another. Next, a better opportunity comes floating by and the next thing you know, because they’ve had multiple changes in their organization, things are a little bit confusing, they’ve got customer changes; people make a change. So, what do they really want? I think that’s as much a question, as well as what do employees really want in today’s work world? Well, first, they want a better work-life experience. Quite simple. You know, they’ve all got the taste of what it’s like to work remote. Some people like it. Some people don’t. But some people, and most people believe that there’s probably a happy medium in there at some point. And so, it’s that better work-life experience that I think is driving people to make decisions about where they’re working right now.
Secondly, I think—and this was more to the OKRs, or as much as the first one—which is they believe they’re contributing to a greater purpose. Without knowing that greater purpose, why they’re doing things, being a little bit disconnected. If somebody comes along with a better story, and that’s really what it is—it’s a better story about what it is they could be doing—they’re going to make a change. And they want to feel valued, and they want to feel empowered. People want to be empowered. They want to be able to have a forum where their intelligence can be recognized and valued.
And last but not least, as much as we talk about it, we really don’t talk about it sometimes in organizations, is they want to have a good understanding of their career path, and they’d like it to be validated, that people understand what it is that they’re looking for in their career path. So, you start adding all these together, and managing in a remote, or what they’ll call hybrid workplace today, is just much different.
Stephanie Meinhardt:
Great answer, Tim. You hit so many good points here of why employees are leaving and why the hybrid work environment has really changed the game for organizations. And I think you made so many great points. So, I hope you guys are taking notes because I think OKRs could really help in a lot of these avenues. So, the next topic I want to talk about is connection and communication. So how can organizations stay better connected to their employees, even with remote and hybrid workplaces? And how can they continue to communicate and foster relationships with current and new employees?
Tim Meinhardt:
So, you know, in business, I believe there’s never really a problem, there’s just a communication problem. And I think it’s been accelerated through the pandemic, and that means all various types of communication. And so, the question is how do you stay connected to employees even when they’re remote and in hybrid work environments? Well, we’ve all experimented and done our best here over the pandemic. But let’s look and try to go beneath the surface a little bit and talk about the things that really need to be in place for something like this to be able to work consistently.
First, you need the cornerstones of any type of employee and management relationship, which is understanding your responsibility, knowing you’ve been given the authority, and knowing that you’ll be held accountable for your actions. So, in today’s environment, what I think is missing is three things. I think there is clarity, purpose, and ultimately, trust. So, let’s peel that onion a little bit. Clarity is knowing the direction, and not only knowing the direction of what you’re responsible for, but the direction of the overall organization. Shifting sands and the way things have changed and the way businesses have had to adapt—that’s a tough thing to be able to actually communicate down throughout the organization, because no sooner did you make one change, that you might have had to make another change. And you add that to the shifting sands of your clients and customers, and it becomes a very complex environment. So, I think clarity and knowing the direction of the organization, and how you fit into that direction, I think is a big deal. Secondly, its purpose. You need to be able to have a purpose. Why are you there? What is giving you that sense of satisfaction? And then the last one is trust, and trust is a big deal because what it is, is you want your employees to be empowered, okay, but in today’s work environment—in a hybrid work environment—that element of trust comes through in, “Gosh, I can’t see them every day. I don’t know what they’re doing.” So, I think trust is a very important element to solid communication.
And the next question was how can they continue to communicate and foster relationships with current and new employees? So that’s a very interesting question in and amongst itself, because it’s one thing to be able to communicate to the current employees, but it’s fostering those relationships with the new employees that right now they’re finding extraordinarily challenging. We’ve worked with many, many clients where management and employees have never really physically met each other, but they’ve been working with each other for a year, or even a year and a half. So, the best way they’ve been able to communicate is either through phone or through video conferencing. And so, when you’re dealing with—and I’ll say current and especially new employees—you need to be able to make sure that they understand their roles and responsibilities, that you develop that level of trust, that you have that clarity, and you give them a sense of what purpose is for them, and that ultimately allows for them to be able to execute on what’s most important.
Stephanie Meinhardt:
Awesome. I think that was such a great answer, and I think for those taking notes or for those of us who aren’t the three big things: clarity, purpose and trust.
Tim Meinhardt:
I just think those pieces are the framework for good, solid communication.
Stephanie Meinhardt:
I agree, and I think if you can use those, it will help you to foster relationships with the current and new employees. So, I think those are really crucial.
Tim Meinhardt:
Before we continue with the interview. We’d like to tell you a little bit about Atruity.
Voiceover:
At Atruity we understand the challenge of implementing a successful OKR program. While the methodology may be straightforward and easy to understand, the implementation and execution of the program can seem daunting. Your team is concerned because you’re unsure how to properly implement or manage your OKR program. You are not alone. This is where Atruity comes in. We know how to implement an OKR program and are experts in OKR implementation and management. By using our proven methods and implementation structure, we can help you to successfully implement OKRs within your organization in as little as 30 days. If your organization is considering implementing OKRs or struggling with the management of the program, do not hesitate to reach out to us at contact@atruity1.com. Remember, no plan succeeds on its own—execution is everything.
Stephanie Meinhardt:
So more and more, we’re seeing that employees want to feel like they’re part of a bigger picture and that they want to see that their work actually matters to the future of the company. So, what are your thoughts on this topic and how can OKRs contribute to keeping employees that want to feel connected to the organization as a whole?
Tim Meinhardt:
Well, you’re right, they do want to actually feel like they’re part of a much bigger picture. And that is especially true today, and I go back to this employee experience that, you know, if you’re fostering that type of an environment, then I think you’re way ahead of your competitors. So, you know, the question then is how OKRs contribute to keeping employees that want to feel connected to the organization as a whole? Well, I think if you look at how an OKR program is supposed to run properly, there are things that come out of it as a result of having a properly run program.
And number one, I think there is trust, and I can’t overemphasize trust because I think it’s a two-way street. One of the big questions I’m asked by leaders today is, “You know, and there’s a frustration, I can’t see what my employees do, I just have to trust them. I have to know that I have to trust them, that they’re doing the right thing.” Well, it would be great if there was a way for you to know what they thought was most important in a very visible tool, which is what running an OKR program allows you to do, whether you’re doing it through an OKR software platform, or you’re doing it manually. That’s a big component to running a good OKR program. It’s what the OKRs bring to the table, is that ability to be able to put things down where everyone can see things, and that just generally fosters trust. And not only trust vertically, but also trust horizontally throughout the organization.
Next, I think be you have to empower your employees. Big deal. It sounds so easy, but you need to allow them the freedom to be able to say “This is our direction. This is why you’re here. Now, help me understand what it is that you’re going to be doing that will help us reach our overall objectives of the organization, our long-term objectives, and ultimately, the mission vision of the organization.” So empowering employees is a big deal.
Next, I think OKR programs, they build this social contract because everything is visible and that is a major cornerstone of a properly run OKR program, is having that visibility to be able to see what everybody else is involved in it, and how you fit into the bigger picture. And then the next is reaching for the stars without the fear that you’re going to lose your job. So, this concept of stretching and trying to do more, how well could we do? And if we had the best quarter we ever had, what would that look like? It gives those people the ability to really think outside the box a little bit. Giving them the freedom to be able to put things in play where they really, really tried to shoot for something, that they have the ability to try to accomplish. And even if they fall a little bit short, it’s okay, because they really put themselves out there, and in front of their peers. And to that point, you know, people talk about, you know, with MBOs and KPIs, look, they do play symbiotically with OKRs. I mentioned this numerous times is that, you know, these are what we would call lagging indicators; OKRs are leading indicators, but everyone understands that an organization needs to know what are its minimum viable standards in order for it to be able to be a viable business moving forward. And MBOs and KPIs help drive that. But what’s nice about OKRs is they help you go beyond that. I think that’s a big point and a big deal. And then I think at the end, it just keeps everybody continually focused on what matters most, and what the organization needs, and I think that’s a big deal because people want to feel like they’re part of the solution.
And then the last piece of this I would put as this CFR concept, which is communication, feedback, and recognition. And you know, it sounds so simple, but recognizing people’s great work, I think is undervalued because telling someone they’re doing a great job—how good do you feel when your boss says you’re doing great work? And how good do you feel when your boss says, “Look, I’d like to talk with you about how you’re doing things and what I can do to help you become more successful.” And having that consistent communication allows for this to take place. And so, in answer to your question, how can OKRs contribute to keeping employees they want to feel connected to the organization as a whole? I think those are the key elements.
Stephanie Meinhardt:
I totally agree. I think you nailed your entire answer, Tim, and I think you spoke about so many things that employees are going through, and how they want to feel. And they want to feel empowered, and they want to be recognized for their good work. I mean, the pandemic, I feel like has put such a strain on employees as a whole. People have been working overtime, their home is now their office, they’ve been putting in so much extra, and people want to know that it is seen. And if they feel seen, they feel appreciated. And if they feel appreciated, they feel connected and they stay. So, so many powerful points, Tim, thank you so much for that answer. So, our last question today. Drum roll. So how do you think that organizations can use OKRs to help—I wouldn’t say win—but maybe to give them a slight advantage in the talent war?
Tim Meinhardt:
Well, I think it’s just one important aspect, because I think in order to have an effective program that’s running successfully, you need to have all those components that we just talked about. But it’s an important aspect of culture. It does build better trust for everyone. People gain that sense of clarity and purpose. And you know what, Stephanie, they’re aligned both vertically and horizontally. That allows conversations to change, that fosters a more upbeat set of conversations, and that everyone’s in it together, everyone’s in it to win it. And to me, when everyone is all involved, that’s where you really get the best results possible.
Stephanie Meinhardt:
So many great answers, Tim. Thank you so much for once again letting me host. It’s been so wonderful to have you as a guest. I think so many people are going to get so much out of this podcast, and I hope you guys can take some of these key tips home and help keep some really great employees on your team. So, thank you so much, Tim.
Tim Meinhardt:
Well, you know, I just want to add, too, that I’ve only scratched the surface with this conversation, and I would love to hear conversation and feedback from our audience. Anyone that’s listening to this podcast, because this is a very broad topic and there has been so much written on it, as I mentioned at the onset, and I’d just like to hear more what people are thinking. You know, we’ve been very fortunate to put this into some very wonderful organizations and we can see the results. And sometimes it’s a little hard to communicate what those results feel like to people that are involved in the program. But I think that, you know, communication is a big deal. And I think good, solid communication, clarity, purpose, and trust are what keep people and keep the talent there. And then, you know, making sure that, you know, they know that they have an opportunity to succeed within your organization. So, Stephanie, thanks so much for hosting us today. It’s always a pleasure to get to chit-chat, and I hope our audience gets a lot of good takeaways from this.
Stephanie Meinhardt:
I’m sure they will. All right, thank you so much, Tim. Have a great day.
Tim Meinhardt:
You got it. Thanks Stephanie. Bye now.
Thanks so much for taking a few minutes to listen to our OKRs Q&A Podcast. You know, OKRs provide such an excellent, agile framework which is critical for today’s business needs. It’s such a pleasure to have such wonderful people share their stories and journeys with us. Please, should you ever need assistance with your OKR journey, do not hesitate to reach out to us and contact us at www.atruity1.com, and make sure if you have a minute, to rate our show. Have a great week. Stay healthy. And of course, stay happy. Thanks, everyone.
