5 OKR examples for Payroll

What are Payroll OKRs?

The OKR acronym stands for Objectives and Key Results. It's a goal-setting framework that was introduced at Intel by Andy Grove in the 70s, and it became popular after John Doerr introduced it to Google in the 90s. OKRs helps teams has a shared language to set ambitious goals and track progress towards them.

Formulating strong OKRs can be a complex endeavor, particularly for first-timers. Prioritizing outcomes over projects is crucial when developing your plans.

To aid you in setting your goals, we have compiled a collection of OKR examples customized for Payroll. Take a look at the templates below for inspiration and guidance.

If you want to learn more about the framework, you can read more about the OKR meaning online.

Best practices for managing your Payroll OKRs

Generally speaking, your objectives should be ambitious yet achievable, and your key results should be measurable and time-bound (using the SMART framework can be helpful). It is also recommended to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.

Here are a couple of best practices extracted from our OKR implementation guide 👇

Tip #1: Limit the number of key results

Focus can only be achieve by limiting the number of competing priorities. It is crucial that you take the time to identify where you need to move the needle, and avoid adding business-as-usual activities to your OKRs.

We recommend having 3-4 objectives, and 3-4 key results per objective. A platform like Tability can run audits on your data to help you identify the plans that have too many goals.

Tability's audit dashboard will highlight opportunities to improve OKRs

Tip #2: Commit to the weekly check-ins

Having good goals is only half the effort. You'll get significant more value from your OKRs if you commit to a weekly check-in process.

Being able to see trends for your key results will also keep yourself honest.

Tability's check-ins will save you hours and increase transparency

Tip #3: No more than 2 yellow statuses in a row

Yes, this is another tip for goal-tracking instead of goal-setting (but you'll get plenty of OKR examples below). But, once you have your goals defined, it will be your ability to keep the right sense of urgency that will make the difference.

As a rule of thumb, it's best to avoid having more than 2 yellow/at risk statuses in a row.

Make a call on the 3rd update. You should be either back on track, or off track. This sounds harsh but it's the best way to signal risks early enough to fix things.

Building your own Payroll OKRs with AI

While we have some examples below, it's likely that you'll have specific scenarios that aren't covered here. There are 2 options available to you.

Use our free OKRs generator
Use Tability, a complete platform to set and track OKRs and initiatives
including a GPT-4 powered goal generator

Best way to track your Payroll OKRs

OKRs without regular progress updates are just KPIs. You'll need to update progress on your OKRs every week to get the full benefits from the framework. Reviewing progress periodically has several advantages:

It brings the goals back to the top of the mind
It will highlight poorly set OKRs
It will surface execution risks
It improves transparency and accountability

Most teams should start with a spreadsheet if they're using OKRs for the first time. Then, once you get comfortable you can graduate to a proper OKRs-tracking tool.

Tability's Strategy Map makes it easy to see all your org's OKRs

If you're not yet set on a tool, you can check out the 5 best OKR tracking templates guide to find the best way to monitor progress during the quarter.

Payroll OKRs templates

We've covered most of the things that you need to know about setting good OKRs and tracking them effectively. It's now time to give you a series of templates that you can use for inspiration!

You'll find below a list of Objectives and Key Results templates for Payroll. We also included strategic projects for each template to make it easier to understand the difference between key results and projects.

Hope you'll find this helpful!

OKRs to improve payroll accuracy and efficiency

Improve payroll accuracy and efficiency
Increase payroll processing speed by 15% by streamlining manual processes
Identify redundant or outdated steps in the current payroll process
Implement automated payroll software to eliminate manual entries
Train staff on efficient usage of automated payroll systems
Decrease payroll errors by 20% through implementation of automated checks
Research and select appropriate payroll automation software
Train staff on new software operations
Implement and integrate selected software into system
Reduce payroll processing time by 25% by training staff on best practices
Conduct periodic evaluations to monitor improvement
Provide materials on efficient payroll processing techniques
Implement regular training sessions on payroll best practices

Track these OKRs

OKRs to improve efficiency of payroll processing metrics

Improve efficiency of payroll processing metrics
Train team on new payroll metrics and processes
Monitor and provide feedback on team's grasp of new processes
Schedule regular training sessions for the team
Develop comprehensive training material on new payroll metrics
Implement automated time tracking system
Research suitable automated time tracking software options
Train staff on using the new system
Purchase and install selected time tracking system
Increase payroll accuracy rate to 98%
Implement automated payroll software to reduce human error
Provide payroll processing training for staff
Conduct regular payroll audits for discrepancies

payroll-processing automated-time-tracking payroll-specialist training-coordinator payroll-team training-team

Track these OKRs

OKRs to develop comprehensive RFP questions for payroll and HR solutions

Develop comprehensive RFP questions for payroll and HR solutions
Formulate 15 insightful RFP questions about necessary HR solution features by week 6
Identify key HR solution features needed in the company
Draft 15 well-crafted RFP questions
Research exemplary RFP questions related to HR solutions
Receive positive feedback on RFP questions from at least three industry experts by week 8
Draft RFP questions by week 2
Solicit and incorporate feedback by week 7
Identify and contact three industry experts by week 4
Craft 20 detailed RFP questions that cover essential payroll functionalities by week 4
Review pertinent payroll functionalities for comprehensive understanding
Draft a list of 20 detailed questions
Review and refine questions by week 4

request-for-proposal-(rfp)payroll-and-hr-solutions hr-specialist payroll-coordinator human-resources-team payroll-team

Track these OKRs

OKRs to optimize payroll process for efficiency

Optimize payroll process for efficiency
Reduce manual payroll processes by 40% to minimize human error
Implement automated payroll software system in the company
Train HR employees on using the new software
Monitor and adjust software for efficiency
Increase payroll automation by 50% for enhanced productivity
Evaluate and adjust operations for continuous improvement
Train staff members on new automated payroll systems
Research and select advanced payroll automation software
Achieve 30% reduction in payroll processing time by improving workflow
Implementing automated payroll software or system
Identify and eliminate redundant payroll processing steps
Train staff on efficient payroll processing procedures

payroll-automation efficiency hr-employees staff-members hr-team operations-team

Track these OKRs

OKRs to improve payroll processing

Improve the accuracy and timeliness of payroll processing
Reduce the number of errors in payroll calculations by 10%
Increase employee satisfaction with the payroll process by 20%
Increase the number of employees paid on time by 15%

finance payroll

Track these OKRs

More Payroll OKR templates

We have more templates to help you draft your team goals and OKRs.

OKRs resources

Here are a list of resources to help you adopt the Objectives and Key Results framework.

To learn: Complete 2024 OKR cheat sheet
Blog posts: ODT Blog
Success metrics: KPIs examples