Today’s hyper-competitive environment demands great execution. As customer expectations are increasing, companies need to deliver their “A game” consistently. Sales, Customer Success, product and Engineering teams need to work together and achieve goals, quarter after quarter. Technology can be a game-changer here – investing in an automated solution can help you close the gap between strategy and execution!
Investing in a great OKR software can lift the execution of your teams and help them achieve stretch goals. Today we bring the spotlight on Profit.co – the intuitive goal management and performance management system. Let’s dive deep and check out Profit.co to know more about this game-changing tool and understand how it can dramatically improve your company’s performance.
Introduction To Profit.Co
Most companies have well-planned strategies but fail during execution. That’s the barrier Profit.co aims to overcome!
Profit.co was created to help businesses transform to metric-driven organizations that focus on achieving critical results. The company was built by a group of entrepreneurs and engineers that had a deep understanding of the emerging concept of Objectives and Key Results (OKRs).
Mr. Bastin Gerald, the founder of Profit.co has been a pioneer in the domain of OKRs and has been a practitioner for over two decades. Applying OKRs can help your organization answer two significant questions:
- “What do you want to accomplish?”
- “By when do you plan to achieve the results?”
With this in mind, Profit.co empowers companies to develop an OKR framework that works on a metrics-driven approach. Let’s read on to know more about its key features and functionalities.
Key Features of Profit.co
Profit.co delivers a broad suite of applications to help companies execute strategies through OKRs. It has five core modules that can help companies with an employee range from five to five thousand.
1. Reports and dashboards
Reports and dashboards are the main functionality of the home module. It eliminates the need to create multiple excel sheets and PPTs- you get all the information you need at your fingertips.
Users can customize fields to get a quick overview on the home screen. This means you can switch on or off specific modules according to your business requirements.
The dashboard gives a visual representation through pie charts or bar graphs – users can view the number of users, objectives, and key results for a specific quarter. You can also see how many tasks have been assigned to employees for the quarter for enhanced visibility. Decision-makers can also view OKRs running on track and goals behind schedule to take corrective action.
Profit.co enables users to view the organizational hierarchy to understand the reporting and team structure better. You can also create teams to bring people from different departments together to work on common OKRs to drive results.
2. OKR Management
Profit.co’s OKR module helps you to create and monitor objectives and key results in a streamlined manner. The step-by-step guide is user friendly and allows you to create objectives in four simple steps quickly.
- Objectives– What are you trying to achieve?
- Target Date– By when will you achieve the objective?
- Visibility– Who can access this OKR?
- Alignment-Which related OKRs of your manager are you trying to align with?
Users can choose in-built templates to create objectives and can also create customized objectives. The OKRs can be categorized based on the corporate, departmental, team, or individual level. Most OKRs are set for a quarterly period; however, users can customize different time targets if required.
The visibility of objectives can be restricted to management or a particular individual, team, or custom list of employees. Most companies choose to keep OKRs visible to all employees to keep the system transparent and objective.
Profit.co makes it easy to align OKRs with other corporate or departmental goals. Top-down or bottom-up alignments allow you to view the extent to which a specific OKR can impact other critical goals to enhance decision-making and measure productivity.
Once the objectives have been created, Profit.co enables users to add key results. It is the only OKR software with seven different key result types to make measurement accurate and simple. You can measure critical results qualitatively by tracking milestones, tasks, or percentages.
Quantitative key results can be measured by establishing a baseline, measuring increase or decrease in key performance indicators, or measuring progress for a range of KPIs.
Profit.co has an in-built KPI library with over 400 templates sub-divided into different categories. You can also create customized KPIs by entering unique fields. Objectives and key results can be assigned to individuals, teams, or departments for accountability. One of the best aspects about Profit.co is that you can track progress by updating the status every week, bi-weekly, or customizing time-frequency.
The key results dashboard is a one-stop workbench that displays all information related to a specific OKR. It enables executives to do a quick health check and drill into various details to get a bird’s eye view on OKR status.
3. Performance Management
Accurate measurement is the foundation to managing performance successfully. Profit.co enables you to conduct transparent 360-degree feedback that include reviews from superiors, peers, and a self-assessment. This can be conducted every quarter to view the periodic performance progress of employees.
Once the performance review is completed, you can categorize employees in the 9-box matrix on the basis of performance. Hence, star performers will be high on performance and potential, whereas underperformers may need guidance to improve job performance.
With Profit.co, you can create multiple competencies required for a specific role and assess employee performance on them. This can help managers evaluate employees based on their skills and knowledge, and determine competencies that need to be developed for better on-the-job performance.
The performance dashboard is a useful tool that gives you an overview of the employee, manager, and peer assessment. You can also view the performance and potential score to aid in succession planning for the future.
4. Task Management
Profit.co has a dedicated task management module that allows users to create and prioritize tasks for greater efficiency. You can manage tasks based on custom stages such as to-do, scheduled, in-progress, and scheduled. Kanban and list views allow users to visualize task workflow to minimize delays and increase productivity.
Profit.co enables users to associate tasks with specific key results. You can make this a collaborative workspace where team members can view how a task contributes to OKRs and make/ receive comments that facilitate seamless communication.
A useful feature for streamlining project management, Profit.co enables users to create workspaces with multiple owners to collaborate on tasks. Workboards allow you to move between various stages in a task, view stakeholders and know the status of progress instantly.
5. Employee Engagement
The OKR model works very closely with CFR – conversation, feedback, and recognition. Profit.co has an integrated employee engagement module that ensures employees feel valued at the workplace and motivates them to perform to their full potential.
The leadership board showcases the top performers of the quarter to boost morale. The points system is used to calculate the performance of employees and according to their real-time position is displayed on the leaderboard. Employees are given awards for positive performance at their workplace and receive specific points for bronze, silver, gold, or platinum awards.
The leadership board points can be used as a benchmark to give incentives, coupons, perks, or cash benefits to the best organizational performers. This customizable reward system is a smart way to acknowledge great on-the-job performance and motivates team members positively.
Another useful feature of the employee engagement module is pulse surveys that can be conducted to collect employee feedback. You can customize your own set of questions and send them out to employees through email. The survey can be open or anonymous to get authentic feedback. The dashboard allows you to view a graphical representation of employee responses so that you can drill down deep to analyze key results.
Profit.co encourages employee engagement by recognizing good performance through special mentions, comments, and hashtags. This draws attention to good performers and compliments keep them motivated to continue on the right path.
The Final Verdict
Undoubtedly, Profit.co is an established market leader in the field of OKR software. It has a broad range of products that enable you to manage OKRs, performance, employee engagement, and task progress from a unified platform.
The system has an intuitive user interface that is easy to understand and navigate through functions. Profit.co provides excellent customer service and users can resolve queries through email, phone calls, or live chat support 24*7. The localization feature allows you to change the entire portal to any language of your choice that makes Profit.co accessible to a broader global audience.
Though there are many tools available in the market, Profit.co is a unified tool, meaning that you do not have to depend on any other application. It is definitely a must-have business execution solution that will positively impact your key bottom-line results!
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