Lattice Announces New OKR and Goals Product
People management software platform Lattice released a new OKR and Goals product aimed at driving strategic alignment between organizations and their employees, the company said in a press release statement on March 1.
The news follows on the heels of the San Francisco-based company's $175 million Series F funding round in January 2022 that valued the company at $3 billion. Lattice has raised $330 million since its founding in 2013 to build its suite of software products to manage performance, assess employee engagement, gather real-time feedback, keep track of goals, and facilitate one-on-one meetings.
OKRs, short for Objectives and Key Results, is a goal-setting methodology pioneered at chipmaker Intel in the 1970s and 1980s, and was later adopted by large technology companies such as Google, Twitter, Uber and Microsoft. The premise is that aspirational business objectives should be clearly defined with easily measurable key results. In order to keep objectives challenging, the target success rate should be 70%, according to some proponents.
Lattice's new product is meant to accelerate employee performance by connecting personal and team objectives to larger company initiatives, said Dave Carhart, vice president of people at Lattice, in the press release statement.
“When done right, goal setting can align all employees around a shared vision — encouraging a culture of top-down transparency and empowerment where everyone drives continuous impact for the business while also equipping employees to directly measure their contributions to the bottom line," he said.
The Details on Lattice OKRs and Goals
Lattice's OKRs and Goals product is available as a standalone product, company officials said, but they recommend it be implemented alongside a wider set of products so it can be integrated into daily and weekly feedback conversations, performance reviews and career development discussions.
The OKR product can be used with other software tools such as Salesforce, Jira, Slack and Microsoft Teams, in addition to Lattice's own suite of performance management, employee engagement, career development, and people analytics software. Features include real-time progress data and status dashboards to view and monitor progress at the team and company levels.
“By integrating objectives and goals into daily conversations across the organization, employees have more transparency to how they can directly impact the business and are better able to directly connect their work to the company’s overall mission and vision,” said Jack Altman, CEO and co-founder of Lattice, in the press release statement.
Pricing starts at $8 per person per month, and is available at enterprise discounts for multiple products and high volume.
The Challenges of Performance Management in Hybrid Work
Even in the best of times, performance management is a challenge. In a time when employees are working in an increasingly distributed fashion, it's even more so.
Performance management is a talent practice that touches every single employee in the organization, wrote Reworked contributor Stacia Sherman Garr, and leaders need a plan for accommodating hybrid work practices. That includes coming to terms with how goals will be set and managed, coaching and feedback mechanisms, and how to conduct fair assessments when employees may not be co-located with managers.
That's not to mention how performance ties into the bigger picture of employee experience that has come into focus over the course of the pandemic. Redmond, Wash.-based software giant Microsoft acquired OKR software specialist Ally.io last October, with plans to fold the company into its Viva employee experience software platform.
The performance management software market is a competitive one, with a wide range of software tools from project management tools like Asana and OKR and goal management tools like CultureAmp, Workboard, 15Five and Perdoo, among others.
The shift to hybrid has made it more challenging to keep every leader, team and individual aligned and moving to the same rhythm, said Kirk Koenigsbauer, Microsoft COO of experiences and devices, at the time of the Ally.io acquisition.
What’s Next for Lattice?
In addition to the launch of Lattice OKRs and Goals as a standalone platform, Lattice said the company plans to introduce new features in the coming months aimed at helping teams manage their goal programs, including:
- Update Widget: Goal owners will be able to share progress updates on their goals from their homepage.
- Templated OKRs and Goals: Teams will be able to choose from a collection of templated and pre-written recommended OKRs and goals organized by department.
- Reporting and visualization tools: Teams will have additional analytics and executive reporting tools to communicate goal progress and identify threats to completion.