What’s the Difference Between OKRs and Balanced Scorecards?

When walking through an unknown neighborhood, having a map gives you confidence. 

The same rule applies to your business. If the organizational objectives feel intimidating, following a goal-setting framework keeps you moving in the right direction.

Goal-tracking frameworks such as OKRs and balanced scorecards have transformed how modern businesses approach goal-setting.

In this article, we’ll look into these systems in detail, their differences, and how you can use them to develop a powerful business strategy.

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What is OKR?

OKR (objectives and key results) is a goal-setting framework for businesses to define what they want to accomplish (objectives) and track the measurable outcomes (key results) that indicate progress toward those objectives.

A brief history of OKR

In the 1950s, Peter Drucker (the founder of modern management) felt the need to look at management as a separate entity in a business setup. 

With a vision to help managers devote more time to the company’s long-term strategy, he introduced the concept of management by objectives (MBO) in his book The Practice of Management.

The key idea behind MBO was to define the objectives of both employees and managers to boost the organization’s performance. 

But the idea wasn’t flawless, as Drucker himself noted later. For example, if a company sets a specific goal, such as a production target, it pushes workers to hit those targets by hook or crook, and as a result, quality suffers. 

Fast forward to the 1970s, Andy Grove (the CEO of Intel at the time) took inspiration from the concept of MBO. 

He borrowed the idea of ‘objectives’, tweaked it, and attached it with ‘key results’ (a way of measuring the achievement of the objective). Introducing key results prevented employees from resorting to shortcuts to attain objectives, as it had all the metrics to ensure the team was working in the right direction. 

And that’s how we got modern-day OKRs.

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What is a Balanced Scorecard? 

As a performance management framework, Balanced Scorecard (BSC) helps businesses monitor and measure their performance (key performance indicators or KPIs) from multiple perspectives, including financial, customer, internal processes, and learning/growth. It adopts a holistic approach to analyze an organization’s health and performance. 

A brief history of balanced scorecard 

We can trace the history of the balanced scorecard back to the early 1990s when Dr. Robert Kaplan and Dr. David Norton introduced it first in the HBR article ‘The Balanced Scorecard—Measures That Drive Performance’. The paper argued in favor of measuring the performance of a business across a spectrum, including both human and financial aspects. 

A few years later, Kaplan and Norton published their book The Balanced Scorecard: Translating Strategy into Action, where they elaborated their ideas further. 

They initially designed the concept with for-profit companies in mind, but now it’s also widely adopted across non-profit and governmental organizations.

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Understanding the Language: Key Terms and Concepts

Before we dig deep into the differences between OKR and balanced scorecard and how they shape modern businesses, let’s set the groundwork first. 

Here are some key terms and concepts to help you understand OKRs and BSC better:

• Strategic management: The continuous process of developing strategies to reach the goals and objectives of an organization. It involves outlining objectives, analyzing competitors, assessing internal forces, and allocating resources to execute the strategy seamlessly
• Goal setting: Identifying an organization’s desired outcomes within a specific time frame and setting up a plan of action. It involves setting S.M.A.R.T. (Specific, Measurable, Achievable, Relevant, Time-bound) goals with short-term and long-term vision in mind
• Key performance indicator (KPI): It’s a quantifiable metric to track and evaluate progress toward a specific business objective. KPI differs from OKR in that it refers only to a metric to measure performance, whereas OKR is an entire goal-tracking framework
• SWOT Analysis: This is a strategic planning framework that identifies the strengths, weaknesses, opportunities, and threats of a project or a business plan

OKR vs. balanced scorecard: What’s the difference? 

OKR and balanced scorecard are complementary tools catering to different aspects of business management.

Here are the key differences: 

Together, they help create a balanced and resilient business strategy, blending short-term goals with long-term vision.

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BSC and OKR Methodologies

A balanced scorecard outlines a company’s strategy and goals. Managers can break down these goals with the help of OKRs and review them in short cycles. Using them in tandem offers a comprehensive approach to goal tracking.  

OKR, on the other hand, consists of two key parts: objectives and key results.

• Objectives: These are qualitative descriptions of the short-term goals you want to achieve. They should challenge your team to put their best foot forward and take big leaps
• Key results: These are a set of metrics to track your progress toward the objectives. Each objective has up to five key results attached to it

BSC: An overview

As a management tool, BSC gauges an organization’s performance from four perspectives: 

• Financial perspective: Focuses on financial performance metrics such as revenue growth, profitability, and return on investment
• Customer perspective: Measures customer satisfaction, retention, and market share to understand how well the company is meeting customer needs
• Internal business processes perspective: Evaluates operational efficiency and effectiveness, looking at areas such as quality, innovation, and process improvement
• Learning and growth perspective: Assesses the organization’s ability to innovate, learn, and grow, including employee training, development, and organizational culture

Now, let’s explore the elements of BSC and how this framework contributes to an organization’s strategic planning: 

Elements of BSC 

These are the four essential elements of a balanced scorecard: 

• Objectives: High-level S.M.A.R.T. goals derived through SWOT analysis
• Measures: Metrics (KPI) to measure business objectives
• Indicators: Measures of progress toward achieving the four BSC perspectives
• Initiatives: Specific actions, projects, or programs designed to help achieve strategic objectives

Method of goal setting in BSC 

With a balanced scorecard, organizations create objectives across the four perspectives, identify relevant KPIs, and create a BSC strategy map to establish a cause-effect relationship among objectives. They track progress with strategic planning software, review their goals annually, and make adjustments if required.

The goal-setting method in the balanced scorecard focuses on a balanced approach, aligning goals across related perspectives and creating a clear line of sight between individual efforts and organizational success. Following this structured approach, organizations can translate their strategy into actionable, measurable goals that drive performance and achievement.

Examples of BSC practices

This is what a company’s balanced scorecard looks like: 

BSC review cycles

Balanced scorecard (BSC) reviews are conducted regularly to monitor performance, assess progress, and make necessary adjustments. The frequency of BSC review cycles can vary depending on the organization’s needs, but common practices include:

• Monthly reviews: Many organizations conduct monthly BSC reviews to monitor performance and ensure timely course corrections closely. During these reviews, actual performance is compared against targets for each perspective
• Quarterly reviews: Quarterly BSC reviews are popular as they align with common financial reporting cycles. These reviews provide a more comprehensive assessment of performance over a longer period, allowing for deeper analysis and strategic discussions
• Semi-annual or annual reviews: Some organizations opt for semi-annual or annual BSC reviews, particularly for strategic objectives that require a longer time horizon. These reviews typically involve a more thorough examination of the BSC’s relevance, the validity of assumptions, and the need for significant strategic adjustments
• Ad-hoc or event-driven reviews: In addition to scheduled review cycles, organizations may conduct ad-hoc or event-driven BSC reviews in response to significant changes in the business environment, market conditions, or organizational priorities

BSCs relationship with compensation and bonuses

A balanced scorecard is attached to performance, as it balances an organization’s financial and strategic targets. By monitoring and measuring progress toward those targets, businesses can determine compensation, incentives, and bonuses for team members. 

It’s important to note that while linking compensation and bonuses to the BSC can be a powerful motivational tool, it should be done thoughtfully and in conjunction with other performance management practices. Clear communication, transparency, and fairness in the compensation system are crucial to ensure employee engagement and buy-in.

Role of web analytics in BSC

Web analytics play a valuable role in the balanced scorecard framework, particularly in relation to the customer and internal process perspectives. 

Here are some ways in which web analytics contribute to the BSC:

Customer perspective

• Insights into customer behavior, such as bounce rates, time on site, and page views, can be used as indicators of customer satisfaction with the website or online experience
• Using metrics such as new visitor rates, repeat visitor rates, and customer lifetime value can help measure the effectiveness of customer acquisition and retention strategies
• By analyzing traffic sources and referral data, organizations can gain insights into their market share and competitive positioning within their industry or market segment

Internal process perspective

• Provide valuable metrics related to website performance, such as page load times, server response times, and uptime, which can be used to measure the efficiency and effectiveness of internal processes related to website management and operations
• Analytics data on content engagement, such as page views, time on page, and bounce rates, can help organizations identify areas for content optimization and improvement, contributing to better internal processes for content creation and management
• For e-commerce businesses, web analytics can provide insights into the effectiveness of online sales and conversion processes, including metrics such as conversion rates, cart abandonment rates, and revenue per visitor, which can inform process improvements and optimization efforts

OKR: An overview

Let’s explore how OKRs work in an organization’s strategic planning.

Elements of OKR 

These are the five elements of OKR:

• Focus: OKRs help teams focus on specific objectives and reduce the risk of getting distracted
• Accountability: OKRs establish clear ownership and responsibility for each objective and key result, where every team member is accountable for their contribution 
• Engagement: Involving team members in the process of setting OKRs promotes employee engagement and keeps them committed to the objectives
• Transparency: OKRs are visible to everyone within the organization, leading to transparency around goals, progress, and performance
• Visibility: OKRs go through frequent reviews and updates, providing visibility into progress and performance against objectives and key results. This visibility allows teams to course-correct as needed

Method of goal setting in OKR

Companies set specific and ambitious objectives, attach key results to each of them, track their progress using OKR software, review results after each quarter, and adjust goals based on changing priorities. 

The OKR goal-setting methodology emphasizes transparency, ambitious goal-setting, continuous improvement, and alignment between individual efforts and organizational priorities. When implemented effectively, it can drive focus, accountability, and a results-driven culture within an organization.

Example of OKR practice

Let’s say a SaaS (software as a service) company wants to focus on retention by improving client satisfaction. This is how their OKRs would look like: 

OKR review cycles 

With OKRs, you can be flexible and set a timeline that works best for your team and business needs. 

OKR review cycles typically follow a cadence that aligns with the organization’s planning and performance management processes. Common OKR review cycles include:

• Weekly check-ins: These check-ins are brief meetings or status updates where team members share their progress, roadblocks, and any adjustments needed to their Key Results
• Monthly reviews: During these reviews, teams or departments analyze their performance against the established Key Results, identify trends or patterns, and discuss any significant challenges or opportunities
• Quarterly reviews: These reviews involve a deeper dive into the achievement of objectives and key results, as well as an evaluation of the overall OKR process effectiveness
• Annual reviews: During these reviews, the organization assesses the overall effectiveness of the OKR framework, evaluates the alignment between OKRs and the organization’s strategic goals, and identifies opportunities for improvement in the upcoming planning cycle

OKR’s relationship with compensation and bonuses

OKRs inspire teams to set bold, ambitious objectives. While OKRs can play a role in determining financial incentives or compensation, they should not be the only factor, and organizations should be mindful of the potential downsides of overemphasizing compensation-driven OKRs. 

The key is to strike a balance—using OKRs as one factor in compensation decisions while encouraging a culture of ambitious goal-setting and learning from failures rather than punishing them excessively.

Many organizations tie a portion of employee compensation, bonuses, or incentives to achieving individual, team, or organizational OKRs. This practice is common and can effectively align employee efforts with strategic priorities and motivate high performance.

Role of web analytics in OKR 

Web analytics play an important role in setting and tracking objectives and key results (OKRs) for organizations with a significant online presence or relying heavily on digital channels for their business operations.

Here are some ways in which web analytics can contribute to the OKR process:

• Inform the setting of objectives and key results related to digital performance, such as website traffic, user engagement, conversion rates, or online revenue
• Provide useful data and metrics to track progress toward the defined key results. This includes monitoring website traffic sources, user behavior, content performance, and conversion funnels, among other metrics
• Identify opportunities for improvement or potential roadblocks to achieving their key results
• The insights gained from web analytics can help shape the initiatives and strategies aimed at achieving the OKRs
• Provide quantitative data that can support data-driven decision-making during OKR review cycles
• Web analytics data can be shared across teams and departments, enabling alignment and collaboration toward achieving shared OKRs

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The Role and Responsibilities of Managers Using OKR and BSC

As a project manager using OKR and BSC for tracking business goals, your roles and responsibilities include: 

• Identifying the right OKR and KPI metrics  
• Monitoring progress regularly with KPI scorecards 
• Providing feedback and guidance to keep teams on track 
• Adapting objectives based on shifting priorities 

Regardless of size and industry, companies have adopted KPIs and BSCs as effective goal-tracking methods. 

Case studies of successful implementation of BSC and OKRs

Here are some examples of companies that have successfully incorporated OKRs and BSCs into their management systems: 

LinkedIn

LinkedIn uses OKRs to connect employees to the organization’s collective mission. OKRs are

Keeping in mind the motivational aspect of OKRs, the team sets lofty goals that are not easily achievable. The OKRs involve quarterly targets, so there isn’t room for too much flexibility, such as changing the goals weekly. 

In addition to organizational objectives, employees are encouraged to set three to five personal OKRs in any given quarter to create an environment of continuous growth and learning. 

The company organizes regular meetings to stay current with OKR progress. The executives meet once a week for a three-hour session and every six weeks for one whole day. These meetings keep team members on the same page and ensure everyone’s actions align with the objectives. 

Philips Electronics

Philips Electronics has developed a comprehensive, balanced scorecard system to gauge present performance and identify factors influencing future outcomes.

The Philips scorecard is structured around four critical success factors (CSFs) and respective KPIs: 

• Competence: Setting objectives related to knowledge, technology, and leadership 
  • KPIs: Company’s development and IT support

• Processes: Analyzing the processes that move the needle
  • KPIs: Operational excellence

• Customers: Assessing the value proposition 
  • KPIs: Customer delight and employee satisfaction

• Financials: Evaluating value, growth, and productivity 
  • KPIs: Profitable revenue growth

Besides the CSFs, there are four levels in the Philips Balanced Scorecard: strategy review card, operations review card, business unit card, and individual employee card (in decreasing order). The team tries to align the lower-order cards with the higher-order cards so employees can understand their contribution toward the bigger organizational objectives. 

This approach helps the management communicate the core business strategy to employees at all levels. A balanced scorecard also helps the leadership ensure the employees’ efforts are directed toward common goals. 

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Advantages and Disadvantages of BSC and OKRs

There are several advantages to using BSC and OKRs. Here are the benefits of using BSC for your business goals: 

1. Offers a global view of performance

BSC tracks various organizational performance indicators and gives you a peek into the organization’s overall progress from different perspectives. 

It goes beyond financial measures, giving you a detailed overview of the strategic aspects as well.

2. Provides a structure to business strategy

In cross-functional teams, different departments have different ways to measure performance. 

A balanced scorecard allows teams to set individualized metrics to measure performance while maintaining a uniform structure. It ensures everyone in the organization has a clear understanding of the measures.  

3. Connects individuals to organizational goals

BSC allows team members to see how their performance adds to the organization’s goals. 

It gives employees a sense of purpose, motivating them to work hard and make a bigger impact through their individual efforts.

4. Streamlines communication

BSC establishes a structured way of measuring performance across departments, so every team member knows which metrics are being tracked and what objectives they are working towards. 

With such a transparent system, cross-functional teams can communicate seamlessly and discuss strategies.

Now, let’s go over the advantages of OKRs: 

1. Ambitious goal-setting

OKRs push teams not to worry about playing it safe and to shoot for the moon. While the business may not achieve 100% of the OKRs, even a 50% progress would be a great feat, given that the goals were way overarching in the first place.

2. Regular review

Businesses can set OKRs for short terms—monthly or quarterly. The limited time frame keeps employees focused on the goals, allows them to review progress regularly, and improves overall performance across all departments.

3. Goal Awareness

OKRs help team members understand how their actions contribute to the bigger picture. Everyone in the team, regardless of the hierarchy, knows the goals. This is especially helpful for large organizations or remote teams where keeping all team members on the same page becomes quite a task.

4. Agility

Thanks to short review cycles, OKRs allow teams to review and change objectives every month or quarter. Businesses get the flexibility to incorporate new priorities into their goals and deprioritize no longer useful objectives.

Potential drawbacks of BSC and OKR: What are they, and how can they be mitigated? 

The two frameworks are not flawless. Before implementing them, it’s important to understand some of their limitations: 

1. Complexity

The objectives and indicators of OKR or BSC have to be tailored to your organization’s needs, which is difficult to set up, especially for small businesses with limited resources. Tracking the metrics can also be a complex and time-consuming process. 

To mitigate this, opt for a powerful goal-tracking and evaluation tool to set up OKR and BSC, track metrics, and seamlessly align with your goals. 

2. Time frame

OKRs help set short-term objectives, while BSC is more about the organization’s long-term vision and strategy. Using either of them in silos will restrict your goal tracking. 

To mitigate this, use BSC and OKR together to set comprehensive targets for immediate and long-term goals. 

3. Too many goals 

Setting a long list of OKR or BSC objectives can be tempting. But, having too many goals on your plate feels overwhelming and takes a toll on productivity. 

To make the best use of these frameworks, stick to three to five objectives for OKRs and a maximum of 10 objectives for BSC. 

4. Learning curve  

If your team is just getting started with setting up OKR or BSC for goal tracking, it will take them a while to understand and get accustomed to the new system. 

The leadership must take a hands-on approach to training employees, communicate the benefits of the frameworks, and guide them through the process. Regular check-ins help address employees’ issues and maintain their motivation levels. 

Deciding which one to choose: OKR or BSC? 

Whether to implement the balanced scorecard (BSC) or objectives and key results (OKRs) depends on an organization’s specific needs, culture, and strategic priorities. Both frameworks have strengths and can effectively drive performance and alignment, but their approach and emphasis differ.

Here are some factors to consider when deciding between OKRs and the BSC:

1. Organizational size and complexity

The BSC may better suit larger, more complex organizations with multiple divisions or business units. OKRs, on the other hand, may be easier to implement and manage in smaller, more agile organizations.

2. Strategic planning horizon

If your organization has a longer-term strategic planning cycle (e.g., 3–5 years), the BSC’s emphasis on translating long-term strategy into actionable objectives and measures may be more appropriate. OKRs, with their shorter cadence (typically quarterly or annually), are better suited for organizations that need more frequent course corrections and adaptability.

3. Culture and mindset

OKRs cultivate a culture of ambitious goal-setting, continuous improvement, and a willingness to take risks and learn from failures. If your organization values innovation, agility, and a growth mindset, OKRs may be a better fit. The BSC, on the other hand, encourages a more balanced and comprehensive approach, which may resonate better with organizations that prioritize stability and long-term planning.

4. Performance measurement needs

The BSC may be the preferred choice if your organization requires a comprehensive performance measurement system that considers multiple perspectives (financial, customer, internal processes, learning, and growth). OKRs focus on setting and achieving specific objectives and key results rather than providing a holistic performance measurement framework.

5. Existing systems and processes

Consider the existing systems, processes, and culture within your organization. Adopting the BSC may be easier if you already have a well-established strategic planning and performance management system. If you’re looking to introduce a new goal-setting and execution framework, OKRs may be a more viable option.

It’s important to note that these frameworks are not mutually exclusive, and some organizations choose to implement elements of both approaches or use them for different purposes within their strategic planning and execution processes.

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Using Balanced Scorecards and OKRs Together

As goal-tracking and strategic management frameworks, OKRs and BSCs are powerful in their ways. But when you bring them together, you can reap the best of both worlds. 

Here’s how your business can benefit from this combination: 

• Align short-term targets with long-term vision 
• Ensure all departments and respective team members are working in the same direction
• Obtain data-based reports from OKRs and qualitative reports from BSC for a complete picture of your company’s performance 
• Unify the agility of OKRs with the stability of BSC 
• Improve internal communication with OKR reports and external stakeholder communication with BSC reports 

Now, how can you integrate these into your organizational setup in the most streamlined way possible? 

The answer is through a goal-setting tool like ClickUp. 

This software keeps you on top of your goals and drives growth, from setting short-term and long-term objectives and tracking progress to generating and sharing reports. 

Here’s how you can use it to implement BSC and OKRs together: 

1. Define your goals 

ClickUp Goals allows you to define and track your objectives with clarity and precision. Set measurable targets and leverage automatic progress tracking to stay on top of your goals with well-defined timelines.

Decide the S.M.A.R.T. Goals (objectives) you want to achieve in the short and long term. Break them down into small Targets (key results for OKR and measures for BSC). 

When there are multiple goals to achieve, you can organize them using folders by grouping monthly, quarterly, or annual goals together. This structured goal-setting keeps every team member on the same page regarding objectives. 

In a hurry? Use ClickUp’s goal setting templates to set goals quickly, devise a plan of action, and stay up-to-date with progress.

Download this Template

For instance, ClickUp’s Smart Goals Template can help everyone stay on the same page when setting and tracking measurable objectives. 

You can use it to understand how to create and organize S.M.A.R.T. goals for your team and organization in a way that keeps everyone aligned. 

Use the custom fields in this template to save important details about your goals and visualize progress. Custom task statuses—Complete, Crushing, Off Track, On Hold, On Track—also help you easily track the tasks you’ve accomplished and ones you still need to close.

2. Share your goals

Offer your team members clear visibility into the company’s short and long-term vision. 

Share your goals with them to keep everyone aware of the objectives that need to be achieved. 

You can change permissions or make goals private if you prefer to keep certain things confidential.

3. Set deadlines 

Assign specific deadlines to individual Goals to keep your team on schedule. 

The deadlines can be short (monthly or quarterly) or long (half-yearly or yearly), depending on your needs.

4. Brainstorm the metrics to track 

When you’re sure about your goals, it’s time to decide how you’ll measure progress toward those goals. 

Here’s an example for measuring OKRs: 

Objective: Launch a new product feature

• Key Result 1: Develop and test the feature by the end of Q2
• Key Result 2: Achieve a 95% user satisfaction rating from beta testers
• Key Result 3: Increase daily active users by 20% within one month of launch

In this case, you have to set appropriate metrics for tracking product development, user engagement, and increasing the number of users. 

For the balanced scorecard, the process is a little different. Let’s understand with an example:

Perspective: Financial

Objective: Increase revenue from software sales

• Key Performance Indicator (KPI): Revenue growth rate
• Target: Achieve a 15% increase in revenue compared to the previous year

In this case, you must track appropriate KPIs to know your or your team’s progress. Here the KPI is revenue growth rate; other examples of product management KPIs and metrics would be gross profit margin, return on investment, net promoter score, etc. 

You can use ClickUp Whiteboards to ideate and collaborate with your team on which metrics to monitor. By moving elements around the whiteboard, you can prioritize and organize the objectives and key results based on their importance and alignment with the overall strategy.

The visual nature of the whiteboard allows for better ideation, organization, and consensus-building, ultimately leading to a more focused and effective performance measurement strategy.

5. Track progress

Track the progress of individual targets (key results/measures) to see how far you’ve come and how your targets are bringing you closer to your goals (objectives). 

You can use weekly scorecards to track goals with shorter deadlines. 

You can use customizable OKR templates and balanced scorecard templates to simplify the process further.

ClickUp offers the following templates: 

• ClickUp’s OKR Framework Template allows you to set S.M.A.R.T. goals, track progress in real-time, and identify roadblocks early on

Download this Template

• ClickUp’s Balanced Scorecard Template helps you establish goals for the four BSC perspectives, track and visualize KPIs, and set up collaborative workflows 

Download this Template

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Leverage the Dynamic Duo of OKR and BSC for Greater Success 

OKR and BSC help you stay accountable to your goals but in different ways. 

OKRs are ambitious and track progress in the short term, while BSC is more pragmatic and holistic and has long-term goals as its bull’s eye. 

And when you combine the two frameworks, you open the road to endless opportunities. Every goal, big or small, becomes attainable. 

However, setting up these systems and keeping a tab of your goals is challenging. 

The good news is that with ClickUp, you can integrate both OKR and BSC into your goal-tracking system and maintain laser-sharp focus to achieve your goals. 

Get started with ClickUp today and get closer to making your goals a reality!

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Common FAQs

1. What is the difference between OKR and a balanced scorecard?

OKR helps identify and track an organization’s ambitious short-term goals. On the other hand, the balanced scorecard system provides a holistic way to evaluate the company’s overall health, including both financial and non-financial goals.  

2. What is the difference between KPI and OKR?

KPIs are measurable metrics used to track progress toward objectives, whereas OKR is a strategic management framework that helps track goals. 

3. Why should you use OKR instead of KPI?

You can use KPI to measure your team’s progress toward a goal. However, a standalone metric cannot communicate the right direction for your team to follow. For that direction, you need a framework like OKR.