Context: The Objectives and Key Results (OKR) framework provides a structured but flexible approach for defining and measuring strategic and operational objectives. Despite its widespread use and associated benefits, such as increased transparency and improved communication for goal setting, there are numerous challenges in implementing the framework. Objective: This study aims to present the current state of OKR practice and identify the main barriers and benefits of OKR implementation in practice. Method: We employed a mixed-methods approach, starting with a web-content analysis of practitioner insights sourced from Google News, LinkedIn, and Reddit. This was followed by a multiple case study comprising two German companies. Results: Our findings reveal that OKR implementation yields significant benefits while also encountering some barriers. The main benefits identified include improved alignment with the strategic objectives of the management level, enhanced cross-departmental coordination, and bidirectional communication effects that strengthen employee engagement. Conversely, the primary barriers involve inconsistent understanding of objectives within the organization, and insufficient organizational maturity and support. This nuanced interplay highlights the need for tailored strategies that address both the cultural and operational dimensions of OKR adoption. Conclusion: Our work provides both theoretical and practical implications and supports practitioners in the successful implementation and application of the OKR framework.