KRA stands for Key Result Areas. It refers to the main objectives and outcomes an employee is responsible for achieving in their role. The process for determining KRAs involves listing main responsibilities, asking "why" for each activity to identify themes, and sharing the identified KRAs with others on their team. KRAs should be specific, measurable, achievable, related to the job, and time-bound. Identifying KRAs helps employees clarify their roles, set goals, focus on results, and improve time management and performance.