Objectives, though still seen today, are becoming far less common as power statements and targeted summaries have proven to be far more effective.
The nature of the objective is that it is written from the perspective of the job seeker's wants (seeker-centric) rather than the employer's needs (employer-centric). While the objective's original intent—to provide focus and clarity—is still important, one can achieve this and still use language that targets the employer's needs. Ideally, your resume itself should indicate your target or direction.
A power statement is similar to an objective in that it conveys, in just one sentence, the essence of your target; however, it uses language that captures the interest of employers. Ultimately, in nearly every instance where an objective would be used, a power statement can be used to a greater advantage. A summary profile, based upon your goals, can also be advantageous as it will immediately convey the skills and strengths (including accomplishments) you offer employers while indicating a clear career direction.