Enabling flags for dashboard view
If you want to view profiles that you have flagged on your dashboard, you can set that up quickly.
Head on over to your Settings page, then click the Flags tab
Click on the particular flag you are interested in to edit it
Click the checkbox next to "Show on dashboard?"
Boom! Now, anyone who has this particular flag on their profile will see it on your dashboard.
Giving your flags meaning
To set up some flags, follow these steps.
Go to your Settings page.
Click on the "Flags" tab.
Go ahead and apply a meaning to the colored flag you want.
NOTE: You can run reports based on flags assigned to profiles.
From a profile page, you can click the flags section at the top left and apply as many different flags as you want.