A lot of the roles that are urgent hires seem to be within the FinTech/data sector, and the requirements are heavily digitally focused. ITJobsWatch has revealed that Product Manager roles have jumped a whopping 73 places in the rankings of the UK's most in demand tech jobs over past 6 months alone. Consider candidates who are currently at 70% but are keen learners and just need more training to get up and running. Why work on something uninspiring using outdated technology and stale business models when there are so many other opportunities to build something truly innovative that changes peoples lives? Increase in financial sector roles led by banks and credit card companies with a push for new digital-first financial instruments. A report by Product Management Festival cites the following reasons as why most people leave their product management jobs. Many companies start off by hiring Junior or Associate Product Managers, the next step up from that would be Product Manager. Thank you for downloading the Future of Product Management Report. of companies see Product Leaders driving annual planning, are planning to leave their jobs within the next 12 months, of PMs value the types of products they get to work on over compensation, Product Managers now have a background in non-Product roles, And Collaborated with Top Silicon Valley Leaders to Extract the Trends. Your team will also be able to bring forward issues that they are having to you and theyll take your opinions about the product more seriously since youll know whats going on under the hood as well. In general, theres a lot of uncertainty as to whether its the right time to move because it is difficult to predict how a company is going to handle the pandemic. Everyone dreams of having a job they love, where they jump out of bed excited to go into the office and see what the day holds. What company size do product managers want to work for? What are the core capabilities that a product manager should have? The structure of a product team depends largely on the size of the company, budget as well as the companys objectives. A survey by Product Focus shows that product managers spend 33% of their time working on what the right product is, they have a solid understanding of what current market trends are, what their competitors are doing and what customers are looking for. Our business landscapes are evolving.Instead of popping to the local high street when you need to purchase a present for a friends birthday party, we much prefer to click buy on the likes of Ama Technology has changed business operations forever. Know somebody that could benefit from this information? Are product managers the Jack of all Trades? Poor team management was picked as the third reason by 16.5% of product managers, with bad team culture coming in at 14.9%. This is going to create a cycle. 42% of their time is spent on helping to deliver the product, this means that they not only have to review what the team has built, but that they also need to ensure that it serves the purpose of what customers are looking for. Switching careers or moving into unchartered territory can be daunting but many professionals have successfully made the switch to product management and have thrived there! Dont solve their people problems. I recently conducted a study on Product Management hiring in the US. A lot of candidates are in stable roles, but their salaries do not match the calibre of work they are producing, and with companies wanting the best of the best but being unable to match salaries or offer bonuses/equity, people are not willing to risk making a move. In the No Code, Low Code Movement, Do Product Managers Have to Code Too? They take with them institutional knowledge, project momentum, key relationships, and a little bit of your companys reputation. This isnt rocket science, but for someone not used to managing others, its easy to fall into bad habits and not cover Management 101 items while still focusing on product strategy. 45% prefer to work for bigger companies since they would have more resources made available to them as well as be provided with better compensation. Relinquishing ownership isnt easy, but its the only way to position your team members (and your team itself) for success. Not to mention the impact on the morale of those who remain and the time and expense required to backfill the role. She also shares her thoughts on the Xcede Salary Survey 2021. For example, a year ago, a traditional Product Owner with 3 years-experience would receive an average salary of 45,000 - 50,000; now they expect nothing less than 60,000 - 65,000. - many will have a product management certification. If youre looking for your next Product role or are ready to start building and scaling your Product teams to deliver on your business goals, get in touch directly on LinkedIn or by email (riana.butler@maxwellbond.co.uk). Strong growth in eCommerce roles, led by incumbents and the continued digital transformation of traditional brick and mortar retailers. And since talent-craving companies are always advertising what great places they are to work, the grass can definitely seem greener elsewhere. There are plenty of examples of unexpected positive outcomes coming from letting individual employees experiment (think Googles 20% rule) and it will let product managers scratch that itch without actually leaving the company. 42% of their time is spent on helping to deliver the product. This unprecedented rate of growth has seen Product Management outpace the average rise in demand for other roles in the US by over five times. The salary market in general is fiercely competitive at this point in time. This article can be a jumpstart into a product manager career that you can easily fall in love with. They would be willing to deal with more bureaucracy and siloed thinking which is usually typical for larger companies as a trade-off for more resources and better pay. The best product managers are the ones that do have a deep understanding of their industry. You can also request our Product Salary Survey via email or LinkedIn. As a business you should also become comfortable with a certain level of turnover. shows that product managers spend 33% of their time working on what the right product is, they have a solid understanding of what current market trends are, what their competitors are doing and what customers are looking for. Theres no shame in admitting that youre not a great manager right out of the box. Learn how to take the lead and instill a growth mindset across your entire organization. To mitigate the inevitable, every team leader should be simultaneously focused on increasing the longevity of their hires with great management, as well as planning for continuity when product management turnover does eventually occur. Lack of proper management coupled with bad team culture can create a toxic environment for any product manager. Exponential growth like this is rare and just goes to show how the role has adapted to emerging technology to the point where every department in every business is bursting at the seams to get talented product professionals through their doors. Beyond personalities, roles should also be assigned to create an opportunity for product managers to be successful while developing additional skills and experiences. My research also extended to looking at top US cities for PM roles. The demand for Product Managers has sharply increased across all sectors over the past year as businesses have adapted to the new challenges brought about by COVID-19. As businesses heighten salaries and continue to throw more and more money at the market, candidate expectations of salary over the next 12 months are only going to increase. Join thousands of product managers and makers who already enjoy our newsletter. According to the Future of Product Management Report, 55% of Product managers prefer to work for SMEs, which have more flexibility and a keener sense of experimentation. Thanks Laura Malins for your lovely feedback. since you know the challenges from a technical perspective as well as the product perspective. But once you get the title and a team, the hard part begins. This will have long-lasting effects on their projects and business goals as they struggle to hire product talent to push the required deadlines through. Be willing to make that investment in your people. With this in mind, consider the three primary drivers that could lead a product manager to head for the hills. on their QA, UI/UX designer, and data analyst. While a lot of conversation around Product Management seems to center around Big Tech firms, most of the growth in the demand has come from firms outside the traditional boundaries of tech. The top three factors driving increase in demand for Product Management professionals over the last two years have been: A micro-trend that is small right now but could become significant in the future is the rise of PM roles for Abuse and Privacy functions especially with products that attract a substantial amount of user-generated content. Contrary to popular expectation, the San Francisco Bay Area and New York are not the cities with the most growth in PM opportunities over the last two years. When an employee leaves a company, theres more walking out the door than a salary and a nameplate. It all depends on the kind of environment they thrive in! They build relationships with their customer, what the team should build next, and be able to prioritize requests from the customer. If you would like to know the top cities for PMs as well as hiring patterns and career paths, please let me know in the comments section on this LinkedIn post and Ill message or email you the full 17-page report. Many suggestions were made to level the playing field for women including equal maternity and paternity leave and higher emphasis on income equality. This is why product manager turnover is an essential concern for any product team leader. Its important to consider all the opportunities that a role has to offer and not just pick a role based on money alone. A company could be developing world-class products, but if they cannot provide a competitive package, top talent will look elsewhere. Many industry professionals say that customer feedback is the most important form of data collection as it is the number one source of creating new ideas, so continuous new experimentation across all sectors will boom. Oops! I also see Product Managers as a whole being more adverse and adaptable meaning not only sticking to Product, but rolling up their sleeves and tackling a little bit of everything, be that more UX, UI, data science, design & even account management. Its worth at least taking part in an initial conversation you may be very surprised about what you find out a business and the opportunities it may provide. Recently I have seen evidence of basic salaries jumping by 15,000 - 20,000 just to retain talent as businesses benchmark their product salaries higher than ever before, especially in larger organisations. Dont make decisions for them. Canada surprisingly was seventh on the list at 71958 per year. Pride Month is celebrated annually and honours the 1969 Stonewall Uprising in Manhattan; a catalyst for the historic Gay Liberation Movement and the fight for LGBTQIA+ rights that followed. Welcome to our new Director of Product Management, Lona Dallessandro! Dont be scared to lose people if someone wants to leave; throwing money for them to stay will definitely do more harm than good in the long run and could create internal issues with pay discrepancy. PMs at early-stage startups reported being expected to shoulder a substantial portion of UX responsibilities, while those at large companies reported sharing UX resources between products or having a centralized UX function across the business. Something went wrong while submitting the form. They need end-to-end ownership to round out their skills and be productive; you need it so you can operate at scale and work at the higher level required of a senior manager. and Indonesia at the bottom of the list at 18,923 per year. As more and more companies are looking for product managers there may be an expectation that product managers understand the industry that their company is in, whether that be technology, insurance, or anything else. Why do product managers leave their jobs? Welcome home , The Ultimate Guide to a Product Managers Job. Even in a space that may not be as sexy as self-driving cars or virtual reality, there are still many chances to innovate within an industry, leverage emerging technologies, and shake up the status quo. Dedicated UX designers for a product appear to still be a rarity. They are always raring to go and full of energy, which is one of the reasons they are so collaborative across cross-functional teams. Yes money is great but Im a firm believer that money doesnt always make you happier. There are many different classes, bootcamps, and trainings that are available for anyone that is interested in product management and wants to learn more about how to be an effective as a product manager. Even with lots of notice about a new hire on the horizon, product managers arent plug-and-play, and it can take months for a new team member to become a fraction as productive as a high-quality product manager that recently left. Heres one more reason to feel enthusiastic about product operations: it lessens companies reliance on outdated product documentation. 100% I couldnt agree more with what you said. So, what are the impacts of that, and how can businesses address the shortage to stay ahead of their competitors? The Product Management Festival report broke down what product managers earn in a year by country, with the USA coming at the top of the chart at 140,289 per year and Indonesia at the bottom of the list at 18,923 per year. They also need to work closely with their sales team so that they can properly highlight the most impressive parts of their product and ensure that these key selling points are not missed with customers. If you have any problems downloading the Report, please check your inbox. Find out how to maximize your value and take your seat at the table. The most common reason at 34.2% was that there were no more opportunities for them to grow, this can be prevalent in smaller companies or even large companies that dont have much structure around their product organization. Theres not much you can do about the cranky database architect, the egotistical sales lead, or the demanding CMO. Weve seen Product shift from a project-based role to a more tactical and strategic role, so strategic, user-centric mindsets will be more in demand, as well as people who are specialists in stakeholder/client management. When a product manager exits, it can derail major aspects of your product strategy due to their integral role and unique perspective on things. Your product managers will leave, but you want them to be doing it for the right reasons and after theyve been at the company for a whileyou dont want to be known as a revolving door on Glassdoor. But the nature of a good leader is they should be keeping on top of market salaries and ensuring their team is paid what they are worth! Discover how to find, onboard and retain the best talent for todays world. Itll allow you to better understand who gets involved when and prioritize items for your team better. Google will be paying a lot more than the average Series A start-up, for example. 32.1% of the respondents are female, 66.1% are male and 1.8% did not wish to specify their gender. They also need to work closely with their sales team so that they can properly highlight the most impressive parts of their product and ensure that these key selling points are not missed with customers. And this brings up some hotly-debated questions: is coding a product management skill of the past? Salary is completely subjective due to company budgets. Other roles that Product Managers can move to are in marketing - either into a Product Marketing Manager or Marketing Manager role and eventually the Marketing Director role. Many companies will expect that their product managers will be able to test the product, create wireframes and track the performance of their product - what many companies fail to realize is that product managers rely heavily (as they should!) The chart below from the report breaks down the average salary for the countries. Switzerland and Australia are in second and third place respectively at 118,683 per year and 97,484 per year.

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