Having a strong technical foundation means that you are more competitive as a candidate. Are you providing constructive feedback and praise? by Product Focus shows that currently, 42% of Product Managers report directly to the board. Learn how to take the lead and instill a growth mindset across your entire organization. Thank you for downloading the Future of Product Management Report. When we speak to candidates, we ask them what their biggest motivators are when they are looking for a new company to join. A comprehensive look into all the core topics of the product manager role: what they do, what their characteristics are, how their day looks like, how to prepare for an interview in product management and so, so much more. The World Economic Forum states that female employment in tech overall ranges from 15% to 37%. Working alongside a wide range of people is one of the benefits of product management, as you are the facilitator of collaboration, the hub at the center of various organizational spokes, and the engine that turns a market requirement or customer request into a useful piece of functionality. If the market settles down, for candidates who are looking to move roles, there will be a much higher responsibility and level of accountability for experience you may not have but is expected at higher salaries. Read her thoughts below. 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. Moving to remote working has seen a change in how roadmaps are delivered, how teams use specific software/tools, how senior team members are able to delegate work and assess performances, and how effectively they are able communicate/implement product changes & development. Welcome home , The Ultimate Guide to a Product Managers Job. . Many candidates are driven by a handful of key factors which tend to fall around learning and development opportunities, competitive financial compensation, and company culture. 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. 42% of their time is spent on helping to deliver the product. Leadership has a massive influence on a product managers day-to-day life at a company, as well as their overall career trajectory. Maxwell Bond have published an up-to-date Product salary guide as part of our wider tech salaries series, that gives you live views of market expectations and average salaries for Product talent in the North-West and London. 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. 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. Moves towards developing product practices by top services firms in the management consulting and financial advisory space. 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. She also shares her thoughts on the Xcede Salary Survey 2021. An attractive salary can be tempting, but there is so much more to a role than just pay. Product operations can help streamline your product team. 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. Be willing to make that investment in your people. Strong growth in eCommerce roles, led by incumbents and the continued digital transformation of traditional brick and mortar retailers. Beyond personalities, roles should also be assigned to create an opportunity for product managers to be successful while developing additional skills and experiences. However, this candidate power may not last forever. 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. How Technology Has Changed Hiring Processes, Xcede Group Shortlisted for TIARA Recruitment Awards. The short answer for that is no, according to the study by the Product School mentioned earlier, currently only 30% of product managers having coding expertise. Oops! According to. Not to mention the impact on the morale of those who remain and the time and expense required to backfill the role. Lets remind ourselves what a roadmap is, what the goal of a roadmap is, and some examples of goal roadmap templates. The short answer for that is no, according to the study by the Product School mentioned earlier, currently, only 30% of product managers having coding expertise. While many people eventually shelve those aspirations for a steady paycheck, most product managers dont have to. I also examined the number of hires made over the last two years for all PM positions, including entry-level Associate Product Manager roles, all the way to executive positions like Senior Vice Presidents of Product Management and Chief Product Officers. Theres no shame in admitting that youre not a great manager right out of the box. There has been an increase in demand across all sectors and levels of Product Management, but I would say specifically within B2B start-up/scale-ups. 100% I couldnt agree more with what you said. , product managers need to believe in the product that they are working on and rally the team behind them to win customers over. Product Schools report surveyed product managers in 263 cities in 85 countries and learned that. Product Managers are usually at the forefront of in-person collaboration, brainstorming & effective communication. 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). 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. 25% of their time is spent on working with the sales team to sell the product. 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. For example, the growth in demand for PMs has been substantially higher than that for Software Engineering roles. Experienced, educated talent is in particularly high demand. But the job can become unpleasant quickly when you dont enjoy dealing with the people you must collaborate with on a regular basis. It can be hard to ignore the money sometimes especially when its being thrown around in the product market at the minute; I just wanted to advise candidates to think before rather than act on initial impulse. In the No Code, Low Code Movement, Do Product Managers Have to Code Too? Unfortunately, this means that small to medium businesses are struggling to hire the right talent, because they are constantly being outpriced by bigger companies who have the financial ability to invest as much money as they want in talent. 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. Overall, dont disempower them by doing their job, says Brandon Chu of Shopify. I looked at publicly available data from Indeed and LinkedIn, using the Wayback Machine and Google Search to answer these questions. The second most common response at 28.3% was Other which doesnt provide much insight into why a product manager would leave their job. The most common reason at 34.2% was that there were no more opportunities for them to grow. 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. 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!) Dont solve their people problems. Dedicated UX designers for a product appear to still be a rarity. This helps with pipelining talent, prioritising projects, and budgeting. But there can be a lot of advantages to honing your technical skills. Dont make decisions for them. Are you setting clear and achievable goals? Its important to consider all the opportunities that a role has to offer and not just pick a role based on money alone. 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. What Is the Goal or Purpose of a Roadmap? Switzerland and Australia are in second and third place respectively at 118,683 per year and 97,484 per year. The Product space is a candidate short market with a huge talent gap and skill shortage. It all depends on the kind of environment they thrive in! As a leader, your focus is now on your team versus yourself, and you might need to add some skills to your repertoire to become the manager you want to be (and your team wants as well). As many businesses shift their focus onto becoming product centric the demand for top Product Talent grows and this has therefore pushed salaries upwards as businesses fight to attract candidates. Know somebody that could benefit from this information? 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. 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. This applies to both hiring individuals that will fit into the overall company culture as well as placing them into roles where they will interact with people theyre likely to work well with. and Indonesia at the bottom of the list at 18,923 per year. Its also important not to immediately rule out a role because you dont like the industry. I just wanted to reiterate what you say in that theres more than salary to a job. Salary is completely subjective due to company budgets. 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. When an employee leaves a company, theres more walking out the door than a salary and a nameplate. Lack of proper management coupled with bad team culture can create a toxic environment for any product manager. 32.1% of the respondents are female, 66.1% are male and 1.8% did not wish to specify their gender. Giving them responsibility for discrete areas of the product that are within their capabilities but still provide stretch goals and challenges is a tricky, but essential, balancing act for leaders. 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. Discover how to find, onboard and retain the best talent for todays world. What I found out was interesting, as well as surprising. For more resources and a better understanding of the role check out our blog here! , the most common path for Product Managers is to move into the Senior Product Management role and eventually into a role similar to Product Management Director. This article can be a jumpstart into a product manager career that you can easily fall in love with. So, what are the impacts of that, and how can businesses address the shortage to stay ahead of their competitors? 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. 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. 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. Are product managers the Jack of all Trades? Consider candidates who are currently at 70% but are keen learners and just need more training to get up and running. Please feel free to share this article with them. Is there a gender gap in product management? Companies need to offer more than just standard government benefits to really entice talented market professionals, and if they cannot, then their competitors will beat them every single time. Notable examples include JP Morgan Chase, Capital One, Bank of America, Visa, and MasterCard. The product operations product stack helps define how a product team and an organization can communicate and effectively capture data. 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. And as hard as it may be to share the spotlight, giving their success the proper recognition it deserves will improve both of your reputations. Having technical skills means that while you are working with your team youll have the ability to assess how the team is planning on doing the work. 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. by Product School has the global average salary for a Product Manager $110,916/year which has encouraged more and more people to start looking into the product manager career. This is why product manager turnover is an essential concern for any product team leader. For product managers, no code/low code opens up opportunities to build apps and new processes without having to write, test, and research new scripts. A lot of clients are looking for tech savvy people who have experience in SaaS, SQL, growth & strategy, which seem to be recurring themes in desired expertise. Additionally, the power sits with the candidates, meaning that they are able to be pickier about the roles that they apply for and will only move for exceptionally interesting, motivational, or inspiring roles. 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. Itll allow you to better understand who gets involved when and prioritize items for your team better. Join thousands of product managers and makers who already enjoy our newsletter. 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? Product managers are responsible for rallying the team behind their vision and the above two situations can make their product management jobs extremely difficult. You can search or explore specific categories, Try typing How to become a better Product Manager, Product Management vs. Project Management. 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. So a fairly large gender gap is prevalent in the role as with many other roles in the tech sector. Why do product managers leave their jobs? We all have to answer to someone, but we want it to be a person we like and respect that can also help us grow as professionals. A lot of the roles that are urgent hires seem to be within the FinTech/data sector, and the requirements are heavily digitally focused. 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. For better or worse, its a sellers market when it comes to human capital. The skills needed to be successful in Product roles are more tech/digital heavy than before, and the people that come with those skills tend to be on sufficiently higher salaries. This means its hard to hire new folks for important roles, while job seekers have a plethora of attractive opportunities to consider. A report by Product Management Festival cites the following reasons as why most people leave their product management jobs. this can be prevalent in smaller companies or even large companies that dont have much structure around their product organization. And this brings up some hotly-debated questions: is coding a product management skill of the past? 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. This is going to create a cycle. It is a candidate driven market and they need to up their A-game to be able to attract the best people to produce the best work. Hiring patterns have been affected by the tech boom, especially within the Product Market. So what do you need to know before diving in on the path to become a product manager? So create an environment that you would want to work in and give your team enough space to explore their interests. Poor team management was picked as the third reason by 16.5% of product managers, with bad team culture coming in at 14.9%. Relinquishing ownership isnt easy, but its the only way to position your team members (and your team itself) for success. While different companies have their own product manager career paths that seem to be the most common route. They build relationships with their customer, what the team should build next, and be able to prioritize requests from the customer. A company could be developing world-class products, but if they cannot provide a competitive package, top talent will look elsewhere. Are you on the hunt for your next product management role, or are you looking to expand your team?