The Future Of Product Management Report 2022 At A Glance

Product School recently dropped their third annual future of product management report, which surveyed 5,000 people to get to the heart of what it means to be a product manager, product leader, or human resources leader working with product teams in today’s world. Naturally, as a recruiters specialising in all things tech, we couldn’t read it fast enough. However, because we understand that those of you with only a passing interest in the PM world might not have time to read this 45-page epic, we have some good news – we’ve read it and summed up the findings in 1000 words to save you the trouble. So without further ado, let’s get into it!

26% of PMs are planning to leave their jobs within the next 12 months

Unsurprisingly, the report revealed product professionals across all levels are just as vulnerable to the forces that have led to The Great Resignation as anyone else. For better or worse, it’s a seller’s market when it comes to human capital right now, and as brands become increasingly product-led, the demand for skilled PMs has skyrocketed. This means it’s hard to hire top product talent, while job seekers have a plethora of opportunities to choose from. This means organisations need to focus more than ever on their EVP and create an attractive culture to attract the best talent (if you’re looking for tips, we’ve got you covered). The report also revealed that in 2021, the average amount of time a product manager stayed within the same role ranged between six months and two years. In order to extend this as much as possible, the onus is on employers to offer a clear roadmap of career growth as well as competitive remuneration packages.

35% of companies see product leaders driving annual planning

As organisations work to include a more consumer-centric view of product success in addition to traditional metrics and KPIs, a greater number see PMs playing an increased role in driving annual planning. Additionally, 31% see more budget being dedicated to their product teams. This pivot to product-led growth is seeing companies asking “why” first instead of leading with sales metrics, a shift in mentality that is yet again increasing the demand for product talent. Companies that place user-driven growth and improvements over arbitrary sales targets are increasingly likely to outpace the competition and see long-term success. 

43% of companies are hiring more PMs

As businesses have adapted to the challenges brought by the pandemic, the demand for product managers has sharply increased across all sectors, and this shows no sign of slowing down any time soon. This might seem surprising given that only a few years ago, product management was a function that had no clear definition. However, as the pace of the technology market has continued to accelerate dramatically, so has the focus on keeping up with customer demands in the era of digital transformation. As demand has increased, so has the average product manager salary, which now stands at around £46,000 in the UK and €60,000 in Germany.

31% of PMs value the types of products they get to work on over compensation

Although this stat means that companies working on well-known or cutting-edge products may have the edge in the employment market when it comes to some product management professionals, we think it’s important not to focus too heavily on this. The report also revealed that almost a third of PMs would transition to a new role for an increase in compensation, and that they’re also highly motivated by factors such as flexible working, positive company values, and good company culture. This means that it’s still imperative for organisations to focus on the employee experience for PMs holistically, and not simply rely on the type of work they’re offering to attract new talent. 

The PM talent pool is diversifying 

While product managers were once largely drawn from tech backgrounds, the report shows that this is no longer the case, with demand driving further diversity. This can only be a positive development, as different backgrounds mean fresh perspectives that can allow companies to better understand and reflect the needs of their users. However, with men still outnumbering women in the product world by almost 2:1, it’s clear companies can still do more to attract talent from a more diverse pool of candidates. Additionally, at a time when companies are hiring at a fast pace, recruiters need to be open to considering qualified team members from non-traditional sources in order to keep up. 

A focus on career growth and support is more important than ever for PMs

According to the report, 94% of product professionals will stay with a company longer if they’re willing to invest in their professional development. However, 38.5% also said that personal budget and employer financing are preventing them from upskilling, and 42% report feeling overloaded in their roles the majority of the time. It’s therefore clear that companies need to devote further attention and resources to supporting PMs to grow and develop, whilst assuring they have the proper support required to do their job without suffering from burnout. 

So, there you have it, a complete round-up of today’s product management trends. To us, some clear themes definitely shine through: as the demand for product professionals is higher than ever, today’s PMs have more choice in the job market. The onus is therefore on employers to provide remuneration and support packages that will see them stick around in the long-term. Additionally, although the PM talent pool is diversifying, there’s still important work that needs to be done to truly create a level playing field. Finally, as companies become increasingly product-led, the role of PMs is gradually changing, with consumer-centric thinking outpacing traditional business metrics. With so many interesting developments, I can’t wait to see what the next year holds for the product world!

Are you a product pro ready for a new challenge, or looking to add product talent to your team? You can search all our vacancies here, or get in touch with our specialist product management recruiter Matt Best at mattbest@gr4.io for a confidential discussion.

Download our complete recruitment guide for startups here.

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