A vital role in any successful team or organization, Product Managers continue to be an in-demand role for companies across the tech industry. One-third of Fortune 100 companies have a Chief Product Officer, and Product Manager along with Senior Product Manager continues to be in the top ten most requested job titles.
Now with an uncertain economic climate currently at the front of mind for many if not all C-level executives, businesses are looking for new ways to maximize efficiency and growth while minimizing costs, a place where product managers are in an ideal position to solve these problems.
As Motion Recruitment Division Manager Max Gerdes said, "Organizations are prioritizing their customer needs & the overall user experience of their products through the use of powerful product management teams, with an emphasis on user research and data analytics." Gerdes continued, "Even with uncertain market conditions, we see companies in growth mode within their product groups because of this."
However, some of the tools needed for a product manager to be successful are constantly changing, especially inside the IT space. Here are some of the trends that Product Managers should be learning more about:
1. Keeping an Eye on AI
AI and machine learning have been the talk of the tech world, but beyond the headlines, using AI in both an internal and customer-facing fashion will be a step product managers will need to take in 2023. As noted in Motion’s 2023 Tech Salary Guide, machine learning and AI are the fastest-growing skills hiring managers are looking for, with their versatility when used correctly and their ability to streamline processes throughout the business.
For product managers, AI can help automate previously time-consuming tasks like market research, freeing up time for more advanced work. On the customer-facing side of things, AI tools like chatbots and personalization will give users a better experience using a product and more data to see where things can improve. Speaking of data…
2. Knowing the Right Data to Use
While it’s easy to say that good product managers use data to drive their decisions, with the aforementioned growth in AI and machine learning, using data is no longer a trend but more of a basic requirement for product managers. Where the elite in the field will set themselves apart is by knowing what data they are gathering is useful and what is just noise.
Depending on what a product manager is building, what those key indicators and statistics are will vary. However, a major issue for novice product managers is the classic “paralysis by analysis.” With so much data at a product manager’s fingertips, it can be easy to become overwhelmed, leading to delays and increased costs. Experienced product managers combat this by having a clear vision of the goals needed to achieve and looking at the data that closest aligns with those goals.
3. Creating a Collaborative Environment in a Hybrid World
The fact that we are now working in a remote/hybrid work environment is now common knowledge. How product managers have changed their strategies and ways to collaborate in this new hybrid workplace has been a major differentiator between success and struggle.
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Those that have teams that have rarely if ever set foot in the office together are needing to rethink the ways to hit deadlines efficiently. Using collaboration tools so key stakeholders can easily grasp the road ahead, rethinking meeting schedules so they are more accommodating for team members allowing them to focus solely on the task at hand and become more engaged, finding and scheduling one on one time with team members, all are ways to make a hybrid team work for a product manager. The key is to be proactive and make sure that team members are involved in the decision-making process.
While mastering these trends might be challenging, the rewards of being a successful product manager continue to grow. Here are the latest salary numbers according to Motion’s 2023 Tech Salary Guide and 2023 IT Contingent Workforce Hiring Guide.
Product Manager Salary Range:
Senior Level Range: $134,869—$171,993
Mid-Level Range: $119,530—$151,267
Note: To learn the contracting rate ranges, please use the formula below:
Looking to find the top Product Managers in North America or thinking of making the next steps for your career in development? Contact your local Motion Recruitment office today.
Working in the mid-to-senior level IT job industry for over 30 years, Motion has set itself apart in the technology space by having our recruiters each specialize in a specific department of the tech industry, allowing them to become experts in a particular section of the IT workforce.
With offices in 16 cities across the United States and Canada, Motion can help companies and candidates take the next step in the tech market. Contact us now.