{"id":110796,"date":"2022-05-24T13:32:33","date_gmt":"2022-05-24T20:32:33","guid":{"rendered":"https:\/\/careerkarma.com\/blog\/?p=110796"},"modified":"2022-05-30T02:40:39","modified_gmt":"2022-05-30T09:40:39","slug":"product-school-future-of-product-management","status":"publish","type":"post","link":"https:\/\/careerkarma.com\/blog\/product-school-future-of-product-management\/","title":{"rendered":"Product School: Essential Insights Into the Future of Product Management"},"content":{"rendered":"\n

If a company is looking for a sure-fire way to grow its customer base and revenue, product management is one of the most important functions it can invest in. While a product manager\u2019s specific responsibilities may vary depending on the industry, nature of business, and product, the role has primary functions that stay consistent across all organizations. These include conceptualizing, creating, and delivering a product that customers want to use and are willing to pay for.<\/p>\n\n\n\n

As more companies realize the need to focus on products, the field of Product Management continues to grow. LinkedIn<\/a> listed Product Management as one of the fastest growing roles on the market in 2022 and Glassdoor<\/a> announced Product was one of the 50 Best Jobs in America. And it\u2019s not just companies that are attracted to the Product role: Product Professionals are 149 percent more likely to receive a promotion, according to LinkedIn<\/a>, making it a highly lucrative career path.<\/p>\n\n\n\n

If you want to know more about recent trends in the field, Product School<\/a>, a global leader in product management training, collaborated with product leaders from top-tier tech companies to create this year\u2019s \u201cFuture of Product Management Report\u201d. Let\u2019s take a look at the critical insights from over 5,000 product professionals featured in this report.<\/p>\n\n\n\n

\n

\nProduct School has released its latest Future of Product Management Report to give readers insight into what\u2019s next for product management.<\/p>\nDownload the full report on Product School\u2019s website.<\/a>\n<\/div>\n
\n\n\n\n

1. Product-Led Growth Is Changing Everything<\/h3>\n\n\n\n
\"An<\/figure>\n\n\n\n

Companies across all industries are increasingly becoming customer-centric, and Product-Led Growth is leading the way. In the past, companies were primarily led by profit and sales metrics. Today, they are putting customers and products first by measuring success with metrics like NPS (Net Promoter Score) and CSAT (Customer Satisfaction) scores.<\/p>\n\n\n\n

With more companies turning to PLG to drive growth and innovation, product managers are in high demand. Over 43 percent of companies worldwide are planning to hire more PMs in 2022. Conversely, 26 percent of PMs are actively looking to transition companies in the next 12 months. This mismatch poses a supply problem for organizations hoping to jump on the PLG bandwagon.<\/p>\n\n\n\n

An essential part of attracting and retaining talent is value alignment between the company and potential product candidates. What does this mean? Compensation is the biggest factor in whether a PM will stay at their current company or look for other opportunities, with over 31 percent of PMs stating they would happily leave for better compensation. But in situations where compensation offers are competitive (read: similar), it\u2019s the values like remote work and the types of products the team works on that win top talent.<\/p>\n\n\n\n

Attracting and retaining top product talent then depends on Recruitment Managers understanding what constitutes a competitive offer and Product Leaders communicating company values during the interview process.<\/p>\n\n\n\n

2. Evolution of Product Career and the Impact on Product Leaders<\/h3>\n\n\n\n
\"An<\/figure>\n\n\n\n

Companies are desperate for Product talent, but many of these companies don\u2019t yet have the career progression ladders set up that will keep top talent learning and growing from within. Many product managers feel that they don\u2019t have a clear career path or vision for advancement within their organizations, which is causing them to look for advancement externally. Indeed, 33 percent of PMs only plan to stay in their current company for one to two years before leveling up and switching companies.<\/p>\n\n\n\n

With more Individual Contributor (IC) tracks emerging, the Product role is evolving. Not all product managers want to become team leaders, and in some cases, the option to specialize in a particular Product area is especially appealing. Companies need to look at the evolution of engineering or marketing roles to get an idea of how IC and specialization and traditional management career paths can be set up for Product professionals.<\/p>\n\n\n\n

Product leaders need to have a clear idea of what they want their team to achieve and help them reach their goals. Investing in training is a huge part of retaining product managers and enabling them to explore their career options without leaving the company. And the ROI is clear: 94 percent of employees would stay at their company longer if it invested in ongoing learning and development, states LinkedIn<\/a>.<\/p>\n\n\n\n

3. Product Teams Are Diversifying<\/h3>\n\n\n\n
\"An<\/figure>\n\n\n\n

Product managers today are coming from increasingly diverse personal and professional backgrounds. Where technical degrees were once a standard (although not a requirement) for product managers, today, business degrees (23 percent) outweigh computer science degrees (15 percent) in the role. Having the “right” diploma or product-specific experience is no longer necessary to become a successful product manager. More than 50 percent of PMs come from non-product backgrounds.<\/p>\n\n\n\n

When a company looks beyond typical tech backgrounds to find talent, employers have an excellent opportunity to increase much-needed diversity in their organizations. They also have a chance to use a more inclusive approach when conceptualizing and developing new products.<\/p>\n\n\n\n

Hiring from non-tech and varied backgrounds is also one great way to meet the record demand for product talent. Opening product roles to non-traditional applicants allows companies to grow their product teams while meeting their Diversity, Equity, and Inclusion (DEI) goals. As organizations work towards becoming more diverse and inclusive, product management is an area that welcomes this change.<\/p>\n\n\n\n

The Value of The Future of Product Management Report<\/h2>\n\n\n\n
\"An<\/figure>\n\n\n\n

The Future of Product Management Report is a relevant guide that gives helpful insights to current product leaders and aspiring product managers. It also serves as an essential guide for companies looking to adopt Product-Led Growth.<\/p>\n\n\n\n

For aspiring product managers, the report gives a thorough overview of the trends and insights of the product management industry. It can prepare them to enter the job market and enable them to share industry insights during job interviews. The Report also points to the type of training that companies, product leaders, and product managers should offer their teams today and in the future.<\/p>\n\n\n\n

Whether you work as a product manager or are hoping to transition into Product, Product School’s third Future of Product Management Report will give you the actionable insights that will guide your next step forward.<\/p>\n\n\n\n

To read the entire report, visit the Product School website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"If a company is looking for a sure-fire way to grow its customer base and revenue, product management is one of the most important functions it can invest in. While a product manager\u2019s specific responsibilities may vary depending on the industry, nature of business, and product, the role has primary functions that stay consistent across…","protected":false},"author":120,"featured_media":110797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28859],"tags":[],"class_list":{"0":"post-110796","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-partner-spotlight"},"acf":{"post_sub_title":"","sprint_id":"","query_class":"","school_sft":"","parent_sft":"","school_privacy_policy":"","has_review":null,"is_sponser_post":["yes"],"is_guest_post":""},"yoast_head":"\nProduct Management Trends in 2022: A Product School Guide<\/title>\n<meta name=\"description\" content=\"Product School\u2019s annual Future of Product Management Report uncovers the key insights and trends happening in the 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