Talent Market Update: Product 

12 December 2022


Market snapshot:

The industry-wide talent shortage continues to create challenges. Power lies in product candidates’ hands – hiring for is on the rise, candidates are well-informed and experience commands a premium. 

  •  Short supply, high demand –experienced leaders are fully aware of their value and are prepared to move to be paid what they are worth. 

  • Recruiting from outside the industry is being driven by a massive skills shortage – it’s a double-edged sword; you have the lower price point, but the time it takes to train and upskill means a loss of productivity. 

  • New developments with web3 and NFTs are creating exciting opportunities within product. 

  • Permanent product roles offer stability, safety and room for growth; particularly valuable with a global recession expected in 2023. 

  • Salary increases of 5-10% used to be enough to recruit. Now, employers can only confidently secure a hire by offering substantially more; industry-wide salaries have increased between 12.5% to 30% - bonuses are often included in the pay as it is rare for these not to be hit. 

  • Remote or hybrid working is the norm; companies are finding that work-life balance isn't something employees take for granted. Many are prepared to make a move if their demands are not met. 

Key Takeaway: 

Experience comes at a price - by offering flexible or hybrid working, you might get better value. Even then, the product market remains seriously talent-short, so you will likely be headhunting for the best candidates.